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Home My WebLink About88-108RESOLUTION NO. 88-08 A RESOLUTION OF THE BOARD OF SUPERVISORS OF BUTTE COUNTY, CALIFORNIA, AWARDING THE SALE OF CHICO UNIFIED SCHOOL DISTRICT, GENERAL OBLTGATTON BONDS, SERIES A, IN THE PRINCIPAL AMOUNT OF $3,800,000 FOR THE PURPOSE OF FINANCING IMPROVEMENTS TO REAL PROPERTY ACQUISITION OR IMPROVEMENTS. WHEREAS, a duly called special municipal election was held in the Chico Unified School District, Butte County, State of California (hereinafter referred to as the "District"}, on April 12, 1988 and thereafter canvassed pursuant to law; WHEREAS, at such election there was submitted to and approved by the requisite two-thirds vote of the qualified electors of the District a question as to the issuance and sale of general obligation bands of the District for various purposes set forth in the ballot submitted to the voters, in the maximum amount of $18,425,000 payable from the levy of an ad valorem tax against the taxable property in the District; WHEREAS, this Board has received a Resolution of the. governing board of the District, adapted June 1,1988, requesting the issuance of such Bonds in the aggregate principal amount not to exceed $4,000,000 (the "Bonds") and this Board authorized and directed the issuance and sale of the Bonds and has received bids on the Bands, which bids have been timely received and considered by this Board, pursuant to a Resolution of this Board, adopted June 7, 1988 (the "County Bond Resolution"); WHEREAS, all acts, conditions and things required by law to be done or performed have been done and performed in strict conformity with the laws authorizing the issuance of general obligation bonds of the District, and the indebtedness of the District, including this proposed issue of Bonds, is within all limits prescribed by law; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF BUTTE COUNTY, CALIFORNIA, AS FOLLOWS: SECTION 1. Tn accordance with provisions of County Bond Resolution, this Resolution and the Notice Inviting Proposals For Purchase of Bonds, published in the Chico Enterprise Record on June 14 and 21, 1988 and the Chico News and Review on June 15 and 23, 1988 {the "Notice"), this Board has caused all bids for the Bonds to be received, opened and presented to it in the manner set forth in County Bond Resolution, this Resolution and the Notice and based on an examination of said bids and a review of the tabulation of bids attached hereto as Exhibit A, 2034002/8 1 E ~ ~i this Board determines that the bid of First Interstate Bank of California (the "Purchaser"), at a purchase price of X3,800,000 and at an average net interst rate of 7.6506%, a copy of which bid is attached hereto as Exhibit B, is in accordance with the Notice and is the highest bid for the Bonds based upon the lowest rate of interest. The Bonds, having the terms and maturities and bearing interest at the rate stated above and as set forth in Exhibit B, are awarded and sold to the Purchaser at the price stated above. SECTION 2. Officers of the Board and County officials and staff are hereby authorized and directed, jointly and severally, to do any and all things and to e$ecute and deliver any and all documents which they may deem necessary or advisable in order to proceed with the issuance o~ the Bonds and otherwise carry out, give effect to and comply with the terms and intent of this Resolution. Such actions heretofore taken by such officers, officials and staff are hereby ratified, confirmed and approved. SECTION 3. The Clerk of this Board is hereby directed to provide a certified copy of this Resolution to the Auditor-Controller of the County. SECTION 4. This Resolution shall take effect immediately upon its passage. PASSED AND ADOPTED this 12th day of July, 19$$, by the following vote: AYES: Supervisors Dolan, Fulton, McLaughiin, Vercruse and Chairman t~iclnturf NOES : None ABSENT : None ABSTENTIONS : iVone [SEAL] Attest: 203002/$ airman, Board of Supe sors 2 EXHIBIT A Chico Unified School District General Obligation Bonds, Series A TABULATION OF BIDS RECEIVED I certify that the following bads, ali in conformity with the Notice Inviting Proposals for Purchase of Bonds, were received by me on or before 10.00 a.m., July 12, 1988, for the Bonds