HomeMy WebLinkAbout1988-07-19; City Council; Resolution 88-223t- .%
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RESOLUTION NO. 88-23
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
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WHEREAS, the CITY COUNCIL -of the CITY OF CAR
CALIFORNIA, has heretofore instituted and conducted proce
under the terms and provisions of the ttMunicipal Improveme
of 1913If, being Division 12 of the Streets and Highways C
the State of California, for the construction of certain
works of improvement, together with appurtenance:
appurtenant work, in a special assessment district knob
designated as ASSESSMENT DISTRICT NO. 86-1 (PALOMAR A
ROAD) (hereinafter referred to as the tfAssessment Distr
and ,
WHEREAS, in the Resolution of Intention it was dete
and declared that bonds should issue under the provisions
IIImprovement Bond Act of 1915ff, being Division 10 of the S
and Highways Code of the State of California: and,
WHEREAS , there has now been received, in proper f
purchase agreement (hereinafter the "proposalff) for the pu
of said bonds to issue under said proceedings, whi
considered to best serve the interests of owners of
included within the Assessment District and should be acce
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all trr
correct.
SECTION 2. That the proposal received from SMITH B.
HARRIS UPHAM t CO. , INC. for the purchase of improvement
c -A
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representing unpaid assessments in said Assessment Distr
hereby accepted and approved.
SECTION 3. That said sale is subject to all the
and conditions as set forth in the Resolution of Issuance
the accepted proposal.
SECTION 4. That the Mayor and City Clerk are
authorized to execute the proposal and a coy of said pr
shall be kept on file with the transcript of these proceed
SECTION 5. That the Treasurer be, and hereb
directed to have the bonds printed immediately upo:
expiration of the cash collection period, and said Tre
shall then have said bonds signed and delivered upon recei:
the amount of monies due pursuant to said proposal and up(
performance of all the conditions as set forth in the prop1
SECTION 6. That the interest rate or rates on said
be, and the same hereby is fixed at the rate or rates <
forth in said accepted proposal.
SECTION 7. That the Treasurer is hereby authoriz
directed to keep a redemption fund designated by the n(
the proceedings, into which he shall place all sums receiv
the collection of the assessments and the interest th
together with all penalties, if applicable, thereon an<
which he shall disburse such funds to the registered
Under no circumstances shall the said bonds or interest t
be paid out of any other fund except as provided by law.
fund shall be known as the REDEMPTION FUND, and sha
designated by the name of this Assessment District.
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SECTION 8. That the Treasurer shall transfer mon
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necessary from the SPECIAL RESERVE FUND in the manner an
as authorized by law.
PASSED, APPROVED AND ADOPTED by the City Council
6 11 City of Carlsbad at its regular meeting held on the 19th
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of July , 1988, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, and Mamaux
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NOES: None
ABSENT : None
ABSTAIN: Council Member
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ATTEST :
ALEWRAiENQ--$erk
(SEAL)
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