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HomeMy WebLinkAbout01-Water Department MEMORANDUM To: Mayor and Common Council of the City of San Bernardino From: Timothy J. Sabo Date: March 6, 1986 Bid Opening for the 12,600,000 City of California, Sewer Revenue Refunding Bonds, (Wastewater Treatment Plant Project) San Bernardino, Issue of 1986 Re: The bid opening for the $2,600,000 City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project) (the "Bonds") was held as scheduled on March 6, 1986 at 11:00 A.M. at Security Pacific National Bank, 333 South ileaudry Avenue, 24th Floor, Conference Room C, in downtown LOs Angeles. The parties in attendance at the bid opening representing the City were Mr. J. Jeffery Kinsell and Mr. William Fawell of Miller & Schroeder Financial, Inc. ("Miller & Schroeder"), Mr. Craig Graves, City Treasurer, and Deborah A. Thompson of Sabo & Gondek, a Professional Corporation. A COpy of the attendance record is attached hereto. Six (6) bids were received for the Bonds and were opened in the order received with the first Ost) bid opened being that of Bear, Stearns .. Co., Inc., then the bid of Smith Barney, Harris Upham .. Co.. Page 2 Inc., Prudential-Bache Securities, Inc., Merrill Lynch Capital Market. (Merrill Lynch, Pierce, Fenner.. Smith, Incorporated), John Nuveen & Co., Incorporated and finally the bid of Stone .. Youngberg. All bids were received prior to the 11 :00 A.M. deadline. The winning bid of Bear, Stearns & Co., Inc. offered a net interest cost of 6.47820%. The net interest costs associated with the other bids are set forth in said bids and all are attached to the Resolution Awarding the Bonds. All six (6) bids are in conformity witn the Notice Invitin~ Bids and the Bid Form and there are no irregularities in any of the bids. Each of the six (6) bids had the appropriate $50,000 cashier's check as a "good faith" deposit as required by the Notice Inviting Bids. Those individuals in attendance at the bid opening were in telephonic communication with me at City Hall at approximately lO:55 A.M. prior to the opening of the bids and once ala in at approximately 11: 10 A.M. after the decision was made as to which was the luccessful bid. Mr. Kinsell of Miller.. Schroeder then telephoned a computer operator with his office to verify the net interest cost for each bid and to verify that the Bear, Stearns & Co., Inc. bid was, in fact, the winning bid based upon the discount and the interest rates bid on each of the six (6) bids. The Resolution Awarding the Bonds is substantially similar to that which was previously distributed to the City for agenda packale purposes and has the complete information inserted with regard to the bid.. , Page 3 Attached to the Resolution Awarding the Bonds are copies of the six (6) bids which are included as exhibits thereto. Additionally, it is necessary that the Mayor and Common Council at this time specifically authorize the amendment of Resolution No. 86-40 (the "Resolution of Issuance") as initially adopted and approved by the Mayor and Common Council on February 13, 1986, by adopting a resolution approving such amendments. The amendments are necessitated by the present requirements of Moody's and the municipal bond insurance companies as a result of the pending federal tax legislation commonly referred to as H.R. 3838. Other modifications were requested by Security Pacific National Bank, the Fiscal Agent for the Bonds. It is still anticipated that a closing will occur on March 14, 1986, so that the payment in full of the 1984 Notes on their maturity date of March 15, 1986, can be accomplished. 115548 ~u.- ~ .rJa~ ~).~ ~~ ~vvudf! ;7;",--r /~~ alll0- ~~~ ~'~~ 3/bleo ~/~ ~~ '8. ~ (0\ Ult'r' ? s;,c~ru('c.ler ;:11 vi-, l~;j t:9~ ,~ FeY 8wrsied2r~ "/ /2-C/f5v-eAA'--Gf;.- t7rs;;,.I,g~)AHe U:-'I-QA.. \: s;J (O~ SBE071-4/1471S/cb 03/06/86 ~:: RESOLUTION NO. 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, 1963, as amended by Resolution No. 83-97, adopted by the Mayor and I .1 Common Council of the City on March 26, 1963, and Resolution No. 84-98, adopted by the Mayor and the Common Council of the City on March 21, 1964 (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 Counci 1 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 - 1 - WHEREAS, at the time "nil place fixed for the openin~ of bids for the "ggregate 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 ORDgR 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 - 2 - ~ ;;-- ---- 1986 (WASTEWATER TREATMENT PLANT PROJECT) , (herein sometimes referred to as the "Bonds"), in accordance with law, is hereby authorized. Section 2. Notice lnviting 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 Counci 1 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 - 3 - 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 Off ici a l Statement to the Purchaser in such reasonable quantities as requested by the Purchaser. Section 6. Furnishing of Notice Inviting Bids and The furnishing to prospective bidders of a Official Statement. 