HomeMy WebLinkAbout85-150 - ResolutionsRESOLUTION NO. 85-150
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCH0
CUCAHONGA, CALIFORNIA, ACCEPTING PROPOSAL AND MAKING AWARD
FOR SALE OF BONDS, AND PROVIDING FOR THE ESTABLISHMENT OF A
REDEMPTION FUND FOR THE PAYNENT 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 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 knovn and designated as
ABSESSMF. NT DISTRICT NO. 84-2
(ALTA LOMA CHANNEL IMPROVENENTS)
(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 '~mprovement Bond Act of
1915", being Division 10 of the Streets and Highways Code of the State of
California; and
WHEREAS, this City Council did, by the adoption of Resolution No.
85-99, accept and approve a written proposal received from H. L. Stern & Co.,
Inc. for the purchase of the improvement bonds representing unpaid assessments
in said Assessment District; and
WHEREAS, by letter of May 2, 1985, M. L. Stern & Co., Inc. did inform
the City that they did not intend to complete the undeneriting for said
Assessment District and did further request the return of their good-faith
deposit; and
WHEREA~, there has no~ 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 th~ bid that would best serve the interests of
owners of land included vithin 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
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 Resolution of Intention, the accepted proposal, and all
other re~ated bond authorization documentation.
SECTION 4: That the Treasurer by, and hereby is, directed to have the
bonds printed i~maediately, 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.
Resolution No. 85-150
Page 2
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
shallplace 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.
SECTION 7: That the Treasurer shall transfer monies as necessary from
the SPECIAL RESERVE FUND in the manner and form as authorized by law.
PASSED, APPROVED, and ADOPTED this 15th day of May, 1985.
AYES: Wright, Buquet, Mikels, Dahl, Ring
NOES: None
ABSENT: None
ATTEST:
Sever y i elet, City lerk
1
I, BEVERLY A. AIITHELET, CITY CLERK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
appro~, and adopted by the City Council of the City of Rancho Cucamonga,
California, at a regular meeting of said City Council held on the 15th day of
May, 1985.
Executed this 16th day of May, 1985 at Rancho Cucamonga, California.
Beverly A/Authelet, City Clerk