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HomeMy WebLinkAbout90-82 - Assessment District 59 - McFadden SquareRESOLUTION NO. 90 -82 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, AUTHORIZING THE SALE OF SPECIAL ASSESSMENT BONDS TO FINANCE IMPROVE- MENTS IN A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, has initiated proceedings pursuant to the terms and conditions of the "Municipal Improve- ment 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. 59 (McFADDEN SQUARE) (hereinafter referred to as the "Assessment 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 191511, being Division 10 of the Streets and Highways Code of the State of California; and, WHEREAS, at this time, this legislative body is desirous of authorizing the sale of bonds to finance the works of improvement as proposed for this Assessment District. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the Office of the City Treasurer and Bond Counsel are hereby authorized to solicit a proposal or proposals for the sale of bonds for the Assess- ment District. The interest rate on said bonds shall not exceed the current legal maximum rate of twelve percent (12 %) 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 BROWN, HARPER, BURNS & HENTSCHKE, Attorneys 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 NOVEMBER 1, 1990, or the 31st day after recordation of the assessment roll and diagram, whichever is later. SECTION 6. That in the event of any delinquency in the payment of any install- ment of an assessment, it is hereby covenanted with the holder of the bonds that this legislative body will cause to be commenced and thereafter diligently prose- cuted, judicial foreclosure proceedings upon all delinquent unpaid assessments within one hundred fifty (150) days following any delinquency. It is further hereby ordered that an investigation be initiated as soon as possible each year to deter- mine all tax delinquencies on all properties within the boundaries of the above - referenced Assessment District. APPROVED and ADOPTED this 23rd day of July 1990. ATTEST: CITY CLERK CITY OF NEWPORT BEA- STATE OF CALIFORNIA • MAYOR CITY OF NEWPORT JEACH STATE OF CALIFORNIA STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF NEWPORT BEACH I, WANDA E. RAGGIO, CITY CLERK of the CITY OF NEWPORT BEACH, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 90 -82 , 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 23rd day of July 1990, and that the same was passed and adopted by the following vote: AYES: COUNCIL MEMBERS TURNER, WATT, SANSONE, PLUMMER, HART, STRAUSS, COX NOES: COUNCIL MEMBERS NONE ABSENT: COUNCIL MEMBERS NONE ABSTAIN: COUNCIL MEMBERS NONE EXECUTED this 0�23�xz , day of t 1990, at Newport Beach, California. OQ a CITY CLERK CITY OF NEWPORT BEACH STATE OF CALIFORNIA [SEAL)