HomeMy WebLinkAbout85-296 - Resolutions RESOLUTION NO. 85-296
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EANCHO
CUCAMONGA, CALIFORNIA, MAKING AWARD FOR SALE OF BONDS, AND
PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION FUND
WHEREAS, the City Council of the City of Rancho Cucamonga, California,
has heretofore instituted and conducted proceedings under the terms and provi-
sions of the "Landscaping and Lighting Act of 1972", being Part 2 of Division
15 of the Streets and Highways Code of the State of California, for the con-
struction of certain public works of improvement, together with appurtenances
and appurtenant work, in a special assessment district known and designated as
PARK AND RECREATION IMPROVEMENT DISTRICT
(HERIT~E AND RED HILL COMMUNITY PARKS)
(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 Cali-
fornia; and
WHEREAS, there has now been received, in proper form, a written pro-
posal (hereinafter the "proposal") for the purchase of said bonds to issue un-
der said proceedings, which is considered to best serve the interests of owners
of land included within the Assessment District and should be accepted.
N(K4, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all true and correct.
SECTION 2: That the proposal received from Stone & Youngberg for the
purchase of improvement bonds representing unpaid assessments in said Assess-
msnt 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 Issuance and in the accepted proposal.
SECTION 4: That the Treasurer be, and hereby is, directed to have the
bonds printed immediately, and said Treasurer shall then have said bonds signed
and delivered upon receipt of the amount of monies due pursuant to said propos-
al and upon the performance of all the conditions as set forth in the 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 propos-
al.
SECTION 6: That the Treasurer is hereby authorized and directed to
keep a redemption funds 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 to the registered owner. Under no circum-
stances 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.
Resolution No. 85-296
Page 2
PASSED, APPROVED, and ADOPTED this 6th day of November, 1985.
AYES: Wright, Buquet, Mikeis, Dahl, King
NOES: None
ASSENT: None
.~D. ~ikels, Mayor
ATTEST:
Beverly ~. Xntfaet' ~ity Clerk
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, Cal-
ifornia, at a regular meeting of said City Council held on the 6th day of No-
vember, 1985.
Executed this 7th day of November, 1985 at Rancho Cucamonga, Califor-
nia.
Beverly A/Authelet, City Cl~k