Reso 0508-01/1979 RESOLUTION NO. 508
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN MARCOS COUNTY WATER DISTRICT,
SAN DIEGO COUNTY, CALIFORNIA, AWARD-
ING $1,213,380.14 BONDS TO THE BEST
BIDDER AND REJECTING ALL OTHER BIDS
Assessment District No. 76-3
WHEREAS, at the time and place fixed for the opening of bids for
the $1,213,380.14 Bonds of the San Marcos County Water District for
Assessment District No. 76-3, all bids were publicly opened, examined
and read, and a tabulation thereof has been entered in the minutes; and
WHEREAS, the bid ofthe bidder hereinafter named is the best bid
made by a responsible bidder for said bonds;
NOW, THEREFORE, the Board of Directors of the San Marcos County
Water District DOES HEREBY RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. That the bid of Stone & Youngberg Investment Securities
offering par, less a discount of $85,659.78 , and accrued interest to
date of delivery for said bonds bearing interest payable on January 2, 1980,
for the first twelve months and thereafter semiannually on July 2 and
January 2 of each year at the rates of:
YEARS RATES
1980 - 1984 7.00 %
1985 - 1989 7.25 %
1990 - 1999 7.40 %
is the bid for said bonds yielding the lowest net interest cost. Said
bid is hereby accepted and the bonds awarded to said best bidder in
accordance with the terms of the proposal.
SECTION 2. That all bids other than the one accepted in Section 1
hereof are rejected and the Secretary of the District is directed to
return the check accompanying said rejected bids to the respective
bidders.
SECTION 3. That the interest rates on said bonds are hereby fixed
at the rates stated in Section 1 hereof.
Resolution No. 508
SECTION 4. The Auditor of the District is hereby directed to
deliver said bonds to the successful bidder upon payment therefore and of
accrued interest, if any, to date of delivery.
ADOPTED, SIGNED AND APPROVED by the Board of Directors of the San
Marcos County Water District this 8th day of January, 1979, by the following
roll call vote:
AYES: Directors: Keebaugh, Smith, Ferguson, Mahr, Blanchard
NOES: Directors: None
ABSTAIN: Directors: None
ABSENT: Directors: None
ATTEST: