HomeMy WebLinkAboutReso 1987-12930 RESOLUTION NO. 12930
RESOLUTION OF THE CITY COUNCIL OF THE CITY
CHULA VISTA, CALIFORNIA, AUTHORIZING THE
SALE AND REQUESTING A PROPOSAL FOR CERTAIN
SPECIAL ASSESSMENT BONDS TO FINANCE IMPROVE-
MENTS IN A SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, has initiated
proceedings pursuant to the terms and conditions of the "Municipal 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 improvement, together
with appurtenances and acquisition, where necessary, in a special assessment
district; said special assessment district known and designated as ASSESSMENT
DISTRICT NO. 85-1 (LAS FLORES DRIVE) (hereinafter referred to as the "Assessment
District"); and,
WHEREAS, it has been further determined that serial bonds shall be issued to finance
the costs and expenses of said improvements and proceedings, and said bonds shall be
issued 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,
WHEREAS, at this time, this legislative body is desirous of authorizing the sale of
bonds to finance the works of improvement as proposed for this Assessment District.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That STONE & YOUNGBERG is hereby requested to submit a proposal for the
sale of bonds for the Assessment District. The interest rate on said
bonds shall not exceed the current legal maximum rate of twelve percent
(12%) per annum. Said bonds shall be issued pursuant to the terms and
conditions as set forth in the Resolution of Intention as previously
adopted for these proceedings.
SECTION 3. That this Resolution is adopted pursuant to the provisions or'Section
10602 of the Streets and Highways Code of the State of California, and
it is further directed that all recommendations relating to the sale of
bonds be presented to this body no later than the time set for the
Public Hearing on the "Report" and related matters for this Assessment
District.
SECTION 4. That there will be provided, at no expense to the bidder, the approving
legal opinion of BROWN & DIVEN, Attorneys at Law, attesting to the
validity of the proceedings and the enforceability of the bonds.
SECTION 5. That in the event of any delinquency in the payment of any installment
of an assessment, it is hereby covenanted with the holder of the bonds
that this legislative body will cause to be commenced and thereafter
dlilgently prosecuted, judicial foreclosure proceedings upon all delin-
quent unpaid assessments within one hundred fifty (150) days following
any delinquency. It is further hereby ordered that an investigation be
initiated as soon as possible each year to determine all tax delinquen-
cies on all properties within the boundaries of the above-referenced
Assessment District.
APPROVED and ADOPTED this lOth day of March , 1987.
STATE OF CALIFORNIA
/~I CLERK - ._~ ,~r
~/CITY OF CHULA VISTA
STATE OF CALIFORNIA
Presented by Approved as to form by
£ ·
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, this lOth d(3y o[ March
19 87 , by the following vote, to-wit:
AYES: Councilmembers Moore, Nader, Malcolm,McCandliss, Cox
NAYES: Councilmembers None
ABSTAIN: Counci lmembers None
ABSENT: Counci lmembers None
I ~a~th~ -~y o~u~a vista
ATTEST ~" City Clerk . :~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M FULASZ, CMC, CITY CLERK of the City of Chulo Visto, California,
DO HEREBY CERTIFY thor the ob(we ond foregoing is (3 full, true and correct copy of
RESOLUTION NO. 12930
,ond that the some hos not been omended or repeoled.
DATED
City Clerk
CIW OF
CHULA VISI'A
CC--660