RES 83185 - Laserfiche WebLink

- 2- "Improvement Bond Act 1915", being Division 10 of said Ccde. Proceeds from the sale of such bonds will be used to pay the costs of the Improvement Project as authorized by said proceedings. B) Any bond may be redeemed on any January 2, or July 2, prior to its fixed maturity date, at the option of the Treasurer of the City, upon giving 60 days' prior notice, and upon the payment of the principal amount thereof and interest accrued thereon to the date of redemption, plus a redemption premium of five percent (5%) of the principal anDant thereof. C) In the event of any delinquency in the payment of any installment of an unpaid assessment, the City must order institution of an action in the Superior-Court of the State of California to foreclose the lion of such un- paid assess~_nt, as authorized by Part 14, Division 10 of the Streets and Highways Code of the State of California. In such action, the real properties subject to the unpaid assessment may be sold at judicial foreclosure. The City has determined to authorize the judicial foreclosure in lieu of tax sale and the five-year redemption period within 150 days following the date of such a delinquency. D) A special Reserve Fund will be'created to provide available fends frcra which the City can advance and make payment on the amount of any delinquent assessrants levied for these proceedings. Payments frc~ such Reserve Fund shall be an advance to be reimbursed frcm the proceeds of redemption of sale of the properties with respect to which payment has been made. Said Special Reserve ['and shall be maintained as a separate trust account distinct fr~n all other funds of the City. The Reserve Fund shall be in an amount equal to seven percent (7%) of the bonds issued for the proceedings. The Reserve Fund shall be administered and payments shall be made all as authorized under the provisions of the "Improvenent Bond Act of 1915". E) At the time of paymant for and delivery of said bonds, the City will furnish a certificate that there is no litigation pending affecting the validity of the bonds or the legality of the assessment. F) No prior assessment liens of any type or nature shall encumber any of the lots or parcels assessed in these proceedings. G) There shall be no bonds issued secured by unpaid assessments levied upon any lot or parcel of land belonging to the United States, or to the State, or to any county, city, public agency, mandatory of the goverrment, school board, educational, penal or reform institution or institution for the feebleminded or the insane, whether such lot or parcel of land is in use in the performance of any public function. This proposal is submitted in duplicate, one copy of which is to be officially signed and returned to us. Very truly yours, M.L. STE~N & CO., INC. Paul H. ~nita Senior Vice President The foregoing proposal is hereby accepted on behalf of the City Council of the City of Pleasanton. Date