Res 158RESOLUTION NO. 158
RESOLUTION OF THE CITY COUNCIL ACCEPTING
PROPOSAL AND MAKING AWARD FOR SALE OF BONDS,
AND PROVIDING FOR THE ESTABLISHMENT OF A
REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS.
WHEREAS, the CITY COUNCIL of the CITY OF POWAY, CALIFORNIA (hereinafter
referred to as "Agency"), has heretofore instituted and conducted proceedings
under 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,
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. 79-I
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, said Agency in its Resolution of Intention therein determined and
declared that bonds should issue under the provisions of the "Improvement Bond
Act of 1915", being Division I0 of the Streets and Highways Code of the State
of California; and,
WHEREAS, the Agency 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 Agency, considered to be the bid that
would best serve the interests of owners of land included within the
Assessment District and should be accepted by this Agency.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION I. That the above recitals are all true and correct.
SECTION 2. That the written proposal and bid received from
M. L. STERN & COMPANY
SECTION 3.
SECTION 4.
for the purchase of improvement bonds representing unpaid
assessments in said Assessment District is hereby accepted and
a~proved.
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.
That the Treasurer be, and hereby is, directed to have the bonds
printed immediately upon the expiration 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 performance of all the conditions as set
forth in the written offer.
RESOLUTION NO. 158
Page Two
SECTION 5.
SECTION 6.
SECTION 7.
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.
That the Treasurer is hereby authorized and directed to keep a
redemption fund designated by the name of the proceedings, into
which he shall place all sums received for the collection of the
assessments and the interest thereon, together 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 thereon be paid out of any other
fund except as provided by law.
That said fund shall be known as
"REDEMPTION FUND FOR
ASSESSMENT DISTRICT NO. 79-1"
APPROVED and ADOPTED this 8th
ATTEST:
CITY OF[POWAY
STATE OF~J;ALIFORNIA
day of September, 1981
MA?OR - //
CITY OF POWAY
STATE OF CALI FORN IA