HomeMy WebLinkAbout84-94 - Assessment District 56 - China CoveRESOLUTION NO. 84 -94
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NEWPORT BEACH, CALIFORNIA,
CALLING FOR SEALED BIDS ON BONDS TO BE
ISSUED TO REPRESENT UNPAID ASSESSMENTS
UPON LANDS IN AN ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, in
accordance with 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, and
pursuant to its Resolution of Intention previously adopted, has initiated proceedings
for the construction of certain public works of improvement, together with
acquisition, where necessary, and appurtenances, in a special assessment district
known and designated as
ASSESSMENT DISTRICT NO. 56
(CHINA COVE)
(hereinafter referred to as the "Assessment District "); and,
WHEREAS, it has been determined that serial bonds representing unpaid
assessments against private property shall be issued pursuant to and as set forth in
the "Improvement Act of 191111, being Division 7 of the Streets and Highways Code of
the State of California.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the City Council does hereby call for sealed bids on bonds
proposed to be issued, to be received up to the time specified in the Notice of Sale,
a copy of which will be on file with the transcript of these proceedings.
SECTION 3. That said City Council hereby selects and specifies as the date
of the bonds representing assessments against private property the date specified for
that purpose in the Notice of Sale.
SECTION 4. That BOND COUNSEL is hereby directed to mail copies of the
Notice of Sale to all persons determined to be prospective purchasers and interested
in bidding on the bonds to be issued for these proceedings, said bonds to be issued
pursuant to the provisions of the "Improvement Act of 1911 ", being Division 7 of the
Streets and Highways Code of the State of California.
SECTION 5. That the Bond Prospectus and Notice of Sale for these proceed-
ings, as presented to the City Council, are hereby approved and adopted. A copy of
said Notice of Sale shall be mailed to all persons determined to be interested in
said purchase. Further a copy of the Notice of Sale and Bond Prospectus shall be on
file in the Office of the City Clerk and open for public inspection.
0 SECTION 6. That said bonds shall not exceed the current legal maximum
interest rate of 12% per annum, and said bonds shall be subject to all of the terms
and provisions relating to bonds as set forth in the "Improvement Act of 1911 ", and
further as set forth in the Resolution of Intention for these proceedings.
SECTION 7. That there will be provided, at no expense to the bidder, the
approving legal opinion of F. MACKENZIE BROWN, Attorney at Law, attesting to the
validity of the proceedings and the enforceability of the bonds.
APPROVED and ADOPTED this 13th day of August 1984.
MATUR
CITY OF NEWPORT BEACH
STATE OF CALIFORNIA
ATT �j
Y CLERK
CITY OF NEWPORT BE
STATE.OF CALIFORNIA
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