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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 •