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RESOLUTION NO. 75-92 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA, CALIFORNIA, ACCEPTING PROPOS- AL AND MAKING AWARD FOR SALE OF BONDS, AND PROVIDING FOR THE ESTABLISHMENT OF A RE- DEMPTION FUND FOR THE PAYMENT OF SAID BONDS. ASSESSMENT DISTRICT NO. 239 WHEREAS, this City Council has heretofore instituted and conducted proceedings under the terms and provisions of the "Muni- cipal 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. 239 WHEREAS, said City Council in its Resolution of Inten- tion therein determined and declared that bonds should issue under the provisions of the "Improvement Act of 1911"; and, WHEREAS, the City Council has now received, in proper form, a proposal for the purchase of said bonds to issue under said proceedings and said proposal received is, in the opinion of this City Council considered to be the bid that would best serve the interest of owners of land included within the Assess- ment District and should be accepted by this City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, CALIFORNIA, AS FOLLOWS: SECTION 1. That the above-recitals are all true and correct. from SECTION 2. That the written proposal and bid received C. H. WATT dated the 30th day of June, 1975, for the purchase of improvement bonds representing unpaid assessments in an assessment district entitled ASSESSMENT DISTRICT NO. 239 is hereby accepted and approved. SECTION 3. That said sale is subject to all the terms and conditions as set forth in the previously approved Notice of Sale of said bonds and in the accepted bid. SECTION 4. That the City Treasurer be and is hereby directed to have said bonds printed immediately upon the expira- tion of the cash collection period and he shall then have said bonds signed and delivered to said bidder upon receipt of the amount of monies due pursuant to said bid and upon the perform- ance of all the conditions as set forth in said written offer. 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 bid proposal.