HomeMy WebLinkAboutCC Reso No 1970-1343_.. _ _.___ _ _
__. .
__ _ .___.
RESOLUTION NO. 13~~3
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ELSINOR'E, CALIFORNIA, ACCEPTING PROPOSAL
FOR THE SALE OE BONDS, AND PROVIDING FOR THE
ESTABLISHMENT OF A REDEMPTTON FUND FOR THE
PAYMENT OF SAID BONDS IN THE MATTER OF THE
CONSTRUCTION OF CERTAIN IMPROVEMENTS TOGETHER
WITH ACQUISITION IN ASSESSMENT DISTRICT NO. 1
IN THE CITY OF ELSINORE AND COUNTY OF RIVERSIDE.
WHEREAS, the City Council of the City of Elsinore,
California, has hereto£ore instituted and conducted proceedings
for the construction of certain sewer improvements together with
acquisition in ASSESSMENT DISTRICT NQ 1 under the provisions of
the "MUnicipal Improvement Act of 1913"; and
WHEREAS, said City Council in its Resolution of Intention
therein determined and declared that bonds should issue under
the provisions of the "Improvement Act of 1911`~ for each unpaid
assessment or portion thereof which amount to Fifty Dollars
($50.00) or more, to finance said improvement; and
WHEREAS, the City Council has received in the manner and
form as prescribed by law a proposal for the purchase of bonds
in the ASSESSMENT DISTRICT NO. 1£rom Stone and Youngberg; and
WHEREAS, the proposal received is in the opinion of the
City Council considered to be the bid which will best serve the
interest of owners of land included in the Assessment District
and should be accepted by this Council;
NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF ELSINORE, CALIFORNIA, AS FOLLOWS:
SECTION 1. That the proposal of Stone and Youngberg,
dated 24th day of Ju1y, 1970, £or the purchase o£ improvement
bonds for the improvements together with acquisition in ASSESSMENT
DISTRICT NO. 1 in the City of Elsinore, CaSifornia and County of
Riverside be and the same is hereby accepted.
-1-
SECTION 2. That the City Treasurer or appointed Fiscal
Agent~ in accordanee with the provisions of Part 5 of Division 7
of the Streets and Highways Code, is hereby authorized and directed
to receive all payments made upon said bonds by property owners
in a fund designated by the name of the bonds, in which he shall
place ali sums paid him for the principal o£ the bonds and the
interest thereon, together with a11 penalties thereon, and from
which he shall disburse such £unds upon presentation o£ proper
coupons. Under no circumstances sha11 the said bonds or interest
thereon be paid out of any other fund except as provided by 1aw.
SECTION 3. Said fund shall be designated as "Improvement
Fund for Assessment District No. 1"
SECTION 4. That bonds sha11 issue in accordance with
the provisions of Division 12 of the Streets and Highways Code
and Division 7 of said Code £or the purpose of paying the costs
of the improvement together with acquisition in Assessment District
No. 1.
SECTION 5. That said bonds sha11 be issued for a11 un-
paid assessments or portions thereo£ which amount to Fifty Dollars
($50.00) or over~ and shall be in the respective amounts as set
forth in the assessment £or Assessment District No. 1. Said bonds
wi11 be dated the 31st day after the recording of the assessment
Said bonds and the coupons thereof sha11 be issued sub-
stantially in the form authorized for the issuance of bonds under
Division 7 0£ the Streets and Highways Code of the State o£
California. These bonds sha11 be serial bonds and sha11 extend
over a period ending nine (9) years from the second day of January
next succeeding the next September first following their date,
and an even annual proportion of the principal sum thereo£ year
after the next September first following their date, until the
-Z-
whole is paid, and the interest sha11 be payable semi-annually,
by coupon, on the second days of January and July, respectively,
of each year £ollowing the date of the bonds.
The bonds shall provide a redemption premium of Pive per
cent (5%) on the unmatured principal.
APPROVED and ADOPTED this ?ist day of quaust ,
1970.
~ ~
YOR OF THE CI--~ NORE,
CALIFORNIA
ATTESTe
CITY CLERK OF THE CITY OF
ELSINORE, CALIFORNIA
-3-
~ ~~ STATE OF CALIFORNIA ~ ) ,
COUNTY JF RIVERSIDE ) gg ~
CITY OE ELSINORE ) I
- ~ ~~ ~ - ~ . ~ ~ . ~ i
I, FLORENE MARSHALL , j
City C1erk of the City of Elsinore ,
~ . ~ California, DO HEREBY CERTIFY that the foregoing , ~
. ~~ Resolution, being Resolution No. 13~i3 , was ~. : ..
duly passed, approved and adopted by said City Council,
approved and signed by the Mayor, and attested by the
City Clerk, a11 at an adjourned meeting ,of
said City Council held on the 31st day of August
1970 , and that the same was passed and adopted by
the following vote, to wit:
, AYES: COUNCILMEN Cartier, DeE'asquale, Narmatz,
Perkins, Mayor Chaffin
~ ' ~. ~ ~ ~ ~ NOES: ~ COUNCILNIEN none ~ ~
ABSENT: COUNCILMEN none
'DATED this lst day bf September 19 70
(SEAL) CITY CLERK OF THE CITY OF
ELSINORE, CALIFORNIA