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. j \ 1 i I 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 aids, received and recorced the receipt of all bids made pursuant to j I 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 I I I foregoing and any other matters deemed pertinent to the award of the I , - 4 - ,. " j , I I i I i I I I I I 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. The bids received are attaChed hereto and made a part hereof. 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 ini tis I di scount 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., lnc., 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. - 5 - Section 11. Reiection of Other Bids. That all bids other than the one accepted in Section 10 hereof are rejected and the returning of checks accompanying said rejected 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 - 6 - 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 thinqs 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 Fisca 1 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 Reso 1 u Hon sha 11 - 7 - - - - I HEREBY CERTIFY that adopted by the Mayor and San Bernar6ino at a held on the day of the following vote, to wit: the foregoing resolution was duly Common Council of the City of meeting thereof, , 1986, by AYES: Council Members NAYS: ABSENT: City Clerk day of The foregoing resolution is hereby approved this , 1986. Mayor of the City of San Bernardino Approved as to form: City Attorney - 8 - - - - ~- STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO) 5S CITY OF SAN BERNARDINO ) I, SHAUNA CLARK, City Clerk in and fOr San Bernardino, DO HEREBY CERTIFY that the foregoing copy of San Berna rdino City Reso lut ion No. true and correct copy of that now on file in this office. the and is City of attached a full, IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Bernardino this day of , 1986. City Clerk - 9 - BID FOR THE PURCHASE OF $2,600,000 CITY OF SAN BERNARDINO, CALIFORNIA SEWER REVENUE REFUNDING BONDS, ISSUE OF 1986 (WASTEWATER TREATMENT PLANT PROJECT) March 6, 1986 City of San Bernardino City HaU 300 North "D" Street San Bernardino, California 92418 On behalf of a group which we formed, consisting of ff1-1Cb41htJ (JachQ. ~C, +h ( dt,1 fro ~ (D, Ii1C. and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $2,600,000 aggregate principal amount, aU or none, of the Bonds designated as the "City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project)" particularly described in the Notice Inviting Bids, of the maturities and interest rate or rates set forth below: Maturity Date Principal Interest Maturity Date Principal Interest (March 1) Amount Rate (March 1) Amount Rate 1987 $100,000 (p.Cf) % 1995 $175,000 ~.l/O % 1988 105,000 CO -00 % 1996 190,000 .W % 1989 U5,000 ~1.O0 % 1997 205,000 {y.(gD % 1990 120,000 ~% 1998 220,000 'HC% 1991 130,000 ,00 % 1999 240,000 .(00 % 1992 l40,OOO (0.10 % 2000 260,000 lJ.bD % 1993 150,000 1..2v % 200l 285,000 (g.lQO % 1994 165,000 (.1,30 % and to pay therefor the aggregate sum of $ ,)>522,000 .00, (1 )plus accrued interest on such Bonds to the date of delivery thereof. (1) $2,600,000 plus premium or less discount, if any (discount not to exceed three percent (3%)). ...............--~~"'V._>_._M r'" This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published. all of which terms and connections are made a part hereof as fully 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 (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Sabo .. Gondek, a Professional Corporation, Los Angeles, California, approving the validity of the Bonds will be furnished us (if We are the successful bidder) at the time of delivery of the Bonds at the expense of the City. There is enclosed herewith a certified/cashier's check in the amount of fifty thousand dollars ($50,000), payable to the order of the City. There is submitted herewith a Memorandum of Interest Cost (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, the net interest rate determined thereby. Respectfully submitted, Name: By: Address: City: State: Telephone: MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue assuming annual Sinking Fund Account Payments under the above bid is $ 1,~1?Oi120.DO ,and the average net interest rate determined thereby is ro. &Ot.j~%. 