HomeMy WebLinkAbout79-81 - Establishment of Redemption Fund for Payment of Assessment District 79-01 BondsRESOLUTION NO. 79-81
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, ACCEPTING PROPOSAL FOR
THE SALE OF BONDS AND PROVIDING FOR THE ESTAB-
LISHMENT OF A REDEMPTION FUND FOR THE PAYMENT
OF SAID BONDS.
WHEREAS, this City Council has heretofore instituted and conducted
proceedings under the provisions 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 improvements,
together with appurtenances, in a special assessment district known and
designated as
ASSESSMENT DISTRICT NO. 79-01
(SOUTH COAST DRIVE)
(hereinafter referred to as the "Assessment District"); and
WHEREAS, said City Council in its Resolution of Intention therein
determined and declared that bonds should be issued under the provisions
of the "Improvement Act of 1911," being Division 7 of the Streets and
Highways Code of the State of California, for each unpaid assessment or
portion thereof in the amount of One Hundred Fifty Dollars ($150.00) or
more, to finance said improvements; and
WHEREAS, the City Council has now received, in the manner and form
as prescribed by law, a proposal for the purchase of said bonds in said
Assessment District; and
WHEREAS, the proposal received is, in the opinion of this City
Council, considered to be the bid which will best serve the interests
of owners of land within the Assessment District and should be accepted
by this Council.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COSTA MESA
CALIFORNIA, AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the proposal of
STONE & YOUNGBERG INVESTMENT SECURITIES
dated the 27th day of June, 1979, is hereby accepted and approved for
the purchase of the improvement bonds for the works of improvement,
together with appurtenances, in the Assessment District.
SECTION I. That the City Treasurer, or appointed paying agent, in
accordance with the provisions of Part 5 of Division 7 of the Streets
and Highways Code, is hereby authorized and directed to receive all
payments made upon said bonds and assessments by property owners in a
fund designated by the name of the proceedings, into which he shall place
all sums paid for the principal of the bonds and the interest thereon,
together with all penalties thereon, and from which he shall disburse
such funds upon presentation of proper coupons. Under no circumstances
shall the said bonds or interest thereon be paid out of any other fund
except as provided by law.
SECTION 4. That said fund shall be designated as
"IMPROVEMENT FUND FOR
ASSESSMENT DISTRICT NO. 79-01
(SOUTH COAST DRIVE)"
SECTION 5. That bonds be issued representing unpaid assessments
against private property in accordance with the provisions of Division
12 of the Streets and Highways Code, and Division 7 of said Code, for
the purpose of paying the costs of the improvements, together with
appurtenances and incidental expenses.
SECTION 6. That said bonds shall be issued for all unpaid assess-
ments or portions thereof which amount to One Hundred Fifty Dollars
($150.00) or more, and shall be in the respective amounts as set forth
in the assessment as confirmed for said Assessment District. Said bonds
shall be dated the 15th day of September, 1979.
Said bonds and the coupons thereof shall be issued substantially in the
form authorized for the issuance of the bonds under Division 7 of the
Streets and Highways Code of the State of California. These bonds shall
be serial bonds and shall extend over a period ending FOURTEEN (14) years
from the 2nd day of January next succeeding the next September 1st
following their date, until the whole is paid, and the interest shall
be payable semi-annually, by coupon, on the 2nd days of January and
July, respectively, of each year following the date of the bonds.
SECTION 7. That the interest rate on said bonds shall be the same
as set forth in the accepted bid proposal as submitted by the successful
bidder previously mentioned herein.
APPROVED and ADOPTED this 28th day of June, 1979.
ayor o t e Ti y" f Co a sa
ATTEST:
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City Clerk of the City of Cost esa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and
foregoing Resolution No. 79-81 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof, held on the 28th
day of June, 1979.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Seal of the City of Costa Mesa this 29th day of June, 1979.
City Clerk and ex -officio Clerk ofi,7the
City Council of the City of Cost esa