HomeMy WebLinkAbout1997-07-08; City Council; Resolution 97-530.. t
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RESOLUTION NO. 97-530
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, ACCEPTING BID FOR SALE OF BONDS, ACCEPTING TERMS AND CONDITIONS, APPROVING FORM OF BOND DOCUMENTS AND AUTHORIZING ISSUANCE OF SPECIAL ASSESSMENT BONDS
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA, is conductinc
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pursuant to the terms and provisions of the "Municipal Improvement Act of 191 3", being Divisior 7
proceedings for the installation of certain public improvements in a special assessment distric
being known and designated as ASSESSMENT DISTRICT NO. 95-1 (CARLSBAD RANCH 9
12 of the Streets and Highways Code of the State of California, said special assessment distric 8
10 (hereinafter referred to as the "Assessment District"); and,
11 WHEREAS, this legislative body has previously declared in its Resolution of Intention tc
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setting forth the terms and conditions relating to the issuance and sale of bonds; and, 17
WHEREAS, there has been presented, considered and ready for approval a bond indenturl 16
conditions relating to the authorization, issuance and administration of said bonds; and, 15
WHEREAS, at this time this legislative body is desirous to set forth the general terms anc 14
provisions of the "Improvement Bond Act of 1915", being Division 10 of said Code; and, 13
issue bonds to finance said improvements, said bonds to issue pursuant to the terms an(
18 WHEREAS, the bonds were offered for sale by competitive bid pursuant to the form c
19 Notice of Sale prepared by Kadie-Jensen, Johnson & Bodnar; and,
20 WHEREAS, there has been prepared and distributed with the Notice of Sale a preliminar
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official statement (the "Preliminary Official Statement") containing information pertaining to, bl
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of said unpaid assessments, said Certificate and list shall control and govern. 26
Assessments as certified by and on file with the Treasurer, and for particulars as to the amour 25
shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpai 24
WHEREAS, this legislative body hereby further determines that the unpaid assessment 23
not limited to, the Assessment District and the bonds, including terms and conditions thereof; anc
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NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance, sale and delivery o
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and Highways Code of the State of California, and also pursuant to the specific terms anc 9
the terms and provisions of the "Improvement Bond Act of 1915", being Division 10 of the Streets 8
aggregate principal amount of the unpaid assessments for the Assessment District pursuant tc 7
limited obligation improvement bonds in an aggregate principal amount not to exceed the
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SECTION 3. That the Bond Indenture is approved substantially in the form presentec 12
BOND INDENTURE 11
conditions as set forth in the Bond Indenture presented herein.
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SECTION 4. That this legislative body hereby approves the sale and delivery of the bond5 20
BOND SALE 19
inspection. 18
Indenture shall be kept on file with the transcript of these proceedings and open for public 17
to be conclusively evidenced by the execution and delivery thereof. A copy of said Bonc 16
by the City Manager, subject to the review of Bond Counsel, such approval by the City Manage, 15'
execute the Bond Indenture with such additions thereto or changes therein as may be approve( 14
herein. The City Manager is hereby authorized and directed for and on behalf of the City tc
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Official Statement. 28
customary to describe accurately the Bonds and other matters contained in the Preliminar) 27
Statement with such revisions from the Preliminary Official Statement as are reasonable anc 26
and directed, for and in the name of the City, to prepare, execute, and distribute the final Official 25
Official Statement are hereby ratified and approved. The City Manager of the City is authorized 24
SECTION 5. That the forms of and distribution of the Notice of Sale and the Preliminar), 23
PRELIMINARY OFFICIAL STATEMENT 22
to the highest and best bidder therefor, namely, Smith Barney
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SECTION 6. No further action will be required by this legislative body with respect to the 2
FINAL BOND DELIVERY
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September 1, 1997. 4
issuance, sale and delivery of the bonds if the bonds are priced, sold and delivered prior to
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SECTION 8. This legislative body does further specifically covenant for the benefit of the 10
SUPERIOR COURT FORECLOSURE 9
as it relates to the amount of unpaid assessments to secure bonds for this Assessment District. 8
Treasurer, shall remain on file in that office and be open for public inspection for all particulars 7
SECTION 7. That the Certificate of Paid and Unpaid Assessments, as certified by the 6
FINAL ASSESSMENTS
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lawful issuance and delivery of the bonds in accordance with this resolution. 22
and other documents, which they may deem necessary or advisable in order to consummate the 21
actions relating to the execution and delivery of any and all certificates, requisitions, agreements 20
for and in the name and on behalf of the City, to do any and all things and take any and all 19
the City Manager and any and all other officers of the City are hereby authorized and directed, 18
respect to the sale and delivery of the bonds are hereby approved, confirmed and ratified, and 17
SECTION 9. All actions heretofore taken by the officers and agents of the City with 16
OTHER ACTS 15
of this Resolution. 14
and conditions as set forth in the Bond Indenture as submitted and approved through the adoption 13
installments of the assessments in the manner, within the time limits and pursuant to the terms 12
bondholders to commence and prosecute to completion foreclosure actions regarding delinqueni
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1 PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City
2 of Carlsbad, held on the 8th day of July , 1997, by the following vote:
3 AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and Hall
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ALETHA L. RAUTENKRANZ, City Clerk 11
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ABSTAIN: None 6
ABSENT: None 5
NOES: None
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ATTEST:
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