HomeMy WebLinkAbout91-397 - Resolutions RESOLUTION NO. 91-397
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCMO
~, CALTFORNIA, AUTHORIZING I~CE OF BONDS,
DISTRICT
WHEREAS, the City Council of the City of Rancho Cucamonga is conduct-
ing proceedings for the installation of certain public i~prove~ents in a
special assessment district pursuant to the terms and provisions of the
'%~unicipal Improvement Act of 1913", being Division 12 of the Streets and
Highways Code of the State of California, said special assessment district
known and designated as ASSESSM~qT DISTRICT NO. 89-1 (hereinafter referred to
as the "Assessment District"); and
WHEREAS, this legislative body has previously declared in its
Resolution of Intention to issue bonds to finance said improvements,, said
bonds to issue pursuant to the terms and provisions of the "Improvement'Bond
Act of 1915", being Division 10 of said Code; and
WHEREAS, at this time this legislative body is desirous to set forth
all formal terms and conditions relating to the authorization, issuance and
administration of said bonds; and
WHEREAS, there h~ been presented, considered and ready for approval
a bond indenture setting forth formal terms and conditions relating to the
issuance and sale of bonds; and
WHEREAS, this legislative body hereby further determines that the
unpaid assessments shall be specifically in the amount as shown and set forth
in the Certificate of Paid and Unpaid Assessments as certified by and on file
with the Treasurer, and for particulars as to the amount of said unpaid
assessments, said Certificate and list shall control and govern.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby resolve as follows:
S~CTION 1: That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2: That this legislative body does authorize the issuance of
bor~m pur~mnt to the terms and provisions of the "Improvement Bond Act of
1915", being Division 10 of the Streets and Highways Code of the State of
California, and also pursuant to the specific terms and conditions as set
forth in the BOND IND~XfRE presented herein.
Resolution No. 91-397
Page 2
SECTION 3: That the BOND INDENTURE is approved substantially in the
form presented herein, subject to modifications as necessary and as approved
by the City Manager, with the Concurrence of Bond Counsel. Final approval of
the BOND IND~it~E shall be conclusively evidenced by the signature of the
City Manager upon final delivery of bends and receipt of proceeds. A copy of
said BOND IND~iI3RE shall be kept on file with the transcript of these
proceedings and open for public inspection.
SECTION 4: That the Certificate of Paid and Unpaid Assessments, as
certified by the Treasurer, shall remain on file in that office and be open
for public inspection for all particulars as it relates to the amount of
unpaid assessments to secure bonds for this Assessment District.
SUPERIOR OgUR~ FORECLOSURE
SECTION 5: This legislative body does further specifically covenant
for the benefit of the bondholders to c~m~_nce and prosecute to c~t~letion
foreclosure actions reqarding delinquent installments of the assessments in
the manner, within the time limits and pursuant to the terms and conditions as
set forth in the Bond Indenture as su~t~ and approved through the adoption
of this Resolution.
PASSED, APPROVED, and ADOPI~D t_his 2nd day of January, 1992.
AYES: Alexmnder, Buquet, Stout
NOES: None
ABS~tT: Williams, Wright
Dennis L. Stout, Mayor
De~ J. A~ms, City Cle~
I, DMBRA J. ADAMS, CITY CLk~K of the City of Rancho Cucamonc/a,
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 2nd day of
JaD~ry, 1992.
Resolution No. 91-397
Page 3
Executed this 3rd day of JaD,~ary, 1992, at Rancho Cucamonga,
California.
' De~ J. A~, City Cle~r~