CC RESOLUTION 338414 48
RESOLUTION NO. 3384
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EL
SEGUNDO, CALIFORNIA, ACCEPTING PROPOSAL AND MAKING
AWARD FOR SALE OF BONDS, AND PROVIDING FOR THE
ESTABLISHMENT OF A REDEMPTION FUND FOR THE PAYMENT
OF SAID BONDS
WHEREAS, the CITY COUNCIL of the CITY OF EL SEGUNDO,
CALIFORNIA, has heretofore instituted and conducted proceedings
under the terms and 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 works of improvement, together with appurten-
ances and appurtenant work, in a special assessment district
designated as
ASSESSMENT DISTRICT NO. 73
(SEWER IMPROVEMENTS)
(hereinafter referred to as the "Assessment District "); and
WHEREAS, in the Resolution of Intention it was determined
and declared that bonds should be issued under the provisions
of the "Improvement Bond Act of 1915 ", being Division 10 of the
Streets and Highways Code of the State of California; and
WHEREAS, there has now been received, in proper form, a
proposal for the purchase of said bonds to be issued under said
proceedings, and said proposal received is considered to be the
proposal that would best serve the interests of the owners of
land included within the Assessment District and the City and
has been recommended by the Financial Consultant.
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 written proposal and bid received from
• M. L. STERN & CO., INC.
for the purchase of improvement bonds representing unpaid
assessments in said Assessment District is hereby accepted and
approved.
SECTION 3. Said sale is subject to all the terms and
conditions as set forth in the Notice of Sale and Bid Form for
• the Assessment District and in the accepted proposal.
1. RESO. # 3384
I
SECTION 4. The Treasurer is hereby directed to have the
bonds printed immediately upon the adoption of the Resolution
of Issuance, and to have said bonds signed and delivered to the
purchaser upon receipt of the amount of moneys due pursuant to
said bid and upon the performance of all the conditions as set
forth in the accepted proposal.
SECTION 5. The interest rate (or rates) on the bonds is
• hereby fixed at the rate (or rates) as set forth in said
accepted proposal.
SECTION 6. The Treasurer is hereby authorized and
directed to keep a redemption fund designated by the name of
the proceedings, into which shall be placed all sums received
from the collection of the assessments and the interest
thereon, together with all penalties, if applicable, thereon
and from which shall be disbursed such funds to the registered
owners of the bonds. Under no circumstances shall the bonds or
interest thereon be paid out of any other fund except as
provided by law. Said fund shall be known as the REDEMPTION
FUND, and shall be designated by the name of the Assessment
District.
SECTION 7. The Treasurer shall transfer moneys as
necessary from the RESERVE FUND to the REDEMPTION FUND in the
manner and form as authorized by law.
SECTION S. 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 20th day of MAY
1986.
ATTE
City Clerk
(SEAL)
,v"
Mayo of the City of E1 Segundo,
California
2.
RESO. # 3384
147411
ic-A
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY
this 9th day of '
0
0 (SEAL)
7 PIK
City of E1 Segundo, California
14750
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. 3384
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 20th day of May , 19
86
and that the same was so passed and adopted by the following
vote:
AYES: Councilmembers Anderson, Jacobson, Schuldt,
West, & Mayor Siadek
NOES: Councilmembers None
ABSENT: Councilmembers None
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY
this 9th day of '
0
0 (SEAL)
7 PIK
City of E1 Segundo, California
14750