HomeMy WebLinkAbout99-124 - ResolutionsRESOLUTION NO. 99-124
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, MAKING PRELIMINARY
DETERMINATIONS AND DECLARING INTENTION TO ISSUE
REFUNDING BONDS FOR PROPOSED REASSESSMENT
DISTRICT NO. 1999-1, AND ORDERING A REPORT THEREON
WHEREAS, the CITY COUNCIL of the CITY OF RANCHO CUCAMONGA,
CALIFORNIA, did previously undertake proceedings and confirmed assessments in certain
assessment districts pursuant to the terms and provisions of the "Municipal Improvement Act of
1913", being Division 12 of the Streets and Highways Code of the State of California, said special
assessment districts known and designated as:
1. Assessment District No. 86-2; and
2. Assessment District No. 89-1.
(collectively, the "Assessment Districts"); and
WHEREAS, improvements bonds representing the unpaid assessments within said
Assessment Districts (collectively, the "Improvement Bonds") were issued and sold in the manner
provided in the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways
Code of the State of California; and
WHEREAS, at this time, as a result of favorable interest rate conditions within the
municipal bond market, this legislative body desires to initiate proceedings to reassess the parcels
within the Assessment Districts and to refund all outstanding Improvement Bonds pursuant to the
"Refunding Act of 1984 for 1915 Improvement Act Bonds", being Division 11.5 of the Streets and
Highways Code of the State of California (the "Refunding Act"), said refunding bonds and district
to be designated as Reassessment District No. 1999-1 (the "Reassessment District").
NOW, THEREFORE, BE IT RESOLVED, AND DETERMINED:
SECTION 1. The above recitals are all true and correct.
SECTION 2.
The public interest and necessity require, and it is the
intention of this body, acting pursuant to the provisions of the
Refunding Act, to refund all outstanding Improvement Bonds
for the Assessment Districts, to issue refunding bonds as
authorized by the Refunding Act, and to levy reassessments
as security for such refunding bonds.
Resolution No. 99-124
Page 2
SECTION 3.
The proposed reassessment and refunding of the
Improvement Bonds is hereby referred to Willdan
Associates, as the duly appointed Assessment Engineer,
who are hereby directed to make and file an Assessment
Engineer's Report as required by the Refunding Act in writing
generally containing the following:
A. A schedule setting forth the unpaid principal and interest on the
Improvement Bonds of the Assessment Districts to be refunded and the total
amounts thereof;
B. The 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 bonds,
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 amounts thereof;
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;
and
£. A reassessment diagram showing the Reassessment District and the
boundaries and dimensions of the subdivisions of land within the
Reassessment District.
SECTION 5.
Immediately upon the preparation of the Assessment
Engineer's Report as above ordered, such Report shall be
filed with the City Clerk and presented to this legislative body
for further consideration as it relates to these proceedings to
levy reassessments within the Reassessment District and to
issue refunding bonds representing such unpaid
reassessments.
SECTION 6.
All outstanding Improvement Bonds and original
assessments of the Assessment Districts shall continue and
remain in full force and effect and be secured by the original
assessments until superseded and replaced by the
reassessments and the refunding bonds are validly and
legally issued for the Reassessment District pursuant to all
the terms and provisions of the Refunding Act.
SECTION 7. This resolution shall become effective upon its adoption.
Resolution No. 99-124
Page 3
ATTEST:
PASSED, APPROVED, AND ADOPTED this 2nd day of June, 1999.
Alexander, Biane, Curatalo, Dutton, Williams
AYES:
NOES: None
ABSENT: None
ABSTAINED: None
Debra J. Ada City Clerk
I, DEBRA J. ADAMS, CITY CLERK of the City of Rancho Cucamonga, California,
do hereby certify that the foregoing Resolution was 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 2"d day of June, 1999.
Executed this 3rd day of June, 1999, at Rancho Cucamonga, California.
Deb ra~~J. Ad ams,'~C. City Cle~