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CC Resolution 2000-055 RESOLUTION NO. 2000-55 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA QUINTA, CALIFORNIA ISSUING LIMITED OBLIGATION IMPROVEMENT BONDS UNDER THE IMPROVEMENT BOND ACT OF 1915 FOR ASSESSMENT DISTRICT NO. 2000-1 (PHASE VI IMPROVEMENTS) WHEREAS, this Council has heretofore initiated assessment proceedings under the Municipal Improvement Act of 1 913 (Division 12 of the Streets and Highways Code (the "Code")) and has confirmed an assessment in the total amount of 92,285,000.00; and WHEREAS, the assessment proceedings provide for the issuance of bonds pursuant to the Improvement Bond Act of 1 915 (Division 10 of the Code) (the "1 915 Act"); and WHEREAS, the Council desires, pursuant to Section 8650.1 of the Code, to establish the denomination of the bonds and the amount to mature each year which will be other and different than that provided in Section 8650 of the Code; and NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LA QUINTA DOES RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. Bonds in the aggregate principal amount of not to exceed ~2,690,000.00 with the exact amount to be determined by the Finance Director shall be issued as hereinafter provided upon the security of unpaid assessments levied in accordance with the Municipal Improvement Act of 191 3 and under and pursuant to the proceedings thereunder duly had and taken. The bonds herein provided to be issued shall be known as "City of La Quinta, Limited Obligation Improvement Bonds Assessment District No. 2000-1 (Phase VI Improvements)" (the "Bonds") and shall be dated their date of delivery. The Bonds shall be issued only in fully registered form in denominations of 85,000 or any integral multiple thereof, except that one Bond may include the amount by which the total issue exceeds the maximum integral multiple of 85,000 contained therein, if any. The Bonds shall be issued as serial and term bonds with annual serial maturities beginning on September 2, 2001 and every succeeding twelve (12) months thereafter until September 2, 201 O, and with a ten-n bond maturity of September 2, 2015. Bonds shall mature in the amounts and bear interest at the rates of interest to be set forth in the Bond Purchase Agreement concurrently submitted to and approved by this Council. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 2 SECTION 3. The Bonds shall be issued pursuant to the provisions of the Improvement Bond Act of 1 915, and shall be substantially in the form as authorized pursuant to the terms and provisions of said Act, except as such form may vary from the ten-ns and conditions set forth in this resolution. SECTION 4. Each Bond shall be of a single maturity and interest rate as set forth in the aforesaid Bond Purchase Agreement, said interest rate not to exceed twelve percent (12%) per annum. Each Bond shall bear interest from the March 2 and September 2 ("Interest Payment Date") next preceding the date on which it is authenticated and registered, unless (i) said Bond is authenticated and registered as of an Interest Payment Date, in which event it shall bear interest from such date, or (ii) said Bond is authenticated and registered prior to the fifteenth day immediately preceding the first Interest Payment Date, in which case it shall bear interest from their date of initial delivery, or (iii) said Bond is authenticated and registered prior to an Interest Payment Date and after the close of business on the fifteenth day of the month immediately preceding such interest payment date, in which event it shall bear interest from such Interest Payment Date, until payment of its principal sum has been discharged. Interest shall be payable commencing on September 2, 2000 and semi- annually thereafter on September 2 and March 2 of each year to maturity and shall be based on a 360 day year with twelve (12) thirty-day (30) months. SECTION 5. The principal, redemption premiums and interest on the Bonds shall be payable in lawful money of the United States of America at the principal corporate trust office of U.S. Bank Trust National Association (the "Paying Agent" or "Registrar" or "Transfer Agent"). Interest on said Bonds shall be paid by check mailed by first class mail to the registered owner thereof at his address as it appears on the books of registration, as of the fifteenth (15') day immediately preceding said Interest Payment Date. SECTION 6. Any Bond may be redeemed in whole or in part in integral multiples of ~5,000 on any Interest Payment Date, at the option of the City upon thirty (30) days' notice to the Bondowner from moneys on deposit with the Paying Agent, at the following prices, expressed as a percentage of the principal amount of Bonds called for redemption, together with accrued interest to the date of