HomeMy WebLinkAbout17291 - RESOLUTIONS - 10/3/1990RESOLUTION NO. 17291
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
AUTHORIZING ISSUANCE OF BONDS, APPROVING BOND
INDENTURE AND OFFICIAL STATEMENT FOR A SPECIAL
ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF PALM SPRINGS, CALIFORNIA, is conducting
proceedings for the construction of certain public improvements in a special assess-
ment district pursuant to 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, said special assessment district known and designated as ASSESSMENT
DISTRICT NO. 15a (ANDREAS HILLS) (hereinafter referred to as the "Assessment
District"); and,
WHEREAS, this legislative body has previously declared in its Resolution of
Intention to issue bonds to finance said improvements, said bonds to issue pursuant
t(i the terms and provisions of the "Improvement Bond Act of 19.15", being Division In
of said Code; and,
WHEREAS, at this time this legislative body is desirous to set forth all formal
terms and conditions relating to the authorization, issuance and administration of ..
said bonds; and,
WHEREAS, there has been presented, considered and ready for approval a bond inden-
ture setting forth formal terms and conditions relating to the issuance and sale of
bonds; and,
WHEREAS, there has also been presented a substantially complete Official Statement
containing information including but not limited to the Assessment District and the
type of bonds, including terms and conditions thereof; and,
WHEREAS, this legislative body hereby further determines that the unpaid assessments
shall be specifically in the amount as shown and set forth in the Certificate of
Paid and Unpaid Assessments as certified by and on file with the Treasurer, and for
particulars as to the amount of said unpaid assessments, said Certificate and list
shall control and govern.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the issuance of bonds 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 also pursuant to the specific terms and conditions as set forth in
the BOND INDENTURE presented herein.
BOND INDENTURE
SECTION 3. The BOND INDENTURE is approved substantially in the form presented
herein, and is subject to modifications as necessary and as approved by
the city Treasurer, with the concurrence of Bond Counsel. Fi n.il
approval of the BOND INDENTURE shall be conclusively evidenced by the
signature of the City Treasurer upon final delivery of bonds and receipt
of. proceeds. A copy of said BOND INDENTURE shall be kept on file with
the transcript of these proceedings and open for public inspection.
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OFFICIAL STATEMENT
SECTION 4. That the preliminary and final Official Statements, in substantially the
form prepared and submitted, are hereby approved and adopted, and their
execution and distribution is hereby authorized, subject to such changes
as are approved by the officer executing the Official Statement. A copy
of said Official Statement shall be kept on file with the transcript of
these proceedings and remain open for public inspection.
FINAL ASSESSMENTS
SECTION 5. That the Certificate of Paid and Unpaid Assessments, as certified by the
Treasurer, shall remain on file in that office and be open for public
inspection for all particulars as it relates to the amount of unpaid
assessments to secure bonds for this Assessment District.
SUPERIOR COURT FORECLOSURE
SECTION 6. This legislative body does further specifically covenant for the benefit
of the bondholders to commence and prosecute to completion foreclosure
actions regarding delinquent installments of the assessments in the
manner, within the time limits and pursuant to the terms and conditions
as set forth in the Bond Indenture as submitted and approved through the
adoption of this Resolution.
ADOPTED this 3rd day of October , 1990.
AYES: Councilmembers Broich, Hodges, Neel and Mayor Bono
NOES: None
ABSENT: Councilmember Murawski
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ATTEST:
By:
',-CI-TY CLERIC Acting CITY MANAGER
REVIEWED 6 APPROVED: