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HomeMy WebLinkAbout95-49 - Special Assessment District 67 - Corona del MarRESOLUTION NO. 95 -49 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS AND APPROVING 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 terns 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. 67 (BLOCK 133, CORONA DEL MAR) (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 all formal 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 formal 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, 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 SECTION 1. That the above recitals are true and correct BOND AUTHORIZATION SECTION 2. That this legislative body does authorize the issuance of limited obligation improvement bonds in an aggregate principal amount not to exceed the aggregate principal • amount of the unpaid assessments pursuant to the terns and provisions of the "Improvement Bond Act of 1915 ", being Division 10 of the Streets and Highways Code of the State of California, and also pursuant to the specific terms and conditions as set forth in the Bond Indenture presented herein. BONDINDENTURE 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, 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, such approval by the Treasurer to be conclusively evidenced by the execution and delivery thereof; provided, however, the Treasurer 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 underwriter's discount does not exceed two percent (2 %) and the interest rate on the Bonds shall not exceed seven and one -half percent (7.5 %) per annum. FINAL BOND DELIVERY SECTION 5. No further action will be required by this legislative body if the bonds are priced, sold and delivered prior to September 1, 1995. 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. 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 of any and all certificates, requisitions, agreements and other documents, which the Treasurer may deem necessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with this resolution. APPROVED and ADOPTED this 8th day of May 1995. 'VILn -') MAYOR ATTEST: ��