1978-11 CRA - Laserfiche WebLink

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1 2/28/78 IN1EREST: The Bonds shall bear interest at a rate or rates to be fixed upon the sale thereof but not to exceed 8% per annum, payable semiannually on April 1 and October] of each year, commencing on October 1, 1978. PAYMENT: The Bonds and the interest thereon (except for interest on fully registered Bonds, which shall be payable by check or draft) will be payable in lawful money of the United States of America at the principal office of the Fiscal Agent, United California Bank, in Los Angeles, California, or, in the case of coupon Bonds, at the option of the holder, at the offices of the Paying Agents of the Agency in New York, New York or Chicago, lliinois. I REGISTRATION: The Bonds will be issued as coupon Bonds exchangeable for fully registered Bonds as to both principal and interest, all in accordance with the provisions in the resolution providing for the issuance of the Bonds (hereinafter referred to as the "Resolution") adopted on February 28, 1978. REDEMPTION PROVISIONS: Bonds maturing on or prior to April 1, 1989, are not subject to call or redemption prior to maturity. Bonds maturing on and after April 1, 1990, may be cal1ed before maturity, at the option of the Agency, as a whole, or in part in inverse order of maturity and by lot within a maturity, from any available source of funds on April 1, 1989, or on any interest payment date thereafter, upon payment of accrued interest to the date of redemption and a redemption price equal to the principal amount thereof plus a premium (percentage of principal amount) equal to one-quarter of one percent (\4 %) for each year or fraction of a year from the redemption date to the maturity date of the Bonds, but in no event exceeding three percent. . PURPOSE OF ISSUE: The proceeds from the sale of the Bonds will be used for the acquisition and clearance of property for redevelopment, relocation costs, construction of public improvements, repayment of advances by the City of Santa Ana and related expenses in connection with the City of Santa Ana Redevelopment Project Area. SECURITY: The bonds are special obligations of the Agency payable, both principal and interest, solely from Tax Revenues (as defined in the Resolution) and from certain other limited funds and accounts as provided in the Resolution. Such obligations, however, may be limited by bankruptcy, insolvency or other laws aIIecting enforcement of creditors' rights. The bonds are not obligations of the City of Santa Ana. TERMS OF SALE IDterest Rate: The maximum rate bid may not exceed 8% per annum, payable semiannually on April 1 and October 1 of each year. Each rate bid must be a multiple of 1/20 of 1 %. No Bond shall bear more than one interest rate, and all Bonds of the same maturity shal1 bear the same rate. Each Bond must bear interest at the rate specified in the bid from its date to its fixed maturity date. Only one coupon will be attached to each Bond for each instanmentof interest thereon, and bids providing for additional or supplemental coupons will be rejected. The rate. on any maturity or group of maturities shall not be more than 2 % higher than the interest rate on any other maturity or group of maturities. Award; Highest Bidder: The Bonds shall be sold for ~ only. All bids must be for not less than all of the Bonds hereby offered for sale and each bid shal1 state the bidder offers the purchase price, which shal1 not be less than 95% of par, and accrued interest to the date of delivery, the premium or discount, if any, and the interest rate or rates not to exceed those specified herein, at which the bidder offers to buy the Bonds. Each bidder shall state in his bid the total net interest cost in dollars and the average net interest rate determined thereby, which shall be considered informative only and not part of the bid. 2 . 4.