HomeMy WebLinkAboutCity Council - 5971 RESOLUTION NO. 5971
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH ACCEPTING PROPOSAL FOR SALE OF
BONDS AND PROVIDING FOR THE ESTABLISHMENT OF A
REDEMPTION FUND
WHEREAS, the CITY COUNCIL of the CITY OF HUNTINGTON BEACH has
heretofore instituted and conducted proceedings under the terms
and provisions of the "Municipal Improvement Act of 191311 , 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 assessment district known and designated as ASSESSMENT
DISTRICT No. 88-1 (RESERVOIR HILL) (hereinafter referred to as the
"Assessment District" ) ; and
In the Resolution of Intention it was determined and declared
that bonds should issue under the provisions of the "Improvement
Bond act of 191511 , being Division 10 of the Streets and Highways
Code of the State of California; and
There has now been received, in proper form, a proposal
(hereinafter the "proposal" ) for the purchase of said bonds to
issue under said proceedings, which is considered to 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 proposal received December 19 , 1988 ,
from STONE & YOUNGBERG for the purchase of improvement bonds
representing unpaid assessments in said Assessment District is
hereby accepted and approved.
SECTION 3 . The said sale is subject to all the terms and
conditions as set forth in the Bond Indenture and in the accepted
proposal .
SECTION 4 . That subject to approval by the City Attorney,
the Mayor and City Clerk are hereby authorized to execute the
proposal and a copy of said proposal shall be kept on file with
the transcript of these proceedings .
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SECTION 5 . 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 upon receipt of the amount of monies
due pursuant to said proposal and upon the performance of all the
conditions as set forth in the proposal .
SECTION 6 . 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 proposal.
SECTION 7 . 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 by 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 .
SECTION 8 . That the Treasurer shall transfer monies as
necessary from the SPECIAL RESERVE FUND in the manner and form as
authorized by law.
PASSED and ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 19th
day of December , 1988 .
Mayor
ATTES APPROVED AS 0 FORM:
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City Clerk City Attorney 6_ 6
REVTI�E ND =APED: NITIATED ND APPROVED:
C ' ty Administrator Dire for of Public Works
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5971
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF HUNTINGTON BEACH)
I , CONNIE BROCKWAY, the duly elected, qualified and acting
City Clerk of the City of Huntington Beach, and ex-officio Clerk
of the CityCouncil of said city, do hereby certify that the
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whole number of members of the City Council of Huntington Beach
is seven; that the foregoing resolution was passed and adopted
by the affirmative vote of more than a majority of all the
members of said City Council at a regular meeting thereof held
on the 19th day of December , 1988, by the following votes :
AYES: COUNCILMEN:
MacAllister, Green, Winchell , Bannister, Mays, Silva, Erskine
NOES: COUNCILMEN:
None
ABSENT: COUNCILMEN:
None
City Clerk
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