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RESOLUTION NO.
4712
RESOLUTION OF THE CITY COUNCIL ACCEPTING
PROPOSAL AND MAKING AWARD FOR SALE OF BONDS,
AND PROVIDING FOR THE ESTABLISHMENT OF A
REDEl@TION FUND FOR THE PAYMENT OF SAID BONDS.
CITY OF ARCADIA
WHEREAS, this City Council has heretofore instituted and conducted
proceedings under the terms and provisions of the "Municipal Im-
provement Act of 1913", being Division 12 of the Streets and High-
ways Code of the State of California, for'the construction of 'cer-
tain public works of improvement, together with appurtenances and
appurtenant work, in a special assessment district known and desig-
nated as '
ASSESSMENT DISTRICT NO. 76-1
(CENTRAL AREA STREET AND PARKING IMPROVEMENTS)
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, said City Council in its Resolution of Intention therein
determined and declared that bonds should issue under the provi-
sions of the "Improvement Bond Act of 1915", being Division 10 of
the Streets and Highways Code of the State of California; and,
WHEREAS, the City Council has now received, in proper form, a pro-
posal for the purchase of said bonds to issue under said proceedings
and said proposal received is, in the opinion of this City Council,
considered to be the bid that would best serve the interests of
owners of land included within the Assessment District and should
be accepted by this City Counci~.
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF ARCADIA
CALIFORNIA, AS FOLLOWS:
'SECTION 1.
That the above recitals are all true and correct.
SECTION 2.
That the written proposal and bid received from
SAN FRANCISCO SECURITIES INCORPORATED
dated the 17th day of. January 1978
for the purchase of improvement bonds representing
unpaid assessments in said Assessment District is
hereby accepted and approved.
SECTION 3.
That said sale is subject to all the terms and condi-
tions as set forth in the previously approved Notice
of Sale of said bonds and in the accepted bid.
That the City Treasurer be, and is hereby directed
to have the bonds printed immediately upon the expi-
ration of the cash collection period, and he shall
SECTION 4.
then have said bonds signed and delivered to said
bidder upon receipt of the amount of monies due
pursuant to said bid and upon the performance of
all the conditions as set forth in the written
offer.
SECTION 5.
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 bid proposal.
SECTION 6.
That the City 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 upon presentation
of proper coupons. Under no circumstances shall the
said securities or interest thereon be paid out of
any other fund except as provided by law.
SECTION 7.
That said fund shall be known as
"REDEMPTION FUND FOR
ASSESSlmNT DISTRICT NO. 76-1"
APPROVED and ADOPTED this
l7th
day of
January, 1978
MAYOR
CIT~j.O ARCADIA
~AMFO"''''
l!f~!i., . .
CITY CLERK ~
CITY OF ARCADIA
STATE OF CALIFORNIA
-2-
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES ss.
CITY OF ARCADIA
I, CHRISTINE VAN MAANEN, City Clerk of the City of ARCADIA,
California, DO HEREBY CERTIFY that the foreqoing Resolution,
being Resolution No. 4712 was duly passed, approved and
-adopted by said City Council, approved and signed by the
Mayor, and attested by the City Clerk, all at a re~ular
meeting of said City Council held on the 17th day of
January. 1978 , and that the same was passed and
adopted by the following vote, to-wit:
AYES:
COUNCIL 'MEMBERS; Gilb, Margett, Parry
and - Saeli,d
COUNCIU,MEMBERS: None
NOES:
ABSENT:
COUNCILtMEMBERS: Lauber
Executed this
California.
17th
day of
Januarv. 1978
, at Arcadia,
~~
CITY OF 'ARCADIA
STATE OF., CALIFORNIA
"
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