HomeMy WebLinkAboutCC RES 88-022�
RESOLUTION NO. g$_22
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PALM DESERT, CALIFORNIA, MAKING
AWP,RD FOR SALE OF REFUNDING BOND AND
PROVIDING FOR THE ESTABLISHMENT OF A
REDEMPTION FUND
WHEREAS, the CITY COUNCIL of the CITY OF PALM DESERT, CALIFORNIA, did previously
undertake proceedinge and confirm aeeeeemente in a epecial aseeeement district
pureuant to the terme and provisions of the "Municipal Improvement Act of 1913",
being Divieion 12 of the Streete and Highways Code of the State of California, said
epecial aseeaement district known and designated ae NORTH SPHERE ASSESSMENT DISTRICT
NO. 84-1 (hereinafter referred to as the "Aeseeament Dietrict"); and
wHEREAS, improvement bonds representing the unpaid aeeeeamenta within said
Aeeeeament Diatrict were iasued and sold in the manner provided in the "Improvement
Bond Act of 1915", being Divieion 10 of the Streete and Highways Code of the State
of California; and,
WHEREAS, at this time, this legislative body has initiated pro�eedings to refund all
outstanding improvement bonds pureuant to the "Refunding Act of 1984 for 1915-
Improvement Act Bonde", being Diviaion 11.5 of the Streete and Highwaya Code of the
State of California, said refunding bonda and dietrict to be designated ae NORTH
SPHERE ASSESSMENT DISTRICT NO. 84-1-R (REFUNDING) (hereinafter referred to ae the
"Refunding Dietrict"); and,
WHEREAS, there has now been received, in proper form, a Purchase Agreement (herein-
after the "proposal") for the purchase of said refunding bonde to iseue under eaid
proceedinge, which is considered to best aerve the intereets of owners of land
included within the Refunding District and ahould be accepted.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the propoeal received from MILLER & SCHROEDER FINANCIAL, INC. for
the purchase of refunding bonde representing unpaid reaseeesmente in
eaid Refunding Dietrict is hereby accepted and approved.
SECTION 3. That eaid sale ie subject to all the terms and conditione ae aet forth
in the Resolution of Isauance and in the accepted proposal.
SECTION 4. That the Treaeurer be, and hereby is, directed to have the refunding
bonds printed immediately and said Treasurer shall then have eaid
refunding bonds aigned and delivered upon receipt of the amount of
moniea due purauant to said proposal and upon the performance of all the
conditions as set forth in the proposal.
SECTION 5. That the interest rate or rates on said refunding bonds be, and the same
hereby is fixed at the rate or rates as set forth in said accepted
proposal.
RESOLUTION 88-22
SECTION 6. That the Treasurer ie hereby authorized and directed to keep a redemp-
tion fund deeignated by the name of the proceedings, into which he shall
place all suma received for the collection of the reaeseasments and the
intereet thereon, together with all penalties, if applicable, thereon
and from which he shall disburse euch funde to the regiatered owner.
Under no circumetances ehall the said bonde or interest thereon be paid
out of any other fund except as provided by law. Said fund shall be
known as the REDEMPTION FUND, and ahall be designated by the name of
this Refunding Dietrict.
SECTION 7. That the Treaeurer ehall transfer monies as neceseary from the SPECIAL
RESERVE FUND in the manner and form as authorized by law.
PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Deeert,
California, on thie 25rh day of Fahr»ar� , 1988, by the following vote:
AYES: CRITES, KELLY, SNYDER, WILSON, BENSON
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
STATE OF CALIFORNIA
.� %
/
2�A OR
Y OF PALM DESERT
TATE OF CALIFORNIA