HomeMy WebLinkAboutCC RES 85-108RESOLUTION N0. 85-108
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM DESERT, CALIFORNIA,
MAKING AWARU FOk SALE OF BONDS, AND
PROVIDING FOR THE ESTABLISHMENT OF
A REDEMPTION FUN� FOR THt PAYMENT
OF SAID BONDS
wHEREAS, the CITY COUNCIL of the CITY OF PALM DESERT, CALIFORNIA, 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
NORTH SPHERE ASSESSMENT DISTRICT N0. 84-1
(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 Bond Act of 1915", being
Uivision 10 of the Streets and Highways Code of the State of California; and,
wHEREAS, there has now been received, in proper form, a Purchase Agreement
(hereinafter the "proposal") for the purchase of said bonds to issue under said
proceedings, which is is considered to best serve the interests of owners of land
included within the Assessment District and should be accepted.
rvOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION l. That the above recitals are all true and correct.
SECTION 2. That the proposal received from
MILLER & SCHROEDER FINANCIAL, INC.
for the purchase of improvement bonds representing unpaid assessments in
said Assessment District is hereby accepted and approved.
SECTIUN 3. That said sale is subject to all the terms and conditions as set forth in
the Resolution of Issiance and in the accepted proposal.
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 upon receipt of
the amount of monies due pursuant to said proposal and upon the perfor-
mance of all the conditions as set forth in the proposal.
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 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, together with all penalties, if applicable, thereon and from
which he shall disburse such funds to the registered owner. Under no
circumstances shall the said bonds or interest thereon be paid out of any
other fund except as provided by law. Said funo shall be known as the
REDEMPTION FUND, and shall be designated by the name of this Assessment
District.
SECTION 7. That the Treasurer shall transfer monies as necessary from the SPECIAL
RESERVE FUND in the manner and form as authorized by law.
RESOLUTION �0. �S-lU�
PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Desert,
California, on this 24th day of october , 1985, by the following vote:
AYES
NOES
BENSON, JACKSON, KELLY, WILSON AND SNYDER
NONE
ABSENT NONE
HBSTAIN NONE
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CITY OF PALM DESERT
STATE OF CALIFORNIA