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HomeMy WebLinkAbout4712 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 " [SEAL]