HomeMy WebLinkAbout17208 - RESOLUTIONS - 7/25/1990 �1
RESOLUTION NO. 17208
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AUTHORIZING THE SALE
AND REQUESTING A PROPOSAL FOR CERTAIN
SPECIAL ASSESSMENT BONDS TO FINANCE IMPROVE-
MENTS IN A SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF PALM SPRINGS, CALIFORNIA, has initiated
proceedings pursuant to the terms and conditions of the "Municipal Improvement Act
of 191311 , 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 acquisition, cohere necessary, in a special assessment
district known and designated as ASSESSMENT DISTRICT NO. 158 (ANDREAS HILLS)
(hereinafter referred to as the "Assessment District") , and,
WHEREAS, it has been determined that serial bonds representing unpaid assessments
against private property shall be issued pursuant to and as set forth in 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 legislative body 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 STONE & YOUNGBERG is hereby requested to submit a proposal for the
sale of bonds for the Assessment District. 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
10602 of the Streets and Highways Code of the State of Cal'_ifornia, and
it is further directed that all recommendations relating to the sale of
bonds be presented no later than the time set for the Public Hearing on y
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 BROWN, HARPER, BURNS & HENTSCHKE, Attorneys at Law,
attesting to the validity of the proceedings and the enforceability of
the bonds.
ADOPTED this 25th day of July 1990.
AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST:
By:
(`---'CITY CLERK ��� � :��CITY MANAGER
REVIEWED & APPROVED: