HomeMy WebLinkAbout1986-078
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SBE071-4/1471S/cb
03/06/86
RESOLUTION NO.
86-78
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, CALIFORNIA, AWARDING
$2,600,000 PRINCIPAL AMOUNT OF CITY OF SAN
BERNARDINO, CALIFORNIA, SEWER REVENUE REFUNDING
BONDS, ISSUE OF 1986 (WASTEWATER TREATMENT PLANT
PROJECT)
WHEREAS, the Mayor and Common Council of the City of
San Bernardino, California (herein sometimes referred to as the
"City"), intends to issue sewer revenue refunding bonds under and
pursuant to the City Charter, the Revenue Bond Law of 1941
(Government Code Section 54500, et ~.) and Resolution No. 83-93,
adopted by the Mayor and the Common Council of the City on March 24,
1983, as amended by Resolution No. 83-97, adopted by the Mayor and
Common Council of the City on March 28, 1983, and Resolution
No. 84 -98, adopted by the Mayor and the Common Counci 1 of the Ci ty
on March 21, 1984 (said Resolution No. 83-93, and all amendments and
supplements thereto, including said Resolution Nos. 83-97 and 84-98,
herein referred to as the "1983 Resolution of Issuance"); and
WHEREAS, the Mayor and the Common Council of the City
adopted Resolution No. 86-40, on February 13, 1986, amending the
1983 Resolution of Issuance and authorizing the issuance of certain
sewer revenue refunding bonds; and
WHEREAS, the applicable notices were published as required
by law relative to the projected sale; and
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WHEREAS, at the time and place fixed for the opening of
bids for the aggregate principal amount equal to $2,600,000 of Bonds
of the City of San Bernardino (the "City"), designated the
$2,600,000 City of San Bernardino, California, Sewer Revenue
Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project)
(the "Bonds"), the bid as hereinafter described was publicly opened,
examined and read, and such bids together with the net interest rate
as set forth therein have been filed with the City; and
WHEREAS, six (6) bids have been received by the City at the
time and place as set forth in the Notice Inviting Bids, and said
bids as received by the City are attached hereto as Exhibit "A" and
are incorporated herein by reference and made a part hereof; and
WHEREAS, the bid of the bidder hereinafter named is the
best bid made by a responsible bidder for the Bonds in full
compliance with the Notice Inviting Bids as previously distributed
to prospective bidders for the Bonds.
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY RESOLVE, DETERMINE AND ORDER
AS FOLLOWS:
Section 1. Sale Authorized. The sale of two million
six hundred thousand dollars ($2,600,000) principal amount CITY OF
SAN BERNARDINO, CALIFORNIA, SEWER REVENUE REFUNDING BONDS, ISSUE OF
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,
1986 (WASTEWATER TREATMENT
referred to as the "Bonds"),
authorized.
PLANT PROJECT), (herein
in accordance with law,
sometimes
is hereby
Section 2. Notice Invitinq Bids. The forms of the
Notice of Intention to Sell Bonds and the Notice Inviting Bids as on
file with the City Clerk and made a part hereof are hereby ratified
and approved.
Section 3. Publication of Notice Inviting Bids. The
publication of the Notice of Intention to Sell Bonds in The Bond
Buyer and the publication of the Notice Inviting Bids in The Sun are
all hereby ratified and approved as being in full compliance and in
conformity with the requirements of California Government Code
Section 53569 and in full compliance with the intent of the previous
resolution of the Mayor and Common Council which provided for the
sale.
Section 4. Terms and Conditions of Sale. The terms and
conditions of the offering and the sale of the Bonds shall be as
specified in said Notice Inviting Bids.
Section 5. Official Statement Authorized. The Official
Statement which has been prepared by the Financial Consultant, in
conjunction with Bond Counsel, is hereby ratified and approved
together with the Notice Inviting Bids and the Bid Form, all as on
file with the City Clerk. The Mayor or such other authorized
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."
officer of the City, as appropriate, are hereby authorized and
directed to execute the Official Statement where and as indicated,
and the Mayor is hereby authorized and directed to deliver copies of
the Official Statement to the Purchaser in such reasonable
quantities as requested by the Purchaser.
