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HomeMy WebLinkAboutResolution - City Council - 82-516 - 1982-11-09• RESOLUTION NO. 82-216 .... A RESOLUTION OF THE COUNCIL OI<" THE CITY OF FRESNO, CALIFORNIA, PROVIDING FOR THE ISSUANCE OF IMPROVEMENT BONDS IN THE P1RINCIPAL AMOUNT OF $1,412,238.10; PRESCRIBING THE AMOUNT, DATE, TERM AND MATURITY OF SUCH BONDS, AND THE RATE OF INTER.EST THEREON; AUTHORIZING THE EXECUTION OF SUCH .BONDS AND THE COUPONS TO BE ATTACHED THERETO; DIRECTING DELIVERY 11:HEREOF UPON RECEIPT OF PURCHASE PRICE; AND AUTHORIZING NEGOTIATED SALE IN THE MATTER OF CITY OF FRESNO ASSESSMENT DISTRICT NO. 84 Public Works !City Atto,rney Finance WHEREAS, the Council of the City of Fresno, California, did adopt its. resolution of Inte11tion No. 82-468~ whii.ch resolution provides that serial bo11ds payable to bearer to represent unpaid assessments and to bear interest at a maximum rate of not to ex- ceed twelve percent per annum" will be issued in the mannE.~r pro- vided in Bona Plan B, Article 24 of Chapter 15 of the Fresno Muni- cipal Code, the last installment of such bonds to mature at a maximum of twenty years from the second day of July next succeed- ing 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 dv.:tly made and filed with the Council and, after hearing duly noticed and held,. the assessment was confirmed by Resolution No. 82-515 r and WHEREAS, said assessment and diagram were duly recorded on November 9, 1982, 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 off ice of the Fresno County Recorder on November 9, 1982; and WHEREAS, all sums assessed were due and payable to tbe Triaasurer { Controller) of the City of Fresno on or before the close of business on December 9, 1982; and • • WHEREAS, all the owners of the pi:·operty assessed have filed a wri.tten waiver of the cash payment period of thirty days as is permitted by law; and WHEREAS, on November 9, 1982, the Tr€?asurer made, cert i- f ied and filed with the Council a certificaba as to paid and un-• paid assessments and a complete list of all unpaid assessments, showing no paid assessments and unpaid assesfiments in the aggre- gate amount of $1,412,238.10. NOW, THEREFORE, BE !T RESOLVED BY THE COUNCIL OF THE CITY OF FRESNO AS FOLLOWS: l. The Counc.il finds that the foregoing recitals are true .. 2. The Council further finds that all acts and condi- tions required for the issuance of improvement 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 ac<:-!ordance with the provisions of Bond Plan B,. Article 24 of Chap- ter 15 of the Fresno Municipal Code. Such bonds shall be known as n Improvement Bonds, City of Fresno Assessment District No. 34n; shall be in form and of the character known as "Serialn; shall be dated November 2, 1982, (which date is hereby set as the date of issuance of such bonds}; shall bear interest from November 2,. 1982, at a rate not to exceed twelve 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 the Exhibit 11 A» attached heretot which exhibit is incorporated herein by refer- ence. { b) Interest shal 1 be evidenced by coupons attached to each bond, and each of such coupons shall represent six month 1 s interest on the bond to which it is attached except that the first -2- • • coupon attached to each bond shall represent interest from the date of such bond to January 2, 1984, 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. 4. unpaid assessments on which bonds are: to be issued, as shown on the list hereinabove referred to, together with int1~r,.., -est and the penalty thereon, shall constitute and remain a trust · fund for the redemption and payment of the bonds and of the inter- est which may be due thereon. Interest payments on such unpaid assessments shall be payable at the time and in the manner pro- vided in the Improvement Bond Ac.t of 1915, made applicable by Bond Plan B, Article 24 of Chapter .ts of the Fresno Municipal Code. Each bond shall be subject to redemption in the manner provided in such Act, and each bond shall have the redemption pro~.;isions thereof and shall provide a premium of five percent of the princi-· pal thereof on redemption prior to maturity .. 5. Such bonds shall be signed by the Treasurer of th(:? City of Fresno and by the City Cle:rk of said City who shall place the seal of the City of Fresno on t~ach bond. The interest coupons attached to such bonds shall be signed by the Treasurer of said City by his engraved, printed or lithographed signature, and such signature shall be sufficient and binding execution of such bonds ., and coupons • The seal of the City of Fresno may be engraved, printed or lithographed on each of such bonds .. 6. The Treasurer of the City of FrEtsno is directed to cause a sufficient number of blank bonds and coupons of suitable quality to be litho91~aphed or printed and to cause the blank spaces thereof to be j:illed in to comply with the provisdons of this resolution and to procure their execution and to S;;tfe~ly keep the same until they shall be sold by the Council of the City of Fresno, whereupon the Treasurer shall deliver them to the pur- -3- • • chaser or purchasers on receipt c,f the purchase price. The Trea- surer is further authorized and directed to maker execute and deliver to the purchaser a Signature and No LitigatiC>n Certificate in the form customarily required by purchaser.s of municipal bonds, certify1ng to the genuineness and due execution o.f such bonds and further certifying to all facts within his knowledge relative to any litigation which may or might affect the assessment district, the assessments, or the bonds 1: and he is further authorized and directed to make, execute and deliver to the purchaser a Trea- surer's Receipt in the form customarily required by purchasers of municipal bonds, which receipt shall be conclusive evidence that the purchase price has been paid to and received by the City. Any purchaser or subsequent holder of such bonds is hereby authorized to rely upon and shall be justified in relying upon any such Signature and No Litigation Certificate and any such Treasurer's Receipt with respect to bonds executed pursuant to the authority of this resolution. 7. The Treasurer of said City is hereby authori2ed to negotiate or cause to be negotiated the sale of such improvement bonds. s. The City will furnish a legal opinion approving th€~ legality of the proceedings and the issuance of such bonds. 9. This resolution shall take effect on adoption. * * * * CLERI<'S CERTIFICATE - I, JA,CQUELINE L. RYLE, City Clerk of the City of Fresno, hereby certify that the foregoing resolution was regularly intro- duced and adopted by the City Council of the City of Fresno at a regular meeting held on the 9th day of Nov0mber , 1982" ___ , ______ _ at the City Hall in the City of Fresno, by the following vote: .,. AYES: NOES: ABSENT: • • COUNCILMEMBERS: Alvarado.,Doi g ,Humphrey ,Rei ch,Wil l iams ,Wills ,Wh i tehur,$·t. COUNCILMEMBERS: None COUNC ILMEMBERS: None -s-