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HomeMy WebLinkAbout93-047 - ResolutionsRESOLUTION NO. 93-047 A RESOLI/fION OF THE CITY ODUNCIL OF THE CITY OF RANCHO CUCAMON~, CALIFORNIA, MAKING PRFLIN[INARY DETERMINATIONS AND D~CLARING ~ION TO ISSUE REFONDING BONDS FOR A SPECIAL ASSESSMt~T DISTRICT, ORDERING A REPORT THEREON, WHEREAS, the CITY COUNCIL of the CITY OF RANCHO CUCAMONGA, CALIFORNIA, did previously undertake proceedings and confirmed 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 desingated as ASSESSMENT DISTRICT NO. 85-PD (hereinafter referred to as the "Assessment District"); and, WHEREAS, improvements 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, WHEREAS, at this time legislative body is desirous of initiating proceedings to refund all outstanding improvement bonds pursuant to the "RefundingAct of 1984 for 1915 Improvenne~t Act Bonds", being Division 11.5 of the Streets and Highways Code of the State of California, said refunding bonds and district to be desingated as ASSESSMENT DISTRICT NO. 85-PD-R (REFUNDING) (hereinafter referredto as the "Refunding District"); and WHEREAS, certain agreements have been submitted for review and approval for consulting services in connection with these proceedings. 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. SEt, ION 2. That the public interest and necessity require, and it is the intention of this body, pursuant to the provisions of Division 11.5 of the Streets and Highways Code of the State of California (the "Refunding ACt of 1984 for 1915 Improv~t Act Bonds), to refund all outstanding improvement bonds for the Assessment District and to levy reassessments as security for such refunding bonds, and to issue refunding bonds as authorized by law. SECTION 3. That this proposed reassessment levy and refunding of the original bonds is hereby referred to City Engineer, who is hereby directed to make and file the Report in writing generally containing 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 bonds, including all costs of issuing and refunding bonds; Resolution No. 93-047 Page 2 C. The Auditors 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 r t, identified by reassessment number corresponding to the reassessment number on the reassessment diagram, together with a proposed Auditors Record for the reassessment. E. A reassessment diagram showing the Refunding District and the boundaries and dimensions of the subdivisions of land within the Refunding District. S~LTION 4. The agreement for financial advisor services sukmlitted by FIRTr~AN, ~0LAPP & ASSOCIATES is hereby accepted and approved for execution on behalf of the City. S~CTION 5. The agreement for consulting engineering services sutanitted by NBS/LOWRY is hereby accepted and approved for execution on behalf of the City. S~fION 6. Any refunding bonds issued pursuant to these procedings shall bear interest at the rate of not to exceed the current legal maximum rate of twelve percent (12%) per annum, or such other legal maximum rate which may be in effect at the time of issuance thereof. sIDe,ION 7. A certified public accountant (licensed in Califorina) shall certify that the proceeds and investments of the refunding bonds shall be sufficient to pay the principal, interest and redemption premiums as applicable on the refunded bonds. S~-~ION 8. Immediately upon the final preparation of the "Report" as above ordered, said "Report" shall be filed with the City Clerk and presented to this legislative body for further consideration as it relates to proceedings to issue refunding bonds for said RefundingDistrict. SECTION 9 All outstanding bonds and original assessments of the Assessment District shall continue and remain in full forc~ and effect and be secured by the original assessments until superceded and replaced by reassessments and refundingbondsvalidlyand legally issued for theRefunding District pursuant to all the terms and provisions of the "Refunding Act of 1984 for 1915 Improvement Act Bonds". Resolution No. 93-047 Page 3 PASSED, APPROVED, andADOPTED this 17thday of March, 1993. AYES: Alexander, Buquet, Gutierrez, Stout, Williams NOES: None ABS~I~T: None Dennis L. Stout, Mayor City Clerk I, DEBRA J. ADAMS, CITY cl.k~hK 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 Pancho Cucamonga, California, at a regular meeting of said City Council held on the 17thday of March, 1993. Executed this 18th day of March, 1993, at Rancho Cucamonga, California.