HomeMy WebLinkAbout85-99 - ResolutionsR~SOLD~rlON NO. 85-99
A RESOLUTION OF TIlE CITY COUNCIL OF TEE CITY OF RANCliO
CUCAMONGA, CALIFORNIA, ACCEPTING PROPOSAL AND MAKING ANAKD
FOR SALE OF BONDS, AND PROVIDING FOR TEE ESTABLISHMENT OF A
REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS
WHEREAS, the City Council of the City of Rancho Cucamonga, California,
has heretofore instituted and conducted proceedings under 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, for the construction of
certain public works of improvement, together with appurtenances and
appurtenant work, in a special assessment district known and designated as
ASSESSMENT DISTRICT NO. 84-2
(ALTA LOMA CHANNEL IHPROVEMENTS )
(hereinafter referred to as the '~ssessment District"); and
WHEREAS, in the Resolution of Intention it was determined and declared
that bonds should issue under the provisions of the "Improvement Bond Act of
1915", being Division i0 of the Streets and Highways Code of the State of
California; and
WHEREAS, there has now been received, in proper form, a proposal for
the purchase of said bonds to issue under said proceedings, and said proposal
received is considered to be the bid that would best serve the interests of
owners of land included within the Assessment District and should be accepted.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all'true and correct.
SECTION 2: That the written proposal received from
M.L. STERN AND COMPANY
for the purchase of improvement bonds representing unpaid assessments in said
Assessment District is hereby accepted and approved.
SECTION 3: That said sale is subject to all the terms and conditions
as set forth in the Resolution of Intention, the accepted proposal, and all
other related bond authorization documentation.
SECTION 4: That the Treasurer be, and hereby is, directed to have the
bonds printed immediately upon the expiration of the cash collection period,
and said Treasurer shall then have said bonds signed and delivered to said
bidder upon receipt of the amount of monies due pursuant to said proposal and
upon the performance of all the conditions as set forth in the written
proposal.
SECTION 5: That the interest rate or rates on said bonds be, and the
same hereby is fixed at the rate or rates as set forth in said accepted
proposal.
SECTION 6: That the Treasurer is hereby authorized and directed to
keep a redemption fund designated by the name of the proceedings, into which he
shall place all sums received for the collection of the assessments and the
interest thereon, together with all penalties, if applicable, thereon and from
which he shall disburse such funds to the registered owner. Under no
circumstances shall the said bonds or interest thereon be paid out of any other
fund except as provided by law. Said fund shall be known as the Redemption
Fund, and shall be designated by the name of this Assessment District.
Resolution No. 85-99
Page 2
SECTION 7: That the Treasurer shall transfer monies as necessary fro~
the Special Reserve Fund in the manner and form as authorized by law,
PASSED, APPROVED, and ADOPTED this 20th day of Harch, 1985.
ATTEST:
Beverly A/Authelet, City Clerk
I, BEVERLY A. AIITHELET, CITY CLERK of the City of Rancho Cucamonga, California,
do hereby certify that the foregoing Resolution, being Resolution No. 85-99,
was duly passed, approved, and adopted by the City Council, at a regular
meeting of said City Council held on the 20th day of March? 1985, and that the
same was passed and adopted by the following vote:
AYES: Wright, Buquet, Mikeis, Dahl
NOES: None
ABSENT: King
Executed this 21st day of March, 1985 at Rancho Cucamonga, California.
~everly A/. Authelet, City Clerk