HomeMy WebLinkAbout95-45 - Special Improvement District 95-1 CIOSARESOLUTION NO. 95 -45
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH DECLARING INTENTION TO INCUR
BONDED INDEBTEDNESS OF THE PROPOSED CITY of
NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO.
95 -1 (CIOSA)
• WHEREAS, the City Council (the "City Council ") of the City of Newport Beach (the
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"City ") has this date adopted its Resolution entitled "A Resolution of the City Council of the
City of Newport Beach Declaring Intention to Establish a Special Improvement District and to
Authorize the Levy of Special Taxes ", stating its intention to form a special improvement
district pursuant to the City of Newport Beach Special Improvement District Financing Code
(the "Code "), for the purpose of financing certain public improvements (the "Facilities "), as
further provided in said Resolution;
WHEREAS, the City Council estimates the amount required for the financing of the Facilities
to be not more than $29,000,000; and
WHEREAS, in order to finance said Facilities it is necessary to incur bonded indebtedness
in the amount of up to $29,000,000;
Now, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach as
follows:
Section 1. It is necessary to incur bonded indebtedness within the boundaries of the
proposed City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) (the
"District ") in the amount of up to $29,000,000 to finance the costs of the Facilities.
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Section 2. The bonded indebtedness is proposed to be incurred for the purpose of
financing the costs of the Facilities, including construction costs and all costs incidental to or
connected with the accomplishment of said purposes and of the financing thereof, as permitted
by Section 702 of the Code.
• Section 3. The City Council, acting as legislative body for the District, intends to authorize
the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed
$29,000,000, bearing interest payable semi - annually or in such other manner as the City Council
shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by
applicable law at the time of sale of such bonds, and maturing not to exceed 40 years from the
date of the issuance of said bonds.
Section 4. Monday, June 12, 1995, at 7:00 p.m., in the regular meeting place of the City
Council, Council Chambers, City Hall, 3300 Newport Boulevard, Newport Beach, California,
be, and the same are hereby appointed and fixed as the time and place when and where the
City Council, as legislative body for the District, will conduct a public hearing on the
proposed debt issue and consider and finally determine whether the public interest,
convenience and necessity require the issuance of bonds of the City for the District.
Section 5. The City Clerk is hereby directed to cause notice of said public hearing to be
given by publication one time in a newspaper of general circulation circulated within the
District. The publication of said notice shall be completed at least seven days before the date
herein set for said public hearing. Said notice shall contain the information prescribed by
Section 7.03 of the Code.
Section 6. The officers and employees of the City are hereby authorized and directed to
• take all actions and do all things which they, or any of them, may deem necessary or desirable to
accomplish the purposes of this Resolution and not inconsistent with the provisions hereof.
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Section 7. This Resolution shall take effect immediately upon its adoption.
BE IT FURTHER RESOLVED by the City Council of the City of Newport Beach as follows:
ADOPTED, this 8th day of May, 1995.
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