identified above authorized by Resolutions of the Chico Unified School District: Average Net Name of Bidder Interest Rate First Interstate Bank 7.6506% Dean Witter Reynolds- 7.6641 Bear Stearns Prudential Bache 7.6993 Shearson Lehman Hutton 7.7122 Bank of America 7.7392 Merrill Lynch 7.7570 Dated: A-l 2034002/8 +. BIDS FOR THE PURCHASE OF CHICO UNIFIED SCHOOL DISTRICT BUTTE COUNTY, CALIFORNIA 1988 GENERAL OBLIGATION BONDS, SERIES A x_3.800 , 000 July 12, 1.988 Chico Unified School District Butte County, California On behalf of a group which we have formed consisting of: and pursuant to the Natice Inviting Bids hereinafter mentioned, we offer to purchase all of the ~ ~ 1 ~. ~ dollars ($ ~ principal amount of the~Bonds designated as "Chico Unifie School District, Butte County, California 1988 General Obligation Bonds, Series A", maturing on July i5 in the years and amounts and bearing interest at the rate or rates set forth in the following schedule: 'YEAR PRINCIPAL (July, 15) AMOUNT 1989 $ 60,000 1.990 65,000 1991 70,000 1992 70,000 1993 75,000 1994 so,o0o 1995 85,000 1996 95,000 199 100,000 1998 ]05,000 1999 1]5,000 2000 120,000 2001 130,000 2002 140,000 INTEREST YEAR PRINCIPAL INTEREST RATE .fJuly 15) AMOUNT RATE ~1 ~. c 2004 165,000 ~~ (~r1 71„l> 2005 175,000 ~~,r1 --~~Q 2006 190,000 -s_~~.~ ~~ zao7 zo5,oao ~~ ~,~ 200s 220 ,000 _ Z-Lug ~~1 2009 235,000 _ ~.D " 2010 255,000 7_t~n 2011 275,000 -~-~ ~l~.p 2012 300,000 ___`~ .~~ `L•L~ 2013 320 , 000 ..2~(~ --11.~C~ ~.-1~.a ~ ~ti~' and to pay therefor the aggregate sum of $ ~ . 4plus interest accrued on such Bonds to the date of delivery thereof. This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and conditions are made a part hereof as fully as though set forth in full in this bid. As specified in the Notice Inviting Bids, this bid is subject to acceptance not later than twenty-six (25) hours after the expiration of the time for the receipt of bids, and the opinion of Brown & Wood approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of the delivery of the Bands at the expense of the District, There is enclosed herewith a certified check in the amount of T~1rt~-P~ght ~hn~,~~~~_ dollars ($a„) payable to the order of the Treasurer--Tax Collector of Butte County. There is submitted herewith a memorandum {which shall not constitute a part of this bid) stating the total net interest cost in dollars on the Bonds during the life of the issue under this bid, and the average net interest rate determined thereby. Respectfully submitted, Name: FIRST INTERSTATE BANK OF CALIFORNIA {Account M~}a~~} `~~ mot/ By; an B. Patterson, Vice President. Address : 707 Wi 1 shi re 81 vd. W12-1 City:_ LosAngeles,, CA 90017 _,_ State• Phone : (~) 239-429,F,~. MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the issue to .~ ~n~; ~~.Si) ,__,, under the above bid is $ and the average net interest rate determined thereby life of the ism%. 2 ...., ,~ y £W1~aC1 iJI~IYFIfJ) s~i01>1_ ii79TR1i;~ FJrst Interstate Bpi ItiTFREb~ 1"r:f1R ~i1vr topTE 3'E31RS CU5? J J989 bs, 88th 7. b8, ~ 4, 5bs~. ~ C i958 b3, ~ 7. bOQbt J ~, N08 9, BBF~. ~ 3 1991 78, 0@~ 7. b887t c10, 00th 15, ~t d8 4 J99e 70,E 7.b~ ;`80,800 ~'I,;r88.~ ~ ] 9 93 7i, ~ t 1,b ~ ~ , ~ l d ~8,~~b 0, ~ A 6 p lp 1 ]77 y yy ~ LTA g ~ y /. blTt ~ /~ q ~y ~ '1Vlr, DPQ p / y~ ~, ~~5~. PS` r 1 ~ ~, ~~+ ~. b88>i 5F, ~ ~~, ~. ~~ 6 1996 9S, 7. b8f~ 7b0, $i~$ =i7, 750.00 ~ ~ 99'1 ~~~, ~~ ~. ~ ~, a88 ~$, 4s~8, ~~ 19 1956 185,880 7, b88x i, 0.i8, 800 79, 888.00 J J 1999 115, 888 7. b0~ J, c69., 800 9b, 140.80 l c~ [~0 1 c'0, ~ 7, b80>< 1, 448, 88B 1 ~!, 440.8i~ !3 c~J 136, 0d8 7. b@8~t 1, bg8, 0~ !~$, 4x8.00 J 4 e>80c J 48,888 7, b00x 1,966,008 148,156.08 !5 c083 150,800 7,b8a~ c,L'S0,808 171,00@.88 16 2884 ib~,888 7.~00x ~,b48,888 r00,64R.00 17 E8~ 175, 8a~ ~. ba0~ ~, ~~~, 888 ,1 ~, ~~ 18 ~6 156,088 7. b80x 3, 4c0, 880 E5'7, 5e0.00 19 ~d07 z'td5, 888 7.5~ a, 815, td6ib c9b, 828.8>~ efi ~$ ci:0, 080 7, 558~c 4, 480, 880 ss'S, b00. ~$ Pi c889 a?.lS, ~ 7. bS6,t' 9, JsS, 86td .fl7, 5c7.56 Bt e810 ~5, 080 7.74~0ic 5, 610,000 4.~I,170.0(~ ea eeJ 1 ~, 8~+ 7.7~8>t b, acs, 008 487, ~3e5.0B 24 c8J a :~+, 808 7. ~ri-x 7, ~0, 000 5~4, 4'"8.80 P5 c813 3e8, 088 7.78A~ 6, 000x, 080 bl a, rc~08.00 a, 600, 00~t 62, 645, ~ 4,808, 02c. J0 936Cf1UNi 1-FAE?1liDii) $ 8.07651