7/1"5 b,.d,5 .s;,,&plC-} 10 /fOtIC! {olA/~1Sel (fttdMtlJ tJn LyJ/J///JI1 cd {),r frf/)'r to Clositlj flltd ~ lSslA.b1 (ftVl ghl1/'lcl;/1~ ClVWtll1k fo cotL'lpl~ t.;..\j.li of ()rrlJ{c;{-!e prov'IS1MS 6f ~f~ M:r KHoM'1 ;)cf of 1~8,( (HR. J(f]~) as fL::J rJ.(Jt-~/J1 10 fl~ iSStt[;.ttcp c1!' thitItMif''; ['Jllrk !l( d , IM.r "J. A 1.11)1'5 [/ICfi 4.1 /1/<,1(" LA ;ltt~/!I(,/,:l f,twl ;Itf') : BID FOR THE PURCHASE OF $2,600,000 CITY OF SAN BERNARDINO, CALIFORNIA SEWER REVENUE REFUNDING BONDS,lSSUE OF 1986 (WASTEWATER TREATMENT PLANT PROJECT) March 6. 1986 City of San Bernardino City Hall 300 North "D" Street San Bernardino, California 92418 On behalf of a group whic~ ye formed~ cqn~~ing of ~.l"J:N G~U\It:.-~ Bear Stearns & Co. lnc, ___ - ~ _, and Oppenheimer & Co. Inc. and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $2,600,000 aggregate principal amount, all or none, of the Bonds designated as the "City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project)" particularly described in the Notice Inviting Bids, of the maturities and interest rate or rates set forth below: Maturity Date Principal Interest Maturity Date Principal Interest (March 1) Amount Rate (March 1) Amount Rate 1987 $100,000 !n.rD1o 1995 $175,000 (D. 'd.()1o 1988 105,000 10 1996 190,000 10 1989 115,000 10 1997 205,000 10 1990 l20,OOO 10 1998 220,000 10 1991 l30,OOO 10 1999 240,000 10 1992 140,000 10 2000 260,000 10 1993 150,000 10 2001 285,000 \ / 10 ,,; 10 - 1994 l65,OOO ..,< and to pay therefor the aggregate swn of $;;(,")"))" ,'3)-r., (l)plus accrued interest on such Bonds to the date of delivery thereof. (1) $2,600,000 plus premiwn or less discount, if any (discount not to exceed three percent (310)). A - r"'-"" ._\ This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and connections are made a part hereof as fully 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 (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Sabo & Gondek, a Professional Corporation, Los Angeles, California. approving the validity of the Bonds will be furnished us (if We are the successful bidder) at the time of delivery of the Bonds at the expense of the City. There is enclosed herewith a certified/cashier's check in the amount of fifty thousand dollars ($50,000), payable to the order of the City. There is submitted herewith a Memorandum of Interest Cost (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, the net interest rate determined thereby. Respectfully submitted, Name: BEAR STEARNS & CO. INC. ~. (ACCOUnaager\ By: .. l{'&t:~( 4:mHo ~~~- Address: 1800 Century Park East City: Los AnQe1es. CA 90067 State: Telephone: 213/201-2632 MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue assumi~annual. ~nking Fund Account Payments under the above bid is $-1. ~3 -' ~~, and the average net interest rate determined thereby is 0_ .) 't. BID FOR THE PURCHASE OF $2,600,000 CITY OF SAN BERNARDINO, CALIFORNIA SEWER REVENUE REFUNDING BONDS, ISSUE OF 1986 (wASTEWATER TREATMENT PLANT PROJECT) March 6. 1986 City of San Bernardino City Hall 300 North "D" Street San Bernardino, California 92418 On behalf of a group which we formed, consisting of Smith Barney, Harris Upham & Co. Inc. !l. .\!!Sli_L,,~ I!r~ c?11/ 5;,j~d/ lii/ 11/ 'r i~ Do? I UfIIl?x'r- !fc/::/I'IJ7t.1 . / and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $2,600,000 aggregate principal amount, all or none, of the Bonds designated as the "City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project)" particularly described in the Notice Inviting Bids, of the maturities and interest rate or rates set forth below: Maturity Date Principal Interest Maturity Date Principal Interest (March 1) Amount Rate (March 1) Amount Rate 1987 $100,000 So 7) %. 1995 $l75,000 (,.;10 %. 1988 105,000 s: 75 %. 1996 190,OOO (,,7'07 %. 1989 115,000 ). 75 %. 1997 205,000 6,50 %. 1990 120,000 'i.7f %. 1998 220,000 6.50 1, 1991 130,000 S,7S %. 1999 240,000 6'60 %. 1992 140,000 (.,00 %. 2000 260,000 6.{'() %. 1993 150,000 t,,10 %. 200l 285,000 6,60 %. 