2000 RES R-84-00 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 RESOLUTION NO. R-84-00 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON DECLARING ITS PRELIMINARY INTENTION TO REFUND CERTAIN LIMITED OBLIGATION IMPROVEMENT BONDS, DIRECTING THE PREPARATION OF A REPORT THEREON AND APPOINTING AN UNDERWRITER AND BOND COUNSEL WHEREAS, the City Council of the City of Colton (the "City), has previously provided for the issuance of its Limited Obligation Improvement Bonds, Assessment District No. 94-1 (Rancho Mediterrania Public Improvements Project) (the "Prior Bonds"), under and pursuant to the provisions of the Municipal Improvement Act of 1913 (Division 12 of the California Streets and Highways Code) (the "Act") and the Improvement Bond Act of 1915 (Section 8500 et seq. of the California Streets and Highways Code) (the "Bond Law"), the unmatured portions of which are now outstanding; and 11 12 Bonds; and 13 14 151 19 20 21 22 23 24 25 26 27 28 WHEREAS, certain savings may be obtained by refunding the outstanding Prior WHEREAS, this City Council is authorized by the Refunding Act of 1984 for 1915 Improvement Act Bonds (being Division 11.5 of the California Streets and Highways Code) (the "Refunding Act") to issue refunding bonds (the "Refunding Bonds") for the purpose of refunding the outstanding principal amount of the Prior Bonds under and pursuant to the conditions and terms of the Refunding Act, and may provide for the levy and collection of reassessments as security for the Refunding Bonds; and WHEREAS, this City Council has determined, preliminarily, to proceed with such refunding, provided that it can be accomplished without notice and hearing on the basis of the three conditions prescribed by Section 9525 of the Refunding Act, with satisfaction of such conditions being evidenced by the written report to be prepared and submitted in conformity with Sections 9523 and 9524 of the Refunding Act; 1