HomeMy WebLinkAbout1990-08-28; City Council; Resolution 90-319-
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RESOLUTION NO. 90-3 19
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, AUTHORIZING ISSUANCE OF
BONDS AND APPROVING BOND INDENTURE
WHEREAS, the CITY COUNCIL of the CITY OF CARL:
CALIFORNIA, is conducting proceedings for the constructio
certain public improvements in a special assessment dist
pursuant to the terms and provisions of the "Municipal Imp]
ment Act of 1913", being Division 12 of the Streets and Higk
Code of the State of California, said special asses5
district known and designated as ASSESSMENT DISTRICT NO.
(ALGA ROAD) (hereinafter referred to as the "Assess
District"); and,
WHEREAS, this legislative body has previously declare
its Resolution of Intention to issue bonds to finance
improvements, said bonds to issue pursuant to the terms
provisions of the "Improvement Bond Act of 1915", being Div.
10 of said Code; and,
WHEREAS, at this time this legislative body is desirot
set forth all formal terms and conditions relating to the a1
rization, issuance and administration of said bonds; and,
WHEREAS, there has been presented, considered and read)
approval a bond indenture setting forth formal terms and c(
tions relating to the issuance and sale of bonds.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correci
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2 BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize 3
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issuance of bonds pursuant to the terms and provisions of
"Improvement Bond Act of 1915", being Division 10 of the St1
and Highways Code of the State of California, and also pur!
to the specific terms and conditions as set forth in the
INDENTURE presented herein.
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BOND INDENTURE
SECTION 3. The BOND INDENTURE is approved substantial:
11 I1 the form presented herein, and is subject to modificatior
E I1 necessary and as approved by the Finance Director.
13 I/ approval of the BOND INDENTURE shall be conclusively evidl
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by the signature of the Finance Director upon final delivel
bonds and receipt of proceeds. A copy of said BOND INDE
16 II shall be kept on file with the transcript of these procee
17 II and open for public inspection.
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FINAL ASSESSMENTS
SECTION 4. That the Certificate of Paid and Unpaid As
20 I/ ments, as certified by the Treasurer, shall remain on fil
21 ll that office and be open for public inspection for all par
22 ll lars as it relates to the amount of unpaid assessments to s
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bonds for this Assessment District.
SUPERIOR COURT FORECLOSURE
25 II SECTION 5. This legislative body does further specifi
26 1) covenant for the benefit of the bondholders to commencc
27 ll prosecute to completion foreclosure actions regarding delin
28 installments of the assessments in the manner, within the
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limits and pursuant to the terms and conditions as set fort
the Bond Indenture as submitted and approved through
adoption of this Resolution.
PASSED, APPROVED AND ADOPTED by the City Council of
City of Carlsbad at its regular meeting held on the 28th
Of August , 1990, by the following vote, to wii
AYES: Council Members Lewis, Larson and Pettine
NOES: None
ABSENT: Council Members Mam
ATTEST: - 2 ,P%
Aii
(SEAL)