HomeMy WebLinkAboutReso 1992-16753 RESOLUTION NO. 16753
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS,
APPROVING BOND INDENTURE AND PRELIMINARY OFFICIAL
STATEMENT FOR ASSESSMENT DISTRICT NO. 90-1 (SALT CREEK
I)
WHEREAS, the City Council of the City of Chula Vista, California, is
conducting proceedin9s 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", bein9 Division 12 of the Streets and
Highways Code of the State of California, said special assessment district known
and designated as ASSESSMENT DISTRICT NO. 90-1 (SALT CREEK I) (hereinafter
referred to as the "Assessment District"); and,
WHEREAS, this legislative body has previously declared in its Resolution
of Intention to issue bonds to finance said improvements, said bonds to issue
pursuant to the terms and provisions of the "Improvement Bond Act of 1915", bein9
Division 10 of said Code; and,
WHEREAS, at this time this le9islative body is desirous to set forth all
formal terms and conditions relating to the authorization, issuance and
administration of said bonds; and,
WHEREAS, there has been presented, considered and ready for approval a bond
indenture setting forth formal terms and conditions relatin9 to the issuance and
sale of bonds; and,
WHEREAS, there has also been presented for consideration by this
legislative body a form of Preliminary Official Statement containing information
includin9 but not limited to the Assessment District and the type of bonds,
includin9 terms and conditions thereof; and,
WHEREAS, this le9islative body hereby further determines that the unpaid
assessments shall be specifically in the amount as shown and set forth in the
Certificate of Paid and Unpaid Assessments as certified by and on file with the
Treasurer, and for particulars as to the amount of said unpaid assessments, said
Certificate and list shall control and govern.
NOW, THEREFORE BE IT RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance of
limited obligation improvement bonds in an aggregate principal
Resolution No. 16753
Page 2
amount to exceed $5,126,384.94 pursuant to the terms and
provisions of the "Improvement Bond Act of 1915", being
Division 10 of the Streets and Highways Code of the State of
California, and also pursuant to the specific terms and
conditions as set forth in the BOND INDENTURE presented
herein.
BOND INDENTURE
SECTZON 3. That the BOND INDENTURE is approved substantially in the form
presented herein, subject to modifications as 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 ZNDENTURE, known as
document number C092-114, shall be kept on file in the office
of the City Clerk with the transcript of these proceedings and
open for public inspection.
PRELIMINARY OFFICIAL STATEMENT
SECTION 4. That the PRELIMINARY OFFICIAL STATEMENT is approved
substantially in the form presented, subject to modifications
as necessary and as approved by the City Manager, and
execution and distribution of the Preliminary Official
Statement and the corresponding final Official Statement is
hereby authorized. The City Manager is further authorized to
execute and deliver any certificate regarding the finality of
the Preliminary Official Statement as may be necessary or
appropriate for purposes of complying with Section 240.15C2-12
in Chapter II of Title 17 of the Code of Federal Regulations
("Rule 15C2-12"). A copy of the Preliminary Official
Statement and final Official Statement shall be kept on file
with the transcript of these proceedings and remain open for
public inspection.
FINAL ASSESSMENTS
SECTION 5. That the Certificate of Paid and Unpaid Assessments, as
certified by the Treasurer, shall remain on file in that
office and be open for public inspection for all particulars
as it relates to the amount of unpaid assessments to secure
bonds for this Assessment District.
SUPERIOR COURT FORECLOSURE
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
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Page 3
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 as submitted and approved through the
adoption of this resolution.
OTHER ACTS
SECTION 7. All actions heretofore taken by the officers and agents of the
City with respect to the sale and issuance of the bonds are
hereby approved, confirmed and ratified, and the Finance
Director and any and all other officers of the City are hereby
authorized and directed, for and in the name and on behalf of
the City, to do any and all things and take any and all
relating to the execution and delivery of any and all
certificates, requisitions, agreements and other documents,
which the Finance Director may deem necessary or advisable in
order to consummate the lawful issuance and delivery of the
bonds in accordance with this resolution.
Presented by Approved as to form by
Resolution No. 16753
Page 4
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 11th day of August, 1992, by the following vote:
YES: Councilmembers: Horton, Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: Malcolm, Moore
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
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 certi~that the foregoing Resolution No. 16753 was duly passed, approved,
and adopted by the City Council held on the 11th day of August, 1992.
Executed this 11th day of August, 1992.
~Authelet, City Clerk