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HomeMy WebLinkAbout86-76 - ResolutionsRESOLUTION NO. 86-76 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMOIqCA, CALIFORNIA, MAKING AI~ARD FOR SALE OF REFUNDING BONDS AND PROVIDING FOR THE ESTABLIS~4EIqT OF A REDEMPTION FUND WHEREAS, the CITY COUNCIL of the CITY OF RANCHO CUCANONGA, CALIFORNIA, did previously undertake proceedings and confirm assessments in a special assessment district pursuant to the terms and provisions of the "Hunicipal 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 ASSESSNRNT DISTRICT NO. 82-1 (hereinafter referred to as the "&ssessment District*'); and WHEREAS, improvement bonds representing the unpaid assessments within said Assessment District were issued and sold in the manner provided in the "Improvement Bond &ct of 1915", being Division 10 of the Streets and Highways Code of the State of California; and WHEREAS, at this time, the tit7 is desirous of initiating proceedings to refund all outstanding improvement bonds pursuant to the "Refunding Act of 198~ for 1915 Improvement Act Bonds", being Division 11.5 of the Streets and Kighways Code of the State of California, said refunding bonds and district to be designated as ASSESSKENT DISTRICT NO. 82-1R ( R~UND IlqG ) (hereinafter referred to as the "Refunding District"); and WHEREAS, there bag now been received, in proper form, a Purchase A~reement (herein after the "proposal") for the purchase of said refunding bonds to issue under said proceedings, which is considered to best serve the interests of owners of land included within the Refunding District and should be accepted. THEREFORE, IT IS RERImy RES~LVED AS FOLLOWS: SECTION 1: That the above recitals are all true and correct. SECTION 2: That the proposal received from STONE & YOUNCBERG for the purchase of refunding bonds representing unpaid reassessments in said Refunding District is hereby accepted and approved. SECTlOll 3: l"nat said sale is subject to all the term and conditions as set forth in the Resolution of Issuance and in the accepted proposal. SECTION 4: That the Treasurer be, and hereby is, directed to have the refunding bonds printed immediately and said Treasurer shall then have said refunding bonds signed and delivered 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 proposal. SECTION 5: That the interest be, and the same hereby is fixed at accepted proposal. race or rates on said refundinK bonds the rate or rates as set forth in said 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 reassessments and the interest thereon, together wiCb 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 Refunding District. Resolution No. 86-76 Page 2 SECTlOB 7: Tha~ the Treasurer shall Craasfer monies as necessary from ~he SPECIAL RESERVE FUND in ~he manner and form as auchorized by law. PASSED, APPROVED, and ADOPTED ~his 20~b day of March, 1986. AYES: Mikels, Buque~, King, Dahl, Wrigh= HOES: Hone ABSENT: Hone ATTEST: Au~helet, City Clerk I, BEVBeT-Y A. AUTHN. BT, CITY CLSSZ of tbe City of aancbo Cucamonga, California, do hereby certify ~ha~ the foregoing Resolution was duly passed, apptoved, and adopted by ~be City Council of the City of Rancbo Cucamonga, California, at a regular meeting of said City Council held on ~be 20~h day of March, 1986. ~xecu~ed this 21sO day of March, 1986 ac Rancho Cucamonga, California.