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HomeMy WebLinkAboutCC RES 73-81 , RESOLUTION NO. 73-81 A RESOLUTON OF THE CITY COUNCIL ACCEPTING PROPOSAL FOR THE SALE OF BONDS AND PROVIDING FOR THE ETABLISHMENT OF A REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS, IN THE MATTER OF ASSESSMENT DISTRICT NO. 2 , / " BONDS, IN THE MATTER OF. ASSESSMENT DISTRICT . NO. 2. , o o · .' WHEREAS, this City Council has heretofore instituted and -. conducted proceodings undor tho provisions of the "Municipal · "being Division 12 of the Streets and Improvement Act of 1913, · HighWays Code of the State of California for the construction of certain improvements together with appurtenances in ASSESSMENT DISTRICT NO. 2, CITY OF TUSTIN, CALIFORNIA; and · WHEREAS, said City Council in its Resolution of Intention · therein determined and declared that bonds should be .issued under the provisions of the "Improvement Act of 1911" for each unpaid assessment or portion thereof .which amount to Fifty Dollars ($50.00) 0 or. more, to finance said improvement; and WHEREAS, the City Council'has now received in the manner and form as prescribed by law a proposal for the purchase of said .. bonds in said Assessment District; and WHEREAS, the proposal received is in the opinion of the · City Council considered to be the bid which will best serve the interest of owners of land within the Assessment District and should be accepted my this Council, NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIa, AS FOLLOWS' SECTION 1. The above recitals are all true and correct. SECTION 2. That the proposal of _~.tone__9~.~b__e~rg_____ dated the 30th day of October , 1973 , is hereby accepted "253,. , and-aPproved'~'for 'tko- purchase of the lmprovement bonds for the works of improvement together Wi'~h .appurtenances in ASSESSMENT ... DISTRICT NO. 2. ' · · .. SECTION 3. That the City Treasurer or appointed Fiscal ., Agent, in accOrdance with the provisions of Part 5 of Division 7 of the $~reets and .Highways Code, is hereby authorized and directed to · receive all payraents made upon said bonds and assessments by property owners in a fund designated by the name of the bonds, in ,. which he shall place all sums paid him for the principal of the bonds and the interest thereon, together with all penalties thereon, and from which he shall disburse such funds upon presentation of proper coupons.. Under no circumstances shall the said bonds or interest thereon be paid out of any other fund except as provided by ].aw. SECTION'4. Said fund shall be designated as "Improvement Fund for ASSESSMENT DISTRICT NO. 2, CITY OF TUSTIN, CALIFORNIA. SECTI'ON 5. That bonds shall bo issued representing unpaid assessments against private property in accordance with the provisions of Division 12 of the Streets and Highways Code, and Division 7 of said Code, for the purpose of paying the costs of the improvement together with appurtenances and incidental expenses. SECTION 6. That said bonds shall be isSued for all unpaid .assessments or portions thereof which amount to Fifty Dollars ($50.00) or over, and shall be in the respective amounts as set forth in the assessment as confirmed 'for said district. Said bonds will be dated the 31st day after recordation of assessment . .. Said bonds and the coupons thereof shall be issued substantially in the form authorized for the .issuance of bonds under Division 7 of the Streets .~ and Highways Code of the State o= · California. These bonds shall be serial bonds and shall extend over a period ending nine (9) years from the second day of January - 2 - 254 , .. . , .:.. ,,. , · · . .,....~,....?...~:?,~..?:. , , . .' , ~,? ', ~ ·, '.'... : . .. .... · .& ~ 3 '.. . ' ' ' ,." " ".' ' ' nex~ succeeding the next September first following their date, and an even annual proPortion of the principal sma thereof year a~t~=r · , · the next September first following their dat~, until the whole is paid, and the interest shall b. 0e payable semi-annually, by coupon~ o~. , the second daYs of JanuarY and July, respectively, of each year following the date of the bonds. . ..... · .. SECTION 7. That the interest rate on said bonds shall be the same as set forth in the accepted bid proposal as submitted. · APPROVED AND ADOPTED this 19th day of November, 1973 · ~A~0R OF ~.,HE cITY OF TUSTI-i~--- . ......... CA&,IFORN IA ATTEST: .__ CITY CLER~K OF THE CITY OF TUSTIN, CALIFORNIA - 3 - 255. . STATE OF CALIFORNIA COUNTY OF ORANGE CITY'OF TUSTIN SS I, RUTH C. POE City Clerk of. the City .of. Tust!n ..... ..' ........ , California, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No.73-81 ..... , was duly p.~ssed, approved and 'adopted by said City Council, approved and signed by the Mayor, and attested by the City Clerk, all at a .............. r~_egular meeting of __ . said City Council held on the 19th ..day of_No¥gmber- 19 73 , and that the same was passed and adopted by the following vote AYES: COUNCILMEN SALTAREIIL, LANGLEY WOODRUFF, SHARP NOES: COUNCILMEN ~ONE ABSENT: COUNCILMEN WELSH DATED this .20th day of.. November 19 73 _ :.. . .-- _ , 1! ~ (SEAL) CITY CLERK~.OF_ .... THE CITY OF ~, TUSTIN, CALIFOI~NIA