redemption: Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 3 103% if redeemed on or before September 2, 2007 102% if redeemed on March 2 or September 2, 2008 101% if redeemed on March 2 or September 2, 2009 100% if redeemed on March 2 or September 2, 201 0 and thereafter Any Bond shall be subject to redemption in whole or in part, in integral multiples of ~5,000 on any Interest Payment date from proceeds of refunding bonds pursuant to Division 11.5 of the Act (if any such refunding bonds are sold), from repayments of assessments deposited in the Prepayment Account of the Redemption Fund, from excess proceeds in the Assessment Fund or from surplus moneys in the Improvement Fund, upon thirty (30) days' notice to the Bondowner and payment of the principal amount thereof and interest accrued thereon to the date of redemption, at the redemption prices shown above. The Bonds maturing on September 2, 2015, are subject to a mandatory redemption, in part by lot, from sinking fund payments set forth in the Bond Purchase Agreement on September 2, 201 1, and on September 2 in each year thereafter to and including September 2, 2015, at a redemption price equal to the principal amount thereof to be redeemed (without premium), together with interest accrued thereon to the date fixed for redemption; provided, however, that if some, but not all, of the Bonds maturing September 2, 2015 have been optionally redeemed pursuant to the above-described optional redemption provisions, the total amount of sinking fund payments to be made subsequent to such redemption shall be reduced in an amount equal to the principal amount of the Bonds maturing September 2, 2015 optionally redeemed by reducing each such future sinking fund payment on a pro-rata basis (as nearly as practicable) in integral multiples of ~5,000. No interest will accrue on a Bond beyond the Interest Payment Date on which said Bond is called for redemption provided that the amount necessary for the redemption has been deposited with the Paying Agent. notice of redemption must be given to the applicable Bondowners by registered or certified mail (postage prepaid) or by personal service at least thirty (30) days prior to the redemption date, if less than all of the outstanding Bonds are to be redeemed. The determination as to which Bond or Bonds are to be called will be made by the Paying Agent on behalf of the City Treasurer/Finance Director, in accordance with Streets and Highways Code Section 8768 of the 1 915 Act. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 4 SECTION 7. Any fully registered Bond may, in accordance with its terms, be transferred upon the books of registration required to be kept pursuant to the provisions of Section 9 by the owner in whose name it is registered, or by his duly authorized attorney or legal representative, upon surrender of such fully registered Bond for registration of such transfer, accompanied by delivery of a written instrument of transfer in a form acceptable to the Transfer Agent and by the owner of said Bonds, duly executed. The Transfer Agent shall require the payment by the Bondowner requesting such transfer of any tax or other governmental charge required to be paid with respect to such transfer. No transfer of fully registered Bonds shall be required to be made during the fifteen (15) days next preceding the selection of Bonds for redemption nor, in the case of Bonds selected for redemption, after such Bonds have been selected for redemption. SECTION 8. Fully registered Bonds may be exchanged at the office of the designated Transfer Agent/Registrar, for a like aggregate principal amount of Bonds of the same interest rate and maturity, subject to the terms and conditions provided in its system of registration for registered debt obligations, upon surrender and cancellation of the Bond. Upon such transfer and exchange, a new registered Bond the same aggregate principal amount will be issued to the transferee i therefore. SECTION 9. There shall be kept by the Registrar sufficient books for the registration and transfer of the Bonds and, upon presentation for such purpose, the Registrar shall, under such reasonable regulations as it may prescribe, register or transfer or cause to be registered or transferred, on said register, Bonds as hereinbefore provided. SECTION 10. (a) The Bonds shall be executed by manual or facsimile signature by the City Manager or City Treasurer/Finance Director and attested by the City Clerk and the City seal shall be imprinted on the Bonds. The Bonds shall then be delivered to the Transfer Agent and Registrar, for authentication and registration. In case an officer who shall have signed or attested to any of the Bonds by manual or facsimile signature or otherwise shall cease to be such officer before the authentication, delivery and issuance of the Bonds, such Bonds nevertheless may be authenticated, delivered and issued, and upon such authentication, delivery and issue, shall be as binding as though those who signed and attested the same had remained in office. