HomeMy WebLinkAbout1987-05-05; City Council; Resolution 9052RESOLUTION NO. 9052
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, AUTHORIZING
AND PROVIDING FOR THE ISSUANCE OF BONDS PURSUANT TO THE "IMPROVEMENT ACT OF 1911"
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD,
CALIFORNIA, has heretofore undertaken proceedings pursuant to the
provisions of Chapter 27, being Article 2 of Part 3 of Division 7
of the Streets and Highways Code of the State of California (the
"Improvement Act of 1911"), and has confirmed assessments upon
lands within a special assessment district described in a Resolu-
tion of Intention previously adopted for said improvements, said
special assessment district known and designated as ASSESSMENT
DISTRICT NO. 86-2 (APPIAN ROAD) (hereinafter referred to as the
"Assessment Di s t r i c t I' ) ; and ,
WHEREAS, said proceedings provided for the issuance of bonds
pursuant to the "Improvement Act of 1911", being Division 7 of
the Streets and Highways Code of the State of California, and it
is necessary to establish terms and provisions of such issuance;
and ,
WHEREAS, the final unpaid balance to assessment, as well as
the denominations, cannot be determined until following the 30-
day cash collection period after the recordation of said
assessment
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. Recitals. That the above recitals are all true
and correct.
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SECTION 2. Unpaid Assessments. The Treasurer shall,
immediately upon the completion of the 30-day cash collection
period, determine the assessment and/or assessments which are
unpaid and the aggregate amount thereof.
SECTION 3. Registered Bonds. Said bond and/or bonds shall
be issuable only as fully registered bonds in the respective
denominations of the unpaid assessments against each lot or
parcel of land assessed in said special assessment district.
SECTION 4. Date of Bonds. All of said bonds shall be dated
the 31st day after recordation of the assessment and roll in the
Office of the Superintendent of Streets.
SECTION 5. Maturity and Denomination. The bond and/or
bonds shall be issued to represent each unpaid assessment of One
Hundred Fifty Dollars ($150.00) or more in serial form. The term
of the bonds shall be NINE (9) years from the second day of
January next succeeding the next September 1st following their
date and, at the expiration of said time, the whole principal sum
then unpaid shall be due and payable. On the second day of
January of each year, following the next September 1st after
their date, an even annual proportion of the whole amount is due
and payable to the registered owner of each bond, until the whole
is paid, with all accrued interest at the rate set forth herein.
SECTION 6. Interest. Each bond shall bear interest at a
rate not to exceed the maximum rate of twelve percent (12) per
annum, and said bond shall bear interest from the interest
payment date next preceding the the date on which it is authenti-
cated and registered, unless said bond is authenticated and
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registered as of an interest payment date, in which case it shall
bear interest from said interest payment date, or unless said
bond is authenticated and registered prior to the first interest
payment date, in which case it shall bear interest from its date,
' until payment of its principal sum has been discharged.
I SECTION 7. Place of Payment. The principal and interest on
' the bonds shall be payable in lawful money of the United States
of America at the office of the Treasurer.
Principal and interest on said bonds shall be
paid by check or draft to the registered owner thereof at his
address as it appears on the books of registration, or at such
address as may have been filed with the Treasurer for that
purpose, as of the 15th day immediately preceding said interest
payment date.
SECTION 8. Redemption. The bonds may be redeemed by the
owner or any person interested in any lot or parcel of land
described therein, in the manner provided in the Streets and High-
ways Code, at any time before maturity, and before commencement
of proceedings for sale, upon payment to the Treasurer, for the
registered owner of the bond, of the amount then unpaid on the
principal thereof, with interest thereon (if not previously paid)
up to the next succeeding January 2 or July 2, as the case may
be, at the rate set forth herein, and all penalties accrued and
unpaid, without premium.
PASSED, APPROVED AND ADOPTED by the City Council of the City
of Carlsbad at its regular meeting held on the 5th day of
May , 1987, by the following vote, to wit:
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AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
A TI E S T :
R$!UT$e\ C1 erk
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(SEAL)