HomeMy WebLinkAbout93-085 - ResolutionsRESOII3TIONNO. 93-085
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
O3C2940NGA, CALIFORNIA, APPROVING REFUND~ AND
REASSESSMt~T REPORP OF ~:~GINk~R AND CONFIRMING
REASSESSMtl~TS FOR REFUNDING BONDS IN A SPt~IAL ASSESSMt~T
DISTRICT
WHEREAS, the CITY COUNCIL of the CITY of RANCHO C%3CAMONGA,
CALIFORNIA, did previously undertake proceedings and confirm assessments in a
special assessment district pursuant to the terms and provisions of the
"Landscaping and Lighting Act of 1972", being Part 2 of Division 15 of the
Streets and Highways Code of the State of California, said special assessment
district known and designated as ASSESSMenT DISTRICT NO. 85-PD (hereinafter
referred to as the "Assessment District"); and
WHEREAS, improvement bondsrepresentingtheunpaid assessmentswithin
said Assessment District were issued and sold in the manner provided in the
"Improvement Bond ACt of 1915", being Division 10 of the Streets and Highvzays
Code of the State of California; and,
WHEREAS, at this time, this legislative body has initiated proceeding
to refund all outstanding improvement bonds pursuant to the "Refunding B~t of
1984 for 1915 Improvement Act Bonds", being Division 11.5 of the Streets and
Highways Code of the State of California, said refunding bonds and district to
be designated as ASSESSMt~ DISTRICT NO. 85-PD-R (REFUNDING) (hereinafter
referred to as the "Refunding District"); and,
WHEREAS, this legislative body ham previously ordered the preparation
of a Report, said Report to generally contain the following:
A. A schedule setting forth the unpaid principal and interest on
the improvement bonds of the original Assessment District to be refunded and
the total amounts thereof;
B. A total estimated principal amount of the reassessment and of
the refunding bonds and the maximum interest rate thereon, together with an
estimate of costs of the reassessment and of issuing the refunding bends,
including all costs of issuing the refunding bonds;
C. The Auditor's Record showing the schedule of the principal
installments and interest on all unpaid original assessments and the total
D. The estimated amount of each reassessment, identified by
reassessment number corresponding to the reassessment number on the
reassessment diagram, together with a proposed Auditor's Record for the
reassessment;
E. A reassessment diagram showing the Refunding District and the
boundaries and dimensions of the subdivision of land within the Refunding
District; and,
WHEREAS, this legislative body ham now received and considered the
"Rmport" of the Engineer and is ready to proceed to make certain findings and
approve the "Report" of the Engineer.
Resolution No. 93-085
Page2
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does
hereby resolve as follows:
S~CTION 1. That the above recitals are all true and correct.
S~2TION 2 That the "Report" of the Engineer entitled "REFUNDING AND
REASSESSMS~T ~G~' S REPORT" is hereby approved, and it is hereby
determined by this legislative body that the following conditions have been
satisfied:
A. That each estimated annual installment of principal
and interest on the reassessment is less than the corresponding annual
installment of principal and interest on the portion of the original
assessment being superceded and supplanted by the same percentage for all
subdivisions of land within the Assessment District;
B. That the number of years to maturity of all refunding
bonds is no more than the number of years to the last maturity of the bonds
C. That the principal amount of the reassessment on each
subdivision of land within the Assessment District is less than the unpaid
principal amount of the portion of the original assessment being superceded
and supplanted by the same percentage for each subdivision of land within the
Assessment District.
SECTION 3. That the reassessments for the refunding bonds and the
contributions from the existing funds of the Assessment District, set forth in
the "Report", are hereby approved and confirmed, and a copy of this Resolution
shall be entered upon the minutes of this meeting of the legislative body.
S~LTION 4. This legislative body hereby authorizes the issuance and
sale of refunding bonds to represent all unpaid reassessments pur~ant to the
terms and conditions of the Bond Indenture previously approved by this
legislative body and the Bond Purchase Agreement approved by this legislative
body on this date; provided further that said bonds shall bear interest at a
rate not to exceed the maximum legal rate of 12% per annum, and shall also be
issued in the manner as provided by Chapter 3 of Division 11.5 of the Streets
and Highways Code of the State of California, and specifically the "Refunding
Act of 1984 for 1915 Impovement Act Bonds". The last maturity of the bonds
being refunded of the original Assessment District.
S~fION 5. The original reassessment, together with the r t
diagram, as set forth in the Refunding and Reassessment Report of the
Engineer, shall immediately be recorded in the Office of the Superintendent of
Streets. Immediately thereafter, a copy of the reassessment diagram shall be
filed in the office of the County Recorder and a Notice of Proassessment,
referencing said diagram, shall be recorded in the office of the County
Recorder, all pursuant to the provisions of Division 4.5 of the Streets and
Highways Code of the State of California, and specifically Section 3114. Upon
the recordation, the reassessments shall become liens upon the various parcels
of property and land assessed as shwon on the reassessment diagram.
Resolution No. 93-085
Page 3
SfL~I~ION 6. A copy of this Resolution confirming the reassessment,
which r ts shall constitute the security for the refunding bonds,
shall be filed in the Office of the Trea.~/rer, and the Treasurer shall keep
the record showing the several installments of principal and interest on the
r ts which are to be collected each year during the term of said
bonds. An annual apportion of each reassessment, together with annual
interest on said reassessment, shall be payable in the same manner and at the
same time and in the same installment as the general property taxes of the
County and shall be payable and become delinquent at the same time and in the
same proportionate amount. Each year the annual installmetns shall be
submitted to the County Auditor for pruposes of collection, and the County
Auditor shall, at the close of the tax collecting season, promptly render to
the Treasurer a detailed report showing the amount of such installments,
interest, penalties and percentages so collected.
SECTION 7. The lien of the original assessments shall not be
superceded and supplanted as to all unpaid installments of assessments
originally levied and the penalties and interest thereof. For purposes of
this Section, "unpaid installments" means installments which are delinquent
and those which are or may be posted to the tax roll for the fiscal year
during which the reassessment herein is confirmed.
SECTION 8. The City Clerk shall certify to the passage and adoption
of this resolution and thereupon and thereafter the same shall take effect and
be in full force.
PASSED, APPROVED, and ADOPTHD this 21st day of April, 1993.
Alexander, Gutierrez, Stout, Williams
NOES: None
ABSf]gT: ~_quet
Dennis L. St.~:~t, Mayor
Debra J. Adam~, City Clerk
Resolution No. 93-085
Page 4
I, DEBRA J. ADAMS, CITY CLWRK of the City of Rancho Cucamonga, California, do
hereby certify that the foregoing Resolution w~s duly passed, approved, and
adopted by the City Council of the City of Rancho Cucamonga, California, at a
regular meeting of said City Council held on the 21st day of April, 1993.
Executed this 8th day of April,
California.
1993, at Rancho Cucamonga,
'Debra J. ~a~s, City Clerk