HomeMy WebLinkAbout83-79 - Sale of Bonds, Assessment District 82-1, Sterling Avenue`FF 14S
N:
RESOLUTrION NO. 83-79
A RESOLUTICN OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFOIN IA, ACCEPTING PROPOSAL AND
MAKING AWARD FOR SALE OF BCNDS, AND PROVIDING
FOR THE ESTABLISHMENT OF A REDEMPTION FUND FOR
THE PAYMENT OF SAID BCN DS.
WHEREAS, the City Council of the City of Costa Mesa, California, has
heretofore instituted and conducted proceedings under the terns and provi-
sions 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
appurtenant work, in a special assessment district known and designated as
ASSESSMENT DISTRICT NO. 82-1, STERLING AVENUE (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 Act of
1911", being Division 7 of the Streets and Highways Code of the State of
California; and
WHEREAS, there has now been received, in proper form, a proposal for
the purchase of said bonds to issue under said proceedings, and said
proposal received is considered to be the bid that would 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:
SECTICN 1. That the above recitals are all true and correct.
SECTICN 2. That the written proposal and bid received frau
for the purchase of improvement bonds representing
unpaid assessments in said Assessment District is
hereby accepted and approved.
SECTICN 3. That said sale is subject to all the terms and condi-
tions as set forth in the previously approved Notice of
Sale of said bonds and in the accepted bid.
SECTICN 4. That the Treasurer be, and hereby is, directed to have
the bonds printed immediately upon the expiration of the
cash collection period, and said Treasurer shall then
have said bonds signed and delivered to said bidder upon
receipt of the amount of monies due pursuant to said bid
and upon the performance of all the conditions as set
forth in the written offer.
SECTICN 5. That the interest rate or rates of said bonds be, and the
same hereby is fixed at the rate or rates as set forth in
said accepted bid proposal.
SECTION 6. 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 fran 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. Said fund
shall be known as the REDEMPTION FLND, and shall be
designated by the name of this Assessment District.
149
PASSED AND ADOPTED this 1st day of
ATTEST:
C y Clerk of the City of Costa Me
STATE OF CALIFORNIA )
COLUTY 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 fore-
going Resolution No. 83-79 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof held on the 1st day of
August, 1983, and that the same was passed and adopted by the following
roll call vote:
AYES: Council Members: Hall, Johnson, Hertzog, McFarland, Schafer
NOES: Council Members: None
ABSENT: Council Members: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 2nd day of August, 1983.
Cit Clerk and ex -officio Cler7ofe
City Council of the City of Co