HomeMy WebLinkAboutReso 1992-16717 RESOLUTION NO. 16717
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, AUTHORIZING CERTAIN ASSESSMENT
DISTRICT BONDS TO BE SOLD AT A PUBLIC SALE AND DIRECTING
A CALL FOR FOR SEALED BIDS FOR ASSESSMENT DISTRICT NO.
90-1 (SALT CREEK I)
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, has
previously initiated proceedings pursuant to the provisions of the "Municipal
Improvement Act of 1913", being Division 12 of the Streets and Highways Code of
the State of California, and declared its intention to issue bonds pursuant to
the provisions of the "Improvement Bond Act of 1915", being Division 10 of said
Code, in a special assessment district known and designated as ASSESSMENT
DISTRICT NO. 90-1 (SALT CREEK I) (hereinafter referred to as the "Assessment
District"); and,
WHEREAS, at this time this legislative body is desirous to proceed to
authorize that said bonds shall be sold on sealed proposals to the highest
bidder, all in the form as authorized by law.
NOW, THEREFORE BE IT HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That this legislative body does hereby call for sealed
bids through a competitive sale for bonds to be issued
to represent unpaid assessments within the Assessment
District, said bonds to be issued in the form and
provisions of the "Improvement Bond Act of 1915", being
Division 10 of the Streets and Highways Code of the
State of California.
SECTION 3. That the interest rate on said bonds shall not exceed
the current legal maximum interest rate of 124 per
annum, and said bonds shall be subject to all of the
terms and provisions relating to bonds as set forth in
the "Improvement Bond Act of 1915", and further as set
forth in the Resolution of Intention for these
proceedings.
SECTION 4. That the designated Financial Consultant, KADIE-JENSEN,
JOHNSON & BODNAR, is hereby directed and authorized to
proceed at this time to call for sealed binds and
solicit proposals for the sale of bonds represent all
unpaid assessments on privately owned property within
the boundaries of the Assessment District.
SECTION 5. That there will be furnished the legal opinion of BROWN,
DIVEN & HENTSCHKE, Attorneys at Law, approving the
validity of the proceedings and the enforceability of
Resolution No. 16717
Page 2
said bonds.
SECTION 6. This legislative body does further specifically covenant
for the benefit of the bondholders to commence and
prosecute to completion foreclosure actions regarding
delinquent installments of the assessments in the
manner, within the time limits and pursuant to the terms
and conditions as set forth in the Bond Indenture to be
submitted and approved.
Presented by Approved as to form b
Resolution No. 16717
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 28th day of July, 1992, by the following vote:
YES: Councilmembers: Grasser Horton, Malcolm, Moore,
Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
Beverly ~A. 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 certify that the foregoing Resolution No. 16717 was duly passed, approved,
and adopted by the City Council held on the 28th day of July, 1992.
Executed this 28th day of July, 1992.
! !~ ~'
· Authelet, City Clerk