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HomeMy WebLinkAbout1985-12-17; City Council; Resolution 83144 - ? i- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1E 19 2c 21 22 2: 24 2E 2t 2'; 2E RESOLUTION NO. 8314 RESOLUTION OF THE'CITY'COUNCIL OF 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 "Municipal 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 (JAMES DRIVE) ASSESSMENT-DISTRICT NO. 83-2 (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 Act of 1911", being Division 7 of the Streets and Highways Code of the State of California; and, WHEREAS, there has now been received, in proper form, a bid (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 31 , P . I. 1 2 3 4 5 6 7 8 3 10 11 12 13 14 15 16 17 18 19 2c 21 22 22 24 2: 2c 27 2E assessments in said Assessment District is hereby accepted and approved. 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 collection 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 in-terest 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. PASSED, APPROVED and ADOPTED at a regular meeting of the City Council held on the 17th day of December , 1985, by the following vote, to wit: 4 9 . c 1 I-, t' 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 AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine NOES: None ABSENT: None %d& ATTEST: City Clerk kAREN R. KUNDTZ, Deputy (SEAL) 33