CC RESOLUTION 3375l_ 4 t.
RESOLUTION NO. 3375
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA, AUTHORIZING PROPOSALS FOR THE
SALE OF BONDS TO BE ISSUED TO REPRESENT UNPAID
ASSESSMENTS UPON LANDS IN A SPECIAL ASSESSMENT
DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF EL SEGUNDO,
CALIFORNIA (the "City "), has previously adopted its Resolution
of Intention pursuant to 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 works of improvement in a special assessment
district designated as
ASSESSMENT DISTRICT NO. 73
(SEWER IMPROVEMENTS)
(hereinafter referred to as the "Assessment District "); and
WHEREAS, the City has determined that serial bonds shall be
issued to finance the costs and expenses of the Improvements
and proceedings, pursuant to the "Improvement Bond Act of
1915 ", being Division 10 (commencing with Section 8500) of the
California Streets and Highways Code; and
WHEREAS, the City has retained Fieldman, Rolapp &
Associates (the "Financial Consultant ") to prepare the
documentation necessary to solicit proposals for the sale of
bonds, and to receive such proposals;
• NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EL SEGUNDO
CALIFORNIA, DOES RESOLVE AS FOLLOWS: '
SECTION 1. The above recitals are all true and correct.
SECTION 2. The City hereby authorizes the Financial
Consultant to solicit proposals for the sale of bonds to be
issued to represent unpaid assessments on land in the
Assessment District and to present its recommendation
concerning such sale to the City Council for its approval.
SECTION 3. The Financial Consultant is authorized and
directed to prepare a Notice of Sale and Bid Form and to
prepare a disclosure document containing information about the
City and the Assessment District for the purpose of securing a
I
proposal for such sale, which documents are hereby approved in
RESO. #3375
substantially the form of the Notice of Sale and Bidders
90 Statement dated as of April 1, 1986, presented at this meeting.
SECTION 4. The interest rate on bonds shall not exceed the
current legal maximum of twelve percent (12%) per annum and the
bonds shall be subject to all of the terms and provisions
relating to bonds set forth in the °Improvement Bond Act of
1915" and set forth in the Resolution of Intention for these
• proceedings.
SECTION 5. The City will adopt a Resolution Determining
Unpaid Assessments and Authorizing Issuance of Bonds prior to
the award and final delivery of bonds to the purchaser, and the
issuance and sale of bonds will be subject to the terms and
provisions of such resolution.
SECTION 6. The City will provide, at no expense to the
purchaser, the unqualified legal opinion of NAZAREK, HARPER,
HOPKINS & MCFARLIN, Attorneys at Law, attesting to the validity
of the proceedings and the enforceability of the bonds.
SECTION 7. The City Clerk shall certify to the passage and
adoption of this resolution; shall enter the same in the book
of original resolutions of said city; and shall make a minute
of the passage and adoption thereof in the record of the
proceedings of the City Council of said city, in the minutes of
the meeting at which the same is passed and adopted.
PASSED, APPROVED and ADOPTED this 1st
day of APRIL
1986.
irvw vw-3 W \-)
Mayor of the C
Cali
( SEAL)
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RESO.# 3375
14 72, 0
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF EL SEGUNDO )
I, Ronald L. Hart , City Clerk of the
City of E1 Segundo, California, DO HEREBY CERTIFY that the whole
number of members of the City Council of the said City is five;
that the foregoing resolution, being Resolution No. 3375 was
duly passed and adopted by the said City Council, approved and
signed by the Mayor of said City, and attested by the City Clerk
of said City, all at a regular meeting of the said Council held
on the 1st day of April , 19 86
and that the same was so passed and adopted by the following
vote:
AYES: Councilmembers Jacobson, Schuldt, Siadek
Synadinos & Mayor Armstrong
• NOES: Councilmembers None
ABSENT: Councilmembers None
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY
this 25th day of April , 19 86 .
.0 (SEAL)
14.721