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Home My WebLink AboutRDA 91-13TUSTIN COMMUNITY REDEVELOPMENT AGENCY RESOLUTION NO. RDA 91-13 RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CONFIRMING THE AWARD OF ITS TOWN CENTER AREA REDEVELOPMENT PROJECT SUBORDINATE TAX ALLOCATION BONDS, SERIES 1991 WHERAS, at the time and place fixed for the opening of bids for the Tustin Community Redevelopment Agency Town Center Area Redevelopment Project Subordinate Tax Allocation Bonds, Series 1991 (the "Series 1991 Bonds"), bids were received by the Tustin Community Redevelopment Agency (the "Agency"); WHERAS, Resolution No. RDA 91-11 authorizing the Notice Inviting Bids for the Series 1991 Bonds provides in the section entitled "Terms of Series 1991 Bonds" that the Agency will take action awarding the Series 1991 Bonds or rejecting all bids not later than 26 hours after the time bids were received; provided that award may be made after the expiration of such specified time if the bidder shall not have given to the Agency notice in writing of the withdrawal of such bid; NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Tustin Community Redevelopment Agency: Section 1. The bid attached hereto as Exhibit A, specifying the purchase price for the Series 1991 Bonds (including accrued interest to the date of delivery), the designation of serial Series 1991 Bonds or term Series 1991 Bonds (for Series 1991 Bonds maturing on or after Decembe~ 1; 2006) and the interest rates per annum for each of the maturities of the Series 1991 Bonds is the best responsible bid for the Series 1991 Bonds producing the lowest true interest cost to the Agency. The Board hereby confirms the acceptance of the bid and the award of the Series 1991 Bonds to the bidder named in the bid in accordance with the terms of the bid. Seation 2. Ail bids other than the bid hereby accepted by the Agency are rejected. Soa~Xon 3, The interest rates and the serial and/or term designations on the Series 1991 Bonds are hereby fixed as set forth in the attached bid. c: ~60S6\~L¢691 6~Rem~M.doc EXRIBIT A OFFICIAL BTD $~3,100,000 TUSTIN COMMUNITY REDEVELOPMENT AGENC¥ Town Cen~mr Area Radevalopmen~ ProJac~ Subordinate Tax Allocation Bonds, Smrias 1991 Tustin Community Redevelopment Avency July 15, 1991 Ladies and Gentlemen: On behalf of &group which we have formed, consisting oft he firms ~.ereinaftsr named, and pursuant to ~he Notice Inviting Bids dated May 20, 1991, wa offer to purchase $13,100,000 principal all or none, of the bonds of the Aqency designated as 'Town Center Area Redevelopment Project Tax Allocation Bonds, Series 1991", particularly described in said Notice, with interest as set forth in the following schedule, entitled "Schedule of Interest Rates", and to pay therefor the principal amount thereof [plus a premium $ -0- )[less a discount of $262,000.00) making a total sum of $12,838,000.00 plus interest accrued on such bonds to the date of delivery thereof. . A-1 SCHEDULE OF INTEREST RATES Principal 1993 1994 $ 1995 2996 2997 /~ 1998 2999 2000 /~ 2002 2002 /~ 2003 2004 2005 /~ 2006 2007 2008 2009 /'~ 2010 /o 2011 2012 / 2013 / 2014 2015 /~0 20~6 / For Years 2006 t~rouqh 2016, indicate whether serial bond ~aturity, ter~ pa~ent This bid is nade eubJact to all of the terse and conditions of the Notice Inviting Bide dated Z~.