HomeMy WebLinkAbout91-85 - Assessment Districts BondsRESOLUTION NO. 91 -85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE
OF BONDS, APPROVING FORMS OF BOND INDENTURES,
BOND PURCHASE CONTRACT AND PRELIMINARY OFFICIAL
STATEMENT IN VARIOUS SPECIAL ASSESSMENT DISTRICTS
WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, is
• conducting proceedings for the installation of certain public improvements and
confirmed assessments in various in a special assessment districts 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
districts known and designated as follows:
ASSESSMENT DISTRICT NO. 59
(McFADDEN SQUARE)
ASSESSMENT DISTRICT NO. 60
(WEST BAY AVENUE FROM 8TH STREET TO 15TH STREET
ASSESSMENT DISTRICT NO. 61
(BAY AVENUE AND EAST BAY FRONT FROM "J" STREET TO "M" STREET)
ASSESSMENT DISTRICT NO. 62
(HAZEL DRIVE /SOUTH OF COAST HIGHWAY)
and
ASSESSMENT DISTRICT NO. 65
(WEST COAST HIGHWAY)
(hereinafter collectively referred to as the "Assessment Districts "); and,
WHEREAS, it was further determined and declared that for all said Assessment
Districts bonds would be issued pursuant to the terms and provisions of the
"Improvement Bond Act of 1915 ", 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 for each
Assessment District a bond indenture setting forth formal terms and conditions
relating to the issuance and sale of bonds for each Assessment District; 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 issue for all
• referenced Assessment Districts to M. L. Stern & Co., Inc., the designated under-
writer; 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 each Assessment District and the type of bonds, including terms and
conditions thereof; and,
WHEREAS, this legislative body hereby further determines that the unpaid assess-
ments for each Assessment District shall be specifically in the amount as shown and
set forth in the Certificate of Paid and Unpaid Assessments for said Assessment
District as certified by and on file with the Treasurer, and for particulars as to
the amount of said unpaid assessments for each Assessment District, 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
for the following Assessment Districts:
ASSESSMENT DISTRICT NO. 59
(MCFADDEN SQUARE)
ASSESSMENT DISTRICT NO. 60
(WEST BAY AVENUE FROM STH STREET TO 15TH STREET
ASSESSMENT DISTRICT NO. 61
(BAY AVENUE AND EAST BAY FRONT FROM "J" STREET TO "M" STREET)
ASSESSMENT DISTRICT NO. 62
(HAZEL DRIVE /SOUTH OF COAST HIGHWAY)
and
ASSESSMENT DISTRICT NO. 65
(WEST COAST HIGHWAY)
Said Bonds shall be issued pursuant to the terms and provisions of the "Improvement
Bond Act of 191511, being Division 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 for each specific Assessment District.
BOND INDENTURE
SECTION 3. The BOND INDENTURE for each Assessment District 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 each BOND INDENTURE shall be conclusively evidenced by the signature of
the City Treasurer upon final delivery of bonds and receipt of proceeds for said
Assessment District. A copy of each 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 Treaurer 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
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 for each
Assessment District, 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 each Assessment District.
SUPERIOR COURT FORECLOSURE
SECTION 7. This legislative body does further specifically covenant for the
benefit of the bondholders in each Assessment District 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 Indenture for each Assessment District as submitted and
approved through the adoption of this Resolution.
APPROVED and ADOPTED this 22nd day of July , 1991.
. MAYO
CITY OF NEWPORT BEACH
_ .,1.i! �V-°- ,,aa,STATE OF CALIFORNIA
CITY CLERK �..a
CITY OF NEWPORT BEACH
STATE OF CALIFORNIA
F0
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF NEWPORT BEACH
I, WANDA E. RAGGIO, CITY CLERK of the CITY OF NEWPORT BEACH, CALIFORNIA, DO
HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 91 -85 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 regular meeting of said City
Council held on the 22nd day of July 1991, and that the same
was passed and adopted by the following vote:
AYES: COUNCIL MEMBERS HEDGES, WATT, TURNER, SANSONE, HART, COX, PLUNDER
NOES: COUNCIL MEMBERS NONE
ABSENT: COUNCIL MEMBERS NONE
ABSTAIN: COUNCIL MEMBERS NONE
EXECUTED this 25th day of hilt' 991, at Newport Beach, California.
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CITY CLERK
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