1978 RES NO. 3822 - Laserfiche WebLink

Browse Search

RESOLUTION NO. 3822 RESOLUTION OF:THE `CITY COUNCIL ACCEPTING PROPOSAL FOR THE SALE OF BONDS AND PRO- VIDING FOR THE ESTABLISHMENT OF A REDEM_ TION FUND FOR THE PAY14ENT OF SAID BONDS. CITY OF COLTON WHEREAS, this City Council has heretofore instituted and conducted proceedings under the provisions of the "Municipal Improvement Act of 191311, being Division 12 of the Streets and Highways Code of the State of California, for the construction of certain public improve - meats, together with appurtenances, in a special assessment district known and designated as ASSESSMENT DISTRICT NO. 78-1 [MT. VERNON AVENUE AND COOLEY DRIVE, PHASE II} (hereinafter referred to as the "Assessment District"); and, WHEREAS, said City Council in its Resolution of Intention therein determined and declared that bonds should be issued under the pro- visions of the "Improvement Act of 1911", being Division 7 of the Streets and Highways Code of the State of California, for each un- paid assessment or portion thereof in the amount of Fifty Dollars ($50.00) or more, to finance said improvements, and, WHEREAS, the City Council has noir received, in the manner and form. ' as prescribed by law, a proposal for the purchase of said bonds in said 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 in- terests of owners of hand within the Assessment District and should:;m be accepted,hy this Council, NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON CALIFORNIA, AS FOLLOWS SECTION 1. That the above recitals are all true and correct. SECTION 2. That the proposal of STONE & YOUNGBERG Investment Securities i dated the 31st day of May, 1978 is hereby accepted and approved for the purchase of the improvement bonds for the works of improve- ment, together with appurtenances, in the Assess- ment District.