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2OOO-1/Phase VI Adopted: June 6, 2000 Page 5 (b) Original Delivery. The Bonds shall be initially delivered in a form of a separate single fully registered Bond (which may be typewritten) for each maturity of the Bonds. Upon initial delivery, the ownership of each such Bond shall be registered on the Registration Books in the name of the Nominee (Cede & Co.). Except as provided in subsection (c), the ownership of all of the Outstanding Bonds shall be registered in the name of the Nominee on the Registered Books. With respect to the Bonds the ownership of which shall be registered in the name of the Nominee, the City and the Paying Agent shall have no responsibility or obligation to any Depository System participant or to any person on behalf of which the CitV holds an interest in the Bonds. Without limiting the generality of the immediately preceding sentence, the City and the Paying Agent shall have no responsibility or obligation with respect to (i) the accuracy of the records of the Depository, the Nominee or any Depository System participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Depository System participant or any other person, other than an owner as shown in the Registration Books, of any notice with respect to the Bonds, including any notice of redemption, (iii) the selection by the Depository of the beneficial interest in the Bonds to be redeemed in the event the City elects to prepay the bonds in part, (iv) the payment to any Depository System participant or any person other than an owner as shown in the Registration Books, of any amount with respect to the principal, premium, if any, or interest on the Bonds or (iv) any consent given or other action taken by the Depository as Owner of the Bonds. The City and the Paying Agent may treat and consider the person in whose name each Bond is registered as the absolute owner of such Bond for the purpose of payment of principal, premium and interest in such Bond, for the purpose of giving notices of redemption or other matters with respect to such Bond for the purpose of registering transfers of ownership of such Bond and for all other purposes wl~atsoever. The Paying Agent shall pay the principal of and interest and premium, if any, on the Bonds only to respective owners or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge all obligations with respect to payment of principal of and interest and premium, if any, on the Bonds to the extent of the sum or sums so paid. No person other than an owner shall receive a Bond evidencing the obligation of the City to make payment of principal, interest and premium, if any, pursuant to the Agreement. Upon delivery by the DepositorV to the Nominee of written notice to the effect that the Depository has determined to substitute a new Nominee in its place, and subject to the provision herein with respect to Record Dates, such new Nominee shall become the Nominee hereunder for all purposes; and upon receipt of such notice the City shall promptly deliver a copy of the same to the Paying Agent. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 6 (c) Representation Letter. In order to qualify the Bonds for the Depository's book-entry, the City and the Paying Agent shall execute and deliver to such Depository a letter representing such matters as shall be necessary to so qualify the Bonds. The execution and delivery of such letter shall not in any way limit the provisions of subsection (a) above or in any other way impose upon the City or the Paying Agent any obligation whatsoever with respect to persons having interests in the Bonds other than the owners. The Paying Agent agrees to comply with all provisions in such letter with respect to the giving of notices thereunder by Paying Agent. In addition to the execution and delivery of such letter, the City may take any other actions, not inconsistent with the Agreement, to qualify the Bonds of the Depository book-entry program. (d) Transfers Outside Book-Ep = System. In the event that either (i) the Depository determines not to continue to act as Depository of the Bonds, or (ii) the City determines-nines to terminate the Depository as such, then the City shall thereupon discontinue the book-entry system with such Depository. In -such event, the Depository shall cooperate with the City and the Paying Agent in the issuance of replacement Bonds by providing the Paying Agent with a list showing the interests of the Depository System Participants in the bonds, and by surrendering the Bonds, registered in the name of the nominee, to the Paying Agent on or before the date of