HomeMy WebLinkAbout87-221 - Resolutions RESOLUTION NO. 87-221
RESOLUTION OF THE CIlY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA, SAN BERNARDINO COUNTY, CALIFORNIA,
ACCEPTING A PROPOSAL FOR SALE OF BONDS AND MAKING
OTHER DETERMINATIONS
WHEREAS, The City Council of the City of Rancho Cucamonga (the "City")
has heretofore instituted and conducted proceedings, pursuant to the
"Municipal Improvement Act of 1913", being Division 12 of the Streets and
Highways Code, for certain public works and improvements and acquisitions
generally Described as follows:
The construction and acquisition of drainage improvements
including appurtenances and appurtenant work, acquisition
of interests in real property and incidental expenses in
connection therewith
(the "Improvements");
WHEREAS, the lands specially assessed for the Improvements are included
within an assessment district designated as
ASSESSMENT DISTRICT NO. 86-2
(the "Assessment District");
WHEREAS, in the Resolution of Intention, it was determined and declared
that bonds representing unpaid assessments would be issued under the
"Improvement Bond Act of 1915", being Division 10 of the Streets and Highways
Code (the "Bonds"); and
WHEREAS, there has now been received, in proper form, a proposal for the
purchase of the Bonds to be issued under the assessment proceedings and the
acceptance of this proposal will best serve the interests of the owners of
land included within the Assessment District:
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby RESOLVE, DECLARE AND ORDER as follows;
Section 1. The above recitals are all true and correct.
Section 2. The written proposal received from
STONE & YOUNGBERG
Resolution No. 87-221
Page 2
for the purchase of the Bonds representing unpaid assessments in the
Assessment District is hereby accepted and approved.
Section 3. The sale of the Bonds is subject to the terms and conditions
set forth in the;
(a) Accepted proposal;
(b) Resolution authorizing issuance of Bonds;
(c) Resolution of intention; and
(d) Improvement Bond Act of 1915.
Section 4. The Treasurer is hereby directed to have the Bonds printed
in~ediately and to have the Bonds signed and delivered to the purchaser upon
receipt of the amount of moneys due pursuant to the proposal and upon the
performance of all the conditions set forth in Section 3.
Section 5. The interest rate (or rates) on and the maturities of the
Bonds are hereby fixed ab the rate (or rates) and maturities as set forth in
the accepted proposal.
Section 6. The City Clerk shall certify to the passage and adoption of
this resolution; shall enter the same in the book of original resolutions of
the City; and shall make e minute entry of the passage and adoption thereof
in the record of the proceedings of the City Council of the City and in the
minutes of the meeting at which the same is passed and adopted.
PASSED, APPROVED, and ADOPTED this 6th day of May, 1987.
AYES: King, Wright, Brown, Stoug
NOES: None
ABSENT: Buquet
~' ennis L.'St6u~ Ma~6r
ATTEST:
Beverly A/Authelet, City Clerk
Resolution No. 87-221
Page 3
I, BEVERLY A. AUTHELET, CITY CLERK of the City of Rancho Cucamonga,
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 6th day of
May, 1987.
Executed this 6th day of May, 1987 at Rancho Cucamonga, California.
Beverly ~ A~thelet, Cif.3T Clerk