HomeMy WebLinkAbout75-092RESOLUTION NO. 75-92
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SANTA ANA, CALIFORNIA, ACCEPTING PROPOS-
AL AND MAKING AWARD FOR SALE OF BONDS, AND
PROVIDING FOR THE ESTABLISHMENT OF A RE-
DEMPTION FUND FOR THE PAYMENT OF SAID BONDS.
ASSESSMENT DISTRICT NO. 239
WHEREAS, this City Council has heretofore instituted and
conducted proceedings under the terms and provisions of the "Muni-
cipal 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 appurtenant work in a special assessment district known and
designated as
ASSESSMENT DISTRICT NO. 239
WHEREAS, said City Council in its Resolution of Inten-
tion therein determined and declared that bonds should issue
under the provisions of the "Improvement Act of 1911"; and,
WHEREAS, the City Council has now received, in proper
form, a proposal 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 interest of owners of land included within the Assess-
ment District and should be accepted by this City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF SANTA ANA, CALIFORNIA, AS FOLLOWS:
SECTION 1. That the above-recitals are all true and
correct.
from
SECTION 2.
That the written proposal and bid received
C. H. WATT
dated the 30th day of June, 1975, for the purchase of improvement
bonds representing unpaid assessments in an assessment district
entitled
ASSESSMENT DISTRICT NO. 239
is hereby accepted and approved.
SECTION 3. That said sale is subject to all the terms
and conditions as set forth in the previously approved Notice of
Sale of said bonds and in the accepted bid.
SECTION 4. That the City Treasurer be and is hereby
directed to have said bonds printed immediately upon the expira-
tion of the cash collection period and he shall 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 perform-
ance of all the conditions as set forth in said 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 author-
ized and directed to keep a redemption fund designated by the name
of the proceedings in which he shall place all sums received for
the collection of the assessments and the interest thereon, to-
gether 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
therein be paid out of any other fund except as provided by law.
SECTION 7. Said fund shall be known as "Redemption
Fund for ASSESSMENT DISTRICT NO. 239".
APPROVED and ADOPTED this 14th day of July
ATTEST:
CITY OF SANTA ANA, CALIFORNIA
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF SANTA ANA )
I, FLORENCE I. MkLONE, do hereby certify that I am the
Clerk of the Council of the City of Santa Ana; that the fore-
going Resolution was introduced to said Council at its meeting
held on the 14th day of July ,1975,
and was at sa-~meeting passed and adopted by the following
vote, to wit:
AYES: COUNCILMEN:
NOES: COUNCILMEN:
Evans, Yamam0to, Bricken,
0rtiz, Garthe, Ward
None
ABSENT: COUNCILMEN: Brandt
APPROVED AS TO FORM:
CITY ATTORNEY
APPRO~ ~TO~D FORM:
cFounse~/MAC1KENfo~sessment DisZIE B~'N ~rict NO.
239