1994 165,000 &,')0 %. and to pay therefor the aggregate sum of $) S.;?;l. 000,00, (l)plus accrued interest on such Bonds to the date of delivery 'thereof. (1) $2,60G,OOO plus premium or less discount, if any (discount not to exceed three percent (3%.)). /,',"" This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and connections are made a part hereof as fully though set forth in full in this bid. As specified in the Notice Inviting Bids, Othis bid is subject to acceptance not later than twenty-six (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Sabo & Gondek, a Professional Corporation, Los Angeles, California, approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the City. There is enclosed herewith a certified/cashier's check in the amount of fifty thousand dollars ($50,000), payable to the order of the City. There is submitted 0 herewith ao Memorandum ofo Interest Cost (which shall not constitute a palot of this bid) stating theO total net interest cost in dollars on the Bonds during the life of the issue under this bid, the net interest rate determined thereby. p l~ i'lknltt/ Respectfully submitted, AT 1'I&'-7" w/I j;~ ~Ic~5~d' ;;.. #,5 /SSC/f:', Name: Smith Address: City: By: & Co. Inc. Street MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue assuming annual Sinking Fund Account Payments under the above bid is $ /, 6'V~o237. so , and the average net interest rate determined thereby is ~ 6.738676 t. BID FOR THE PURCHASE OF $2,600,000 CITY OF SAN BERNARDINO, CALIFORNIA SEWER REVENUE REFUNDING BONDS, ISSUE OF 1986 (WASTEWATER TREATMENT PLANT PROJECT) City of San Bernardino Ci ty Hall 300 North "D" Street San Bernardino, California 92418 On behalf of a group which we formed, consisting of March 6, 1986 JOHN NUVEEN & CO. INCORPORATED )Joint BLUNT ELLIS & LOEWI INCORPORATEDlManagers and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $2,600,000 aggregate principal amount, all or none, of the Bonds designated as the "City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project)" particularly described in the Notice Inviting Bids, of the maturities and interest rate or rates set forth below: Maturity Date (March 1) 1987 1988 1989 1990 1991 1992 1993 1994 Pl'incipal AmOlmt $100,000 105,000 115,000 120,000 130,000 l40,000 150,000 l65,000 Interest Rate .;-, ~S'"% ,S-. .,0 % t>. 70 % 5.9tJ% t,ot> % h, Iv % fA .':).0 % ~ , :30 % Maturity Date (March 1) 1995 1996 1997 1998 1999 2000 2001 Principal Amollllt $175,000 190,000 205,000 220,000 240,000 260,000 285,000 Interest Rate /".<10 % hSO % ;;. .00 % fA./,n % (p, 70 % tn 75'" % 6,7'5"""% and to pay therefor the aggregate sum of $ ,;{h S~{" 'i!6g, '1~ (l)p1us accrued interest on such Bonds to the date of delivery t ereof. (1) $2,600,000 plus premium or less discount, if any (discount not to exceed three percent (3%)). ....-".\ r-" This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and connections are made a part hereof as fully 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 (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Sabo .. Gondek, a Professional Corporation, Los Angeles, California. approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the City. There is enclosed herewith a certified/cashier's check in the amount of fifty thousand dollars ($50,000), payable to the order of the City. There is submitted herewith a Memorandum of Interest Cost (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, the net interest rate determined thereby. Respectfully submitted, Name: JOHN NUVEEN & CO. INCORPORATED By: (J~ f.r:::;;;; Paul E. Greenawalt, Vice President Address: 333 West Wacker Drive City: Chicaqo, State: III inois 60606-1286 Telephone: (312) 917-8190 MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue assuming annual Sinking Fund Account Payments under the above bid is $ 1,10(,,'-1- 33~. 5S, and the average net interest rate determined thereby is . t,~ '<Xdl30 %. BID FOR THE PURCHASE OF $2,600,000 CITY OF SAN BERNARDINO, CALIFORNIA SEWER REVENUE REFUNDING BONDS, ISSUE OF 1986 (WASTEWATER TREATMENT PLANT PROJECT) March 6, 1986 City of San Bernardino City Hall 300 North "D" Street San Bernardino, California 92418 On behalf of a group which we formed, consisting of MERRILL LYNCH CAPITAL MARKETS & Group and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $2,600,000 aggregate principal amount, all or none, of the Bonds designated as the "City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wastewater Treatment Plant Project)" particularly described in the Notice Inviting Bids, of the maturities and interest rate or rates set forth below: Maturity Date Principal Interest Maturity Date Principal Interest (March 1) Amount Rate (March 1) Amount Rate 1987 $100,000 fJ.f(D % 1995 $175,000 ~J, ,/0 % 1988 105,000 % 1996 190,000 I! 1989 115,000 % 1997 205,000 1990 120,000 % 1998 220,000 1991 130,000 . % 1999 240,000 1992 140,000 % .2000 260,000 1993 150,000 % 2001 285,000 1994 165,000 I...