Resolution No. 490136g
RESOLUTION NO. 4901
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CYPRESS COVENANTING DILIGENT
PROSECUTION OF FORECLOSURE OF DELINQUENT
ASSESSMENTS WITHIN CYPRESS BUSINESS AND
PROFESSIONAL CENTER ASSESSMENT DISTRICT
WHEREAS, the City Council of the City of Cypress by Resolution No. 4867 adopted
October 27, 1997, as amended on January 12, 1998, declared its intention to order certain work,
acquisitions and improvements to be made and to issue improvement bonds to represent unpaid
assessments in Cypress Business and Professional Center Assessment District, all pursuant to the
Municipal Improvement Act of 1913 and the Improvement Bond Act of 1915, as described in the
resolution; and
WHEREAS, Section 8830(b) of the California Streets and Highways Code authorizes a
legislative body issuing bonds under the Improvement Bond Act of 1915 to covenant, by
resolution, to commence and diligently prosecute to completion any foreclosure action regarding
delinquent installments of any assessment which secure the bonds and to specify, by resolution, a
deadline for commencement of such foreclosures and such other terms and conditions regarding
it as the legislative body may determine to be reasonable; and
WHEREAS, the Council, by the above resolution, also declared its intention to
covenant, pursuant to such provision, for such diligent foreclosure.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CYPRESS
DOES HEREBY RESOLVE, DETERMINE, AND ORDER AS FOLLOWS:
SECTION 1. It is hereby covenanted by and between the City of Cypress and
the owners of the limited obligation bonds to be issued by it for Cypress Business and
Professional Center Assessment District that in the event of delinquency in payment of any
installment of an assessment then due and payable, the City Council shall cause court foreclosure
proceedings, pursuant to Section 8830 et seq. of the Streets and Highways Code, to be
commenced within 150 days of August 15 following such delinquency and shall cause such
action to be diligently prosecuted to judgment and sale.
PASSED AND ADOPTED by the City Council of the City of Cypress at a regular
meeting held on the 26th day of January, 1998.
ATTEST:
- or\
CITY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
MAYO
CITY OF CYPRESS
I, LILLIAN M. HAINA, City Clerk for the City of Cypress, DO HEREBY CERTIFY
that the foregoing Resolution was duly adopted at a regular meeting of the said City Council held
on the 26th day of January, 1998, by the following roll call vote:
AYES: 5 COUNCIL MEMBERS: Bowman, Carroll, Keenan, Piercy and Jones
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
CITY CLERK OF THE CITY OF CYPRESS