HomeMy WebLinkAboutReso 1991-16195 RESOLUTION NO. 16195
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS,
APPROVING BOND INDENTURE AND OFFICIAL STATEMENT FOR AN
ASSESSMENT DISTRICT FOR ASSESSMENT DISTRICT NO. 88-1
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, is
conducting proceedings 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", being Division 12 of the Streets and
Highways Code of the State of California, said 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, this legislative body has previously declared in its Resolution
of Intention to issue bonds tQ finance said improvements, said bonds to issue
pursuant to the terms and provisions of the "Improvement Bond Act of 1915",
being Division lO of said Code; and,
WHEREAS, at this time this legislative 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 relating to the
issuance and sale of bonds; and,
WHEREAS, there has also been presented for consideration by this
legislative body an Official Statement containing information including but
not limited to the Assessment District and the type of bonds, including terms
and conditions thereof; and,
WHEREAS, this legislative 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' t~! the amount of said unpaid
assessments, said Certificate and list shall control and govern.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct .
Resolution No. 16195
Page 2
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance of
bonds pursuant to the terms and provisions of the
"Improvement Bond Act of 1915", being Division lO 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
SECTION 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, with the
concurrence of Bond Counsel. Final approval of the BOND
INDENTURE shall be conclusively evidenced by the signature
of the Finance Director upon final delivery of bonds and
receipt of proceeds. A copy of said BOND INDENTURE shall be
kept on file with the transcript of these proceedings and
open for public inspection.
OFFICIAL STATEMENT
SECTION 4. That the OFFICIAL STATEMENT is approved substantially in the
form presented and is deemed to be in near final form,
subject to nonmaterial modifications as necessary and as
approved by the Finance Director, with the concurrence of
Bond Counsel, and execution and distribution is hereby
authorized. A copy of said 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
Resolution No. 16195
Page 3
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 as submitted and approved
through the adoption of this Resolution.
Resolution No. 16195
Page 4
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula
Vista, California, this llth day of June, 1991 by the following vote:
AYES: Councilmembers: Moore, Nader, Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: Malcolm
ABSTAIN: Councilmembers: None
Leonard M. Moore
Mayor, Pro-Tempore
ATTEST:
Beverly Ao' 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. 16195 was duly passed,
approved, and adopted by the City Council held on the llth day of June, 1991.
Executed this ll th day of June, 1991.
Beverly Aj Authelet, City Clerk