HomeMy WebLinkAboutReso 1991-16197 RESOLUTION NO. 16197
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA, AUTHORIZING AND PROVIDING FOR THE
SECURITY ENHANCEMENT AGREEMENT FOR ASSESSMENT DISTRICT
NO. 88-1, AND AUTHORIZING THE MAYOR TO EXECUTE SAID
AGREEMENT
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, has
heretofore instituted and conducted proceedings under 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, for the installation of certain
public works of improvement, together with appurtenances and appurtenant work,
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, in the Resolution of Intention it was determined and declared
that bonds should be issued under the provisions of the "Improvement Bond Act
of 1915", being Division lO of the Streets and Highways Code of the State of
California; and,
WHEREAS, there has now been received, considered and ready for approval a
Security Enhancement Agreement, known as document number COgl~O93, a copy of
which is on file in the office of the City Clerk, to be entered into between
the City and EastLake Development Company, a California limited partnership,
in order to provide assurance to the City that all payments. On the Bonds will
be paid.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. The form of Security Enhancement Agreement presented to this
meeting is hereby approved in substantially the form
presented at this meeting and the Mayor and City Clerk are
hereby authorized and directed to execute and deliver the
Agreement in substantially the form presented to this
meeting, with such changes as the officers executing the
same or the City Attorney or bond counsel may approve, such
approval to be conclusively evidenced by the execution and
delivery thereof.
Presented by Approved as to form by
Resolution No. 16197
Page 2 -
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.~4oore
Mayor, Pro-Tempore
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. 16197 was duly passed,
approved, and adopted by the City Council held on the ll th day of June, 1991.
Executed this 11 th day of June, 1991.
Be~e~iy ~ Authelet, City Clerk