HomeMy WebLinkAboutRES NO 67-82RESOLUTION NO. ~ 67-82
RESOLUTION OF THE CITY COUNCIL AUTHORIZING
THE SALE OF SPECIAL ASSESSMENT BONDS TO
FINANCE IMPROVEMENTS IN A SPECIAL ASSESS-
MENT DISTRICT.
WHEREAS, the CITY COUNCIL of the CITY OF BAKERSFIELD, CALIFORNIA, has initiated
proceedings pursuant to the terms and conditions of the "Municipal Improvement
Act of 1913", being Division 12 of the Streets and Highways Code of the State
of California, for the construction of certain public works of improvement,
together with appurtenances and acquisition, where necessary, in a special
assessment district; said special assessment district known and designated as
ASSESSMENT DISTRICT NO. 81-1
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, it has been further determined that serial bonds shall be issued to
finance the costs and expenses of said improvements and proceedings, and said
bonds shall be issued pursuant to the terms and provisions of the "Improvement
Bond Act of 1915", being Division 10 of the Streets and Highways Code of the
State of California; and,
WHEREAS, at this time, this legislative body is desirous of authorizing the
sale of bonds to finance the works of improvement as proposed for this
Assessment District.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2.
That the bonds necessary to finance these proceedings, issued pur-
suant to the terms. and provisions of the "Improvement Act of 1915",
shall bear interest at a rate not to exceed the current legal maxi-
mum rate of twelve percent (-12%) per annum. Said bonds shall be
issued pursuant to the terms and conditions as set forth in the
Engineer's "Report" and' Resolution of Intention for these
proceedings.
SECTION 3.
That there will be provided, at no expense to the bidder, the un-
qualified legal opinion of ?. MACKENZIE BROWN, Attorney at Law,
attesting to the validity of the proceedings and the enforceability
of the bonds.
SECTION 4.
That a written proposal is hereby requested to be submitted from
the designated investment banker, MILLER & SCHROEDER MUNICIPALS,
INC., said purchase agreement to set forth formal terms and condi-
tions relating to the final sale of said bonds for financing the
improvements within the Assessment District.
I hereby certify that the fore9oin9 Resolution was passed and adopted by the
Council of the City of Bakersfield at a regular meeting held on the ~,3zd day
of June , 1982, by the following vote:
AYES: COUNCILMEN: BARTON, GHRFS~, MEANS, pAYNF, RA,,'F~r; ROCKOFF, STRONG
NOES: COUNCILt__,Z~'~EN: ~ R ~
ABSENT: COUNCILMEN:
ABSTAINING: COUNCILMEN: ~/~ ,~
CITY~ E~K'0F THE
COUNCIL OF THE CITY 0F BAKERSFIELD