HomeMy WebLinkAboutReso 1991-16171 RESOLUTION NO. 16171
RESOLUTION AUTHORIZING CERTAIN ASSESSMENT DISTRICT BOND~
TO BE SOLD AT A PUBLIC SALE AND DIRECTING A CALL FOR
SEALED BIDS IN ASSESSMENT DISTRICT NO. 88-1 (OTAY LAKES
ROAD, PHASE I)
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, has
previously initiated proceedings pursuant to the provisions of the "Municipal
Improvemen~ 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. 88-1 (OTAY LAKES ROAD, PHASE 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, 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 lO 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 12% 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-JANSEN, 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. 16171
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 Approved as to form by
J n P. Li Bruc r
D f Public Works City Attorney
Resolution No. 16171
Page 3
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula
Vista, California, this 14th day of May, 1991 by the following vote:
AYES: Councilmembers: Malcolm, Moore, Nader, Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Mayor, Pro-Tempore
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. 16171 was duly passed,
approved, and adopted by the City Council held on the 14th day of May, 1991.
Executed this 14th day of May, 1991.
Beverly A//Authelet, City Clerk