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HomeMy WebLinkAboutReso 1987-13007 RESOLUTION NO. 13007 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA, CALIFORNIA, MAKING AWARD FOR SALE OF BONDS, AND PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION FUND WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, has heretofore instituted and conducted proceedings under the terms and provisions of the "Munici- pal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, for the construction of certain public works of improve- ment, together with appurtenances and appurtenant work, in a special assessment district known and designated as ASSESSMENT DISTRICT NO. 85-1 (LAS FLORES DRIVE) (hereinafter referred to as the "Assessment District"); and, WHEREAS, in the Resolution of Intention it was determined and declared that bonds should issue under the provisions of the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways Code of the State of California; and, WHEREAS, there has now been received, in proper form, a Purchase Agreement (herein- after the "proposal") for the purchase of said bonds to issue under said proceed- ings, which is considered to best serve the interests of owners of land included within the Assessment District and should be accepted. NOW~ THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the proposal received from STONE & YOUNGBERG for the purchase of improvement bonds representing unpaid assessments in said Assessment District is hereby accepted and approved. SECTION 3. That said sale is subject to all the terms and conditions as set forth in the Resolution of Issuance and in the accepted proposal. SECTION 4. That the Mayor and City Clerk are hereby authorized to execute the proposal and a copy of said proposal shall be kept on file with the transcript of these proceedings. SECTION 5. That the Treasurer be, and hereby is, directed to have the bonds printed immediately upon the expiration of the cash collection period, and said Treasurer shall then have said bonds signed and delivered upon receipt of the amount of monies due pursuant to said proposal and upon the performance of all the conditions as set forth in the proposal. SECTION 6. That the interest rate or rates on said bonds be, and the same hereby is fixed at the rate or rates as set forth in said accepted proposal. SECTION 7. That the Treasurer is hereby authorized and directed to keep a redemp- tion fund designated by the name of the proceedings, into which he shall place all sums received for the collection of the assessments and the interest thereon, together with all penalties, if applicable, thereon and from which he shall disburse such funds to the registered owner. Under no circumstances shall the said bonds or interest thereon be paid out of any other fund except as provided by law. Said fund shall be known as the REDEMPTION FUND, and shall be designated by the name of this Assessment District. SECTION 8. That the Treasurer shall transfer monies as necessary from the SPECIAL RESERVE FUND in the manner and form as authorized by law. APPROVED and ADOPTED this 28th daYMAYoRof :~.:~l~'~.,~AprilA~?- ~ , 1987. CITY OF CHELA VISTA STATE OF CALIFORNIA ATTEST: CITY OF CHULA VISTA STATE OF CALIFORNIA Presented by Approved as to form by ~ohn P. L~pitt, Director of z T~'~s J. Ha~, City Attorney fPublic Works/City Engineer STATE OF CALIFORNIA COUNTY OF SAN DIEGO CITY OF CHULA VISTA I, JENNIE M. FULASZ, CITY CLERK of the CITY OF CHULA VISTA, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 15007 , was duly passed, approved and adopted by the City Council, approved and signed by the Mayor, and attested by the City Clerk, all at the regular meeting of said City Council held on the 28th day of April , 1987, and that the same was passed and adopted by the following vote: AYES: COUNCIL MEMBERS Malcolm, McCandliss, Cox, Moore, Nader NOES: COUNCIL MEMBERS None ABSENT: COUNCIL MEMBERS None ABSTAIN: COUNCIL MEMBERS None EXECUTED-this 29th day of April , 1987, at Chula Vista, California. C~iTY~Ci-ERK Y OF CHULA VISTA ~ STATE OF CALIFORNIA CI' OF CHULA VISTA