HomeMy WebLinkAboutReso 1993-17205 RESOLUTION NO. 17205
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AMENDING RESOLUTION NO. 16708 TO APPROVE AN
AMENDED FORM OF INDENTURE PERTAINING TO THE ISSUANCE OF
BONDS IN ASSESSMENT DISTRICT NO. 90-2 (OTAY VALLEY ROAD)
WHEREAS, the City Council of the City of Chula Vista, California, did
undertake and conduct proceedings for the installation of certain public
improvements in a special assessment district pursuant to the terms and
provisions of the "Municipal Improvement Act of 1913", being Division 12 of the
district known and designated as ASSESSMENT A
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, this legislative body has, by the adoption of Resolution No.
16708, previously authorized the issuance of bonds to finance said improvements
pursuant to the terms and provisions of the "Improvement Bond Act of 1915", being
Division 10 of said Code; and,
WHEREAS, by the adoption of Resolution No. 16708 this legislative body did
approve the form of the Bond Indenture substantially in the form presented to
this legislative body, which Bond Indenture did establish all formal terms and
conditions relating to the authorization, issuance and administration of said
bonds; and,
WHEREAS, this legislative body desires to amend Resolution No. 16708 to
approve an amended form of the Bond Indenture, which among other things, modifies
the obligation of the City to advance available funds to cure any deficiency or
delinquency which may occur in the redemption fund established for such bonds by
failure of property owners to pay annual special assessments such that the City's
obligation is limited to (1) an aggregate amount not to exceed 10~ of the
prinicipal amount of the bonds so issued, and (2) deficiencies arising from
delinquent assessments on the Otay Ranch Business Park lots, subject to certain
restrictions.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the amended form of Bond Indenture attached hereto is
approved in the form substantially presented herein and such
amended form of Bond Indenture shall supercede the form of
Bond Indenture previously approved in Resolution No. 16708.
Such amended form of Bond Indenture shall be subject to such
modifications as deemed necessary and as approved by the
Finance Director. Final approval of the Bond Indenture shall
be conclusively evidenced by the signature of the Finance
Director. A copy of said Bond Indenture shall be kept on
file, known as document number C093-164, in the office of the
Resolution No. 17205
Page 2
City Clerk, with the transcript of these proceedings and open
for public inspection.
SECTION 3. All other terms and conditions as contained in Resolution No.
16708 shall remain in full force and effect.
J L Bruce M. Boogaard
Public Works Director City Attorney
Resolution No. 17205
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 27th day of July, 1993, by the following vote:
YES: Councilmembers: Horton, Moore, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: Fox
ABSTAIN: Councilmembers: None
Tim Nader, 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. 17205 was duly passed, approved,
and adopted by the City Council held on the 27th day of July, 1993.
Executed this 27th day of July, 1993.
· Authelet, CityBe Clerk