HomeMy WebLinkAboutCC RES 82-060RESOLUTION N0. 82-60
RESOLUTION OF THE CITY COUNCIL CALLING
FOR SEALED BIOS QN BONOS TO BE ISSUED TO
REPRESENT UNPAID ASSESSMENTS UPON LANOS IN
AN ASSESSMENT DISTRICT.
WHEREAS, the CITY COUNCIL of the CITY OF PALM DESERT, CALIFORNIA (hereinafter
' referred to as "Agency"), in accordance with the terms and provisions of the
"Municipal Improvement Act of 1913", being Division 12 of the Streets and
Nighways Code of the State of California, and pursuant to a Resolution of
Intention adopted on the 27th day of May, 1982, has initiated proceedings for
the construction of certain public works of improvement 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, said Agency has determined that serial bonds shall be issued to
finance the costs and expenses of said improvements and proceedings pursuant
to and as set forth in the "Improvement Act of 1911", being Division 7 of the
Streets and Highways Code of the State of California.
NOW, THEREFORE, I7 IS HEREBY RESOLVED AS FOLLOWS:
SECTION l. That the above recitals are all true and correct.
SECTION 2. That this Agency does hereby call for sealed bids on bonds
proposed to be issued, to be received up to the time specificed
in the Notice of Sale, a copy of which is approved and on file in
the Office of the Agency.
SECTION 3. This Agency hereby selects and specifies as the date of the bonds
representing unpaid assessments against private property to be
the date as specified for that purpose in said Notice of Sale.
SECTION 4. That BOND COUNSEL i s hereby di rected to mai 1 copi es of the Not ice
of Sale to all persons determined to be prospective purchasers and
interested in bidding on the bonds to be issued for these
proceedings, said bonds to be issued pursuant to the provisions of
the "Improvement Act of 1911", being Division 7 of the Streets and
Highways Code of the State of California.
SECTION 5. That said bonds shall not exceed the current legal maximum
interest rate of 12q per annum, and said bonds shall be subject to
all of the terms and provisions relating to bonds as set forth in
the "Improvement Act of 1911", and further as set forth in the
Resolution of Intention for these proceedings.
SECTION 6. That this Aqency will provide, at no expense to the bidder, the
unqualified legal opinion of F. MACKENZIE BROWN, Attorney at Law,
attesting to the validity of the proceedings and the
enforceability of the bonds.
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PASSED, APPRdVEfl and ADOPTED by the City Council of the City of Palm Desert,
California, on this 20th day of MaY , 1982, by the following
vote:
AYES: McPherson, Newbrander, Puluqi, Snyder & Wilson
NOES: None
ABSENT: IVone
ABSTAIN: None
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ATTEST� � / l _ B `
CITY OF PALM DESERT
STATE OF CALIFORNIA
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�TE OF CALIFORNIA