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RESOLUTION NO. 82-39 RESOLUTION OF THE CITY COUNCIL ACCEPTING PROPOSAL AND MAKING AWARD FOR SALE OF BONDS, AND PROVIDING FOR THE ESTABLISHMENT OF A REDEMPTION FUND FOR THE PAYMENT OF SAID BONDS. WHEREAS, the CITY COUNCIL of the CITY OF SANTA ANA, CALIFORNIA (hereinafter referred to as "Agency"), has heretofore instituted and conducted proceedings under the terms and provisions of the "Municipal 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. 245 (hereinafter referred to as the "Assessment District"); and, WHEREAS, said Agency in its Resolution of Intention therein determined and declared that bonds should issue under the provisions of the "Improvement Act of 1911", being Division 7 of the Streets and Highways Code of the State of California; and, WHEREAS, the Agency 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 Agency, considered to be the bid that would best serve the interests of owners of land included within the Assessment District and should be accepted by this Agency. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the written proposal and bid received from STONE & YOUNGBERG for the purchase of improvement bonds representing unpaid assessments in said Assessment District 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.