HomeMy WebLinkAbout1988-05-24; City Council; Resolution 88-166p- 1
2
3
4
5
0 0
RESOLUTION NO. - 88-166
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING THE SALE AND REQUESTING A PROPOSAL FOR CERTAIN
MENTS IN A SPECIAL ASSESSMENT DISTRICT SPECIAL ASSESSMENT BONDS TO FINANCE IMPROVE-
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD,
CALIFORNIA, has initiated proceedings pursuant to the terms
6 (Iconditions of the "Municipal Improvement Act of 1913", bein:
7 11 Division 12 of the Streets and Highways Code of the State oj 8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
California, for the construction of certain public works of
improvement, together with appurtenances and acquisition, wl
necessary, in a special assessment district known and desigl
as ASSESSMENT DISTRICT NO. 86-1 (PALOMAR AIRPORT ROAD)
(hereinafter referred to as the "Assessment District"); and
I
WHEREAS, it has been determined that serial bonds reprc
ing unpaid assessments against private property shall be is;
pursuant to and as set forth in the "Improvement Bond Act o
1915", being Division 10 of the Streets and Highways Code o
State of California, and;
WHEREAS, at this time, this legislative body is desiro.
authorizing the sale of bonds to finance the works of impro.
as proposed for this Assessment District.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and
correct.
SECTION 2. That SMITH BARNEY HARRIS UPHAM & CO., INC.
hereby requested to submit a proposal for the sale of bonds
(Ithe Assessment District. The interest rate on said bonds s 27
not exceed the current legal maximum rate of twelve percent 28
P 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
e 0
per annum. Said bonds shall be issued pursuant to the term
conditions as .e!& fmth in the Resaluthn af Intenth as
previously adopted for these proceedings.
SECTION 3. That this Resolution is adopted pursuant t
provisions of Section 10602 of the Streets and Highways Cod
the State of California, and it is further directed that a1
recommendations relating to the sale of bonds be presented
later than the time set for the Public Hearing on the "Repc
and related matters for this Assessment District.
SECTION 4. That there will be provided, at no expense
the bidder, the approving legal opinion of BROWN & DIVEN,
Attorneys at Law, attesting to the validity of the proceedi
and the enforceability of the bonds.
PASSED, APPROVED AND ADOPTED by the City Council of th
of Carlsbad at its regular meeting held on the 24th day
May , 1988, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, and Mamaux
NOES: None
ABSENT : None
ABSTAIN: Council Member Larson
ATTEST :
KETHA f2ChikLk' L. RAUgmh Clerk
(SEAL)