HomeMy WebLinkAbout82-130 - ResolutionsRESOLUTION NO. 82-130
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, ACCEPTING PROPOSAL
AND MAKING AWARD FOR SALE OF BONDS, AND PROVIDING
FOR THE 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 "Municipal 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. 82-1
(hereinafter referred to as the "Assessment 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 10 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 and bed received from
STONE & YOUNGBERG
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 previously approved Notice of Sale of
said bonds and in the accepted bid.
SECTION 4: That the Treasurer by, 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 bid and upon the performance of all the conditions as
set forth in the written offer.
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 bid 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 upon
presentation of proper coupons. Under no circumstances shall the said
bonds or interest thereon be paid out of any other fund except as provided
by law.
Resolution No. 82-130
Page 2
SECTION 7: That said fund shall be known as
"REDEMi~TION FUND FOR
ASSESSMENT DISTRICT NO. 82-1"
SECTION 8: That the Treasurer shall transfer monies as necessary
from the Special Reserve Fund in the manner and form as authorized by
law.
PASSED, AimPROVED, and ADOPTED this 21st day of July, 1982.
AYES: Dahl, Buquet, Frost, Mikeis
NOES: None
ABSENT: Schlosser
ATTEST:
· , y Clerk