HomeMy WebLinkAboutCC Reso No 1990-037
RESOLUTION NO. 9O-3J
A RESOLUTZON OF THE CITY COVNCIL OF THE CITY OF
LAKE ELSINORE~ CALIFORNIA~ AUTHORIZING PURCHASE
OF SPECIAL ASSESSMENT BONDS BY CITY FUND
WHEREAS, the CITY COUNCIL of the CITY OF LAKE ELSINORE, CALIFORNIA, has
heretofore undertaken proceedinga pursuant to the "Municipal Improvement Act of
1913", being Diviefon 12 of the Streeta and Highwaye Code of the State of
California, and hae confirmed assessments upon lands within a apecial aseeasment
district described in a Resolution of Intention previonsly adopted for eaid
improvements, said special assessment District known and designated as NORTHWEST
SEWER ASSESSMENT DISTRICT NO. 86-1 (hereinafter referred to as the "Aesesement
Dietrict"); and,
WHEREAS, said proceedings provided for the issuance of bonda pursnant to
the "Improvement Bond Act of 1915", being Division 10 of the Streete and Highwaye
Code of the State of California; and,
WHEREAS, in order to further aseist and improve the financing of local
capital facilities, the City has further proceeded to form the Lake Elsinore
Yublic Finance Authority (hereinafter "Authority") pursuant to the provisions of
the Marke-Roos Local Bond Pooling Act of 1985, being Article 4, Chapter 5,
Diviefon 7 of Title 1 of the Government Code of the State of California,
commencing with Section 6584; and,
WHEREAS, at this time this legislative body is desirous to proceed and
take all actions necessary to authorize and allow the purchase of the above
referenced aesessment bonds by the Authority in order to provide the best
financing and costs to the property owners within the boundaries of the
Assesament District.
NOW, THEREFORE, BE :T RESOiVED AS FOLLOWS:
1. That the above recitals are all true and correct.
2. That the above bonds to be iesued to finance the public improvements
for the Aseessment District pursuant to the provieione of the
"Improvement Bond Act of 1915", being Division 10 of the Streets and
Highways Code of the State of California, ehall epecifically be
purchased by the Public Finance Authority of City of Lake Eleinore.
3. That the Administrative Servicea Director is hereby specifically
requeated to establish the price to be paid for eaid bonds and
further authorized to set forth in writing all required terms and
conditione relating to the sale and transfer of said funds, and said
documentation shall be kept on file in the Office of the City Clerk
and remain open for public inapection.
PASSED, APPROVED and ADOPTED thi~ lOth day of July , 1990.
GARY' M~ W:,ASB$URN
MAYOR'
CITY O LARE ELSSNORE
STATE OF CALIFORNIA
VICKI LYNNE ~SAD
CITY CLERP.
CITY OF LAKE ELSINORE
APPROVED AS TO FORM:
~ i r
JOHN R. HARPE
CITY ATTORNEY
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
CITY OF LAKE ELSINORE
I, VICKI LYNNE KASAD, CITY CLERR of the CITY OF LAKE ELSINORE,
CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution,~ being Reaolution
No. 90-37 , was duly pasaed, approved and adopted by the City Council,
approved and eigned by the Mayor, and attested by the City Clerk, all at the
requldr meeting of said City Council held on the lOth day of
JUI.Y , 1990, and that the same wae passed and adopted by the
following vote:
AYES: COUNCIL MEMBERS: BUCK, DOPIINGUEZ, STARKEY, WINKLER, WASHBURN
NOES: COUNCIL MEMBERS:~ NONE
ABSENT: .COUNCIL MEMBERS: NONE
ABSTAIN: COUNCIL MEMBERS: NONE
EXECUTED this 12th day of Jul.y , 1990, at L~k2 Elsinore,
California.
VTCKI~ LYNNE KA~D
CITY CLERR
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA
(SEAL]