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HomeMy WebLinkAboutCC RES 82-101. RESOLUTION N0. 82-101 RESOLUTION OF THE CITY COUNCIL ACCEPTING PROPOSAL AND MAKING AWARO 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 PALM DESERT, CALIFORNIA, has hereto- � fore instituted and conducted proceedings under the terms and provisions of the "Municipal Improvement Act of 1913", being Division 12 of the Streets and High- 4 ways 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 N0. 81-1 (SHADOW MOUNTAIN DRIVE AREA) (hereinafter referred to as the "Assessment District"); and, WHEREAS, in the Resolution of Intention it was determined and declared that bonds should issue under the provisions of the "Improvement Act of 1911", being Division 7 of the Streets and Highways Code of the State of California; and, WHEREAS, there has now been received, in proper form, a proposal for the pur- chase of said bonds to issue under said proceedings, and said proposal received is considered to be the bid that would best serve the interests of owners of land included within the Assessment Oistrict and should be accepted. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: � SECTION 1. That the above recitals are all true and correct. 1_ SECTION 2. That the wr�tten proposal and b�d rece�ved from STONE & YOUNGBERG for the purchase of improvement bonds representing unpaid assess- ments in said Assessment District 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 Treasurer be, and hereby is, directed to have the bonds printed immediately upon the expiration of the cash collection period, and said Treasurer 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. � SECTION 5. That the interest rate or rates on said bonds be, and the same hereby 15 fixed at the rate or rates as set forth in said accepted bid proposal. SECTION 6. 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, toqether 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 bonds or interest thereon be paid out of any other fund except as provided by law. SECTION 7. That said fund shall be known as "REDEMPTION FUND FOR ASSESSMENT DISTRICT N0. 81-1 (SHADOW MOUNTAIN DRIVE AREA)" . PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Desert, California, on this 22nd day of ���X , 1982, by the following vote: AYES: NOES: ABSENT: ABSTAIN: McPherson, Newbrander, Puluqi, Snyder & Wilson None None None � ;� � � -rr f i � ATT T: • � . CITY CLERK ,. CITY OF PALM DESERT STATE OF CALIFORNIA �Y OF PALM DESERT ATE OF CALIFORN� .