HomeMy WebLinkAboutCC RESO 2001 - 169RESOLUTION NO. 2001 - 169
RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NATIONAL CITY
DETERMINING THAT THE PUBLIC INTEREST
AND NECESSITY DEMAND THE ACQUISITION,
CONSTRUCTION AND COMPLETION OF CERTAIN MUNICIPAL
IMPROVEMENTS AND THEIR FINANCING THROUGH THE
ISSUANCE OF GENERAL OBLIGATION BONDS
WHEREAS, the City of National City (the "City") is authorized to issue general
obligation bonds to finance municipal improvements pursuant to the provisions of Article 1,
commencing with Section 43600, of Chapter 4 of Division 4 of Title 4 of the California
Government Code (the "Act"); and
WHEREAS, the City intends to issue general obligation bonds under and
pursuant to the Act to finance a portion of the costs of acquiring and constructing of a new City
library (the "Improvements"); and
WHEREAS, in order to initiate proceedings under the Act to provide for the
financing of the Improvements, this Council must make certain fmdings and determinations.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City, California, does hereby resolve, declare, determine and order as follows:
SECTION 1. The public interest and necessity demand, and it is the intention
of this Council to require the acquisition, construction and completion of the Improvements,
and to issue general obligation bonds of the City to finance the "local" portion of the cost
thereof, subject to completion of the proceedings required by the Act, with the remainder of
the costs of the Improvements to be paid for from funds given to the City by the State of
California.
SECTION 2. This Council hereby fmds and determines that the estimated
costs of the Improvements will require an expenditure by the City greater than the amount
allowed for it by the annual tax levy of the City. The principal amount of general obligation
bonds of the City to be issued for the Improvements will not exceed the estimated cost for the
City's portion of the Improvements, to be determined prior to the adoption of the ordinance
calling the election.
SECTION 3. This resolution is adopted, and general obligation bonds of the
City are to be issued, pursuant to the Act.
-- Signature Page to Follow —
Resolution No. 2001 - 169
November 6, 2001
Page Two
PASSED and ADOPTED this 6th day of November, 2001.
r_,1t
George H. Waters, Mayor
ATTEST:
Mich • el Dalla, Ci Clerk
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney