R 1899
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RESOLUTION NO. 1899
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ARROYO GRANDE, CALIFORNIA,
AUTHORIZING THE SALE OF SPECIAL ASSESS-
MENT 80NDS TO FINANCE IMPROVEMENTS IN A
SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF ARROYO GRANDE, 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 appurte-
. nances and acquisition, where necessary, in a spec i al assessment district; said
special assessment district known and designated as
ASSESSMENT DISTRICT NO. 81-1
(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 FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the appointed FINANCIAL CONSULTANT is hereby authorized to solicit a
proposal or proposals for the sale of bonds for the Assessment District.
The interest rate on sai d bonds shall not exceed the current legal
maximum rate of twelve percent (12%) per annum. Sai d 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 th i s Reso 1 ut i on is adopted pursuant to the provi s ions of Sect i on
10602 of the Streets and Highways Code of the State of California, and it
is further directed that recommendations relating to the sale of bonds be
presented to this body at 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, INC., Attorneys at Law, attesting to
the validity of the proceedings and the enforceability of the bonds.
SECTION 5. 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 FEBRUARY 2, 1986, or the 31st day after recordation of
the assessment roll and diagram, whichever is later.
SECTION 6. That in the event of any delinquency in the payment of any installment of
an assessment, it is hereby covenanted with the holder of the bonds that
thi s City Council will cause to be commenced and thereafter di 1 i gent ly
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 invest i gat ion be i ni t i ated
as soon as possible each year to determine all tax delinquencies on all
properties within the boundaries of the above-referenced Assessment
District.
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SECTION 7. The bonds, as issued pursuant to the provisions of the "Improvement Bond
Act of 1915", shall be subject to redemption in advance of maturity on
any interest payment date, and this legislative body reserves the right
to establish the redemption premium at or before the issuance of bonds at
an amount not to exceed five percent (5%) or not less than three percent
(3%) of said principal amount.
APPROVED and ADOPTED this 29th day of October , 1985.
~'r1uA<LJnfAfJv
MAY
CITY OF ARROYO GRANDE
STATE OF CALIFORNIA
ATTEST:
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CITY
CITY OF ARROYO GRANDE
STATE OF CALIFORNIA
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STATE OF CALIFORNIA
COUNTY OF SAN LUIS OBISPO
CITY OF ARROYO GRANDE
I, NANCY DAVIS, CITY CLERK of the CITY OF ARROYO GRANDE, CALIFORNIA, DO HEREBY
CERTIFY that the foregoing Resolution, being Resolution No. ~89~ ' was duly
passed, approved and adopted by the City Council, approved an s1gned by the Mayor,
and attested by the City Clerk, all at the Council meeting of said City Council
held on the 29th day of October , 1985, and that the same was
passed and adopted by the following vote:
AYES: COUNCIL MEMBERS Gallagher, Johnson, Moots, Porter and Mayor Smith
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
EXECUTED this 30th day of October , 1985, at Arroyo Grande, California.
[SEAL]
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