HomeMy WebLinkAboutResolutions - No. 3253ORIGINAL
CITY OF LODI
RESOLUTION NO. 3253
RESOLUTION SELLING $7240,000 PRINCIPAL AMOUNT OF
CITY OF LODI 1965 MUNICIPAL IMPROVEMENT BONDS, SERIES B
AND FIXING THE DEFINITIVE RATES OF INTEREST THEREON
WHEREAS, the City Council of the City of Lodi has
duly authorized the issuance of $740,000 principal amount of
bonds designated "City of Lodi 1965 Municipal Improvement Bonds,
Series B" (herein called the "bonds") and further duly author—
ized the sale of the bonds at public sale to the highest bidder
therefor; and
WHEREAS, notice of the sale of the bonds has been
duly given and the following bids for the bonds were and are
the only bids received, to wit:
Name of Bidder Net Interest Cost
Bank of America N.T.& S.A. $612,139.00
Bank of California, N.A. 637,127.50
Blyth L Co., Inc. 603,392.50
Crocker -Citizens National Bank 615,500.00
Glore Forgan, Wm. R. Staats Inc 605,855.00
Security Pacific National Bank 622,279.00
united California Bank 609,674.00
Wells Fargo Bank N.A. 607, 823.38
AND WHEREAS, the bid of Blyth 6 Co., Inc.
is the highest bid for the bonds, considering the interest rates
specified and the premium, if any, offered;
NOW, THEREFORE, BE IT RESOLVF.I) by the City Council of
the City of Lodi, as follows:
1. Said bid of Blyth 6 Co., Inc.
for the bonds is hereby accepted and the Treasurer is hereby
authorized and directed to deliver the bonds to said purchaser
thereof upon paynent to the Treasurer of the purchase price,
to wit: The par value thereof and a premium of none
together with accrued interest at the followinf rates:
Bond Numbers
(Inclusive)
(A 11 bearing prefix
Maturity Years Interest Rate
(Inclusive) Per Annum
1 to 37 1970 to 1979 6
38 to 65 1980 to 1984 5
66 to 85 1985 to 1987 5.10
86 to 127 1988 to 1992 5.20
128 to 137 1993 4s.€ 4.50
138 to 148 1994 tR 5.25
?he bonds shall bear interest at the rates hereinabove set forth,
payable semiannually on May 1 and November 1 in each year,
except interest for the first year which is payable annually on
May 1, 1970.
2. A 1 1 bids except said accepted bid are hereby re—
jected and the City Clerk is hereby directed to return to the
unsuccessful bidders their several checks accompanying their
respective bids.
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3. The City Clerk is directed to cause to be litho-
c,,raphed, printed or engraved a sufficient number of blank bonds
and coupons of suitable quality, said bonds and coupons to show
on their face that the same bear interest at the rates afore-
said.
u. This resolution shall take effect from and after
its passage and approval.
PASSED AND ADOPTED this 16th day of April, 1969, by
the following vote:
AYES: Councilmen Brown, Culbertson, Hunnell, Schaffer
and Kirsten
NOES: None
ASS$NT: None
[SEAL]
ATTEST:
APPROVED:
Mayor of the Q'1ty of Lodi
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