such replacement Bonds are to be issued. The Depository, by accepting delivery of the Bonds, agrees to be bound by the provisions of this subsection (c). If, prior to the termination of the Depository acting as such, then the Bonds shall no longer be required in whatever name or names the Owners transferring or exchanging Bonds shall designate, in accordance with the provisions of this Section. Prior to its termination, the Depository shall furnish the Paying Agent with the names and addresses of the Depository System Participants and respective ownership interest thereof (e) Payments of the Nominee. Notwithstanding any other provisions of the Agreement to the contrary, so long as any Bond is registered in the name of the nominee, all payments with respect to principal of and interest and premium, if any, on such Bond and all notices with respect to such Bond shall be made and given, respectively, as provided in the letter described in subsection (b) above or as otherwise instructed by the Depository. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 7 SECTION 11. Only such of the Bonds as shall bear thereon a certificate of authentication substantially in the form below, manually executed by the Transfer Agent and Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this resolution, and such certificate of the Transfer Agent and Registrar shall be conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and delivered hereunder, and are entitled to the 15enefits of this resolution. FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION This bond has been authenticated and registered on as Registrar and Transfer Agent By: SECTION 12. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes and payment of or on account of the principal and redemption premium, if any, of any such Bond, and any payment of interest on any such Bond, shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. SECTION 13. In case any Bond secured hereby shall become mutilated or be destroyed, stolen or lost, the Registrar shall cause to be executed and authenticated a new Bond of like date and tenor in exchange and substitution for and upon the cancellation of such mutilated Bond or in lieu of and in substitution for such Bond destroyed, stolen or lost, upon the owner's paying the reasonable expenses and charges in connection therewith, and, in the case of a Bond destroyed, stolen or lost, his filing with the Registrar of evidence satisfactory to it and to the City Treasurer/Finance Director that such Bond was destroyed, stolen or lost, and of his ownership thereof, and furnishing the Registrar and City with indemnity satisfactory of them. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 8 SECTION 14. All Bonds paid, either at or before maturity, sfiall be canceled upon the payment or redemption of such Bonds, and shall be delivered to the Transfer Agent and Registrar when such payment or redemption is made. All Bonds canceled under any of the provisions of this resolution shall be destroyed as provided by law by the Transfer Agent and Registrar, who shall execute a certificate in duplicate describing the Bond so destroyed, and shall retain said executed certificate in its permanent files for the issue. SECTION 15. Pursuant to and the provisions of Part 16 (commencing with Section 8880) of Division 10 of the Code from the proceeds received from the sale of the Bonds, except as provided below, an amount equal to the Reserve Requirement, as defined below, shall be deposited in a special reserve fund (the "Reserve Fund") which the City Treasurer/Finance Director shall establish and maintain. The Reserve Fund shall be designated and identified as the "Assessment District No. 2000-1 (Phase VI Improvements) Reserve Fund." The Reserve Fund shall constitute a trust fund for the benefit of the owners of the Bonds and shall be maintained, used, transferred, reimbursed and liquidated as follows: (a) Whenever there are insufficient funds in the Redemption Fund to pay the next maturing installment of the principal of or interest on the Bonds, an amount necessary to pay such deficiency shall be advanced from the Reserve Fund to the Redemption Fund. The amounts so advanced shall be reimbursed from the proceeds of collection of delinquent assessments on the redemption or sale of the parcels for which payment of delinquent installments of assessments and interest thereon has been made from the Reserve Fund. (b) In the event unpaid assessments are paid in advance, the assessments thus paid shall be reduced by an amount equal to the ratio of the original amount of the assessment being prepaid to the total amount originally assessed in the proceedings represented by Bonds multiplied by the amount contained in the Reserve Fund, and the amount thus determined shall be transferred by the City Treasurer/Finance Director from the Reserve Fund to the Redemption Fund. (c) If on each August 15 and February 15, of each year, commencing August 15, 2000, the amount of any income realized from the investment of the money in the Reserve Fund plus the remaining principal amount thereof exceeds the lesser of (a) maximum annual debt service on the Outstanding Bonds, (b) 125% of the average annual debt service on the Bonds, or (c) 10% of the amount (within ~he meaning of Section 148 of the Internal Revenue Code, as amended) of the Bonds (the "Reserve Requirement") such excess shall be transferred by the Paying Agent to the Redemption Fund and applied to the payment of the Bonds. