HomeMy WebLinkAbout1985-12-17; City Council; Resolution 83144 -
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RESOLUTION NO. 8314
RESOLUTION OF THE'CITY'COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, MAKING AWARD FOR SALE OF BONDS AND PROVIDING FOR THE ESTABLISHMENT OF
A REDEMPTION FUND
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD,
CALIFORNIA, has heretofore instituted and conducted proceedings
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 public
works of improvement, together with appurtenances and appurtenant
work, in a special assessment district known and designated as
(JAMES DRIVE)
ASSESSMENT-DISTRICT NO. 83-2
(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 bid
(hereinafter the "proposal") for the purchase of said bonds to
issue under said proceedings, which is considered to 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 proposal received from
STONE & YOUNGBERG
for the purchase of improvement bonds representing unpaid
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assessments in said Assessment District is hereby accepted and
approved.
SECTION 3. That said sale is subject to all the terms and
conditions as set forth in the Resolution of Issuance and the
accepted proposal.
SECTION 4. That the Treasurer is hereby directed to have the
bonds printed immediately upon the expiration of the cash
collection period, and then said Treasurer shall have said bonds
signed and delivered 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 proposal.
SECTION 5. That the in-terest rate or rates on said bonds be,
and the same hereby is 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 circum-
stances shall the said bonds or interest thereon be paid out of
any other fund except as provided by law.
PASSED, APPROVED and ADOPTED at a regular meeting of the City
Council held on the 17th day of December , 1985, by the
following vote, to wit:
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AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine
NOES: None
ABSENT: None %d&
ATTEST:
City Clerk
kAREN R. KUNDTZ, Deputy
(SEAL)
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