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HomeMy WebLinkAbout96-91 - Special Assessment District 71 - Balboa BoulevardRESOLUTION NO. 96 -91 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS AND APPROVING FORM OF BOND DOCUMENTS FOR A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, is conducting proceedings for the installation of certain public improvements in a special assessment district pursuant \� to the terms and provisions of the "Municipal 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 ASSESSMENT DISTRICT NO. 71 (BALBOA BOULEVARD) (hereinafter referred to as the "Assessment District"); and, WHEREAS, this legislative body has previously declared in its Resolution of Intention to issue bonds to finance said improvements, said bonds to issue pursuant to the terms and provisions of the "Improvement Bond Act of 1915 ", being Division 10 of said Code; and, WHEREAS, at this time this legislative body is desirous to set forth the general terms and conditions relating to the authorization, issuance and administration of said bonds; and, WHEREAS, there has been presented, considered and ready for approval a bond indenture setting forth the terms and conditions relating to the issuance and sale of bonds; and, WHEREAS, there has also been presented for consideration by this legislative body a form of Bond Purchase Contract authorizing the sale of bonds to M. L. STERN & CO., INC., the designated underwriter; and, WHEREAS, there has also been presented for consideration by this legislative body a form of Preliminary Official Statement containing information including but not limited to the Assessment District and the type of bonds, including terms and conditions thereof; and, WHEREAS, this legislative body hereby further determines that the unpaid assessments shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid Assessments as certified by and on file with the Treasurer, and for particulars as to the amount of said unpaid assessments, said Certificate and list shall control and govern. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: RECITALS t SECTION 1. That the above recitals are true and correct. BOND AUTHORIZATION SECTION 2. That this legislative body does authorize the issuance of limited os:i -1 - -' improvement bonds In an aggregate principal amount not to exceed the aggregate principal warnounr the unpaid assessments pursuant to the terns and provisions of the 'Improvement Bond Act of 19 being Division 10 of the Streets and Highways Code of the State of California, and also pursuant to specific terms and conditions as set forth in the Bond Indenture presented herein. Res. 96 -91 BOND INDENTURE SECTION 3. That the Bond Indenture is approved substantially in the form presented herein. The Treasurer is hereby authorized and directed for and on behalf of the City to execute the Bond Indenture with such additions thereto or changes therein as may be approved by the Treasurer, subject to the review of Bond Counsel, such approval by the Treasurer to be conclusively evidenced by the execution • and delivery thereof. A copy of said Bond Indenture shall be kept on file with the transcript of these proceedings and open for public inspection. BOND PURCHASE CONTRACT SECTION 4. That the Bond Purchase Contract as submitted by M. L. STERN & CO., INC., the designated underwriter, is hereby approved substantially in the form presented herein. The Treasurer is hereby authorized and directed for and on behalf of the City to evidence the City's acceptance of the terms and provisions of the Bond Purchase Contract in the form presented to the City Council at this meeting, with such changes therein as are approved by the Treasurer, subject to the review and approval of Bond Counsel, such approval by the Treasurer to be conclusively evidenced by the execution and delivery thereof; provided, however, the § shall execute the Bond Purchase Contract only if the aggregate principal amount of the Bonds is equal to the unpaid assessments within the Assessment District, the underwriters discount does not exceed two percent (2.00 %) and the interest rate on the Bonds shall not exceed seven and one -half percent (7.50 %) per annum. FINAL BOND DELIVERY SECTION S. No further action will be required by this legislative body if the bonds are priced, sold and delivered on or before January 28, 1997. FINAL ASSESSMENTS SECTION 6. That the Certificate of Paid and Unpaid Assessments, as certified by the Treasurer, shall remain on file in that office and be open for public inspection for all particulars as it relates to the amount of unpaid assessments to secure bonds for this Assessment District. SUPERIOR COURT FORECLOSURE SECTION 7. This legislative body does further specifically covenant for the benefit of the bondholders to commence and prosecute to completion foreclosure actions regarding delinquent installments of the assessments in the manner, within the time limits and pursuant to the terms and • conditions as set forth in the Bond Indenture as submitted and approved through the adoption of this Resolution Res. 96 -91 OTHER ACTS SECTION 8. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the bonds are hereby approved, confirmed and ratified, and the Treasurer and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions relating to the execution and delivery *f any and all certificates, requisitions, agreements and other documents, which are deemed necessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with this resolution. APPROVED and ADOPTED this 28th day of October 1996. ATTEST: CITY CLERK is , M1 �y 1. • n MAYOR Res. 96 -91 STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF NEWPORT BEACH I, La VONNE HARKLESS, CITY CLERK of the CITY OF NEWPORT BEACH, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 96 -91 , was duly passed, •approved and adopted by the City Council, approved and signed by the Mayor, and attested by the City Clerk, all at the regular meeting of said City Council held on the 28th day of October 1996, and that the same was passed and adopted by the following vote: AYES: COUNCIL MEMBERS HEDGES, DEBAY, GLOVER, EDWARDS, WATT, O'NEIL, COX NOES: COUNCIL MEMBERS NONE ABSENT: COUNCIL MEMBERS NONE ABSTAIN: COUNCIL MEMBERS NONE EXECUTED this 29th day of October , 1996, at Newport Beach, California. CITY CLERK CITY OF NEWPORT BEACH STATE OF CALIFORNIA • A •