HomeMy WebLinkAbout85-42 - ResolutionsRESOLUTION NO. 85-42
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RA~CHO
CUCAMONGA, CALIFORNIA, AUTHORIZING THE SALE OF SPECIAL
ASSESSMENT BONDS TO FINANCE IMPROVEMENTS IN A SPECIAL
ASSESSMENT DISTHlCT
WHEREAS, the City Council of the City of Rancho Cucamonga, California,
has initiated proceedings pursuant to the terms and conditions 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 acquisition, where
necessary, in a special assessment district; said special assessment district
known and designated as
ASSESSMENT DISTRICT NO. 84-2
(ALTA LOMA CHANNEL IMPROVEMENTS)
(hereinafter referred to as the '~ssessment District"); and
WHEREAS, it has been further determined that serial bonds shall be
issued to finance the costs and expenses of said improvements and proceedings,
and said bonds shall be issued pursuant 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
WHEREAS, at
the sale of bonds to
Assessment District.
this time, this City Council is desirous of authorizing
finance the works of improvement as proposed for this
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all true and correct.
SECTION 2: That the Financial Consultant is hereby authorized to
solicit a proposal or proposals for the sale of bonds for the Assessment
District. The interest rate on said bonds shall not exceed the current legal
maximum rate of twelve percent (12Z) per annum. Said bonds shall be issued
pursuant to the terms and conditions as set forth in the Resolution of
Intention as previously adopted for these proceedings.
SECTION 3: That this Resolution is adopted pursuant to the provisions
of Section 10602 of the Streets and Highways Code of the State of California,
and it is further directed that all recommendations relating to the sale of
bonds be presented to this body no later than the time set for the Public
Hearing on the 'Report" and related matters for this Assessment District.
SECTION 4: That there will be provided, at no expense to the bidder,
the approving legal opinion of F. MacKenzie Brown, Attorney at Law, attesting
to the validity of the proceedings and the enforceability of the bonds.
SECTION 5: That pursuant to the provisions of Section 10600.5, it is
hereby determined that the bonds shall bear interest from their date, and the
date of the bonds shall be Nay 2, 1985, or the 31st day after recordation of
the assessment roll and diagram, whichever is later.
SECTION 6: That the Information for Bidders Document, including the
Notice of Sale for these proceedings (hereinafter referred to as the Bond
Bidding Documents), as prepared and presented by the Financial Consultant, are
hereby approved and adopted.
Resolution No. 85-42
Page 2
SECTION 7: The Financial Consultant is hereby directed to mail copies
of the Bond Bidding Documents to all persons determined to be prospective
purchasers and interested in bidding on the bonds to be issued for these
proceedings, and is hereby authorized to make minor modifications and
amendments to the Bond Bidding Documents in order to provide the best available
information up to the date and time for the sale.
SECTION 8: That in the event of any delinquency in the payment of any
installment of an assessment, it is hereby covenanted with the holder of the
bonds that this City Council will cause to be commenced and thereafter
diligently prosecuted, judicial foreclosure proceedings upon all delinquent
unpaid assessments upon the specific terms, times and conditions as set forth
in the bidding documents relating to the sale of bonds. It is further hereby
ordered that an investigation be initiated as soon as possible each year to
determine all tax delinquencies on all properties within the boundaries of the
above-referenced Assessment District.
PASSED, APPROVED, and ADOPTED this 6th day of February, 1985.
AYES: Wright, Buquet, Mikels, Dahl, King
NOES: None
ABSENT: None
ATTEST:
MayorJo D
Beverly A~Aut~elet, City Clerk