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HomeMy WebLinkAbout93-6 - Special Assessment District 66 - East NewportRESOLUTION NO. 93 -6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS, APPROVING FORMS OF BOND INDENTURE, BOND PURCHASE CONTRACT AND PRELIMINARY OFFICIAL STATEMENT FOR A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, is nducting proceedings for the installation of certain public improvements in a 1p,ecial 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. 66 (BLOCK S, EAST NEWPORT) (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 191511, 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, 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 SECTION 1. That the above recitals are true and correct. BOND AUTHORIZATION SECTION 2. That this legislative body does authorize the issuance of bonds Gursuant to the terms and provisions of the "Improvement Bond Act of 1915 ", being ivision 10 of the Streets and Highways Code of the State of California, and also pusuant to the specific terms and conditions as set forth in the BOND INDENTURE presented herein. BOND INDENTURE SECTION 3. The BOND INDENTURE is approved substantially in the form presented herein, subject to modifications as necessary and as approved by the City Treasurer, with the concurrence of Bond Counsel. Final approval of the BOND INDENTURE shall be conclusively evidenced by the signature of the City Treasurer upon final delivery of bonds and receipt of proceeds. 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, subject to modifications as necessary and approved by the City Treasurer, with the concurrence of Bond Counsel. Final acceptance of the BOND PURCHASE CONTRACT shall be evidenced by the signature of the City Treasurer on behalf of the City. PRELIMINARY OFFICIAL STATEMENT SECTION 5. That the PRELIMINARY OFFICIAL STATEMENT is approved substantially in the form presented, subject to modifications as necessary and as approved by the City Treasurer, with the concurrence of Bond Counsel, and execution and distribution is hereby authorized. A copy of said PRELIMINARY OFFICIAL STATEMENT shall be kept on file with the transcript of these proceedings and remain open for public inspection. 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 denture as submitted and approved through the adoption of this Resoulution. APPROVED and ADOPTED this 8th day of February , 1993. ATTEST: CITY CLERK CITY OF NEWPORT BEA STATE OF CALIFORNIA • id CITY OF STATE OF