HomeMy WebLinkAbout89-19 - Assessment District 57 - Corona HighlandsRESOLUTION NO. 89 -19
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH, CALIFORNIA, AUTHORIZING THE SALE
OF SPECIAL ASSESSMENT BONDS TO FINANCE IMPROVE-
MENTS IN A SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, has
•initiated proceedings pursuant to the terms and conditions of th`e "Municipal
Improvement Act of 1913 ", being Division 12 of the Streets and Highways Code of the
State of California, for the construction of certain public works of improvement,
together with appurtenances and .acquisition, where necessary, in a special
assessment district; said special assessment district known and designated as
ASSESSMENT DISTRICT NO. 57 (CORONA HIGHLANDS UTILITY CONVERSION) (hereinafter
referred to as the "Assessment District "); and,
WHEREAS, it has been further determined that serial bonds shall be issued to
finance the costs and expenses of said improvements and proceedings, and said bonds
shall be issued pursuant to the terms and provisions of the "Improvement Act of
1911 ", being Division 7 of the Streets and Highways Code of the State of California;
and,
WHEREAS, at this time, this legislative body is desirous of authorizing the
sale of bonds to finance the works of improvement as proposed for this Assessment
District.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That BOND COUNSEL is hereby authorized to solicit a proposal or
proposals for the sale of bonds for the Assessment District. 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 this Resolution is adopted pursuant to the provisions of
Section 10602 of the Streets and Highways Code of the State of California, and it is
further directed that all recommendations relating to the sale of bonds be presented
to this body no later than the time set for the Public Hearing on the "Report" and
• related matters for this Assessment District.
SECTION 4. That there will be provided, at no expense to the bidder, the
approving legal opinion of BROWN & DIVEN, Attorneys at Law, attesting to the
validity of the proceedings and the enforceability of the bonds.
SECTION 5. That pursuant to the. provisions of Section 10600,5, it is hereby
determined that the bonds shall bear interest from their date, and the date of the
bonds shall be JUNE 15, 1989, or the 31st day after recordation of the assessment
roll and diagram, whichever is later.
SECTION 6. 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
determine all tax delinquencies on all properties within the boundaries of the
above - referenced Assessment Di8_tr.ic.t..
APPROVED and ADOPTED this 27th
AT TES :
CITY CLERK
CITY OF NEWPORT BEA
STATE OF CALIFORNIA
•
day rch 1989.
MAYOR
CITY OF NEWPORT BEACH
STATE OF CALIFORNIA
•
STATE OF CALIFORNIA
COUNTY OF ORANGE
CITY OF NEWPORT BEACH
I, WANDA E. RAGGIO, CITY CLERK of the CITY OF NEWPORT BEACH,
CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution
No. 89_19, was duly passed, approved and adopted by the City Council,
approved and signed by the Mayor, and attested by the City Clerk, all at the
regular meeting of said City Council held on 27th day of March, 1989, and that
the same was passed and adopted by the following vote:
AYES: COUNCIL MEMBERS TURNER, SANSONE, PLUMMER, STRAUSS,
HART, COX, WATT
NOES: COUNCIL MEMBERS NONE
ABSENT:
COUNCIL
MEMBERS
NONE
ASTAINED:
COUNCIL
MEMBERS
NONE
EXECUTED this A� day of 1989, at Newport
Beach, California.
T "YC L E ORK -- Cam'
CITY OF NEWPORT BEAC
STATE OF CALIFORNIA