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HomeMy WebLinkAbout1980-05-06; City Council; Resolution 6178.. 0. RESOLUTION NO. 6178 RESOLUTION OF THE CITY COUNCIL ACCEPTING PROPOSAL FOR THE SALE OF BONDS AND PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION FUND FOR THE PAYIIIENT OF SAID BONDS. WHEREAS, this City Council has heretofore instituted and conduct- ed 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. 79-1 (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 pro- visions of the "Improvement Act of 1911," being Division 7 of the Streets and Highways Code of the State of Cali€ornia, for each un- paid assessment or portion thereof in the amount of One Hundred Fifty Dollars ($150.00) or more, to finance said improvenents; 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 inter- ests of owners of land within the Assessment District and should be accepted by this Council. NOW, THEREFOE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF CARLSBAD CALIFORNIA, AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the written bond bid proposal received from STONE & YOUNGBERG dated the 1st day of May, 1980 is hereby accepted and approved for the purchase of the improve- ment bonds for the works of improvemsnt, together with appurtenances, in the Assessment District. SECTION 3, That the City Treasurer, or appointed paying agent, in accordance With the prOViSlOnS of Part 5 of Division 7 of the Streets and Highxays Code, is hereby author- ized and directed to receive all paynents made upon 0 0 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 dis- burse such funds upon presentation of proper coupons. Under no circumstances shall the said bonds or inter- est thereon be paid out of any other fund except as ~ provided by law. That said fund shall be designate8 as SECTION 4, "IBPROVEMENT FUND FOR ASSESSMENT DISTRICT NO. 79-1 SECTION 5. That bonds be issued representing unpaid assessments against private property in accordance with the provi- sions 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 appurt- enances and incidental expenses. 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. shall be dated as follows: SECTION 6. Said bonds THE 35TH DAY AFTER RECORDATION OF THE ASSESSYBNT ROLL 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 High- ways Code of the State of California. These bonds shall be serial bonds and shall extend over a period ending NINE ( 9) 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 6th day of May, 1980 ATTEST: CITY OF CARLSBAD STATE OF C&,IFORNIh CITY OF CARLSBAD STATE OF CALIFORNIA -2- STATE OF CALIFORNIA ) COUNTY OF SAN DIEGO ) ss. CITY OF CARLSBAD 1 I, ALETHA L. RAUTENKTWNZ, City Clerk of the City of Carlsbad, California, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 6178 , was duly passed, approved, and adopted by said City Council, approved and signed by the Mayor, and attested by the City Clerk, a11 at a regular meeting of said City Council, held on the 6th day of ed by the following vote, to-wit: Ma v , 1980, and that the same was passed and adopt- AYES : NOES : COUNCIL-MEN: Packard, Anear, Lewis, COUNC ILMEN : None Councilwomen Casler and Kulchin ABSENT : COUNCILf.IEN : None , 19 80, at CA-SBAD, Executed this 7th day of May - California . STATE OF CALIFORNIA