Section 6. Furnishing of Notice Inviting Bids and
Official Statement. The furnishing to prospective bidders of a
reasonable number of copies of the Notice Inviting Bids (including
the Bid Form) and a reasonable number of copies of the preliminary
Official Statement is hereby ratified and approved.
Section 7. Financial Consultant to Bid. Pursuant to
Government Code Sections 53690 to 53692, inclusive, the City hereby
consents to the Financial Consultant acting as underwriter at such
sale.
Section 8. Opening of Bids. Pursuant to the Notice
Inviting Bids, the Financial Consultant and/or Bond Counsel opened
the bids at the time and place specified in said Notice Inviting
Bids, received and recorded the receipt of all bids made pursuant to
said Notice Inviting Bids, caused said bids to be examined for
compliance with said Notice Inviting Bids, caused computations to be
made as to which bidder has bid the lowest net interest cost,
presented such bids to the Mayor and Common Council, as provided in
said Notice Inviting Bids, together with a report as to the
foregoing and any other matters deemed pertinent to the award of the
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Bonds and the proceedings for the issuance thereof; and all steps
required by law to be taken precedent to the authorization, issuance
and sale of said Bonds have been duly and regularly taken as
provided by law and this Mayor and Common Council are fully advised
in the premises.
Section 9. Bids Received.
attached hereto and made a part hereof.
The bids received are
Section 10. Best Bid. That the bid of Bear,
Stearns & Co., Inc., offering $2,522,328.35, plus accrued interest
to the date of delivery for said Bonds and bearing interest payable
commencing on September 1, 1986, and semiannually on each March 1
and September 1 thereafter until the various serial maturity dates
on the Bonds in the principal amount equal to $2,600,000, at the
rates of interest per annum as set forth in said bid and at an
initial discount of two and nine hundred eighty-seven thousandths
percent (2.987%), is hereby approved and accepted by the City. The
bid of Bear, Stearns & Co., Inc., is the best bid for the Bonds
yielding the lowest net interest cost to the City. Said bid is
hereby accepted and the Bonds are hereby awarded to said bidder in
accordance with the terms of the proposal, and any irregularity or
informality in said bid is hereby waived by the City in accordance
with said Notice Inviting Bids.
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Section 11. Rejection of Other Bids. That all bids other
than the one accepted in Section 10 hereof are rejected and the
returning of checks accompanying said rej ected bids to the
respective bidders is hereby ratified and approved.
Section 12. Fixing Interest Rates. That the purchase
price on the Bonds is hereby fixed at the price as stated in
Section 10 hereof and the interest rates are hereby fixed at the
rates as set forth in the bid of the successful bidder.
Section 13. Delivery Authorized. That the Mayor, the
City Clerk, the City Attorney, appropriate City Staff or such other
authorized officer of the City are hereby directed to deliver said
Bonds to the successful bidder upon payment therefor together with
accrued interest to date of delivery.
Section 14. Final Official Statement. The Financial
Consultant, in conjunction with the City Staff, the City Attorney,
Bond Counsel and the other consultants, is hereby authorized and
directed to make the changes necessary to convert the Preliminary
Official Statement into the Final Official Statement, and the Mayor
is hereby authorized to execute the same and the Financial
Consultant is hereby authorized and directed to deliver a reasonable
number of copies thereof to the successful bidder.
