HomeMy WebLinkAboutReso 1986-12627 RESOLUTION NO. 12627
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 proceedin9s 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 acquisition of certain public works of improvement,
together with appurtenances and appurtenant work, in a special assessment district
known and designated as
ASSESSMENT DISTRICT NO. 86-1
(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", bein9
Division 10 of the Streets and Highways Code of the State of California; and,
WHEREAS, there has now been received, in proper form, a bid (hereinafter the
"proposal") for the purchase of said bonds to issue under said proceedin§s, 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 relatin9 to this Assessment District received from
PRUDENTIAL BACHE
for the purchase of improvement bonds representin9 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 sai~
Treasurer shall then have said bonds signed and delivered upon receipt of
the amount of monies due pursuant to said proposal and upon the perfor-
mance 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 redemption
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 22nd day of July , 1986.
c TY OF C,ULA ISTA
STATE OF CALIFORNIA
STATE OF CALIFORNIA
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. 12627 , 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 22nd day of July , 1986, and that the same was
passed and a~'t'~the fol~win~ vote-:
AYES: COUNCIL MEMBERS Cox, Malcolm, Moore, Campbell, McCandliss
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
EXECUTED this day.of , 1986, at Chula Vista, California.
CITY ~LE~'K
CITY OF CHULA VISTA
STATE OF CALIFORNIA
CllY OF
CHUI.A VISI'A