HomeMy WebLinkAbout2001-64 - Assessment District 82 - BondsRESOLUTION NO. 2001. 64
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT
BEACH AUTHORIZING ISSUANCE OF BONDS AND APPROVING THE
FORM OF CERTAIN BOND DOCUMENTS FOR ASSESSMENT DISTRICT
NO. 82
WHEREAS, this City Council has previously adopted its Resolution of Intention
and initiated proceedings for the acquisition of certain public works of improvement,
together with appurtenances and appurtenant work, in a special assessment district
designated as Assessment District No. 82 (hereinafter referred to as the "Assessment
District ") pursuant to 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
(the "Improvement Act "); and
WHEREAS, this legislative body, to finance the acquisition and construction of
such improvements, declared in its Resolution of Intention to issue bonds against any
unpaid assessments as certified by the Treasurer, such bonds to issue pursuant to the
terms and provisions of the 'Improvement Bond Act of 1915 ", being Division 10 of such
Code (the "Bond Act'); and
WHEREAS, at this time this legislative body desires to set forth the general terms
and conditions relating to the authorization, issuance and administration of such bonds;
and
WHEREAS, there has been presented, considered and ready for approval the
form of a bond indenture, which document contains information including but not limited
to the Assessment District and the terms and conditions of the bonds; and
WHEREAS, there has also been presented for consideration by this legislative
body a form of Bond Purchase Contract authorizing the sale of bonds to M. L. Stern &
Co. Inc., as underwriter;
NOW, THEREFORE, it is hereby Resolved, Determined, and Ordered as follows:
SECTION 1. Recitals. The above recitals are true and correct.
SECTION 2. Bonds Authorized. Pursuant to the Bond Act, this Resolution and
the Bond Indenture (hereafter defined), limited obligation improvement bonds of the City
for the Assessment District designated as "City of Newport Beach Assessment District
No. 82 Limited Obligation Improvement Bonds" (the 'Bonds ") in an aggregate principal
amount not to exceed the unpaid assessments are hereby authorized to be issued, sold
and delivered. The date, manner of payment, interest rate or rates, interest payment
dates, denominations, form, registration privileges, manner of execution, place of
payment, terms of redemption and other terms, covenants and conditions of the Bonds
shall be as provided in the Bond Indenture as executed.
SECTION 3. Authorization and Conditions. The City Manager, the City
Treasurer, and such other official of the City as may be designated by the City Council,
or any of them (each an "Authorized Officer'), are hereby authorized and directed to
execute and deliver the various documents and instruments described in this Resolution
with such additions and changes as the Authorized Officer deems advisable, provided
that no additions or changes shall authorize an aggregate principal amount of Bonds in
excess of the unpaid assessments. The approval of such additions or changes shall be
conclusively evidenced by the execution and delivery of such documents or instruments
by an Authorized Officer, upon consultation with and review by the City Attorney and
bond counsel.
SECTION 4. Bond Indenture. The form of Bond Indenture with respect to the
Bonds as presented to this City Council and on file with the City Treasurer is hereby
approved. The Authorized Officer is hereby authorized and directed to cause the same
to be completed and executed on behalf of the City.
SECTION 5. Sale of Bonds. This City Council hereby authorizes and approves
the sale of the Bonds by negotiation to M. L. Stern & Co. Inc. (the "Underwriter "). The
form of the Bond Purchase Agreement as presented to this City Council and on file with
the City Treasurer is hereby approved and the Authorized Officer is hereby authorized
and directed to execute the Bond Purchase Agreement on behalf of the City upon the
execution thereof by the Underwriter, subject to Section 3 and further subject to the
following conditions: the aggregate principal amount of the bonds is equal to the unpaid
assessments within the Assessment District, the underwriter's discount does not exceed
two percent (2 %) and the net interest rate on the bonds shall not exceed seven percent
(7 %) per annum.
SECTION 6. Bonds Prepared and Delivered. Upon the execution of the Bond
Purchase Agreement, the Bonds shall be prepared, authenticated and delivered, all in
accordance with the applicable terms of the Bond Act and the Bond Indenture, and the
Authorized Officer and other responsible City officials are hereby authorized and
directed to take such actions as are required under the Bond Purchase Agreement and
the Bond Indenture to complete all actions required to evidence the delivery of the
Bonds upon the receipt of the purchase price thereof from the Underwriter.
SECTION 7. Annual Assessment Installments. A copy of the resolution
confirming the assessments, which assessments shall constitute the security for the
Bonds, shall be delivered to the City Treasurer, and the City Treasurer shall keep or
cause to be kept the record showing the several installments of principal and interest on
the assessments which are to be collected each year during the term of the bonds. An
annual portion of each reassessment, together with annual interest on said
reassessment, shall be payable in the same manner and at the same time and in the
same installment as the general property taxes of the County of Orange and shall be
payable and become delinquent at the same time and in the same proportionate
amount. Each year the annual installments shall be submitted to the County Auditor for
purposes of collection.
SECTION 8. Covenant to Initiate Foreclosure Proceedings. This legislative body
does further specifically covenant for the benefit of the bondholders to commence and
prosecute to completion foreclosure actions regarding delinquent installments of the
assessments in the manner, within the time limits and pursuant to the terms and
conditions as set forth in the Bond Indenture as submitted and approved through the
adoption of this Resolution.
SECTION 9. Actions. All actions heretofore taken by the officers and agents of
the City with respect to the establishment of the Assessment District and the sale and
issuance of the bonds are hereby approved, confirmed and ratified, and the proper
officers of the City are hereby authorized and directed to do any and all things and take
any and all actions and execute any and all certificates, agreements, contracts, and
other documents, which they, or any of them, may deem necessary or advisable in
order to consummate the lawful issuance and delivery of the Bonds in accordance with
Bond Act, this Resolution, the Bond Indenture, the Bond Purchase Agreement, the
Continuing Disclosure Agreement, and any certificate, agreement, contract, and other
document described in the documents herein approved.
SECTION 10. Effective Date. This resolution shall take effect from and
after its adoption.
PASSED, APPROVED and ADOPTED this 24th day of July, 2001.
AYES:
NOES:
ABSENT:
ATTEST:
/ K/ L�C� -nom � • T ��u'(i�
City Clerk
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3
Garold B. Adams, Mayor
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
I, LAVONNE M. HARKLESS, City Clerk of the City of Newport Beach, California, do
hereby certify that the whole number of members of the City Council is seven; that the foregoing
resolution, being Resolution No. 2001 -64 was duly and regularly introduced before and adopted by
the City Council of said City at a regular meeting of said Council, duly and regularly held on the
24th day of July, 2001, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Heffernan, O'Neil, Ridgeway, Glover, Bromberg, Proctor, Mayor Adams
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the
official seal of said City this 25th day of July, 2001.
(Seal)
City Clerk
Newport Beach, California