Section 15. Authority to Consummate Transaction. The
Mayor, the City Clerk and the appropriate City Staff or such other
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authorized officer of the City, or either or any thereof, and other
proper officers of the City are hereby authorized and directed to
execute and deliver any and all closing documents, certificates,
papers and instruments in connection with the issuance, sale and
delivery and to do and cause to be done any and all acts and things
necessary or proper for carrying out the delivery of the Bonds to
the purchasers thereof, as contemplated by this Resolution, and to
cause all of the proceedings relating hereto to conform to such
transactions as more particularly described in said Official
Statement, and to approve the payment by the Fiscal Agent of the
costs of issuance of the Bonds at the time of delivery thereof (the
"Closing") in accordance with the statements presented and to
approve the balance of the costs of issuance of the Bonds as soon as
possible following the Closing.
Section 16. General Ratification. That
and proceedings heretofor taken in the authorization,
sale of the Bonds are hereby ratified and confirmed.
all actions
issuance and
Section 17. Effective Date.
take effect upon adoption.
This
Resolution
shall
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I HEREBY CERTIFY that the foregoing
adopted by the Mayor and Common Counci 1
San Bernardino at an :adjourned reqular
held on the 6th day of March
the following vote, to wit:
resolution
of the
meeting
was duly
Ci ty of
thereof,
1986, by
AYES:
Council Members Estrada, Reilly, Hernandez,
Strickler
NAYS:
None
ABSENT:
Council Members Marks, Quiel, Frazier
hLm/~/b
Cit"y Clerk
day of
The foregoing
March
resolution is
, 1986.
hereby approved this
/L z!:iC
~trXC~
. Mayor of t e C1ty of .
San Bernardino
Approved as to form:
~r~
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If, - If
-
SABO & DEITSCH
A PROFESSIONAL CORPORATION
(818) 704-0195
TElECOPIER: (818) 704-4729
ATTORNEYS AT LAW
SUITE 100
5855 TOPANGA CANYON BOULEVARD
WOODLAND HillS. CALIFORNIA 91367
SUITE 207
440 WEST COURT STREET
SAN BERNARDINO, CALIFORNIA 92401
(714) 884.2960
(714) 824-7302
MEMORANDUM
TO:
Attached Distribution List
FROM:
Ms. Linda Carver, Legal Assistant
DATE:
July 7, 1986
RE:
Transcript of Proceedings
Enclosed please find the following documents which may be added
to your Tranacript of Proceedings in connection with the $2,600,000 City
of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of
1986 (Wastewater Treatment Plant Project), which closed on March 14, 1986:
1. Item No. 22 - Fiscal Agent Agreement;
2. Item No. 36 - Specimen Bond; and
3.
Item No. 37
Standard & Poor's Rating Letter.
Your Transcript of Proceedings should now be complete. Should
you have any questions or comments, please do not hesitate to contact me.
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Enclosures
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$4,600,000
City of San Bernardino, California
Sewer Revenue Refunding Bonds
Issue of 1986
(Wastewater Treatment Plant Project)
Distribution List
Mr. Bernard Kersey
City of San Bernardino
300 North "D" Street
5th Floor
San Bernardino, CA 92418
Ms. Shauna Clark
City Clerk
City of San Bernardino
300 North "D" Street
San Bernardino, CA 92418
Mr. Craig Graves
Treasurer
City of San Bernardino
300 North "D" Street
5th Floor
San Bernardino, CA 92418
Allen R. Briggs, Esq.
City Hall
300 North "D" Street
San Bernardino, CA 92418
Ms. JoAnne Monypenny
Bear, Stearns & Co., Inc.
1800 Century Park East
Suite 1320
Los Angeles, CA 90067
Ms. Debra Glasser
Security Pacific National Bank
333 South Hope Street
Los Angeles, CA 90071
Mr. William Fawell
J. Jeffery Kinsell
Miller & Schroeder Financial, Inc.
505 Lomas Santa Fe Drive, Suite 100
Solana Beach, CA 92075
Ms. Connie O'Dea
Moody's Investors Service,
Inc.
