HomeMy WebLinkAbout81-34 - Setting Interest Rate & Discount on Bonds, Assessment District 80-1RESOLUTION NO. 81-34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, SETTING INTEREST RATE
AND DISCOUNT ON BONDS FOR A SPECIAL ASSESSMENT
DISTRICT.
WHEREAS, The City Council of the City of Costa Mesa, California
(hereinafter referred to as "Agency"), has previously instituted pro-
ceedings 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 construction of certain works of improve-
ment, together with appurtenances and appurtenant work in a special
assessement district known and designated as: ASSESSMENT DISTRICT
80-1, (hereinafter referred to as the "Assessment Dictrict"); and
WHEREAS, this Agency has authorized the sale of bonds and has
accepted a proposal for said bonds, exclusive of interest rate and
discount, from STONE & YOUNGBERG (hereinafter referred to as
"Underwriter"); and
WHEREAS, said proposal sets forth specific terms and conditions
relating to the sale of bonds and expressly states that the interest
rate or rates and discount would be established prior to the public
hearing on the Assessment District; and
WHEREAS, at this time, a letter has been received entitled
"INTEREjT RATE AND DISCOUNT" from Underwriter and Agency is desirous
of accepting the interest rate or rates and discount as set forth in
said letter, as well as all other expressly included terms and condi-
tions.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct;
SECTION 2. That the interest rate or rates and discount for the
bonds on the Assessment District as set forth in a letter entitled
"INTEREST RATE AND DISCOUNT" as submitted by the Underwriter, is hereby
accepted and approved by this legislative body.
SECTION 3. That all other terms and conditions referenced in said
letter are hereby approved and accepted by this legislative body.
SECTION 4. That the interest rate or rates on said bonds is
hereby fixed at the rate and/or rates as set forth in said letter pre-
viously referenced.
SECTION 5. That the bonds for the above referenced Assessment
District, issued pursuant to the "Improvement Bond Act of 1915" being
Division 10 of the Streets and Highways Code of the State of California,
shall be printed upon the expiration of the cash collection period and
be ready for delivery at the earliest date possible.
PASSED AND ADOPTED this 4th dayZaycr
1981.
of the 0ty of Costa Mesa
ATTEST:
Deputy CiAy Clerk of the City
of Costa Msa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk of the City of Costa Mesa, Cali-
fornia, do hereby certify that the foregoing Resolution, being Resolu-
tion No. 81-34, was duly passed, approved and adopted by said City
Council, approved and signed by the Mayor, and attested by the City
Clerk, all at a regular meeting of said City Council held on the 4th
day of May, 1981, and that the same was passed and adopted by the
following roll call vote, to -wit:
AYES: Council Members: Hall, Hertzog, McFarland, Johnson
NOES: Council Members: None
ABSENT: Council Members: Schafer
EXECUTED this 5th day of May, 1981, at Costa Mesa, California.
er of t City o os a e
By: 3"_ 7- �L �-
beputy T
y Clerk