HomeMy WebLinkAbout1986-03-25; City Council; Resolution 8456*.I +. #*
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RESOLUTION NO. 8456
RESOLUTION OF THE CITY COUNCIL 0
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 IIMunicipal 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. 85-2 (COLLEGE BOULEVARD)
(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 Bond 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 Agreement (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 assess-
ments in said Assessment District is hereby accepted and approved.
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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 collec-
tion 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 interest 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.
SECTION 7. That the Treasurer shall transfer monies as
nec-essary from the SPECIAL RESERVE FUND in the manner and form as
authorized by law.
PASSED, APPROVED and ADOPTED at a regular meeting of the City
Council held on the 25th day of March , 1986, by the
following vote, to wit:
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AYES:
NOES : None
Council Members Casler, Lewis, Kulchin, Chick and Pettine
ABSENT: None
ATTEST:
(SEAL)
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