HomeMy WebLinkAbout17419 - RESOLUTIONS - 2/6/1991 RESOLUTION NO. 17419
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, .,
CALIFORNIA, AUTHORIZING ISSUANCE OF BONDS AND
APPROVING BOND INDENTURE FOR A SPECIAL ASSESS-
MENT 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
assessment 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. 159 (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
to the terms and provisions of the "Improvement Bond Act of 1915", being Division 10
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
indenture setting forth formal terms and conditions relating to the issuance and
sale of bonds; 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
listshall 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 Treasurer, with the concurrence of Bond Counsel. Final approval of
the BOND INDENTURE shall be conclusively evidenced by the signature of
the 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.
FINAL ASSESSMENTS
SECTION 4. 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.
R17419
Page 2 �f
SUPERIOR COURT FORECLOSURE
SECTION 5. 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 6th day of February 1991
AYES: Councilmembers Broich, Hodges, flurawski , Neel and Mayor Bono
�- NOES: None
ABSENT: PlOne
ATTEST:By: \
--)—�
CITY IC`ER& �/-;",-CITY MANAGER
e
REVIEWED & APPROVED:
w
r