HomeMy WebLinkAboutReso 1992-16624 RESOLUTION NO. 16624
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING CERTAIN ASSESSMENT DISTRICT BONDS TO
BE SOLD AT A PUBLIC SALE AND DIRECTING A CALL FOR SEALED
BIDS IN ASSESSMENT DISTRICT NO. 91-1 (TELEGRAPH CANYON
ROAD, PHASE II)
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. 91-1 (TELEGRAPH CANYON ROAD, PHASE II) (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 RESOLVED AS FOLLOWS:
SECTION I. That the above recitals are all true and correct.
SECTION II. 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 III. 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 IV. That the designated Financial Consultant, KADIE-jENSEN,
JOHNSON & BODNAR, is hereby directed and authorized to proceed
at this time to call for sealed bids and solicit proposals for
the sale of bonds to represent all unpaid assessments on
privately owned property within the boundaries of the
Assessment District.
SECTION V. 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 said bonds.
SECTION VI. This legislative body does further specifically covenant for
Resol uti on No. 16624
Page 2
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 by
Di rector of Publ i c Works .ru Boo
Resolution No. 16624
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 12th day of May, 1992, by the following vote:
YES: Councilmembers: Grasser Horton, Moore, Rindone, Nader
NOES: Councilmembers: MAlcolm
ABSENT: Councilmembers: None
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 foregoin9 Resolution No. 16624 was duly passed, approved,
and adopted by the City Council held on the 12th day of May, 1992.
Executed this 12th day of May, 1992.
Beverl~ A. Authelet, City Clerk