HomeMy WebLinkAbout1997-06-03; City Council; Resolution 97-473f-. , ,. e e
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WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, 4
UNPAID ASSESSMENTS UPON LANDS IN AN ASSESSMENT DISTRICT 3
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, 2
RESOLUTION NO. 97-473
CALIFORNIA, AUTHORIZING BONDS TO BE ISSUED TO REPRESENT
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boundaries of the Assessment District, said bonds to be issued 28
assessments against the privately owned property within the 27
competitive bid, which bonds are to be issued to represent unpaid 26
to solicit one or more proposals for the sale of the bonds by 25
SECTION 2. That the Financial Consultant is hereby authorized 24
SECTION 1. That the above recitals are all true and correct. 23
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: 22
improvement for this Assessment District. 21
authorize the sale of bonds for financing the public works of 20
WHEREAS, at this time this legislative body is desirous to 19
California; and, 18
being Division 10 of the Streets and Highways Code of the State of 17
pursuant to and as set forth in the tlImprovement Bond Act of 1915", 16
unpaid assessments against private property shall be issued 15
WHEREAS, it has been determined that serial bonds representing 14
(hereinafter referred to as the ttAssessment District"); and, 13
designated as ASSESSMENT DISTRICT NO. 95-1 (CARLSBAD RANCH) 12
appurtenances, in a special assessment district known and 11
improvement, together with acquisition, where necessary, and 10
proceedings for the construction of certain public works of 9
to its Resolution of Intention previously adopted, has initiated 8
Streets and Highways Code of the State of California, and pursuant 7
tlMunicipal Improvement Act of 1913gf, being Division 12 of the 6
CALIFORNIA, in accordance with the terms and provisions of the
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pursuant to the provisions of the "Improvement Bond Act of 1915It,
being Division 10 of the Streets and Highways Code of the State of
California. The interest rate on said bonds shall not exceed the
current legal maximum rate of twelve percent (12%) per annum. Said
bonds shall be issued pursuant to the terms and conditions as set
forth in the Resolution of Intention as previously adopted for
these proceedings.
SECTION 3. That there will be furnished the legal opinion of
BROWN, DIVEN & HENTSCHKE, Attorneys at Law, approving the legality
of the proceedings and the issuance of said bonds.
SECTION 4. That in the event of any delinquency in the payment
of any installment of an assessment, it is hereby covenanted with
the holder of the bonds that this legislative body will cause to be
commenced and thereafter diligently prosecuted, judicial
foreclosure proceedings upon all delinquent unpaid assessments
within one hundred fifty (150) days following any delinquency. It
is further hereby ordered that an investigation be initiated as
soon as possible each year to determine all tax delinquencies on
all properties within the boundaries of the above-referenced
Assessment District.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad, held on the 3rd day of
June , 1997, by the following vote: I /I I
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