HomeMy WebLinkAbout1991-074
, . ,'.
RESOLUTION NO. 91-74
2
RESOLUTION OF THE CITY OF SAN BERNARDINO
REQUESTING PROPOSAL FOR THE SALE OF BONDS
FOR ASSESSMENT DISTRICT NO. 987 (VERDEMONT
AREA)
3
4
5
WHEREAS, the Mayor and Common Council (the "Common
6
Council") of the City of San Bernardino (the "City") have
7
8
initiated proceedings for the formation of an assessment
district, pursuant to the Municipal Improvement Act of 1913
9
(the "Act"), being Division 12 (commencing with Section 10000)
10
of the California Streets and Highways Code, for the
II
construction of certain public works and improvements and
12
acquisitions, if necessary, as provided in its Resolution of
13
Intention (the "Resolution of Intention") adopted by the
14
Common Council on March 11, 1991; and
15
WHEREAS, the lands to be specially assessed for the
16
Improvements shall be included within an assessment district
17
designated
18
ASSESSMENT DISTRICT NO. 987
(VERDEMONT AREA)
19
20
21
22
23
(the "Assessment District"); and
WHEREAS, it is the intention of the Common Council
that serial and/or term bonds shall be issued to finance the
costs and expenses of said improvements and proceedings
24
pursuant to the provisions of the Improvement Bond Act of
25
1915, (the "1915 Act"), being Division 10 (commencing with
26
Section 8500) of the California Streets and Highways Code (the
27
"Bond Law"); and
28
WHEREAS, it is the intention of the Common Council
3378m5
02/04/91
.,
.
RESOLUTION REQUESTING PROPOSAL FOR SALE OF BONDS
2
3
4
5
6
7
8
9
10
II
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
to authorize the Superintendent of Streets to solicit
proposals for the sale of bonds of the Assessment District and
to negotiate with a qualified purchaser to obtain a fair and
beneficial proposal for the City and the participants within
the Assessment District;
NOW, THEREFORE, the Mayor and Common Council of the
City of San Bernardino do hereby resolve as follows:
SECTION 1. The above recitals and each of them are
true and correct.
SECTION 2. The Superintendent of Streets is hereby
authorized and directed to solicit proposals for the sale of
bonds in an amount sufficient to pay the costs and expenses of
the Assessment District and to negotiate with a qualified
purchaser to obtain a fair and beneficial proposal for the
City and the participants within the Assessment District.
SECTION 3. The interest on the bonds subject to
sale shall not exceed the legal maximum rate of 12% per annum,
and shall be subject to all of the terms and provisions of the
Bond Law and the Resolution of Intention.
/ / /
/ / /
/ / /
/ / /
/ / /
/ / /
/ / /
/ / /
3378m5
2
02/04/91
0....
(
RESOLUTION REQUESTING PROPOSAL FOR SALE OF BONDS
ASSESSMENT DISTRICT NO. 987 (VERDEMONT AREA)
2
I HEREBY CERTIFY that the foregoing resolution was
3
duly adopted by the Mayor and Common Council of the City of San
adjourned
Bernardino at an reqular meeting thereof, held on
4
5
the 11th day of March
, 1991, by the following vote,
6
to wit:
7
Council Members:
AYES
NAYS
ABSTAIN
8
~
ESTRADA
9
x
REILLY
10
x
FLORES
II
~
MAUDSLEY
12
~
MINOR
13
x
POPE-LUDLAM
14
x
MILLER
15
16
..)
~t~~-
17
18
19
The foregoing resolution is hereby approved this
20
13th day of March
, 1991.
//
21
? ,7
/'
22
23
W.R. Hol omb, Mayor
City of San Bernardino
24
Approved as to form
and legal content:
25
26
27
James F. Penman
City Attorney
28
B~V
3378m5
3
02/04/91