City Council

9. RESOLUTIONS AND APPROPRIATIONS RELATED TO SALE OF BONDS\nFOR UNDERGROUND UTILITY ASSESSMENT DISTRICT 2013-2\n(DIAMOND STREET)\nRecommendations:\n(1) Adopt the resolutions for Underground Utility Assessment District 2013-2\n(Diamond Street):\na. “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nLAGUNA BEACH, CALIFORNIA, DETERMINING UNPAID\nASSESSMENTS IN UNDERGROUND UTILITY ASSESSMENT\nDISTRICT NO. 2013-2 (DIAMOND STREET) AND THE MANNER\nOF PAYMENT THEREOF AND LISTING BONDS ISSUED ON\nTHE SECURITY THEREOF;”\nb. “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nLAGUNA BEACH, CALIFORNIA, AWARDING THE SALE OF\nUNDERGROUND UTILITY ASSESSMENT DISTRICT NO. 2013-2\n(DIAMOND STREET) LIMITED OBLIGATION IMPROVEMENT\nBONDS”;\nc. “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nLAGUNA BEACH, CALIFORNIA, ISSUING LIMITED\nOBLIGATION IMPROVEMENT BONDS UNDER THE\nIMPROVEMENT BOND ACT OF 1915 FOR UNDERGROUND\nUTILITY ASSESSMENT DISTRICT NO. 2013-2 (DIAMOND\nSTREET)”;\nd. “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nLAGUNA BEACH, CALIFORNIA, COVENANTING DILIGENT\nPROSECUTION OF FORECLOSURE OF DELINQUENT\nASSESSMENTS WITHIN UNDERGROUND UTILITY\nASSESSMENT DISTRICT NO. 2013-2 (DIAMOND STREET)”;\n(2) Approve the purchase of Underground Utility Assessment District 2013-2\n(Diamond Street) public offering municipal serial bonds at a 25-year term with a\ntrue interest cost of 5.31%;\n(3) Authorize the use of the Utility Underground Assessment Deferment Loan\nProgram for qualified applicants; and\n(4) Appropriate $2,253,631 for construction and other related expenses within\nUnderground Utility Assessment District 2013-2 (Diamond Street), and increase\nrevenues by the same amount, and authorize the City Manager to expend all\nappropriated funds.\nStaff Report