HomeMy WebLinkAboutCity Council - 5938 RESOLUTION NO. 5938
A; RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
HUNTINGTON BEACH REQUESTING PROPOSAL FOR SALE OF
BONDS TO REPRESENT UNPAID ASSESSMENTS UPON LANDS
IN AN ASSESSMENT DISTRICT
WHEREAS, the City Council of the City of Huntington Beach in
accordance with 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, and pursuant to its
Resolution of Intention previously adopted,has initiated
proceedings for the construction of certain public works of
improvement, together with acquisition, where necessary, and
appurtenances, in a special assessment district known and
designated as Assessment District No. 88-1 (Reservoir
Hill,hereinafter referred to as the "Assessment District" ) ; and
It has been determined that serial bonds representing unpaid
assessments against private property shall be issued pursuant to
and as set forth in the "Improvement Bond Act of 1915" , being
Division 10 of the Streets and Highways Code of the State of
California; and
At this time this legislative body is desirous to request
the solicitation of a proposal for the sale of bonds for
purposes of financing the works of improvement as proposed for
construction in this Assessment District .
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of
the City of Huntington Beach as follows:
SECTION 1. That the above recitals are all true and
correct.
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SECTION 2 . That the Financial Consultant , Fieldman,
Rolapp & Associates is hereby authorized to formally request and
solicit a proposal from Stone & Youngberg relating to the sale
of bonds to issue to represent unpaid assessments against the
privately owned property within the boundaries of the Assessment
District, said bonds to be issued pursuant to the provisions of
the "Improvement Bond Act of 191511 , being Division 10 of the
Streets and Highways Code of the State of California. The
interest rate on said bonds shall not exceed the current legal
maximum rate of twelve percent ( 12% ) per annum. Said bonds
shall be issued pursuant to the terms and conditions as set
forth in the Resolution of Intention as previously adopted for
these proceedings.
SECTION 3 . That there will be furnished the legal
opinion of Brown & Diven, Attorneys at Law, approving the
legality of the proceedings and the issuance of sad bonds .
SECTION 4 . That in the event of any delinquency in the
payment of any installment of an assessment, it is hereby
covenanted with the holder of the bonds that this legislative
body will cause to be commenced and thereafter diligently
prosecuted, judicial foreclosure proceedings upon all delinquent
unpaid assessments within one hundred fifty (150 ) days following
any delinquency. It is further hereby ordered that an
investigation be initiated as soon as possible each year to
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determine all tax delinquencies on all properties within the
boundaries of the above referenced Assessment District .
PASSED AND ADOPTED at a regular meeting of the City Council
of the City of Huntington Beach on the 24th day
of October , 1988 .
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M or
ATTEST: APPROVED AS TO FORM:
City Clerk C ty A torney
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REVIEWED AND APPROVED: INITIATED AND APPROVED:
City Administrator Director of Public Works
be
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Res, No, 5938
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, CONNIE BROCKWAY, the duly appointed, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of at least a majority of all the members of said City Council
at a regular meeting thereof held on the 24th day
of October 19 88 by the following vote:
AYES: Councilmembers:
Kelly, Green, Finley, Erskine, Mays, Winchell
NOES: Councilmembers:
Bannister
ABSENT: Councilmembers:
None
City Clerk and ex-officio Werk
of the City Council of the City
of Huntington Beach, California
5938