HomeMy WebLinkAbout1986 065 CC RESO1986 065 CC RESO ;¢fì ø Ó RESOLUTION NO. 86-65
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BALDWIN PARK, CALIFORNIA, AUTHORIZING SALE
OF BONDS TO FINANCE IMPROVEMENTS IN DELTA
ASSESSMENT DISTRICT NO. 86-2
WHEREAS, the City Council of the City of Baldwin
Park, Californias, has initiated proceedings pursuant to the
terms and conditions of the Municipal Improvement Act of 1913,
being Division 12 of the Streets and Highways Code of the
State of California, for the acquisition of certain improve-
ments, in a special assessment district known and designated
as Delta Assessment District NO. 86-2" hereafter District's/-
and
WHEREAS, it has been determined that serial bonds
shall be issued to finance the costs and expense of said
improvements and proceedings, and said bonds shall be issued
pursuant to the terms and provisions of the Improvement Bond Act
of 1915, being Division 10 of the Streets and Highways Code of
the State of California; and
WHEREAS, at this time, the City council desires to
authorize the sale of bonds to finance the work of improvement
as proposed for the District.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
BALDWIN PARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Manager is hereby authorized
to solicit a proposal or proposals for the sale of bonds for
the District. The interest rate on the bonds shall not exceed
the current legal maximum rate of twelve percent 12%) per
annum, the bonds shall be issued pursuant to the terms and
conditions set forth in the Resolution of Intention as
previously adopted for these proceedings.
SECTION 2. This Resolution is adopted pursuant to
the provisions of Section 10602 of the Streets and Highways
Code of the State of California, and asll 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 District.
SECTION 3. There shall be provided, at no expense
to the bidder, the legal opinion of Burke, Williams & Sorensen,
attesting to the validity of the proceedings and the enforce-
ability of the bonds.
SECTION 4. Pursuant to the provisions of Section
10600.5 of the Streets and Highways Code, it is hereby deter-
mined that the bonds shall bear interest from their date,
and the date of the bonds shall be September 2, 1986____/ or
the 31st day after recordation of the assessment roll and
diagram, whichever is later.
SECTION 5. 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 City Council
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.
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1986 065 CC RESO ;¢fì ø Ó Resolution No. 86-65
Page Two
It is further hereby ordered that an investigation be initiated
as soon as possible each year to determine all tax delinq-
uencies on all properties with the boundaries of the above
referenced Assessment District.
SECTION 6. The City Clerk shall certify to the
adoption of this resolution and thenceforth and thereafter the
same shall be in full force and effect.
APPROVED AND ADOPTED this 6th da^ of August/ 1986.
/^V^^^.^^
/^t- L,^.
Mayor
ATTEST:
L. GATR, CITY CLERK
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF BALDWIN PARK
I/ LINDA L. GAIR, City Clerk of the City of Baldwin
Park, do hereby certify that the foregoing Resolution was duly
and regularly approved and adopted by the City Council of the
City of Baldwin Park at its regular meeting of the City Council
on the 6th day of August, 1986, by the following vote:
AYES: COUNCILMEN MCNEILL,IZELL,GIBSON, KING AND MAYOR WHITE
NOES: COUNCILMEN NONE____________________________________
ABSENT: COUNCILMEN NONE
LINDA L. GAIR, CITY CLERK
BIB]
37847-U01
1986-U02
065-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO20545-U03
DO20612-U03
C6-U03
RESO-U03
8/12/2003-U04
ROBIN-U04