HomeMy WebLinkAbout87-041 - Resolutions RES~,UTION NO. 87-41
RES(~UTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, CALIFORNIA, AUTHORIZING NEGOTIATIONS FOR THE
SALE OF BONI~ TO BE ISSUED TO REPRESENT UNPAID ASSESSMENTS
UPON LANDS IN A SPECIAL ASSESSMENT DISTRICT
(ASSESSMENT DISTRICT NO. 8~-2)
WHEREAS, the City Council of the City of Rancho Cucamonga, California
(the '~ity"), has previously adopted its Resolution of Intention pursuant to
the provisions of the '~unicipal Improvement Act of 1913", being Division 12 of
the Streets and Highways Code of the State of California, for the construction
and acquisition of certain works of improvement in a special assessment
district designated as
ASSESSMENT DISTRICT NO. 86-2
the ("Assessment District");
WHEREAS, the City Council has determined that serial bonds shall be
issued to finance the costs and expenses of the Improvements and proceedings,
pursuant to the "Improvement Bond Act of 1915", being Division 10 (commencing
vith Section 8500) of the Streets and Righvays Code (the "Bonds"):
NO~, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby RESCLVE, DETEP. HINE AND ORDER as follovs:
SECTION 1. The above recitals are all true and correct.
SECTION 2. The City Council hereby authorizes the City staff to
negotiate the terms and conditions for the sale of Bonds to be issued to
represent unpaid assessments on land in the Assessment District with
STONE & YOUNGBERG
(the '~ndervriter") and to present a recommendation concerning such sale for
approval by the City Council.
SECTION 3. City staff is authorized and directed to prepare and
provide information about the City and the Assessment District to the
Undervriter for the purpose of securing a proposal for the sale of Bonds.
SECTION 4. The interest rate on Bonds shall not exceed the current
legal maximum of twelve percent (12%) per annum and the Bonds shall be subject
to all of the terms and provisions set forth in the "Improvement Bond Act of
1915" and the Resolution of Intention for these proceedings.
SECTION 5. The City Council shall adopt a Resolution Determining
Unpaid Assessments and Authorizing Issuance of Bonds prior to the final
delivery of Bonds to the Underwriter, and the issuance and sale of Bonds shall
be subject to the terms and provisions of such resolution.
SECTION 6. The City Council will provide, at no expense to the
Undervriter, the unqualified legal opinion of NAZAREK & MCFARLIN, Attorneys at
Law, attesting to the validity of the proceedings and the enforceability of the
Bonds.
SECTION 7. This resolution shall take effect upon adoption.
Resolution No. 87-41
Page 2
PASSED, APPROVED, and ADOPTED this 21st day of January, 1987.
AYES: Brown, Buquet, Stout, King, Wright
NOES: None
ABSl~T: None
Dennis L. Stout, Mayor
ATTEST:
:'/
Beverly A/ ~uthel-e~, City Clerk
I, BEVERLY A. AUTBELET, CITY CLERK of the City of Rancho Cucamouga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga,
California, at a regular meeting of said City Council held on the 21st day of
January, 1987.
Executed this 22nd day of January, 1987 at Rancho Cucamonga,
California.
: /' ' /:
Beverly A/ Authelet, City Clerk