HomeMy WebLinkAboutReso 1989-14015 (e)
RESOLUTION NO. 14015
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, AUTHORIZING CERTAIN
ASSESSMENT DISTRICT BONDS TO BE SOLD AT A
PUBLIC SALE AND DIRECTING A CALL FOR SEALED
BIDS
WHEREAS, the CITY COUNCIL Of the CITY OF CHULA VISTA, CALIFORNIA, has previously
initiated proceedings pursuant to the provisions of the "Municipal Improvement Act
of 1913", being Division 12 of the Streets and Highways Code of the State of
california, and declared its intention to issue bonds pursuant to the provisions of
the "Improvement Bond Act of 1915", being Division 10 of said Code, in a special
assessment district known and designated as ASSESSMENT DISTRICT NO. 87-1 (EAST "H"
STREET) (hereinafter referred to as the "Assessment District"); and,
WHEREAS, at this time this legislative body is desirous to proceed to authorize that
said bonds shall be sold on sealed proposals to the highest bidder, all in the form
as authorized by law.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2o That this legislative body does hereby call for sealed bids through a
~ competitive sale for bonds to be issued to represent unpaid assessments
within the Assessment District, said bonds to be issued in the form and
provisions of the "Improvement Bond Act of 1915", being Division 10 of
the Streets and Highways Code of the State of California.
SECTION 3. That the interest rate on said bonds shall not exceed the current legal
maximum interest rate of 12% per annum, and said bonds shall be subject
to all of the terms and provisions relating to bonds as set forth in the
"Improvement Bond Act of 1915", and further as set forth in the
Resolution of Intention for these proceedings.
SECTION 4. That the designated Financial Consultant, KADIE-JENSEN, JOHNSON &
BODNAR, is hereby directed and authorized to proceed at this time to
call for sealed bids and solicit proposals for the sale of bonds to
represent all unpaid assessments on privately owned property within the
boundaries of the Assessment District.
SECTION 5o That there will be furnished the legal opinion of BROWN & DIVEN,
Attorneys at Law, approving the validity of the proceedings and the
enforceability of said bonds.
SECTION 6. 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 coc~menced and thereafter
diligently 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 14th day of Mar~ ~ , 19~9.
STATE OF CALIFORNIA
CITY OF CHULA VISTA
STATE OF CALIFORNIA
STATE OF CALIFORNIA
UNTY OF SAN DIEGO
~Y OF CHULA VISTA
I, JENNIE M. FULASZ, CITY CLERK of the CITY OF CHULA.yISTA, CALIFORNIA, DO HEREBY
CERTIFY that the foregoing Resolution, being Resolution No. 14015 , 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 14th day of March , 1989, and that the same was
passed and adopted by the following vote:
AYES: COUNCIL MEMBERS Malcolm, Nader, Moore
NOES: COUNCIL MEMBERS McCandliss
ABSENT: COUNCIL MEMBERS Cox
ABSTAIN: COUNCIL MEMBERS None
EXECUTED this ~ day of ~ , 1989, at Chula Vista, California.
STATE OF CALIFORNIA