Reso 0715-01/1985 267
RESOLUTION NO. 715
RESOLUTION OF THE BOARD OF DIRECTORS
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 BOARD OF DIRECTORS of the SAN MARCOS COUNTY WATER DISTRICT,
CALIFORNIA, 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. 83-1
(MYRTLE AVENUE SEWERS)
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, in the Resolution of Intention it was determined and declared that bonds
should issue 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 issue under said proceedings, and said proposal received is considered
to be the bid that would best serve the interests of owners of land included within the
Assessment District and should be accepted.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the written proposal received from
STONE & YOUNGBERG
for the purchase of improvement bonds representing unpaid assessments
in said Assessment District is hereby accepted and approved.
SECTION 3. That said sale is subject to all the terms and conditions as set forth
in the Resolution of Intention, the accepted proposal, and all other
related bond authorization documentation.
SECTION 4. That the Auditor be, and hereby is, directed to have the bonds printed
immediately upon the expiration of the cash collection period, and
said Auditor shall then have said bonds signed and delivered to said
bidder upon receipt of the amount of monies due pursuant to said
proposal and upon the performance of all the conditions as set forth
in the written proposal.
- 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 proposal.
SECTION 6. That the Auditor is hereby authorized and directed to keep a redemp-
tion fund designated by the name of the proceedings, into which he
shall place all sums received for the collection of the assessments
and the interest thereon, together with all penalties, if applicable,
thereon and from which he shall disburse such funds to the registered
owner. Under no circumstances shall the said bonds or interest there-
On 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 this Assessment District.
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SECTION 7. That the Auditor shall transfer monies as necessary from the SPECIAL
RESERVE FUND in the manner and form as authorized by law.
PASSED, APPROVED and ADOPTED at a Regular Meeting of the Board of Directors of
the San Marcos County Water District held this 15th day of January , 1985,
by the following roll call vote:
AYES: Directors: Newport, Mahr, Ferguson, Rutherford
NOES: Directors: None
ABSENT: Directors: Mason
ABSTAIN: Directors: None
President, Board of Directors
San Marcos County Water District
ATTEST:
Secretary, Board of Directors
San Marcos County Water District