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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. O CITY CLERK *�T, i/ pl 1�Y"'• 'k {'/ +� CITY OF NEWPORT BEACH 0., 3X' STATE OF CALIFORNIA [SEAL] •