HomeMy WebLinkAbout1995-426
RESOLUTION NO.
95-426
1
2
3
4
5
6
RESOLUTION OF THE CITY OF SAN BERNARDINO
AUTHORIZING ISSUANCE OF AND THE TERMS OF
LIMITED OBLIGATION BONDS FOR ASSESSMENT
DISTRICT NO. 1015
WHEREAS, the COMMON COUNCIL of the CITY OF SAN BERNARDINO,
CALIFORNIA, is conducting proceedings for the installation 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
7 Highways Code of the State of California, said special
8 assessment district known and designated as ASSESSMENT DISTRICT
9 NO. 1015 (NEW PINE AVENUE) (hereinafter referred to as the
10 "Assessment District"); and,
11 WHEREAS, this legislative body has previously declared in
12 its Resolution of Intention to issue bonds to finance said
13 improvements, said bonds to issue pursuant to the terms and
14 provisions of the "Improvement Bond Act of 1915", being Division
15 10 of said Code, which bonds will be purchased and held by the
16 City pursuant to the terms and conditions as set forth in this
17 Resolution; and,
18 WHEREAS, this legislative body hereby further determines
19 that the unpaid assessments shall be specifically in the amount
20 as shown and set forth in the Certificate of Paid and Unpaid
21 Assessments as certified by and on file with the Treasurer, and
22 for particulars as to the amount of said unpaid assessments,
23 said Certificate and list shall control and govern.
24 NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
25 III
26 III
27 III
28 III
p"~: J,/....
RESOLUTION OF THE CITY OF SAN BERNk~DINO AUTHORIZING ISSUANCE
OF AND THE TERMS OF LIMITED OBLIGATION BONDS FOR ASSESSMENT
DISTRICT NO. 1015
1
2
3
4
5
6
7
8
9
10
11
12
13
RECITALS
SECTION 1. That the above recitals are true and correct.
BOND AUTHORIZATION
SECTION 2. That this legislative body does authorize the
issuance of limited obligation improvement bonds in an aggregate
principal amount equal to the aggregate principal amount of the
unpaid assessments 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.
BOND TERMS
SECTION 3. The last installment of the Bonds shall mature
a maximum of and not to exceed twenty-four (24) years from the
second day of September next succeeding twelve (12) months from
14 their date.
The Bonds shall be issuable only as fully
15 registered Bonds in the denomination of $5,000, or any integral
16 multiple thereof, except for one bond maturing in the first year
17 of maturity, which shall include the amount by which the total
18 issue exceeds the maximum integral mUltiple of $5,000 contained
19 therein. The principal amount payable each year shall be such
20 as to result in approximately equal annual debt service during
21 the term of the issue considering the interest rate. The
22 provisions of Part 11.1 of the Act providing an alternative
23 procedure for the advance payment of assessments and the calling
24 of Bond shall apply. The Bonds shall be subject to refunding
25 pursuant to Division 11.5 of the Streets and Highways Code of
26 the State of California.
27
28
//'"=.. .~/",
RESOLUTION OF THE CITY OF SAN BEID1ARDINO AUTHORIZING ISSUANCE
OF AND THE TERMS OF LIMITED OBLIGATION BONDS FOR ASSESSMENT
DISTRICT NO. 1015
1
2
3
4
5
6
7
INTEREST RATE
SECTION 4. Interest is payable each March 2 and September
2 (each being an interest payment date), commencing March 2,
1997. Each Bond shall be of a single maturity and shall bear
interest at the rate of six percent (6%) per annum. Interest
shall be calculated on the basis of a 360 day year composed of
twelve 30-day months.
8 Bonds shall accrue interest from their date, and bonds
9
10
11
12
13
14
15
16
17
18
shall be dated as designated and certified by the Director of
Finance.
REDEMPTION
SECTION 5.
The Bonds shall be subject to optional
redemption and payment in advance of maturity, in whole or in
part, on the 2nd day of March or September in any year, from any
source of funds, at par, plus accrued interest to the date of
redemption.
EXECUTION AND DELIVERY OF BONDS
SECTION 6. The Bonds shall be issued in the form of one
19 bond which shall set forth and include all annual maturities and
20 shall be executed manually by the Treasurer and by the City
21 Clerk.
The executed Bond shall be delivered and held by the
22 Treasurer for the benefit of the city.
23
24
FINAL ASSESSMENTS
SECTION 7. That the Certificate of Paid and Unpaid
25 Assessments, as certified by the Treasurer, shall remain on file
26 in that office and be open for public inspection for all
27 particulars as it relates to the amount of unpaid assessments to
28 secure bonds for this Assessment District.
07/-: // V
.'.-,/>-
.
RESOLUTION OF THE CITY OF S~~ BERNARDINO AUTHORIZING ISSUANCE
OF AND THE TERMS OF LIMITED OBLIGATION BONDS FOR ASSESSMENT
DISTRICT NO. 1015
1
2
3
4
5
6
7
OTHER ACTS
SECTION 9. All actions heretofore taken by the officers
and agents of the City with respect to the sale and issuance of
the bonds are hereby approved, confirmed and ratified, and the
Mayor and any and all other officers of the city are hereby
authorized and directed, for and in the name and on behalf of
the City, to do any and all things and take any and all actions
8 relating to the execution and delivery of any and all
9 certificates, requisitions, agreements and other documents,
10 which they may deem necessary or advisable in order to
11 consummate the lawful issuance and delivery of the bonds in
12 accordance with this resolution.
13 I I I
14 III
15 III
16 III
17 III
18 III
19 III
20 III
21 III
22 III
23 III
24 III
25 11/
26 III
27 III
28 III
,;'( _ __(I' /'
.' .... .-"''C.
RESOLUTION OF THE CITY OF S&~ BERNARDINO AUTHORIZING ISSUANCE
OF AND THE TERMS OF LIMITED OBLIGATION BONDS FOR ASSESSMENT
DISTRICT NO. 1015
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
I HEREBY CERTIFY that the foregoing resolution was adopted
by the Mayor and Common Council of the City of San Bernardino at
a regular meeting thereof, held on the 18th day of December,
1995, by the following vote, to wit:
Council Members: AYES NAYS
NEGRETE x
CURLIN x
HERNANDEZ x
OBERHELMAN x
DEVLIN x
POPE-LUDLAM x
MILLER x
ABSTAIN
(j.) l~ U,f<--,I^f,-
CitY0:lerk
The foregoing resolution is hereby approved thisJ'Oth day
of December, 1995.
~;);f~
'TOM MINOR, Mayor
city of San Bernardino
Approved as to form and legal content:
JAMES F. PENMAN
City Attorney
23
24 BY:~-'a..
25 ~ro:e~ a-:Z:o:~
26
27
28
BROWN, DIVEN & HENTSCHKE
Bond Counsel