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HomeMy WebLinkAbout92-81 - Special Assessment District 63 - Newport IslandRESOLUTION NO. 92 -81 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS, APPROVING FORMS OF BOND INDENTURE, BOND PURCHASE CONTRACT AND PRELIMINARY OFFICIAL STATEMENT FOR A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, is • conducting proceedings for the installation of certain public improvements in a special assessment district 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 district known and designated as ASSESSMENT DISTRICT NO. 63 (NEWPORT ISLAND) (hereinafter referred to as the "Assessment District "); and, WHEREAS, this legislative body has previously declared in its Resolution of Intention to issue bonds to finance said improvements, said bonds to issue pursuant to the terms and provisions of the "Improvement Bond Act of 191511, 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 a bond indenture setting forth formal terms and conditions relating to the issuance and sale of bonds; 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 M. L. Stern & Co., the designated underwriter; 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 the Assessment District and the type of bonds, including terms and conditions thereof; and, WHEREAS, this legislative body hereby further determines that the unpaid assessments shall be specifically in the amount as shown and set forth in the Certificate of Paid and Unpaid Assessments as certified by and on file with the • Treasurer, and for particulars as to the amount of said unpaid assessments, said Certificate and list shall control and govern. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are true and correct. BOND AUTHORIZATION SECTION 2. That this legislative body does authorize the issuance of Limited • obligation improvement bonds in an aggregate principal amount not to exceed $675,738.00 pursuant to the terms and provisions of the "Improvement Bond Act of 1915 ", 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. BOND INDENTURE SECTION 3. That the BOND INDENTURE is approved substantially in the form presented herein, subject to modifications as necessary and as approved by the Treasurer. Final approval of the BOND INDENTURE shall be conclusively evidenced by the signature of the Treasurer upon final delivery of bonds and receipt of proceeds. A copy of said 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., the designated underwriter, is hereby approved substantially in the form presented herein, subject to modifications as necessary and approved by the City Manager, with the final pricing of bonds being delegated to the Treasurer. Final acceptance of the BOND PURCHASE CONTRACT shall be evidenced by the signature of the City Manager 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 City Manager, with the concurrence of Bond Counsel, and execution and distribution is hereby authorized. The City Manager is further authorized to execute and deliver any certificate regarding the finality of the Preliminary Official Statement as may • be necessary or appropriate for purposes of complying with Section 240.15C2 -12 in Chapter II of Title 17 of the Code of Federal Regulations ( "Rule 15C2 -12 "), 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 BOND DELIVERY SECTION 6. No further action will be required by this legislative body if the bonds are priced, sold and delivered prior to the 31st day of August, 1992. FINAL ASSESSMENTS SECTION 7. That the Certificate of Paid and Unpaid Assessments, 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 this Assessment District. SUPERIOR COURT FORECLOSURE SECTION S. This legislative body does further specifically covenant for the benefit of the bondholders to commence and prosecute to completion foreclosure actions regarding delinquent installments of the assessments ins the manner, within the time limits and pursuant to the terms and conditions as set forth in the Bond Indenture as submitted and approved through the adoption of this Resoulution. OTHER ACTS SECTION 9. All actions heretofore taken by the officers and agents of the City with respect to the sale and issuance of the bonds are hereby approved, confirmed and ratified, and the Treasurer and the City Manager and any and all other officers of the City are hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all actions relating to the execution and delivery of any and all certificates, requisitions, agreements and other documents, which the Treasurer or the City Manager may deem necessary or advisable in order to consummate the lawful issuance and delivery of the bonds in accordance with this resolution. APPROVED and ADOPTED this 27th day of July , 1992. ATTEST: Ail CITY CLERK �` -CfL.L MAYOR