HomeMy WebLinkAboutReso 1994-17769 RESOLUTION NO. 17769
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AWARDING A 3-YEAR CONTRACT FOR DELINQUENCY
MONITORING TO MUNI FINANCIAL SERVICES, INC. AND
AUTHORIZING THE MAYOR TO EXECUTE SAID AGREEMENT
WHEREAS, the City has formed ten assessment districts to provide financing of
infrastructure for new developments; and,
WHEREAS, the bonds that were used to finance the improvements were issued
pursuant to the Improvement Bond Act of 1915; and,
WHEREAS, one of the provisions of issuing 1915 Act limited obligation bonds is that
the City must monitor the collection process and cause judicial foreclosure proceedings to
commence in as little as 150 days of an installment becoming delinquent; and,
WHEREAS, this action will ensure that the City's fiduciary responsibility to the bond
holders is fulfilled by providing required delinquency monitoring and collection services; and,
WHEREAS, all costs associated with the collection of delinquent assessments are
recovered from the delinquent property owners at no expense to the City; and,
WHEREAS, the consultant, Muni Financial Services (MFS) was selected through the
formal selection process.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby award a 3-year contract, renewable every November for delinquency monitoring to
Muni Financial Services, Inc., known as document number CO94-274, a copy of which is on
file in the office of the City Clerk.
BE IT FURTHER RESOLVED that the Mayor of the City of Chula Vista is hereby
authorized and directed to execute said Agreement for and on behalf of the City of Chula
Vista.
BE IT FURTHER RESOLVED that the City Council does hereby authorize expenditure
of funds, from assessment district fees, for the monitoring and possible judicial foreclosure
of parcels that are delinquent on their assessment installments.
Presented by A;d as To fo by ~
tor of Public Works City Attorney
Resolution No. 17769
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 20th day of December, 1994, by the following vote:
YES: Councilmembers: Fox, Moot, Padilia, Rindone, Horton
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirle,~rton, Mayor
ATTEST:
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. 17769 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 20th day of December
1994.
Executed this 20th day of December, 1994.
Beverly A.TAutheiet, City Clerk
Resolution No. 17770
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 20th day of December, 1994, by the following vote:
YES: Councilmembers: Fox, Moot, Padilia, Rindone, Horton
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
~l~iTle:/~oort~On~, Mayor
ATTEST:
Beverly/A~Auth;let, City Clerk
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. 17770 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 20th day of December
1994.
Executed this 20th day of December, 1994.
~Autl~elet, City Clerk