HomeMy WebLinkAbout89-52 - Assessment District 57 - Corona Highlands Utility ConversionRESOLUTION NO. 89 -52
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH, CALIFORNIA, MAKING AWARD FOR
SALE OF BONDS, AND PROVIDING FOR THE ESTAB-
LISHMENT OF A REDEMPTION FUND
WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, has hereto-
fore instituted and conducted proceedings under the terms and provisions of the
"Municipal Improvement Act of 191311, 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 appurtenant work, in a special assess-
ment district known and designated as ASSESSMENT DISTRICT NO. 57 (CORONA HIGHLANDS
UTILITY CONVERSION) (hereinafter referred to 41B 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 Act of 1911 ", being
Division 7 of the Streets and Highways Code of the state of California; and,
WHEREAS, there has now been received, in proper form, a sealed bid (hereinafter
the "proposal ") for the purchase of said bonds to issue under said proceedings,
which is considered to best serve the interests of owners of land included within
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 this legislative body hereby rejects all of saidproposals for
the sale of bonds except that herein mentioned, and does hereby make an award and
accept the proposal for the purchase of the improvement bonds from the responsible
bidder, to -wit:
MILLER & SCHROEDER FINANCIAL, INC.
at the prices and terms as set forth in the proposal of said bidder as on file with
the transcript of these proceedings and open for public inspection.
SECTION 3. That said sale is subject to all the terms and conditions as Bet
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 upon the expiration of the cash collection period, and said
Treasurer shall then have said bonds signed and delivered 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 proposal.
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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.
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 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 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.
APPROVED and ADOPTED this 26th day f Su
1989.
_414 '
MAYOR
CITY OF NEWPORT BEACH
STATE OF CALIFORNIA
AT ESTS
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CITY CLERK
CITY OF NEWPORT BEACH
STATE OF CALIFORNIA
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STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF NEWPORT BEACH
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I, WANDA E. RAGGIO, CITY CLERK of the CITY OF NEWPORT BEACH, CALIFORNIA, DO
HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 89 -52 , 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 26th day of June 1989, and that the same
was passed and adopted by the following vote:
AYES: COUNCIL MEMBERS TURNER, SANSONE, PLUMMER, HART, COX, WATT
NOES: COUNCIL MEMBERS NONE
ABSENT: COUNCIL MEMBERS STRAUSS
ABSTAIN: COUNCIL MEMBERS NONE
EXECUTED this a/l.6Lday of , 1989, at Newport Beach, California.
_Akve�-Izi_ .
CITY CLERK
OQ ® CITY OF NEWPORT BEACH
R1 STATE OF CALIFORNIA
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