HomeMy WebLinkAbout120-90RESOLUTION NO.
120-90
A RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF BOND PURCHASE CONTRACT
AND AWARDING SALE OF BONDS
ASSESSMENT DISTRICT NO. 89-1
SERIES 90-A
RESOLVED, by the Town Council of the Town of Danville,
California that:
WHEREAS, this Council has heretofore adopted its
resolution (herein "Bond Resolution") determining unpaid
assessments and providing for the issuance of this Town's
Limited Obligation Improvement Bonds, Assessment District No.
89-1, Series 90-A (the "Bonds"), for the purposes set forth in
Resolution of Intention No. 95-89, adopted July 6, 1989, by
this Council; and
WHEREAS, this Council has heretofore appointed Sutro &
Co. Incorporated as its investment banker (herein "Investment
Banker") for the underwriting of the Bonds;
WHEREAS, the Investment Banker has presented to this
Council a form of purchase contract (herein "Purchase
Contract") related to the purchase of the Bonds; and
WHEREAS, this Council has duly considered the terms
and conditions of the Purchase Contract and the sale of the
Bonds to said Investment Banker;
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NOW, THEREFORE, THIS COUNCIL HEREBY DETERMINES AND
ORDERS, as follows:
1. The form of Purchase Contract for the Bonds,
submitted to the Town by Sutro & Co. Incorporated, as the
Town's Investment Banker for the special assessment and
assessment bond proceedings being conducted under said
Resolution of Intention, is hereby approved, and the sale of
the Bonds is hereby awarded to said Investment Banker pursuant
thereto, provided, that the principal amount of the Bonds shall
not exceed $6,290,000, the underwriter's discount shall not
exceed 1.7% and the interest rate on the Bonds shall not exceed
9%.
2. The Mayor is hereby authorized and directed to
sign the Purchase Contract on behalf of the Town.
3. The Bonds shall be prepared in accordance with
the terms of the Purchase Contract and delivered to the
Investment Banker upon receipt of the purchase price therefore.
4. The Mayor of the Town and Town staff are hereby
authorized jointly and severally to execute any and all
documents and do any and all things deemed necessary or
advisable in order to consummate the delivery of the Bonds
pursuant to the Bond Resolution and the Purchase Contract, and
to otherwise effectuate the purposes of this Resolution, and
any such actions previously taken are hereby ratified and
approved.
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I hereby certify that the foregoing is a full, true
and correct copy of a resolution duly passed and adopted by the
Town Council of the Town of Danville, California, at a meeting
thereof held on the 5th
day of June , 1990 by the
following vote:
AYES, and in favor thereof, Councilmembers: GREENBERG, LANE,
RITCHEY, SCHLENDORF
NOES, Councilmembers: NONE
ABSENT, Councilmembers: NONE
ABSTAIN, Councilmember: SHIMANSKY
ATTEST:
......
IT~NEY
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