Reso 0507-01/1979 RESOLUTION NO. 507
RESOLUTION OF THE BOARD OF DIRECTORS
OF SAN MARCOS COUNTY WATER DISTRICT,
SAN DIEGO COUNTY, CALIFORNIA, AWARD-
ING $898,400 BONDS TO THE BEST BIDDER
AND REJECTING ALL OTHER BIDS
Assessment District No. 76-1
WHEREAS, at the time and place fixed for the opening of bids for
the $898,400 Bonds of the San Marcos County Water District for Assessment
District No. 76-1, all bids were publicly opened, examined and read, and
a tabulation thereof has been entered in the minutes; and
WHEREAS, the bid of the 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 $63,497.12 , 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. 507
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: