R 1454
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RESOLUTION NO. 1454
. RESOLUTION OF THE CITY OF ARROYO GRANDE 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. 79-1 - CANYON WAY
WHEREAS, this City Council has heretofore instituted and conducted
proceedings under the terms and provisions 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 appurtenant work in a special assessment
district known and designated as
ASSESSMENT DISTRICT NO. 79-1 - CANYON WAY
WHEREAS, said City Council in its Resolution of Intention therein
determined and declared that bonds should issue under the provisions 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 considered to be the bid
that would best serve the interest 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 OF THE CITY OF
ARROYO GRANDE, CALIFORNIA, AS FOLLOWS:
SECTI ON 1. That the above recitals are all true and correct.
SECT/ ON 2. That the written proposal and bid received from
M.L. STERN & CO., INC. dated the 10th day of February, 1981, for the purchase
of improvement bonds representing unpaid assessments in an assessment district
entitled ASSESSMENT DISTRICT NO. 79-1 - CANYON WAY is hereby accepted and
approved.
SECTION 3. That said sale is subject to all the terms and conditions
as set forth in the previously approved Notice of Sale of said bonds and in
the accepted bid.
SECTION 4. That the City Treasurer be and is hereby directed to have
said bonds printed immediately upon the expiration of the cash collection
period and shall then have said bonds signed and delivered to said bidder upon
receipt of the amount of monies due pursuant to said bid and upon the
performance of all the conditions as set forth in said written offer.
SECTION 5. That the interest rate or rates on said bonds be and the
same hereby is fixed at the rate or rates as set forth in said accepted bid
[ proposa I.
SECTION 6. That the City Treasurer is hereby authorized and directed
to keep a redemption fund designated by the name of the proceedings in which
he shall place all sums received for the collection of the assessments and
the interest thereon, together with all penalites. if applicable, thereon,
and from which he shall disburse such funds upon presentation 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.
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SECTION 7. Sa i d fund sha 11 be ,known as "Redempt i on Fund for
ASSESSMENT DISTRICT NO. 79-1 - CANYON WAY.
SECTION 8. All other bids for the bonds are hereby rejected and
the Treasurer is authorized and directed to return the respective bidders'
checks.
On motion of Council Member Smith, seconded by Council Member
Millis., and on the following roll call vote, to wit:
AYES: Council Members Smith, Millis and Mayor Pope
NOES: Council Member Hogan
ABSENT: Council Member Vandeveer I
the foregoing Resolution was passed and adopted this 10th day of February, 1981.
ATTEST: (lfl1~~
DEPUT . I Y CLERK
P