HomeMy WebLinkAboutReso 82-114 - Approving Agreement for Assignment of improvement Bond Proceeds - North Point Assessment District No. 1982-3 T. , • •
RESOLUTION NO. g..7 -j j y
RESOLUTION APPROVING AGREEMENT
FOR ASSIGNMENT OF IMPROVEMENT BOND PROCEEDS
NORTH POINT ASSESSMENT DISTRICT NO. 1982-3
The City Council of the City of Redding resolves :
As a part of the proceedings for improvements in
North Point Assessment District No. 1982-3 , City of
Redding , Shasta County , California , this Council approves
that certain agreement between the City of Redding , Robert
Loring , Brent Owen and C .C .M. Corporation effective July 19 ,
1982 , and attached to this resolution .
The Mayor is authorized to sign the agreement and
the City Clerk is authorized to attest its execution .
I HEREBY CERTIFY that the foregoing resolution
was duly and regularly adopted by the City Council of the
City of Redding , Shasta County, California , at a regular
meeting thereof , held on the 19th day of July, 1982 .
AYES:. Councilmembers Fulton, Kirkpatrick, and Gard
NOES: Councilmembers None
ABSENT: Councilmembers Demsher
ABSTAIN: Councilmembers Pugh
ETHEL A . NICHOLS , City Clerk , City of
Redding , Shasta County, California
By fit. a_ 7a-ere&
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AGREEMENT FOR ASSIGNMENT OF IMPROVEMENT BOND SALE PROCEEDS
(NORTH POINT ASSESSMENT DISTRICT NO. 1982-3)
A. The parties to this agreement are the City of
Redding , a California general law city (hereafter referred to
as the City) ; Robert Loring and Brent Owen (hereafter referred
to as the Developers) ; and C . C. M. Corporation , a California cor-
poration (hereafter referred to as C .C .M. ) .
B . The agreement shall become effective upon approval
by resolution of the City Council of the City , on the express under-
standing . that the agreement will not be submitted to the City
Council until it has been executed by the other two parties .
C . The City has initiated special assessment proceed-
ings under the Municipal Improvement Act of 1913 (Sections 10000
and following , California Streets and Highways Code , and hereafter
referred to as the 1913 Act) , and the purpose of said proceedings
is to provide funding for acquisition of the authorized public
improvements being installed within North Point Assessment District
No. 1982-3 (hereafter referred to as the Assessment District) .
It is expressly understood by the parties that the City has
no legal obligation to go forward with the issuance and sale of
improvement bonds , but has only expressed its intention to do so.
It is further expressly acknowledged that no party to this agree-
ment, nor any other person , may take any action in reliance upon
any expectation of issuance and sale of improvement bonds by
the City which would in any sense ripen into a legal obligation
of the City to do so.
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D . C .C .M. is the beneficiary of a deed of trust ,
recorded June 14 , 1979 , Book 1633 of Shasta County Official Re-
cords , page 182 , respecting the property which is the subject
of the assessment district, and the assessments which are pro-
posed to be levied upon said property by the City in the course
of the assessment district proceedings will be secured by a lien
which will be superior to C . C .M. ' s lien . C .C .M. is willing- to
consent to the assessment lien (and to the related subordination
of its lien) , only on the condition provided by this agreement
that the obligation to C .C .M. which is secured by said deed of
trust will be discharged with bond sale proceeds as provided
herein .
E . In mutual consideration of the obligations stated ,
the parties hereto agree as follows :
AGREEMENT
1 . The foregoing recitals are true and correct and
the parties involved expressly so acknowledge .
2 . Following completion of the subject improvements to
the satisfaction of the City , it is expected that the City Coun-
cil will receive a written Engineer ' s Report, as prescribed by
the 1913 Act, and that the City Council will conduct a public hear-
ing with respect to said report .
3 . In the event that the City takes appropriate legal
action following the close of the public hearing to levy assess-
ments and to award sale of bonds , and upon receipt of bond sale
proceeds following delivery of the bonds to the purchaser or
purchasers thereof , the City agrees to disburse to C.C .M. that
portion of bond sale proceeds which is necessary to discharge
the obligation to C . C .M. which is secured by said deed of trust;
provided that said disbursement shall be made to Superior
California Title & Escrow Co. , Escrow No . 24984 , for disburse-
ment to C . C .M . upon recordation of an appropriate reconveyance
of said deed of trust; and provided further that said disburse-
ment by the City shall be made only upon receipt from the title
company of a statement of the amount recuired .
4 . The Developers hereby expressly authorize the City
to disburse such proceeds to the title company without any further
action on the part of the Developers .
5 . C .C .M. agrees that, as a condition precedent to
disbursement of bond proceeds by the City , it will cause the
title company to furnish the City with a statement of the amount
required.
6 . The parties expressly acknowledge that no commit-
ment for purchase of the bonds has been sought or received by
the City and that the City gives no assurance that a satisfactory
commitment will be received .
CITY OF REDDING, a California
general law City
/s/ By Barbara Allen Gard
ATTEST: Mayor Barbara Allen Gard
/s/ Ethel A. Nichols
City Clerk
Ethel A. Nichols _
•
IoxN P. DIM , Atto . y in fact for
OBERT L INC
Brent Owen
C . C .M. CORPORATION, a California
corporat "-,
By
'(Name a: Tit�i1"
By �FGte7/7
(Name and Title)
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