|
BID FORM
<br /> SALE OF INTERESTS IN LEASE PAYMENTS BY
<br /> THE CITY OF EVERETT, WASHINGTON,AS LESSEE,
<br /> UNDER A LEASE (WITH OPTION TO PURCHASE)
<br /> FOR FIRE STATION NO. 2
<br /> (CERTIFICATES OF PARTICIPATION, 1992 SERIES A)
<br /> $2,055,000
<br /> William Cushman
<br /> Finance Director
<br /> City of Everett
<br /> Everett,Washington
<br /> Dear Sir:
<br /> For all right, title and interest in payments of the City of Everett ("the City") pursuant to a
<br /> lease (the "Lease") entered into by and between the City and Sierra Construction Co., Inc. (the
<br /> "Contractor") pursuant to a construction contract between Contractor and City for construction of
<br /> Fire Station No. 2 ("Improvements") and related ground lease (the "Ground Lease"), we will pay
<br /> $2,055,000 in order to issue certificates of participation ("Certificates") evidencing undivided
<br /> proportionate interests in payments("Lease Payments")made by the City under the Lease.
<br /> The total principal component of the Lease Payments shall be $2,055,000. Principal
<br /> components shall be due annually on March 1 according to a schedule to be prepared by the City.
<br /> Interest components shall accrue from March 1, 1992, payable on September 1, 1992, and
<br /> semiannually thereafter on each March 1 and September 1 until expiration of the Lease on March 1,
<br /> 2007. Payments due under the Lease may be prepaid on any Lease Payment Date on and after
<br /> March 1, 2002, at the price of the outstanding principal balance of Lease Payments plus any accrued
<br /> interest to the date of prepayment.
<br /> Pursuant to a trust agreement that we will enter into with Security Pacific Bank
<br /> Washington, N.A., as trustee("Trustee"), all right, title and interest in the Ground Lease, Lease and
<br /> Improvements will be assigned by Contractor to the Trustee, and the Trustee will execute and •
<br /> deliver the Certificates to us or our designees. The principal component of the Lease Payments will
<br /> constitute the principal amount of the Certificates. The interest component of the Lease Payments
<br /> will constitute the interest payable with respect to the Certificates. The payment dates, maturity
<br /> schedule, interest rates, and other terms of the Certificates will be consistent with the provisions of
<br /> the Lease. Pursuant to the Trust Agreement, the Trustee will hold interests acquired from the
<br /> Contractor in the Ground Lease, Lease and Improvements in trust for the benefit of the Certificate
<br /> Owners.
<br /> The schedule of Lease Payments, interest rates, the total interest cost, and the true interest
<br /> cost upon which this bid is based are as follows:
<br /> Payment Date Principal
<br /> (March 1) Component Interest Rate
<br /> 1993 $ 95,000 (/•5-<) %
<br /> 1994 100,000 li.So %
<br /> 1995 100,000 !i. Go %
<br /> 1996 105,000 6,-40%
<br /> 1997 115,000 S v%
<br /> 1998 120,000 7.7 0%
<br /> 1999 125,000 90%
<br /> 2000 130,000 6.10%
<br /> 2001 140,000 o%
<br /> 2002 145,000 30%
<br /> 2003 155,000
<br /> 2004 165,000 5 096
<br /> 2005 175,000 Go 96
<br /> 2006 185,000 .70%
<br /> 2007 200,000 64'0%
<br /> iv
<br />
|