HomeMy WebLinkAbout1988-04-19; City Council; Resolution 88-113e”” I
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RESOLUTION NO. 88-113
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, MAKING AWARD FOR
SALE OF BONDS, AND PROVIDING FOR THE ESTAB-
LISHMENT OF A REDEMPTION FUND
WHEREAS, the CITY COUNCIL of the CITY OF CAR
CALIFORNIA, has heretofore instituted and conducted proce
under the terms and provisions of the Chapter 27, being Art
of Part 3 of Division 7 of Streets and Highways Code of the
of California (the “Improvement Act of 1911“), for the COP
tion of certain public works of improvement, together with
tenances and appurtenant work, in a special assessment di
known and designated as ASSESSMENT DISTRICT NO. 86-3 (C
LANE) (hereinafter referred to as the “Assessment Distr
WHEREAS, in the Resolution of Intention it was detc
declared that bonds should issue under the provisions c
rovement Act of 1911“; and,
WHEREAS, at this time it is further declared that th
he bonds should be extended to provide a more fa1
nt program for the property owners within the boundar
ssessment District; and,
WHEREAS, there has now been received, in proper €0
to purchase said bonds to issue under said procc
inafter the “proposal”), which is considered to best
nterests of owners of land included within the Ass€
ct and should be accepted.
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NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
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2 SECTION 1. That the above recitals are all tr1
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4 II SECTION 2. That the term of bonds shall be extende
5 II ten to fifteen (15) years, and the paragraph in the bond re
6 It to the terms shall read as follows!
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"Serial bonds shall be issued in accordance with Divj
sion 7 of the Streets and Highways Code of the State c
California ("Improvement Act of 1911") to represer
each assessment of $150.00 or more remaining unpaid fc
thirty (30) days after the date of the confirmation c
the "Report" of the Engineer. The serial bonds shal
extend over a period of not to exceed FOURTEEN (14
YEARS from the 2nd day of January next succeeding tk
next September 1st after their date."
SECTION 3. That the proposal received from S1
13 YOUNGBERG for the purchase of improvement bonds repre:
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and approved. 15
unpaid assessments in said Assessment District is hereby ac
SECTION 4. That said sale is subject to all the ter
conditions as set forth in the the accepted proposal, and
I8 /I of said proposal shall be kept on file with the transcr
19 11 these proceedings.
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22 cash collection period, and said Treasurer shall then hav
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24 due pursuant to said proposal and upon the performance of a
25 conditions as set forth in the proposal.
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z7 be, and the same hereby is fixed at the rate or rates
SECTION 5. That the Treasurer be, and hereby is, dj
to have the bonds printed immediately upon the expiration
bonds signed and delivered upon receipt of the amount of
SECTION 6. That the interest rate or rates on said
28 forth in said accepted proposal.
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SECTION 7. That the Treasurer is hereby authoriz
directed to keep a redemption fund designated by the name
proceedings, into which he shall place all sums received f
co1,lection of the assessments and the interest thereon, t(
with all penalties, if applicable, thereon and from wh
shall disburse such funds to the registered owner. U rl
circumstances shall the said bonds or interest thereon b
out of any other fund except as provided by law. Said func
be known as the REDEMPTION FUND, and shall be designated
name of this Assessment District.
PASSED, APPROVED AND ADOPTED by the City Council of th
of Carlsbad at its regular meeting held on the 19th
April , 1988, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larsc
NOES: None
ABSENT: None
ATTEST: 1- a4A /. Q& ALETHA L. RAUTENKRANZ, City C erk
(SEAL)
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