- % ;), S-;>s, C;'fl. uS and to pay therefor the aggregate swn of $ , (1 )p1us accrued interest on such Bonds to the date of delivery thereof. (l) $2,600,000 plus premiwn or less discount, if any (discount not to exceed three percent (3%)). - - ,~ ."'. ". This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and connections are made a part hereof as fully 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 (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Sabo & Gondek, a Professional Corporation. Los Angeles, California, approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the City. There is enclosed herewith a certified/cashier's check in the amount of fifty thousand dollars ($50,000), payable to the order of the City. There is submitted herewith a Memorandum of Interest Cost (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, the net interest rate determined thereby. Respectfully submitted, Name: MERRILL LYNCH CAPITAL MARKETS (A Manager) By: resch, South Hope Los Angeles California (213) 683-4444 Address: City: State: Telephone: MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue assum~ng annua! S~~king Fund Account Payments under the above bid is $ I, "J")-~ ';"S-y, 9.:>, and the average net interest rate determined thereby is /l:;, t. 1/1---...-%. , : ~ - BID FOR THE PURCHASE OF $2,600,000 CITY OF SAN BERNARDINO, CALIFORNIA SEWER REVENUE REFUNDING BONDS, ISSUE OF 1986 (WASTEWATER TREATMENT PLANT PROJECT) March 6, 1986 City of San Bernardino Ci ty Hall 300 North "D" Street San Bernardino, California 92418 On behalf of a group which we formed, consisting of Stone & Youngberg Alex Bruwn & Sons and pursuant to the Notice Inviting Bids hereinafter mentioned, we offer to purchase $2,600,000.aggregate principal amount, all or none, of the Bonds designated as the "City of San Bernardino, California, Sewer Revenue Refunding Bonds, Issue of 1986 (Wast,,;'ater Treatment Plant Project)" particularly described in the Notice Inviting Bids, of the maturities and interest rate or rates set forth below: Maturity Date Principal Interest Maturity Date Principal Interest (March 1) Amount Rate (March 1) Amount Rate 1987 $100,000 6.375 % 1995 $175,000 6.375 % 1988 l05,000 6.375 % 1996 190,000 6.375 % 1989 115,000 6.375 % 1997 205,000 6.375 % 1990 120,000 6.375 % 1998 220,000 6.375 % 1991 130,000 6.375 % 1999 240,000 6.375 % 1992 140,000 6.375 % 2000 260,000 6.375 % 1993 150,000 6.375 % 2001 285,000 6.375 % 1994 165,000 6.375 % and to pay therefor the aggregate sum of $2.522.000.00 , (1 )p1us accrued interest on such Bonds to the date of delivery thereof. (1) $2,600,000 plus premium or less discount, if any (discount not to exceed three percent (3%)). - - .".~ ~ - ./--.., ...."-..... ~ This bid is made subject to all the terms and conditions of the Notice Inviting Bids heretofore published, all of which terms and connections are made a part hereof as fully 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 (26) hours after the expiration of the time for the receipt of bids, and the opinion of the Bond Counsel firm of Sabo & Gondek, a Professional Corporation, Los Angeles, California, approving the validity of the Bonds will be furnished us (if we are the successful bidder) at the time of delivery of the Bonds at the expense of the City. There is enclosed herewith a certified/cashier's check in the amount of fifty thousand dollars ($50,000), payable to the order of the City. There is submitted herewith a Memorandum of Interest Cost (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, the net interest rate determined thereby. Respectfully submitted, Address: City: State: Telephone: Name: STONE & YOUNGBERG 1fJz ~~ By: 'M 7- Ronald D. Goodman One California Street San Francisco, CA California 94111 (415) 981-1314 MEMORANDUM OF INTEREST COST The total net interest cost on the Bonds during the life of the issue assuming annual Sinking Fund Account Payments under the above bid is $1,633,500.00 ,and the average net interest rate determined thereby is 6 6\147 t.