HomeMy WebLinkAboutCC RES 85-059RESOLUTION N0. 85-59
RESOLUTION OF THE CITY COUNCIL OF ?HE
CITY OF PALM DESERT, CALIFORNIA,
AUTHORIZING THE SALE OF SPECIAL ASSESS-
MENT BONDS TO FINANCE IMPROVEMENTS IN A
SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF PALM DESERT, CALIFORNIA, has initiated
proceedings pursuant to the terms and conditions 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 acquisition, where necessary, in a special assessment district;
said special assessment district known and designated as
ASSESSMENT DISTRICT N0. 83-1
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, it has been further determined that serial bonds shall be issued to finance
the costs and expenses of said improvements and proceedings, and said bonds shall be
issued pursuant to the terms and provisions of the "Improvement Bond Act of 1915",
being Division 10 of the Streets and Highways Code of the State of California; and,
WHEREAS, at this time, this City Council is desirous of authorizing the sale of bonds
to finance the works of improvement as proposed for this Assessment District.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOI.LOWS:
SECTION 1. That the above reci tal s are al 1 true and correct .
SECTION 2. The interest rate on said bonds shall not exceed the current legal
maximum rate of twelve percent (12%) per annum. Said bonds shall be
issued pursuant to the terms and conditions as set forth in the
Resolution of Intention as previously adopted for these proceedings.
SECTION 3. That there will be provided, at no expense to the bidder, the approving
legal opinion of F. MACKENZIE BROWN, Attorney at Law, attesting to the
validity of the proceedings and the enforceability of the bonds.
SECTION 4. That pursuant to the provisions of Section 10600.5, it is hereby deter-
mined that the bonds shall bear interest from their date, and the date of
the bonds shall be OCTOBER 2, 1985, or the 31st day after recordation of
the assessment rol { and di agr am, wh ichever i s 1 ater .
SECTION 5. That in the event of any def ault of any assessmsent payment due, it is
hereby covenanted with the holder of the bonds that this City Council
will cause Superior Court foreclosure proceedings to be brought within
one hundred fi fty (150) days of such def aul t and thereafter di l i gentl y
prosecute to completion such proceedings. Such foreclosure proceedings
may be deferred if funds are advanced to the speci al Reserve Fund to keep
said Fund continual ly at the level set for the speci al Reserve Fund for
this Assessment Distrct.
PASSED, APPROVED and AOOPTED by the City Council of the City of Palm Desert,
California, on this 13th day of June , 1985, by the following vote:
AYES
NOES
ABSENT
BEN50N, JACKSON, KELLY, [JILSON AND SNYDER
NON�
NONE
ABSTAIN NONE
A, EST : '�
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C.,f
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SHEILA R. GILLI N, CITY C K
CITY OF PALM DESERT, CALI NIA
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WALTER H. SNYDER, MAYOR
CITY OF PALM DESERT, CALIFORNIA