HomeMy WebLinkAbout1986-01-28; City Council; Resolution 8378c
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RESOLUTION NO. 8378
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLBAD, CALIFORNIA,
MENT BONDS TO FINANCE IMPROVEMENTS
IN A SPECIAL ASSESSMENT DISTRICT
AND REQUESTING PROPOSAL
AUTHORIZING SALE OF SPECIAL ASSESS-
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA
has initiated proceedings prusuant to the terms and conditions 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 acquisition, where necessary, in a special
assessment district known and designated as
ASSESSMENT DISTRICT NO. 85-2 (COLLEGE BOULEVARD)
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, it has been further determined that serial bonds
shall be issued to finance the costs and expenses of said improve-
ments and proceedings, and said bonds shall be issued 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,
WHEREAS, the City Council is desirous of authorizing the sale
of bonds to finance the works of improvement 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 STONE & YOUNGBERG is hereby requested to
submit a proposal for the sale of bonds for the Assessment
District. 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 this Resolution is adopted pursuant to the
provisions of Section 10602 of the Streets and Highways Code of
the State of California, and it is further directed that all
recommendations relating to the sale of bonds be presented no
later than the time set for the Public Hearing on the "Report" and
related matters for this Assessment District.
SECTION 4. That there will be provided the approving legal
opinion of F. MACKENZIE BROWN, INC., Attorneys at Law, attesting
to the validity of the proceedings and the enforceability of the
bonds.
SECTION 5. That in the event of any delinquency in the
payment of any installment of an assessment, it is hereby covenan-
ted with the holder of the bonds that this City Council 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 1 Council held on the 28th day of January , 1986, by the
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following vote, to wit:
AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine
NOES: None
ABSENT: None %dL MARY H. CASLER, Mayor
ATTEST:
(SEAL)