Laserfiche WebLink
RESOLUTION NO. 2001- 20 <br />A RESOLUTION OF THE CITY OF NEWPORT BEACH <br />AUTHORIZING ISSUANCE OF BONDS AND APPROVING THE <br />FORM OF CERTAIN BOND DOCUMENTS FOR ASSESSMENT <br />DISTRICT NO. 79 (BEACON BAY) <br />WHEREAS, this City Council has previously adopted its Resolution of Intention and <br />initiated proceedings for the acquisition of certain public works of improvement, together with <br />appurtenances and appurtenant work, in a special assessment district designated as <br />Assessment District No. 79 (Beacon Bay) (hereinafter referred to as the "Assessment District') <br />pursuant to the terms and provisions of the "Municipal Improvement Act of 1913 ", being Division <br />12 of the Streets and Highways Code of the State of California, as adopted and modified by <br />Ordinance No. 2000 -17 of the City of Newport Beach (together, the "Improvement Act "); and <br />WHEREAS, this legislative body, to finance the acquisition and construction of such <br />improvements, declared in its Resolution of Intention to issue bonds against any unpaid <br />assessments as certified by the Treasurer, such bonds to issue pursuant to the terms and <br />provisions of the "Improvement Bond Act of 1915 ", being Division 10 of such Code (the 'Bond <br />Act'); and <br />WHEREAS, at this time this legislative body desires to set forth the general terms and <br />conditions relating to the authorization, issuance and administration of such bonds; and <br />WHEREAS, there has been presented, considered and ready for approval the form of a <br />bond indenture and a form of Preliminary Official Statement, which documents contain <br />information including but not limited to the Assessment District and the terms and conditions of <br />the bonds; and <br />WHEREAS, there has also been presented for consideration by this legislative body a <br />form of Bond Purchase Contract authorizing the sale of bonds to M. L. Stern & Co. Inc., as <br />underwriter; <br />NOW, THEREFORE, it is hereby Resolved, Determined, and Ordered as follows: <br />SECTION 1. Recitals. The above recitals are true and correct. <br />SECTION 2. Bonds Authorized. Pursuant to the Bond Act, this Resolution and the <br />Bond Indenture (hereafter defined), limited obligation improvement bonds of the City for the <br />Assessment District designated as "City of Newport Beach Assessment District No. 79 (Beacon <br />Bay) Limited Obligation Improvement Bonds" (the "Bonds ") in an aggregate principal amount not <br />to exceed the unpaid assessments are hereby authorized to be issued, sold and delivered. The <br />date, manner of payment, interest rate or rates, interest payment dates, denominations, form, <br />registration privileges, manner of execution, place of payment, terms of redemption and other <br />terms, covenants and conditions of the Bonds shall be as provided in the Bond Indenture as <br />executed. <br />