HomeMy WebLinkAboutResolution No. 1963a RESOLUTION NO. 1963
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY,
CALIFORNIA, APPROVING AWARD OF REVENUE BONDS OF CITY OF
DOWNEY COMMUNITY HOSPITAL AUTHORITY
WHEREAS, the Secretary of the City of Downey Community Hospital Authority
has heretofore at 10 :00 o'clock A.M. at the office of the City Clerk of the
City of Downey received bids for $6,250,000 City of Downey Community Hospital
Authority Revenue Bonds; and
WHEREAS, pursuant to Section 10 of the Joint Exercise of Powers Agreement
between the City of Downey and the County of Los Angeles creating the City of
Downey Community Hospital Authority, the sale of such revenue bonds by the
Authority is subject to the prior approval by resolution of the City Council of
the City of Downey; and
WHEREAS, the bid of bidder hereinafter named is the best bid made by a
responsible bidder for said bonds;
NOW, THEREFORE, the City Council of the City of Downey, California, DOES
RESOLVE as follows:
SECTION 1. That the bid of Merrill Lynch, Pierce, Fenner & Smith, Inc.
offering $6,250,000,00 par, $ -0- premium and accrued interest to the
date of delivery for said bonds to bear interest payable semiannually at the
rates of:
Rates Years
6,00% 1971 to 1976 Incl.
5,50% 1977 to 1979 Incl,
5,25% 1980 to 1982 Incl,
5,00% 1983 to 1994 Incl,
4,90% 1995 to 2002 Incl,
is the best bid for said bonds yielding the lowest net interest cost, Said bid
is hereby approved and the award and sale of the bonds to said best bidder, in
accordance with the terms of the proposal therefor is hereby approved by the City
Council as required by the terms of the Joint Powers Agreement referred to in the
recitals hereof.
SECTION 2. The City Clerk shall certify to the adoption of this Resolution,
ADOPTED, SIGNED AND APPROVED this 6th day of September, 1967,
Mayor of the City o Downey, California
ASST:
City Clerk of t r e City of
Downey, Calif of is
I HEREBY CERTIFY that the foregoing resolution was adopted by the City Council
of the City of Downey at a regular adjourned meeting held on the 6th day of
September, 1967, in the Council Chamber of the Downey City Hall by the following
vote:
AYES: 4 Councilmen: Dunnum, Temple, Dickerson, Corbin
NOES: 0 Councilmen: None
ABSENT: 1 Councilman: Morton
City Clerk of th i ty of Downey, California