CC Resolution 1991-046^#> RESOLUTION NO. 91-46
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LA QUINTA PROVIDING FOR THE
SALE OF BONDS FOR ASSESSMENT DISTRICT
NO. 91-1 THEREOF IN AN AMOUNT NOT TO
EXCEED $ 2.6*4.4OO.73
WHEREAS, the City Council of the City of La Quinta the
City") has taken proceedings pursuant to the Municipal
Improvement Act of 1913 for the formation of Assessment
District No. 91-1 and the issuance of bonds in an amount not to
exceed $2,614,4OO.7*; and
WHEREAS, the District desires to receive sealed bids for
bonds to be issued pursuant to the Improvement Bond Act of 1915
in an amount not to exceed $L**6l4*4CC.73tO represent assessments
not paid in cash;
NOW, THEREFORE, the City Council of the City of La Quinta
DOES RESOLVE, DETERMINE AND ORDER as follows:
SECTION 1. The City does hereby call for sealed bids for
up to $2,614,400.73of bonds of Assessment District No. 91-1 to be
received at the office of Fieldman, Rolapp & Associates
Financial Consultant), 2100 S.E. Main Street, Suite 210,
Irvine, California 92714, up to the hour of 10:00 a.m., July
23, 1991. Said bids will be opened at said time and place and
presented to the City on July 23, 1991.
SECTION 2. The Financial Consultant shall cause a short
form notice inviting such bids to be given by publication once
in the BOND BUYER at least fifteen 15) days prior to the date
of sale and shall cause the Notice Inviting Bids in
substantially the form attached hereto as Exhibit A to be
mailed to such persons and investment bankers known by the
Financial Consultant to have an interest in purchasing such
bonds.
SECTION 3. That the Preliminary Official Statement as
prepared and presented by the Financial Consultant is hereby
approved and adopted, and the Financial Consultant is hereby
directed to mail copies of the preliminary Official Statement
to all persons determined to be prospective purchasers and
interested in bidding on the bonds to be issued for these
proceedings, and the Financial Consultant is hereby authorized
to make minor modifications and amendments to the preliminary
Official Statement as approved by the Mayor of the City or his
designee, in order to provide the best available information up
to the date and time for the sale. A copy of the preliminary
Official Statement is on file in the office of the City Clerk.
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SECTION 4. The City Council will consider an award and
sale of bonds and acceptance of proposals based on the not to
exceed figure set forth in the notice inviting bids on the
bonds. The amount of bonds to be delivered will be based on
the amount of assessments on the unpaid list as determined at
the expiration of the cash collection period and adjustments at
that time will be made in the maturity schedule, and the final
delivery will be based upon the adjusted maturity schedule.
ADOPTED, SIGNED AND APPROVED this 11th day of June, 1991.
Mayor, *tofL*nta
SEAL)
ATT*:
City Clerk, City of La Quinta
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STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
I, SAUNDRA JUHOLA, City Clerk of the City Council of City
of La Quinta, do hereby certify that the foregoing resolution
was duly adopted by the City Council of said City at a regular
meeting held on the 11th of June, 1991, and that it was so
adopted by the following vote:
AYES: Council Member Rushworth and Mayor Pena
NOES: None
ABSENT: Council Member Franklin
ABSTAIN: Council Members Bohnenberqer and Sniff
*ity Clerk of the City Council
of the City of La Quinta
SEAL)
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STATE OF CALIFORNIA
ss.
COUNTY OF RIVERSIDE
I, SAUNDRA JUHOLA, City Clerk of the Ci*y Council of the
City of La Quinta, do hereby certify that the above and
foreqoing is a full, true and correct copy of RESOLUTION
NO. 91-46 of said City Council, and that the same has not
been amended or repealed.
DATED: June 11, 1991
ty Clerk of the *ty Council
of the City of La Quinta
SEAL)
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