HomeMy WebLinkAbout1997-07-08; City Council; 14257 Exhibit 3; Carlsbad Ranch Assessment DistrictEXHIBIT 3
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RESOLUTION NO. 97-530 -7-s-77
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, ACCEPTING BID FOR SALE OF BONDS, ACCEPTING TERMS AND CONDITIONS, APPROVING FORM OF BOND DOCUMENTS AND AUTHORIZING ISSUANCE OF SPECIAL ASSESSMENT BONDS
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA, is conducting
proceedings for the installation of certain public improvements in a special assessment district
pursuant to 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, said special assessment district
being known and designated as ASSESSMENT DISTRICT NO. 95-l (CARLSBAD RANCH)
(hereinafter referred to as the “Assessment District”); and,
WHEREAS, this legislative body has previously declared in its Resolution of Intention to
issue bonds to finance said improvements, said bonds to issue pursuant to the terms and
provisions of the “Improvement Bond Act of 1915”, being Division 10 of said Code; and,
WHEREAS, at this time this legislative body is desirous to set forth the general terms and
conditions relating to the authorization, issuance and administration of said bonds; and,
WHEREAS, there has been presented, considered and ready for approval a bond indenture
setting forth the terms and conditions relating to the issuance and sale of bonds; and,
WHEREAS, the bonds were offered for sale by competitive bid pursuant to the form of
Notice of Sale prepared by Kadie-Jensen, Johnson & Bodnar; and,
WHEREAS, there has been prepared and distributed with the Notice of Sale a preliminary 6
official statement (the “Preliminary Official Statement”) containing information pertaining to, but
not limited to, the Assessment District and the bonds, including terms and conditions thereof; and,
WHEREAS, this legislative body hereby further determines that the unpaid assessments
shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid
Assessments as certified by and on file with the Treasurer, and for particulars as to the amount
of said unpaid assessments, said Certificate and list shall control and govern.
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NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance, sale and delivery of
limited obligation improvement bonds in an aggregate principal amount not to exceed the
aggregate principal amount of the unpaid assessments for the Assessment District pursuant to
the terms and provisions of the “Improvement Bond Act of 1915”, being Division 10 of the Streets
and Highways Code of the State of California, and also pursuant to the specific terms and
conditions as set forth in the Bond Indenture presented herein.
BOND INDENTURE
SECTION 3. That the Bond Indenture is approved substantially in the form presented
herein. The City Manager is hereby authorized and directed for and on behalf of the City to
execute the Bond Indenture with such additions thereto or changes therein as may be approved
by the City Manager, subject to the review of Bond Counsel, such approval by the City Manager
to be conclusively evidenced by the execution and delivery thereof. A copy of said Bond
Indenture shall be kept on file with the transcript of these proceedings and open for public
inspection.
BOND SALE
SECTION 4. That this legislative body hereby approves the sale and delivery of the bonds
to the highest and best bidder therefor, namely, Smith Barney
PRELIMINARY OFFICIAL STATEMENT
SECTION 5. That the forms of and distribution of the Notice of Sale and the Preliminary
Official Statement are hereby ratified and approved. The City Manager of the City is authorized
and directed, for and in the name of the City, to prepare, execute, and distribute the final Official
Statement with such revisions from the Preliminary Official Statement as are reasonable and
customary to describe accurately the Bonds and other matters contained in the Preliminary
Official Statement.
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FINAL BOND DELIVERY
SECTION 6. No further action will be required by this legislative body with respect to the
issuance, sale and delivery of the bonds if the bonds are priced, sold and delivered prior to
September 1, 1997.
FINAL ASSESSMENTS
SECTION 7. That the Certificate of Paid and Unpaid Assessments, as certified by the
Treasurer, shall remain on file in that office and be open for public inspection for all particulars
as it relates to the amount of unpaid assessments to secure bonds for this Assessment District.
SUPERIORCOURTFORECLOSURE
SECTION 8. This legislative body does further specifically covenant for the benefit of the
bondholders to commence and prosecute to completion foreclosure actions regarding delinquent
installments of the assessments in the manner, within the time limits and pursuant to the terms
and conditions as set forth in the Bond Indenture as submitted and approved through the adoption
of this Resolution.
OTHER ACTS
SECTION 9. All actions heretofore taken by the officers and agents of the City with
respect to the sale and delivery of the bonds are hereby approved, confirmed and ratified, and
the City Manager and any and all other officers of the City are hereby authotized and directed,
for and in the name and on behalf of the City, to do any and all things and take any and all
actions relating to the execution and delivery of any and all certificates, requisitions, agreements
and other documents, which they may deem necessary or advisable in order to consummate the
lawful issuance and delivery of the bonds in accordance with this resolution.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City
of Carisbad, held on the 8th day of July , 1997, by the following vote:
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and Hall
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:
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ALETHA L. RAUTENKRANZ, City Clerk