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RESOLUTION NO. 81-181 <br /> <br />RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA ISSUING BONDS UNDER <br />THE IMPROVEMENT BOND ACT OF 1915 <br /> <br /> WHEREAS, this City Council has heretofore initiated <br />assessment proceedings pursuant to its Resolution No. 81-119 <br />under the Municipal Improvement Act of 1913, (Division 12 of <br />the Streets and Highways Code) and has confirmed an assess- <br />ment in the total amount of $3,150,000 ; and <br /> <br /> WHEREAS, the assessment proceedings provide for the <br />issuance of bonds pursuant to the Improvement Bond Act of <br />1915 (Division 10 of the Streets and Highways Code); and <br /> <br /> WHEREAS, following public bidding, and receipt of bids <br /> for the purchase of the bonds herein, the City Council in <br /> its Resolution No.81-142 awarded said bonds to Merrill Lynch <br />Capital Markets Group , as the best bidder therefor at the interest <br />rates set forth in said resolution and hereinbelow; and <br /> <br /> WHEREAS, this City Council desires, pursuant to Section <br />8650.1 of the Streets and Highways Code, to establish the <br />denomination of the bonds and the amount to mature each year <br />which will be other and different than that provided in <br />Section 8650 of said Code; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED AND ORDERED BY THE <br />CITY COUNCIL OF THE CITY OF SANTA ANA, STATE OF CALIFORNIA, <br />as follows: <br /> <br /> 1. That in accordance with the proceedings heretofore <br />taken, bonds shall be issued pursuant to the Improvement <br />Bond Act of 1915. The bonds shall be 630 in number, shall <br />be numbered in consecutive numerical order, beginning with <br />the earliest maturity, and shall be numbered from 1 to 630 · <br />The bonds shall be of the denomination of $5000 each, <br /> <br />~xxxxxxxxx~ The bonds shall be dated November 15, 1981. <br />The first interest coupon is payable on January 2, 1983, and <br />thereafter the interest is payable semi-anually on July 2 <br />and January 2 of each year. The bonds shall mature on <br />July 2 in the amounts and years and shall bear interest at <br />the rates set forth below: <br /> <br /> Interest <br />Amount Year (July2) Rate <br /> <br />$ 5,000 <br />110,000 <br />125,000 <br />135,000 <br />150 000 <br />165 000 <br />180 000 <br />200 000 <br />220 000 <br />240 000 <br />270 000 <br />290 000 <br />320 000 <br />350 000 <br />390 000 <br /> <br />1983 10% <br />1984 10% <br />1985 10% <br />1986 10% <br />1987 10% <br />1988 10% <br />1989 10% <br />1990 10% <br />1991 10% <br />1992 10% <br />1993 10% <br />1994 10% <br />1995 10% <br />1996 10% <br />1997 10% <br /> <br />White Weld <br /> <br /> <br />