~._~, 1991, all of which terms and conditiona area ads a part ~reof ae fully ae though set forth £n ~hia bid. There ts enclosed herewith a cer~ifted or cashier's check for $100,000 payable to the order of the accept~~~e ~he che~v~ll ~ ~tt~ ~ovard ~e p~aao price of ~e Ser~ea 1991 Bo~. re~n~ pr~ptly Co ~e unders~qn~. ~ere 1~ ~t~ted h~ewi~a "Ne~orand~of Interest Cost" (which shall not cons~itu~e a part of ~is bid), s~ating ~e total interest and ~e.t~e interest cost dete~ined ~ereby. A-2 furnished ~o ua in &ccor an~ w£~h ~he No~ice Inviting Bids. Very ~ruly yours, Lehman~ By:~ (Bradford S. Thiel) OSout Fisueroa Street, Suite 950 Address~os AnKeles, California ~OO~7 Phone: (213) 362-1540 LIST OF SYNDICATE MEMBERS (subject to Change prior to Delivery of Series 1991 Bonds) A-3 MEMORANDUM OF INTER~ST COST The purchase price 0£ the Series 1991 Bonds and the ~rue £ntaras~ cos~ is determined as follows: * Please calculate ~o aigh~ (8) decimal places. A-4 F.First Interstate 8a~k SHEAItSO~I LEHHAI~ HUTTON $100,000.00 ~.imitecl i~nK Ol~er~tfofls 1200 W. 7th Street Lot Angel~. GA 90017 No- 2987634 Cashiers Check ,,~,.. DATE JULY 12,1991 PAY TO THE ***TUSTIN ¢O~t~JNITY REDEVELOPHENT AGENCY*** ORDER OF A-5 EXHIBIT B TUSTIN C~HK~ITY REOEVI~LOPN~NT AGENCY TOgN CENTER AREA REDEVELOPNENT PROJECT SUBORDI#ATE TAX ALLOCATIO# ID#DS (LEHMAN EROTHERS) OATE PRiNCiPAL C~UPO# INTEREST PERIC~ TOTAL RISCAL TOTAL 12/ 1/9~ 12/ 1/9] &O,O00.O0 S.250000 12/ 1/94 &O,O00.O0 9,$00000 12/ 1/95 &S,O00.O0 S.750000 12/ 1/96 &5,000.00 6.00OOOQ 12/ 1/97 SO,O00.O0 6.100000 12/ 1/98 SO,O00.O0 6.ZOOOOO 12/ 1/99 55,000.00 17./ 1/ O 60,000.00 6.&O0000 12/ 1/ 1 65,000.00 6.~O000Q 1~/ 1/ Z 65,000.00 6.S00000 12/ 1/ 3 70,000.00 6.600000 1~/ 1/ ~ 75.000.00 6.7o0000 1~/ 1/ 5 80,000.00 6.750000 12/ 1/ 6 85,000.00 6.?~0000 12/ 1/ ? 8gS.O00.OO 6.750000 1~/ 1/ 8 960,000.00 6.600000 12/ 1/ 9 1.025,000.00 6.800000 12/ 1/10 1,09~,000.00 6.800000 12/ 1/11 1,16~,000.00 6.800000 12/ 1/12 1,~&~,O00.O0 6.800000 12/ I/1] 1,~30,000.00 6.800000 12/ 1/14 1,&20,000.00 6.800000 12/ 1/15 1,520,000.00 6.800000 12/ 1/16 1,620,000.00 6.800000 13,100,000.00 ACCRUED 13,100,000.00 1,2Z1,437.89 ~6 527.50 88~ .427.50 M2.227. SO 87~. ~0, O0 876 ,~0.00 8~. 8~. O0 B~ ~.~ ~7.325.~ 859 ~.00 855 ~S.O0 850,415.~ ~S,3~.~ 839,~.00 ~4,252.50 ~,~0.~ 638,~.~ ~,400.00 &O0, S20.~ 3~0,~.~ 213,520.~ 18,3~, 15Z.~ 39,~01.22 18,356, ~1.67 1,221 43?.09 9Z6 327.50 924 4Z7.50 9Z? 9~4 64O.O0 926 94O.OO 923 890.00 9Z? 3~.00 9Z! 48~.00 9Z5,415.00 925,390.00 1,733,84C.00 1,733,560.00 1,7'53,860.00 1,i~9,&00.00 1,7'30,180.00 1,730,080.00 1,735,S~0.00 1,730,160.00 31,~56,751.67 1,2Z1,&37.89 926,527.50 924,427.50 927,Z27.50 9Z4,640.00 926,940. O0 9~'&, ~90.00 9ZS,790.00 924,Z60.00 925,035.00 925,415.00 925,39O.00 924,990.0O 1,T53,8~0.~0 1,733o$60.00 1,733,860.~0 1,729,&00.~0 1,730,180.00 1,730,520.00 1,730,080.00 1,730,160.00 Dated ?/15/91 I~1 Years Averaae C~c~n Average L ife TiC X ufth De~fv~ry of ?/31/91 270,998.889 6.~8276 Z0.686938 6.780276 ~ Us~.g 100.0000000 6.961518 X Pr~ Detlvery 0ere Prepared by Stme & Youngberg B-1 seotion 4. Se Agency will deliver the Series 1991 Bonds to the successful bidder upon pa~ent therefor at the purchase price specified in the attached bid, including accrued interest to the date of deliver, and to undertake any and all acts necessary or desirable to accomplish the purpose of this Resolution. PASSED A ND ADOPTED this 15th day of July, 1991. Char&es E. Puckett, Chai~an Attest: c:\6056\9~J691.6\RmoBid.doc 2 July 15, 1991. City of Tustin REDEVELOP~,ENT AGENCY RESOLUTION CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF TUSTIN ) RESOLUTION NO. RDA 91-13 Mary E. Wynn, city Clerk and Recording Secretary of the Community Redevelopment Agency of the City of Tustin, California, does hereby certify that the whole number of the members of the Community Redevelopment Agency of the City of Tustin is five; that the above and foregoing Resolution No. RDA 91-13 was duly and regularly introduced, passed and adopted at a regular meeting of the Community Redevelopment Agency held on the 15th day of July, 1991, by the following vote: AGENCY MEMBER AYES: Puckett, Pontious, Edgar, Potts, Prescott AGENCY MEMBER NOES: None AGENCY MEMBER ABSTAINED: None AGENCY MEMBER ABSENT: None ary ~ding Secretary