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HomeMy WebLinkAbout84-113 - Assessment District 56 - China CoveRESOLUTION N0. 84 -113 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, ACCEPT- ING PROPOSAL AND MAKING AWARD FOR SALE OF BONDS, AND PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, has heretofore instituted and conducted proceedings under 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, for the construction of certain public works of improvement, together with appurtenances and appurtenant work, in a special assess- ment district known and designated as ASSESSMENT DISTRICT NO. 56 (CHINA COVE) (hereinafter referred to as the "Assessment District "); and, WHEREAS, the City Council, in its Resolution of Intention therein deter- mined and declared that bonds should issue under the provisions of the "Improvement Act of 191111, being Division 7 of the Streets and Highways Code of the State of California; and, WHEREAS, there has now received, in proper form, a proposal for the purchase of said bonds to issue under said proceedings and said proposal received is, in the opinion of this City Council, considered. to be the bid that will best serve the interests of owners of land included within the Assessment District and should be accepted. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the written proposal and bid received from Stone and Youngberg for the purchase of improvement bonds representing unpaid assessments in said Assess- ment District is hereby approved and accepted. SECTION 3. That said sale is subject to all the terms and conditions as set forth in the previously approved Notice of Sale of said bonds and in the accepted bid. SECTION 4. That the Treasurer be, and hereby is, directed" to have the bonds printed immediately upon the expiration of the cash collection period, and said Treasurer shall then have said bonds signed and delivered to said bidder upon receipt of the amount of monies due pursuant to said bid and upon the performance of all the conditions as set forth in the written offer.. SECTION 6. That the Treasurer is hereby authorized and directed to keep a redemption fund designated by the name of the proceedings, into which he shall place all sums received for the collection of the assessments and the interest thereon, together with all penalties, if applicable, thereon and from which he shall disburse such funds to the registered owner. Under no circumstances shall the said bonds or interest thereon be paid out of any other fund except as provided by law. Said fund shall be known as the REDEMPTION FUND, and shall be designated by the name of this Assessment District. APPROVED and ADOPTED this 24th tray of September 1984. 2Z MIATUK CITY OF NEWPORT BEACH STATE: OF CALIFORNIA ATTE T: Y CLERK CITY OF NEWPORT BEACH STATE OF CALIFORNIA 2 SECTION 5. That the interest rate or rates on said bonds be, and the same hereby is fixed at the rate or rates as set forth in said accepted bid proposal. SECTION 6. That the Treasurer is hereby authorized and directed to keep a redemption fund designated by the name of the proceedings, into which he shall place all sums received for the collection of the assessments and the interest thereon, together with all penalties, if applicable, thereon and from which he shall disburse such funds to the registered owner. Under no circumstances shall the said bonds or interest thereon be paid out of any other fund except as provided by law. Said fund shall be known as the REDEMPTION FUND, and shall be designated by the name of this Assessment District. APPROVED and ADOPTED this 24th tray of September 1984. 2Z MIATUK CITY OF NEWPORT BEACH STATE: OF CALIFORNIA ATTE T: Y CLERK CITY OF NEWPORT BEACH STATE OF CALIFORNIA 2 STATE OF CALIFORNIA COUNTY OF ORANGE CITY OF NEWPORT BEACH I, WANDA E. ANDERSEN, CITY CLERK of the CITY OF NEWPORT BEACH, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 84 -113 , was duly passed, approved and adopted by the City Council; approved and signed by the Mayor, and attested by the City Clerk, all at the Council meeting of said City Council held on the 24th day of September 1984, and that the same was passed and adopted by the following vote: AYES: COUNCIL MEMBERS Harr_, Maurer, Heather, Strauss, Plummer, Cox, Agee NOES: COUNCIL MEMBERS None ABSENT: COUNCIL MEMBERS None ABSTAIN: COUNCIL MEMBERS None EXECUTED this 24th day of September 1984, at Newport Beach, California. Y CLERK CITY OF NEWPORT BEACH STATE OF CALIFORNIA [SEAL] •