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1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br /> 11 <br /> <br />12 <br /> <br /> 13 <br /> <br />14 <br /> <br /> 15 <br /> <br />16 <br /> <br /> 17 <br /> <br /> 18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />28 <br /> <br />RESOLUTION NO. 20593 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />RIVERSIDE AUTHORIZING MAILING OF NOTICE OF <br />ADVANCEMENT OF MATURITY AND REDEMPTION OF <br />OUTSTANDING BONDS ISSUED FOR CANYON SPRINGS <br />ASSESSMENT DISTRICT <br /> <br /> WHEREAS, on December 2, 2003 the City Council of the City of Riverside (the <br />"City Council") adopted Resolution No. 20579 declaring its intention to refund the outstanding <br />bonds issued for the Canyon Springs Assessment District designated "City of Riverside, Canyon <br />Springs Assessment District, Limited Obligation Refunding Improvement Bonds, Series of <br />1989," and dated July 2, 1989 (the "Outstanding Bonds"), to levy reassessments on parcels of <br />property within such assessment district as security for the refunding bonds, and to continue the <br />lien of the original reassessments on certain parcels of property in that assessment district; and <br /> <br /> WHEREAS, the Finance Director of the City has advised the City Council that in <br />order to redeem the Outstanding Bonds on March 2, 2004, which is the first available date upon <br />which such bonds may be redeemed, it is necessary that a notice of the advancement of the <br />maturity and the redemption of the Outstanding Bonds be mailed to the owners of such bonds not <br />later than thirty days (30) prior to such redemption date or by January 30, 2004, and that if such <br />notice is not mailed by that date the redemption of the Outstanding Bonds cannot occur until <br />September 2, 2004, which is the next available date upon which such bonds may be redeemed; <br />and <br /> <br /> WHEREAS, the City Council has determined that it is therefore necessary that it <br />authorize the mailing of notice of the advancing of the maturity and the redemption of the <br />Outstanding Bonds to the owners thereof by January 30, 2004 so that the Outstanding Bonds may <br />be redeemed on March 2, 2004; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED, DETERMiNED AND ORDERED BY <br />THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, that the City Manager, <br />the Finance Director and U.S. Bank, National Association, the Paying Agent with respect to the <br />Outstanding Bonds, are authorized and directed to mail notice of the advancing of the maturity <br /> <br />RVPUB\RTA\664793. I <br /> <br /> <br />