HomeMy WebLinkAbout86-74 - ResolutionsRESOLUTION NO. 86-74
RES(~UTION OF THE CITY COUNCIL OF THE CITY OF RANCHO
CUCAMONCA, CALIFORNIA, APFROVINC REFUNDING AND REASSESSM~IqT
REPORT OF ENGINEEli AND CONFIRMING REASSESSMENTS FOR
REFUNDING BONDS IN A SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF RANCRO CUCAMONGA,
CALIFORNIA, did previously undertake proceedings and confirm assessments in a
special assessment district pursuant to the terms and provisions of the
"Municipal Improvement Act of 1913", being Division 12 of Cbe Streets and
Highways Code of the State of California, said special assessment district
knoen and designated as ANSESSMENT DISTRICT NO. 82-1 (hereinafter referred to
as the "Assessment District"); and
WHEREAS, isprovement bonds representing the unpaid assessments within
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 Highways
Code of the State of California; and
W~EEEAS, at this time, the tit7 is desirous of initieting proceedings
to refund all outstanding isq~rovemenC bonds pursuant to the "Refunding Act of
1984 for 1915 Improvement Act Bonds", being Division 11.5 of the Streets and
Highsays Code of the State of Celifornia, said refunding bonds and district to
be designated as
ASSESSNRNT DISTRICT NO. 82-1R
( REFUNDING )
(bereinafter referred to as the "Refunding District"); and
WHEREAS, tbis Cit7 Council has 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 Acsessmment District to be refunded and
the total amounts thereof;
B. A total estimeted principal amount of the reassessment and
of the refunding bonds and the sxximus interest rate thereon, together with an
estisate of costs of the resssesssent and of issuing the refunding bonds,
including sll costs of issuing the refunding bonds;
C. The Auditor°s Record sho~ing the schedule of the principal
installments and interest on all unpaid original assessments and the total
asounts thereof;
reallellmen~
reallellment
relllellment;
D. The estimeted amount of each reassessment, identified by
nu-~er corresponding to the reassessment nun~er on the
diagram, together wi~b a proposed AudiCor's Record £or the
E, A reassessment diqrsm showing the Refunding District and
the boundaries and dimensions of the subdivision of land within the Refunding
District; and
WHEREAS, this legislative body has now received and considered the
"Report" of the Engineer and is ready Co proceed to make certain findings and
approve the "Report" of the Engineer.
THEREFORE, BE IT RESOLVED AS FOLLYrig:
SECTION I: That the above recitals are all true and correct.
Resolution No. 86-74
Page 2
SECTIO~ 2: Tha= ~he "Report" of the Engineer entitled "REFUNDING AND
REASSESSM[~T ENGINEER°S REPORT' is hereby approved, and it is hereby determined
by ~his legislative body that the following conditions bare been satisfied:
A. That eacb estimated annual installment of principal and
interest on the reassessment for the refunding bonds, as set forth in the
"Report", is less than the corresponding installment of principal and interest
nov outstanding on the original assessment for the original Assessment
District;
iS no morn
r ef u nd ed;
B. That the number of years to maturity of all refunding bonds
than the number of years to the last maturity of the bonds being
C. That the amounts of any reassessments have been computed by
reducing each unpaid original assessment by the same percentage.
SECTI~q 3: That the assessments for the refunding bonds and
reassessments as set forth in the "Report" are hereby approved and confirmed,
and s copy of this Resolution shall be entered upon the minutes of this' meeting
of th legislative body.
SECT10S 4: This legislative body bnreby authorizes the issuance and
sale of refunding bonds to represent ell unpaid reassessments and said bonds
shall baa interest at a rate not to exceed the maximum legal rate of 12Z per
annum and shall 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, an
specifically the "Refunding Act of 198~ for 1915 Improvement Act Bonds" The
last maturity of said refunding bonds shall not exceed the number o years to
the last maturity of the bonds being refunded of the original Assessment
District.
SECTloS 5: The original re4ssessment, toKetber with the reassessment
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 thereef~er, a copy of the reassessment diagram shall be file in the
Office of the County Recorder and a Notice of Reassessment, referencing said
diqram, shall be recorded in the Office of the Count Recorder, all pursuant to
the provisions of Division 4.5 of the Street and Highways Code of the State of
California, and specifically Sectis 3114. Upon the recordsCion, the
reassessments shall become liens upon the various parcels of property and land
assessed as shown on Ch reassessment diqram.
SECTloS 6: A copy of tbls Resolution confirming the reassessaents
which reassessments shall constitute the security for the refunding bonds,
shall be filed in the Office of the Auditor, and the Auditor shall keep the
record shoving the several installments of principal and interest on the
reassessments 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 smme time
and in the same installment as the general property taxes of the City and shall
be payable and become delinquent at the same time and in the same proportionate
mmount, Each year the annual installments shall be submitted to the County
Auditor for purposes of collection, and the County Auditor shall, at the close
of the tax collecting season, promptly render to the City Auditor a detailed
report showing the amount of such installments, interest, penalties and
Percentages so collected.
Reaolution No. 86-74
Page 3
PASSED, APPROVE:D, and ADOPTED this 2Orb day of March, 1986.
AYES: MikeIs, Buquet, King, Dahl, Wright
NOES: None
ATTEST:
ABS~tT: None
Authelet, Cit7 Clerk
I, BEVERLY A. AUTRRLST, CITY CLERK of the Cit7 of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution eas duly passed,
approved, end adopted by the City Council of the City of Rancho Cucamonga,
California, aCa regular meeting of said City Council held on the 20tb day of
March, 1986.
Executed =his 21st day of Retch, 198~ at Rancho Cucamonga,
California.
~Auth~ei'et, Cit7 Cl~'~er~'~k~