HomeMy WebLinkAboutReso 1993-17032 RESOLUTION NO. 17032
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, ESTABLISHING TERMS AND CONDITIONS FOR
FINAL PRICING AND DELIVERY OF BONDS IN ASSESSMENT
DISTRICT NO. 90-2 (OTAY VALLEY ROAD)
WHEREAS, the City Council of the City of Chula Vista, California, has
previously confirmed assessments in a special assessment district pursuant to the
terms and provisions of the "Municipal Improvement Act of 1913", being Division
12 of the Streets and Highways Code of the State of California, said special
assessment district known and designated as ASSESSMENT DISTRICT NO. 90-2 (OTAY
VALLEY ROAD) (hereinafter referred to as the "Assessment District"); and,
WHEREAS, this City Council has also previously, by resolution, authorized
the issuance of bonds, said bonds to be issued pursuant to the terms and
provisions of the "Improvement Bond Act of 1915", being Division 10 of said Code;
and,
WHEREAS, the final delivery of bonds was delayed by litigation, and at this
time this City Council is desirous to proceed to establish the final terms and
conditions as it relates to the pricing and delivery of said bonds to the
designated underwriter, Stone & Youngberg.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are true and correct.
SECTION 2. That the sale and delivery of the bonds to Stone & Youngberg
is hereby approved pursuant to the terms of the Bond Purchase
Agreement previously submitted by Stone & Youngberg and
subject to modifications as necessary and approved by the
Finance Director. The Finance Director is authorized and
directed to establish the final pricing of the bonds and to
execute and deliver the Bond Purchase Agreement. Acceptance
of the final Bond Purchase Agreement shall be evidenced by the
execution and delivery of the Agreement by the Finance
Director on behalf of the City.
Presented by Approas to f by
O of .ublic Works aard
Resolution No. 17032
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 16th day of March, 1993, by the following vote:
YES: Councilmembers: Fox, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: Horton
ABSTAIN: Councilmembers: None
Tim Nade~ Mayor
ATTEST:
BeverlyA~Authelet, 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 certifythat the foregoing Resolution No. 17032 was duly passed, approved,
and adopted by the City Council held on the 16th day of March, 1993.
Executed this 16th day of March, 1993.