1976 RES NO. 3588 - Laserfiche WebLink

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RESOLUTION NO., 3588 CITY OF COLTON RESOLUTION OF THE CITY COUNCIL ACCEPTING PROPOSAL FOR THE SALE OF BONDS AND PRO- VIDING FOR THE ESTABLISHIZNT OF A REDEMP TION FUND FOR THE PAYMENT SAID BoNpp ASSESSMENT DISTRICT NO. 1.975-1 WHEREAS, this City Council has heretofore instituted and; conducted proceedings under the provisions of the "Municipal IM_ Pondement Act of '191311 , being Division .1� of the Streets and Ha.gh- ways Code of the State of California for the construction of cqr- tai.n 44,97 ►vemeAts together with in ASSESSMENT DISTRICT NO 1975-1 (hereinafter refarred to as "Assessmeht.stri.ct'" WHEREAS, said City Council in its Resolution of Intention therein determined and declared that bands should be issued under the provisions of the "Improvement Act of 1911"' for each unpaid assessment or portion thereof which amount of Fifty dollars ($*QQ1 orcra ¢ to finance said i.lmproveanent WHEREAS, the City Council has now received,in the m mer and,.farm `as prescribed by law, a proposgl fir the purchase of said bond4 iP 15aid' Assessment District; and . WHEREAS`, the proposal received is in the opinion of the City Council considered to be the bid which will best serve the interest of owners of land within the Assesoment District and should be accepted by this Council, NOW, THEREFORE." IT IS HEREBY PXSOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA,, AS FOLLOWS: SECTION 1. The above recitals are all true and correct. SECTION 2. That the proposal of Al jo Corporation dated the 11th day of March, 1976 , is hereby accepted and approved for the purchase of the improvement bonds for the works of imprOVQment together with appurtenances in the Assessment District. SECTION 3. That the City Treasurer or appointed Fiscal Agent, in accordance with the provisions of Part 5 of Division 7 of the Streets and Highways Code, is hereby authorized and directed to receive all Payments made upon said bonds and assessments b property owners in a ;Fund designated. by the name of the bonds, in whichheshall place all sums paid him for the principal of the bonds and the interest thereon, together with all penalties thereon, and from which he shall disburse such funds upon presentation of proper coupons. Under no circumstances shall the said bonds or interest thereon be paid out of any other fund except as provided by law. SECTION 4. Said fund shall be designated as "IMPROVEMENT FUND FOR ASSESSMENT DISTRICT NO. 1975-1"