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 9 (d) If, on June 30 of the fiscal year next preceding the fiscal year in which the last unpaid assessment installment becomes due and payable, the balance in the Reserve Fund is sufficient to retire all or a portion of the last maturing series of outstanding Bonds, whether by advance retirement or otherwise, collection of all or a portion of the principal and interest on the assessments shall be discontinued and at the written direction of the City the Reserve Fund shall be liquidated in retirement of the Bonds. SECTION 16. The net proceeds from the sale of the Bonds, less the amounts specified herein for deposit in the Reserve Fund, shall be placed in a fund created pursuant to Sections 10424 and 10602 of the Code, which shall be held by the City Treasurer/Finance Director, called the "Assessment District No. 2000-1 (Phase VI Improvements) Improvement Fund," and the moneys in said fund shall be used only for the purposes authorized in the assessment proceedings and shall be invested and disbursed to pay the costs of issuance of the Bonds and the costs of improvements in accordance with the written direction of the City Treasurer/Finance Director, Director of Public Works/City Engineer, or City Manager. SECTION 17. Principal of, interest on, and capitalized interest through and including September 2, 2000, on the Bonds shall be paid out of the Redemption Fund created pursuant to Section 8671 of the Code, to be held and maintained by the City Treasurer/Finance Director and called the "Assessment District No. 2000-1 (Phase VI Improvements) Redemption Fund." Accrued interest paid by the purchaser of the Bonds, if any, shall be deposited in said fund. The City Treasurer/Finance Director shall deposit, as received, all installments and prepayments of the assessments with respect to the principal, redemption premiums and interest of the Bonds and the City Treasurer/Finance Director shall hold all such moneys in said funds and use the same for the payment of principal, interest and redemption premiums, if any, on the Bonds. SECTION 18. The City Treasurer/Finance Director is hereby instructed to cause Bonds, as set forth above, to be printed, and to proceed to cause said Bonds to be authenticated and delivered to any authorized representative of the purchaser, upon payment of the purchase price as set forth in the Bond Purchase Agreement for the Bonds. SECTION 19. In order to maintain the exemption from federal income taxation of interest on the Bonds, the City covenants to comply with all applicable requirements of the Internal Revenue Code of 1986, as amended, and all regulations, rulings and decisions in connection therewith. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 10 SECTION 20. Except as otherwise provided herein, all moneys held by the Paying Agent in any of the funds or accounts established pursuant to this resolution shall be invested as directed in writing by the City Treasurer/Finance Director and all investment earnings shall be credited to the fund or account so invested. If the Paying Agent does not receive such written direction, it shall invest such moneys in units of a taxable government money-market fund. The Paying Agent shall have no liability or responsibility for any loss resulting from any investment made in accordance with the provisions of this section or for determining that any directed investment is a permitted investment. SECTION 21. U.S. Bank Trust National Association is hereby designated Paying Agent, Transfer Agent, and Registrar with respect to these proceedings and the Bonds to be issued. The City Manager, City Treasurer/Finance Director, or Director of Public Works/City Engineer is hereby authorized to enter into and execute a Paying Agent Agreement, the form and contents of which shall be approved by the City Manager or City Treasurer/Finance Director, with the Paying Agent. The city shall from time to time, subject to any agreement between the City and the Paying Agent for all its advances and expenditures, including, but not limited to, advances to and fees and expenses of independent accountants, counsel and engineers