1977 RES NO. 3673 - Laserfiche WebLink

Browse Search

RESOLUTION NO. 3673 CITY OF COLTON RESOLUTION ACCEPTING PROPOSAL AND MAKING AWARD FOR SALE OF BONDS, AND PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS. ASSESSMENT DISTRICT NO. 1976-1 (COOLEY DRIVE) WHEREAS, this City Council has heretofore instituted -and conducted proceedings under the terms and provisions 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 appurtenant work in a special assessment district known and designated as ASSESSMENT DISTRICT NO. 1976-1` (COOLEY DRIVE) WHEREAS, said City Council in its Resolution of Intention therein determined and declared that bonds should issue under the pro- visions of the "Improvement Bond Act of 1915;" and WHEREAS, the City Council has now received in proper form a proposal for the purchase of said bonds to issue under said proceedings and said proposal received is, in the opinion of this City Council considered to be the bid that would best serve the interest of owners of land included within the Assessment District and should be accepted by this City Council. NOW, THEREFORE, -BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON, AS.FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the written proposal and bid received from Birr, Wilson & Co., Inc.' darted the 1,;tday of�{�� 1 77 for the purchase of improvement bonds representing unpaid assessments in an assessment district entitled ASSESSMENT DISTRICT NO. 1976-1 (COOLEY DRIVE) is hereby accepted and approved SECTION 3. That said sale is subject to all the terms and conditions as set forth in the previously approved Notice of Sale of said bonds and in the accepted bid. SECTION 4. That the City Treasurer be and is hereby directed to have said bonds printed immediately upon the expiration of the cash collection period and he shall then have said bonds signed and delivered f to said bidder upon receipt of the amount of monies due pursuant to said bid and upon the performance of all the conditions as set forth in said written offer. SECTION 5. That the interest rate or rates on said bonds be and the same hereby is fixed at the rate or rates as set forth in said accepted bid proposal. SECTION 6. That the City Treasurer is hereby authorized and directed to keep a redemption fund designated by the name of the pro- ceedings in which he shall place all sums received for the collection of .the assessments and theinterest thereon, together with all penalties, if applicable, thereon, acid from which he shall disburse such funds upon