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RESOLUTION NO. 93 -6 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE <br />OF BONDS, APPROVING FORMS OF BOND INDENTURE, <br />BOND PURCHASE CONTRACT AND PRELIMINARY OFFICIAL <br />STATEMENT FOR A SPECIAL ASSESSMENT DISTRICT <br />WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, is <br />nducting proceedings for <br />the installation of <br />certain public <br />improvements in a <br />1p,ecial assessment district <br />pursuant to the terms <br />and provisions <br />of the "Municipal <br />Improvement Act of 1913 ", being Division 12 of the Streets and Highways Code of the <br />State of California, said special assessment district known and designated as <br />ASSESSMENT DISTRICT NO. 66 (BLOCK S, EAST NEWPORT) (hereinafter referred to as the <br />"Assessment District "); and, <br />WHEREAS, this legislative body has previously declared in its Resolution of <br />Intention to issue bonds to finance said improvements, said bonds to issue pursuant <br />to the terms and provisions of the "Improvement Bond Act of 191511, being Division 10 <br />of said Code; and, <br />WHEREAS, at this time this legislative body is desirous to set forth all formal <br />terms and conditions relating to the authorization, issuance and administration of <br />said bonds; and, <br />WHEREAS, there has been presented, considered and ready for approval a bond <br />indenture setting forth formal terms and conditions relating to the issuance and <br />sale of bonds; and, <br />WHEREAS, there has also been presented for consideration by this legislative <br />body a form of Bond Purchase Contract authorizing the sale of bonds to M. L. Stern & <br />Co., Inc., the designated underwriter; and, <br />WHEREAS, there has also been presented for consideration by this legislative <br />body a form of Preliminary Official Statement containing information including but <br />not limited to the Assessment District and the type of bonds, including terms and <br />conditions thereof; and, <br />WHEREAS, this legislative body hereby further determines that the unpaid <br />assessments shall be specifically in the amount as shown and set forth in the <br />Certificate of Paid and Unpaid Assessments as certified by and on file with the <br />• Treasurer, and for particulars as to the amount of said unpaid assessments, said <br />Certificate and list shall control and govern. <br />