99 Church Street
New York, NY 10007
Ms. Diana L. York
MBIA
445 Hamilton Avenue
Box 788
White Plains, NY 10602
1784S
1"
FISCAL AGENT AGREEMENT
Security Pacific National Bank
Corporate Services Division
P. O. Box 30376, Terminal Annex
Los Angeles, CA 90030
Gentlemen:
THE CITY OF SAN BERNARDINO hereinafter called Issuer, hereby
appoints Security pacific National Bank ("Bank") as Fiscal Agent
for the following described duly authorized- obligations of the
Issuer (the "Bonds"):
Description
Principal Amount
City of San Bernardino, California
Sewer Revenue Refunding Bonds
Issue of 1986
(Wastewater Treatment Plant Project)
$2,600,000
Interest is payable semiannually, on March
until the maturity of the Bonds. Principal
Bonds is payable at the principal corporate
Bank in the City of Los Angeles, California.
1 and September 1
and interest on the
trust office of the
Our agreement with you is subject to the following terms and
conditions:
1. The Bank will act as Fiscal Agent of the Issuer for the
purpose of receiving revenues, establishing and lIaint"aining
specified accounts, investing funds as authorized and
performing such other duties as provided in the Issuer's
Resolution of Issuance.
2. Issuer will pay Bank's fees and expenses as such Fiscal
Agent promptly upon presentation of your bill.
3. The Bank will pay for the account of the Issuer principal
and interest on the Bonds in compliance with the terms of
the Bonds as they mature or otherwise become payable. Such
payments will be made bY the Bank to the extent that funds
are on deposit with you for said purpose. All Bonds paid by
you will be cancelled and a destruction certificate provided
to us.
~
. .
4. The agreement will remain in full force and effect until the
issue matures and all funds are disbursed or until revoked or
amended by written notice to the Issuer or its agent, as the case
may be or until revoked or amended by written notification by the
Issuer to the Bank pursuant to Section 24 of Resolution No.
86-40. as amended, adopted by the Mayor and COllllon Counc i 1 on
February 13, 1986. Such revocation or amendment will be
effective upon receipt.
Yours very truly,
The City of
Bernardino
By
Dated: March 14, 1986
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9861. ~O 3nSSI
aNOB ONlaNn~3Y 3nN3^3l:1 YiM3S
YINllO.:ll1YO 'ONIOllYN1l38 NYS .:10 AJ.IO
Standarfj & Poor's Corporation
25 Broadway, New York. New York 10004
1/1
Roy N. Taub, CFA
Managing Director
Bond Insurance Department
212/208.1515
March 18, 1986
Ilmicipal Issuers Service Corporation
445 Hamilton Avenue
Box 788
Mlite Plains, New York 10602
Re: $2,600,000 San Bernardino, California, Sewer Revenue Refunding Bonds, Issue
of 1986 (Wastewater Treabnent Plant Project), due: March 1, 1987-2001,
(POLICY #3561), dated: March 1, 1986
Gentlemen:
Pursuant to your request for a Standard & Poor's rating on the above debt
obligations, we have reviewed the information furnished to us and have assigned
a rating of nAAAn.
'lbe rating reflects our assessment of the likelihood of the debt being repaid to
maturity and is based on the credit support the insurance coopany is providing
in the form of the insurance policy.
Rating adjusbnents may be precipitated either by changes in the financial
position of the insurance canpany providing the insurance policy or by
alterations made to the documents supporting the issue. With respect to the
latter, please be reminded of your agreement to notify us of any changes or
amendments over the term of the issue.
In the event you decide to use the name Standard & Poor's Corporation and the
above assigned rating, we request that you include S&P's definition of the
rating together with a statement that the rating may be changed, suspended or
withdrawn as a result of changes in, or unavailability of, information. It
should be understood the above rating is not a "market rating", that is, it is
not a rec:omnendation to buy, hold or sell.
Your cooperation in sending us final documentation as soon as it becomes
available is awreciated. We are pleased to have been of service to you. OUr
bill for the analytical work performed on this issue will be sent in due
course. If we can be of further help, please do not hesitate to contact us.
Very truly yours,
Ice
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