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HomeMy WebLinkAboutReso 1997-18756 RESOLUTION NO. 18756 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AUTHORIZING THE DIRECTOR OF FINANCE TO INITIATE A COMPETITIVE PROCESS TO SELECT AN UNDERWRITER(S) TO MARKET THE BONDS FOR ASSESSMENT DISTRICT 97-2 ON A NEGOTIATED BASIS WHEREAS, at the request of Village Development, the City Council has recently approved the initiation of proceedings under the Municipal Improvement Act of 1913 for the formation of Assessment District 97-2; and WHEREAS, approximately $15 million in Assessment District Bonds are proposed to be issued to provide funding for necessary streets; and WHEREAS, in order to provide maximum protection to the City as well as the potential buyers of the Bonds, it is being recommended that an underwriter or team of underwriters be selected through a competitive process so that the bond issue can be structured and priced on a negotiated basis, as opposed to selling the bonds through a competitive bid process. NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does hereby authorize the Director of Finance to initiate a competitive process to select an underwriter(s) to market the bonds for Assessment District 97-2 on a negotiated basis. Presented by Approved as to form by Resolution 18756 Page 2 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 12th day of August, 1997, by the following vote: AYES: Councilmembers: Moot, Rindone, Salas, and Horton NAYES: Councilmembers: None ABSENT: Councilmembers: Padilia ABSTAIN: Councilmembers: None S~hir y Horton, Mayor ATTEST: Beverly~.Authelet, City C~erk STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHULA VISTA ) I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that the foregoing Resolution No. 18756 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 12th day of August, 1997. Executed this 12th day of August, 1997. Beverly ~.Autt4elet, City Clerk'