HomeMy WebLinkAbout73-132 - Awarding Open Space Bonds, $3,910,000.00 to Security Pacific National BankRESOLUTION NO. 73-132
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA,
CALIFORNIA, AWARDING $3,910,000.00 GENERAL OBLIGATION BONDS
OF SAID CITY TO THE BEST BIDDER AND REJECTING ALL OTHER BIDS.
WHEREAS, at the time and place fixed for the opening of bids for the
$3,910,000.00 bonds of the City of Costa Mesa, California, designated 1974
OPEN SPACE BONDS, all bids were publicly opened, examined, and read, and a
tabulation thereof has been entered in the minutes; and
WHEREAS, the bid of the bidder hereinafter named is the best bid made
by a responsible bidder for said bonds.
NOW, THEREFORE, the City Council of the City of Costa Mesa, California,
DOES HEREBY RESOLVE, DETERMINE, AND ORDER as follows:
SECTION 1. That the bid of Security Pacific National Bank offering par,
accrued interest to date of delivery and a premium of $338.90 for bonds bearing
interest payable annually the first year and semi-annually thereafter at the
rates of:
RATES
YEARS
6.50%
1975 -
1984
5.00%
1985 -
19XX
4.60%
1986 -
19XX
4.70%
1987 -
19XX
4.80%
1988 -
1989
4.90%
1990 -
1991
5.00%
1992 -
1993
5.10%
1994 -
1995
5.20%
1996 -
19XX
5.25%
1997 -
1998
5.30%
1999 -
2002
5.40%
2003 -
20XX
4.50%
2004 -
20XX
is the bid for said bonds yielding the lowest net interest cost. Said bid is
hereby accepted and the bonds awarded to said best bidder in accordance with the
terms of the proposal.
SECTION 2. That all bids other than the one accepted in Section 1 hereof
are rejected and the City Clerk is directed to return the checks accompanying
said rejected bids to the respective bidders.
SECTION 3. That the interest rates on said bonds are hereby fixed at
the rates stated in Section 1 hereof.
SECTION 4. That the City Treasurer is hereby directed to deliver said
bonds to the successful bidder upon payment therefor and accrued interest, if
any, to date of delivery.
PASSED AND ADOPTED this 17th day of December, 1973.
Mayo of the City of Costa Mesa
ATTEST:
City Clerk of the City of Coskfi Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk of the City of Costa Mesa and ex -officio
Clerk of the City Council of the City of Costa Mesa, hereby certify that the
above and foregoing Resolution No. 73-132 was duly and regularly passed and
adopted by the said City Council at a regular meeting thereof held on the 17th
day of December, 1973.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa, this 18th day of December, 1973.
City Clerk and ex -officio Clerk 16f the
City Council of the City of Co a Mesa