R 1232
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RESOLUTION NO. 1232
CITY OF ARROYO GRANDE
RESOLUTION ACCEPTING PROPOSAL AND MAKING
AWARD FOR SALE OF BONDS, AND PROVIDING
FOR THE ESTABLISHMENT OF A REDEMPTION
FUND FOR THE PAYMENT OF SAID BONDS.
ASSESSMENT DISTRICT NO. 74-1
(RUTH ANN WAY)
WHEREAS, this City Council has heretofore in.tituted and
conducted proceedings under the terms and provisions of the -Municipal
l.,rOV..ent Act of 1913," being Division 12 of the .tr..t. and Highways
Cole 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
ASSESSMENT DISTRICT NO. 74-1 (RUTH ANN WAY)
WHEREAS, said City Council in its Resolution of Intention
therein determined and declared that bonds should is.ue under the pro-
visions of the "Improvement Bond Act of 1915;" and
WHEREAS, the City Council has now received in proper form a
proposal for the purchase of said bonds to issue under said proceedings
and said proposal received is, in the opinion of this City Council
con.i4ered to be the bid that would best serve the intere.t of owners
of land included within the Assessment District and should be accepted
by this City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL or THE
CITY or ARROYO GRANDE, CALIFORNIA, AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the written proposal and bid received froa
STERN, BRENNER & COMPANY
dated the 22nd day of June, 1~76 , for the purcha'e of u.prov...nt
bond. representing unpaid assessments in an a..e....nt 4istrict entitled
ASSESSMENT DISTRICT NO. 74-1 (RUTH ANN "AY)
is hereby accepted and approved.
SECTION 3. That said sale is subject to all tbe terMS and
conditions as set forth in the previously approved Notice of Sale of
.aid bond. and in the accepted bid.
SECTION 4. That the City Treasurer be and i. hereby directed
to have said bonds printed immediately upon the expiration of the ca.h
collection period and he shall then have said bonds d9ned anel delivered
to .ai4 bidder upon receipt of the aJIIOunt of monie. ~ pursuant to .aid
bid and upon the performance of all the conditions a. ..t forth in ..i4
written offer.
SECTION 5. That the interest rate or rate. on .aid bond. be
and the .ame hereby is fixed at the rate or rate. a. set forth in said
accepted bid proposal.
SECTION 6. That the City Treasurer is her.by .~tbori.ed and
directed to keep a redemption fund designated by the ft... of the pro-
ceeding. in which he shall place all .um. received for the collection
of the a..es.ments and the interest thereon, together witb all penal tie. ,
if applicable, thereon, and from which he shall di.burse .uch fund. upon
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pre.entation of proper COupons. Under no circumstances shall the said
securities or interest therein be paid out of any other fund except as
provided by law.
SECTION 7. Said fund shall be known a8 -Redemption Fund for
ASSESSMENT DISTRICT NO. 74-1 (RUTH ANN WAY)
APPROVED and ADOPTED this 22nd day of JUNE, 1976 .
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YOR OF THE CIT 0
ARROYO GRANDE, CALIFORNIA
A.ftSS'1'1
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LEItX OF THE CI1'Y OF
ARROYO GRANDE, CALIFORNIA
STATE OF CALIFORNIA )
COUNTY OF SAN LUIS OBISPO ) ss
CITY OF ARROYO GRANDE )
I, INES DEL CAMPO , City Clerk of the
Ci ty of ARROYO GRANDE , California, DO HEREBYCERTtFY
that the foregoing Resolution, being Resolution NO. 1232 I
was duly passed, approved and adopted by said city Council,
approved and signed by the Mayor, and attested by the City Clerk,
all At a regular meeting of said City Council held on the
22nd day of JUNE , 19 76, and that the Sallie was
passed and adopted by the following vote, to wit:
AYES: COUNCILMEN SPI ERL I NG, GALLAGHER, SCHLEGEL MI LLI S
ANO.MAYOR DE LEON
NOES: NONE
ABSENT: NONE
DATED this 22nd day of JUNE , 19 76 .
(SEAL) ~A-<l/ A. cb.J .~/1h
CITY CLElUC: .
CITY OF ARROYO GltANDl
STATE OF CALIPORNIA
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