or other experts employed by it in the exercise and performance of its powers and duties hereunder, and indemnify and save the Paying Agent harmless against liabilities not arising from its own negligence or willful misconduct which it may incur in the exercise and performance of its powers and duties hereunder, which indemnity shall survive discharge of the Bonds. SECTION 22. If, after completion of the improvements to be constructed from the proceeds of the Bonds to be issued hereby, it is determined by the City Treasurer/Finance Director there is a surplus in the Improvement Fund established hereby and held by the City Treasurer/Finance Director, upon the written direction of the City Treasurer/Finance Director, shall transfer such moneys into the Reserve Fund established pursuant to Section 17 up to the Reserve Requirement. Any excess moneys shall be transferred into the Redemption Fund and such moneys shall be used for payment of principal of and interest on the Bonds. The amount of such transfer shall be applied by the City Treasurer/Finance Director as a credit against the installments of assessments to be collected, in accordance with the provisions of Sections 10427 and 10427.2, inclusive, of the Code. Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 11 SECTION 23. Pursuant to Streets and Highways Code Section 8769, this Council hereby determines that the City will not obligate itself to advance available funds from the City Treasury 'to cure any deficiency which may occur in the Redemption Fund; provided, however, this determines-determination shall not prevent the City from, in its sole discretion, advancing funds for such purpose as otherwise provided in the Improvement Bond Act of 1 915. SECTION 24. The City Council hereby approves the Preliminary Official Statement and authorizes distribution thereof. The City Manager, the City Treasurer/Finance Director, or Direct of Public Works/City Engineer is hereby authorized and directed to execute a Final Official Statement consistent therewith. The City hereby covenants and agrees that it will execute, comply with, and carry out all of the provisions of the Continuing Disclosure Certificate if directed by Bond Counsel. Notwithstanding any other provision of this Resolution, failure of the City to comply with the Continuing Disclosure Certificate shall not be considered an Event of Default; however, any Bondholder or Beneficial Owner may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City to comply with its obligations under this Section. For purposes of this Section, "Beneficial Owner" means any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. SECTION 25. In the event an initiative petition is submitted to the City which purports to reduce or repeal the assessments levied pursuant to the proceedings taken hereunder by the City Council, the City Council hereby covenants, to the extent permitted by law, to commence and pursue, but solely from funds available in the Assessment District No. 2000-1 (Phase VI Improvements) Improvement Fund 9 all available judicial remedies in order to preserve and protect the assessments and any installments thereof and the lien securing said assessments. SECTION 26. The terms and conditions of this resolution relating to the terms and conditions of the Bonds and other non-substantive terms and provisions of this Resolution, as determined by Bond Counsel, may be amended and modified prior to the closing of delivery of the Bonds by a written amendment executed by the City Manager, City Treasurer/Finance Director, or Director of Public Works/City Engineer and countersigned by Bond Counsel. Resolution No, 2000-55 Limited Obligation Improvement Bonds Assessment District 2000-1/Phase VI Adopted: June 6, 2000 Page 12 SECTION 27. The City Council finds that the total amount of the principal sum of all unpaid special assessments levied against the parcels proposed to be assessed, as computed pursuant to paragraph (1) of subdivision (b) of Streets and Highways Code Section 2961, plus the principal amount of the special assessment proposed to be levied in the instant proceedings, do not exceed one-half of the total value of the parcels proposed to be assessed, as computed pursuant to paragraph (2) of subdivision (b) of Streets and Highways Code Section 2961. PASSED, APPROVED and ADOPTED this 6th day of June, 2000, at a regular Council meeting by the following vote: AYES: Council Members Adolph, Henderson, Perkins, Sniff, Mayor Pe~a NOES: None ABSENT: None ABSTAIN: None JOH ERA, M er City of La Quinta, California ATTEST: (~~'~'REEK~~~ City of La Quinta, California (City Seal) Resolution No. 2000-55 Limited Obligation Improvement Bonds Assessment District 20OO-1/Phase VI Adopted: June 6, 2000 Page 13 APPROVED AS TO FORM: DAWN C. HONEYWELL, City Attorney City of La Quinta, California