HomeMy WebLinkAboutReso 1991-16237 RESOLUTION NO. 16237
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, AUTHORIZING CERTAIN ASSESSMENT
DISTRICT BONDS TO BE SOLD AT PUBLIC SALE AND DIRECTING
A CALL FOR SEALED BIDS
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 assessement district known and designated as ASSESSMENT
DISTRICT NO. 90-3 (EASTLAKE GREENS, PHASE I) (hereinaft~r 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, IT IS 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 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.
Resolution No. 16237
Page 2
SECTION 5. That there will be furnished the legal opinion of BROWN, HARPER,
BURNS & HENTSCHKE, Attorneys at law, approving the validity of the
proceedings and the enforceability of said bonds.
Presented by Approv ' as to fo ,y
hn P. Lippitt/~c~ Bruce M. BOogaar~~
r of Public Works City Attorney
Resolution No. 16237
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 9th day of July, 1991, by the following vote:
AYES: Councilmembers: Grasser Horton, Malcolm, Moore, Nader,
Rindone
NOES: Councilmembers: None
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 foregoing Resolution No. 16237 was duly passed, approved,
and adopted by the City Council held on the 9th day of July, 1991.
Executed this 9th day of July, 1991.
Beverly A. Authel'e~ Cit'y Clerk l