HomeMy WebLinkAbout84-26 - Sale of Bonds, Establishing Redemption Fund, Assessment District 82-221
RESOLUTION NO. 84-26
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, ACCEPTING PURCHASE CON-
TRACT AND MAKING AWARD FOR SALE OF BONDS, AND
PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION
FUND FOR THE PAYMENT OF SAID BONDS.
WHEREAS, the City Council of the City of Costa Mesa, California, has
heretofore instituted and conducted proceedings under the terms 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. 82-2, SOUTH COAST METRO CENTER, (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
1915", being Division 10 of the Streets and Highways Code of the State of
California; and
WHEREAS, there has now been received, in proper form, a purchase
contract for the purchase of said bonds to issue under said proceedings,
and said purchase contract received is considered to be the contract 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:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the purchase contract received from MERRILL LYNCH
CAPITAL MARKETS (MERRILL LYNCH, PIERCE, FENNER, AND
SMITH, INCORPORATED) for the purchase of improvement
bonds representing unpaid assessments in said Assessment
District is hereby accepted and approved.
SECTION 3. That said sale is subject to all the terms and condi-
tions as set forth in the Resolution of Intention, the
accepted contract, and all other related bond authori-
zation documentation.
SECTION 4. That the Treasurer be, and is hereby 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
contract and upon the perfonnance of all the conditions
as set forth in the written proposal.
SECTION 5. That the interest rate or rates of said bonds be, and the
same is hereby fixed at the rate or rates as set forth in
said accepted 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 from which he shall disburse such funds to
the registered owner. Under no circumstances shall 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 7. That the Treasurer shall transfer monies as necessary
fran the SPECIAL RESERVE FUND in the manner and fonn as
authorized by law.
r
PASSED AND ADOPTED this 6th day of Februa984.
Mayor of the City of Costa Mesa
ATTEST:
ro- 4-, J."- A.4
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 fore-
going Resolution No. 84-26 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof held on the 6th day of
February, 1984, and that the same was passed and adopted by the following
roll call vote:
AYES: Council Members: Hall, Johnson, Hertzog, Schafer
NOES: Council Members: McFarland
ABSENT: Council Members: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 7th day of February, 1984.
(S�� p (� '"
Ci -Ey- Clerk and ex -officio Clerk the
City Council of the City of C Mesa