HomeMy WebLinkAboutResolution - City Council - 79-388 - 1979-09-04n
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RESOLUTION NO. 7 9--
A RESOLUTION OF THE COUNCIL OF THE CITY
OF FRESNOr CALIFORNIA, PROVIDING FOR THE ISSUE
OF IMPROVEMENT BONDS IN THE PRINCIPAL
AMOUNT OF _ $ 8 38 , 3 8 7 .4 2 x PRES ORIBING =THE AAMOUNT
DATE, TERM AND MATURITY OF SUCH BONDS, AND THE
RATE OF INTEREST THEREON; AUTHORIZING THE EXECUTION
OF SUCH BONDS AND THE COUPONS TO BE ATTACHED THERETO
DIRECTING DELIVERY THEREOF UPON RECEIPT OF PURCHASE
PRICE; AND AUTHORIZING NEGOTIATED. SALE IN THE MATTER OF
CITY OF FRESNO ASSESSMENT -DISTRICT NO. 79
WHEREAS, the Council of the City of Fresno, California,
did adopt its Resolution of Intention No. 79-116, which resolution
provides that serial bonds payable to bearer to represent unpaid
assessments and to bear interest at a maximum rate of not to exceed
eight percent per annum.. will be issued in the manner provided in
Bond Plan B. Article 24 of Chapter 15 of the Fresno Municipal Code. -
the -last installment of such bonds to mature at a. -maximum of nine
years from the second day of July next succeeding ten months from
their date, and each such bond to be subject to a call premium of
five percent of the principal thereof upon its redemption prior
to maturity; and
WHEREAS, an assessment and diagram were duly made and filed
with the Council and, after hearing duly noticed and held, the
assessment was modified and confirmed by Resolution No. 79-- 256 and
WHEREAS, said assessment and diagram were duly recorded on
June 26 1979, in the office of the Director of Public Works of
said: City, all in the time, form and manner required by law; and
Notice of said assessment was duly recorded in the office of the
Fresno County Recorder on July 16 , 1979 and
WHEREAS, all sums assessed were due and payable to the
Treasurer (Controller) of the City of Fresno on or before the close
of business on August 20 1979; and
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WHEREAS, on September 11 ,, 1979, the Treasurer made,
certified and filed with the Council a -certificate as to paid and
unpaid assessments and`a complete list of all unpaid assessments,
showing paid assessments in the aggregate amount of $ 254,982.11
and unpaid assessments in the aggregate amount of $ 8381,387.42 _.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
OF FRESNO AS FOLLOWS
1. The Council finds that the foregoing recitals are true.
2. The Council further finds that all acts and conditions
required for the issuance of improvements bonds have occurred as
required by law.
3 (a) Bonds ,in the amount of the unpaid assessments shall
be issued upon the security of such unpaid assessments in accordance
with the provisions of Bond Plan B, Article 24 of Chapter 15 of the
Fresno Municipal Code, Such bonds shall be known as '"Improvement
Bonds, City of Fresno Assessment District No. 79" shall be in form
and of the character known as "Serial"; shall be dated October 2 , 1979
(which` date` is hereby set as the date of issuance of such bonds) ;
shall bear interest from October 2 1979 at a rate not to exceed
eight percent per year on the amount of principal thereof; shall be
consecutively numbered; and the consecutive denominations, term and
principal amount of bonds to mature each year shall be as set forth in
Exhibit "A" attached hereto, which exhibit is incorporated herein
by reference.
(b) I'nterest shall be evidenced by coupons attached
to each bond, and each of such coupons 'shall represent six month's
:interest on the bond to which it is attached except that the first
coupon attached to each bond shall represent interest from the date
of such bond. to January 2, 1981r and thereafter the interest coupons
will be payable semiannually on the 2nd day of July and the 2nd day
of January to the respective dates of maturity of the bonds to
which they are attached.
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