HomeMy WebLinkAbout93-6 - Special Assessment District 66 - East NewportRESOLUTION NO. 93 -6
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH, CALIFORNIA, AUTHORIZING ISSUANCE
OF BONDS, APPROVING FORMS OF BOND INDENTURE,
BOND PURCHASE CONTRACT AND PRELIMINARY OFFICIAL
STATEMENT FOR A SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF NEWPORT BEACH, CALIFORNIA, is
nducting proceedings for
the installation of
certain public
improvements in a
1p,ecial 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, said special assessment district known and designated as
ASSESSMENT DISTRICT NO. 66 (BLOCK S, EAST NEWPORT) (hereinafter referred to as the
"Assessment District "); and,
WHEREAS, this legislative body has previously declared in its Resolution of
Intention to issue bonds to finance said improvements, said bonds to issue pursuant
to the terms and provisions of the "Improvement Bond Act of 191511, being Division 10
of said Code; and,
WHEREAS, at this time this legislative body is desirous to set forth all formal
terms and conditions relating to the authorization, issuance and administration of
said bonds; and,
WHEREAS, there has been presented, considered and ready for approval a bond
indenture setting forth formal terms and conditions relating to the issuance and
sale of 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., the designated underwriter; and,
WHEREAS, there has also been presented for consideration by this legislative
body a form of Preliminary Official Statement containing information including but
not limited to the Assessment District and the type of bonds, including terms and
conditions thereof; and,
WHEREAS, this legislative body hereby further determines that the unpaid
assessments shall be specifically in the amount as shown and set forth in the
Certificate of Paid and Unpaid Assessments as certified by and on file with the
• Treasurer, and for particulars as to the amount of said unpaid assessments, said
Certificate and list shall control and govern.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance of bonds
Gursuant to the terms and provisions of the "Improvement Bond Act of 1915 ", being
ivision 10 of the Streets and Highways Code of the State of California, and also
pusuant to the specific terms and conditions as set forth in the BOND INDENTURE
presented herein.
BOND INDENTURE
SECTION 3. The BOND INDENTURE is approved substantially in the form presented
herein, subject to modifications as necessary and as approved by the City Treasurer,
with the concurrence of Bond Counsel. Final approval of the BOND INDENTURE shall be
conclusively evidenced by the signature of the City Treasurer upon final delivery of
bonds and receipt of proceeds. A copy of said BOND INDENTURE shall be kept on file
with the transcript of these proceedings and open for public inspection.
BOND PURCHASE CONTRACT
SECTION 4. That the BOND PURCHASE CONTRACT as submitted by M. L. Stern & Co.,
Inc., the designated underwriter, is hereby approved substantially in the form
presented herein, subject to modifications as necessary and approved by the City
Treasurer, with the concurrence of Bond Counsel. Final acceptance of the BOND
PURCHASE CONTRACT shall be evidenced by the signature of the City Treasurer on
behalf of the City.
PRELIMINARY OFFICIAL STATEMENT
SECTION 5. That the PRELIMINARY OFFICIAL STATEMENT is approved substantially
in the form presented, subject to modifications as necessary and as approved by the
City Treasurer, with the concurrence of Bond Counsel, and execution and distribution
is hereby authorized. A copy of said PRELIMINARY OFFICIAL STATEMENT shall be kept
on file with the transcript of these proceedings and remain open for public
inspection.
FINAL ASSESSMENTS
• SECTION 6. That the Certificate of Paid and Unpaid Assessments, as certified
by the Treasurer, shall remain on file in that office and be open for public
inspection for all particulars as it relates to the amount of unpaid assessments to
secure bonds for this Assessment District.
SUPERIOR COURT FORECLOSURE
SECTION 7. 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
denture as submitted and approved through the adoption of this Resoulution.
APPROVED and ADOPTED this 8th day of February , 1993.
ATTEST:
CITY CLERK
CITY OF NEWPORT BEA
STATE OF CALIFORNIA
•
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CITY OF
STATE OF