HomeMy WebLinkAboutCC RES 85-080�
RESOLUTION N0. g5-80
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM DESERT, CALIFORNIA, AUTHO-
RIZING THE SALE OF SPECIAL ASSESSMENT
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
191 3", being Division 12 of the Streets and Highways Code of the State of Cal iforni a,
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
NORTH SPHERE ASSESSMENT DISTRICT N0. 84-1
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, it has been further determined that seri al bonds shal 1 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 FOLLOWS:
SECTION 1. That the above reci tal s are al 1 true and correct .
SECTION 2. That the ASSISTANT CITY MANAGER is hereby authorized to solicit a
proposal or proposal s for the sal e of bonds for the Assessment Di strict .
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 this Resolution is adopted pursuant to the provisions of Section
106Q2 of the Streets and Highways Code of the State of Cal iforni a, and it
is further directed that all recommendations relating to the sale of
bonds be presented to this body no later than the time set for the Public
Hearing on the "Report" and related matters for this Assessment District.
SECTION 4. 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 5. That pursuant to the provisions of Sect�on 10600.5, it is hereby deter-
mined that the bonds shall bear interest from their date, and the date of
the bonds shall be NOVEMBER 2, 1985, or the 31st day after recordation of
the assessment roll and diagram, whichever is Tater.
SECTION 6. That in the event of any delinq�:ency in the payment of any installment of
an assessment, it is hereby covenanted with the holder af the bonds that
this City Council will cause to be, ccrnmenced and thereafter diligently
prosecuted, judicial foreclosure proceedings upon all delinquent unpaid
assessments within one hundred fifty (150) days following any delin-
quency. It is further hereby ordered that an investigation be initiated
as soon as possible each year to determi ne al 1 tax del i nquenci es on al 1
properties within the boundaries of the above referenced Assessment
District.
PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Desert,
Cal iforni a, on this 25th day of July , 1985, by the fol lowi ng vote:
RESOLUTION N0. 85-8�
AYES BENSON, KELLY, WILSON AND SNYDER
N OE S NONE
ABSENT JACKSON
ABSTAI N NONE
.�%c-C�
MA "
CITY OF PALM DESERT
STATE OF CALIFORNIA
ATTEST:
�� � � -��,�� �� �
K �
CITY OF PAL DESERT
STATE OF CALIFORNIA