HomeMy WebLinkAboutReso 1995-17854 RESOLUTION NO. 17854
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING A RESOLUTION OF INTENTION TO LEVY
REASSESSMENTS AND TO ISSUE REFUNDING BONDS UPON
THE SECURITY THEREOF
CITY OF CHULA VISTA
Reassessment District of 1995
WHEREAS, the City has heretofore conducted special assessment proceedings for
certain assessment districts and issued five series of improvement bonds of the City, all as
described in Exhibit A attached hereto and hereby made a part hereof, and reference is hereby
expressly made to Exhibit A for further particulars, including the numbers and dates of
authorizing resolutions, dates and amounts of bonds; and,
WHEREAS, the assessment districts described in Exhibit A are hereinafter collectively
referred to as the "Assessment District," and the improvement bonds described in Exhibit A
are hereinafter collectively referred to as the "Prior Bonds;" and,
WHEREAS, the public interest requires the refunding of the Prior Bonds and this City
Council intends to accomplish said refunding through the levy of reassessments in and for the
City's proposed Reassessment District of 1994 (the "District") and the issuance of refunding
bonds upon the security thereof, the purpose of which refunding bonds shall be used to
refund the Prior Bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista as
follows:
1. Authority. The proceedings for the levy and collection of reassessments as security
for the issuance and payment of refunding bonds shall be conducted pursuant to the
Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 (commencing
with Section 9500) of the Streets and Highways Code of California (the "Act").
2. Boundary MaD. The contemplated reassessments and refunding, in the opinion of this
City Council, are to more than local or ordinary public benefit, and the costs and
expenses thereof are made chargeable upon the District, the exterior boundaries of
which are shown on the maps thereof heretofore filed in the office of the City Clerk,
and in the office of the County Recorder of the County of San Diego to which maps
reference is hereby made for further particulars. The maps indicate by boundary lines
the extent of the territory included in each of the assessment districts which are the
subject of these proceedings and shall govern for all details as to the extent thereof.
3. Public Property Omitted. This City Council declares that all public streets, highways,
lanes and alleys within the District in use in the performance of a public function, and
all lands owned by any public entity, including the United States and the State of
California, or any departments thereof, shall be omitted from the reassessment
Resolution No. 17854
Page 2
hereafter to be made to cover the costs and expenses of the reassessment and
refunding.
4. Reassessment and ReDoff. The reassessment and refunding are hereby referred to
Muni Financial Services, Inc., a qualified firm employed for the purpose hereof (the
"Reassessment Consultant"), and the Reassessment Consultant is hereby directed to
make and file with said Clerk a report in writing, presenting the following:
(a) A schedule setting forth the unpaid principal and interest on the Prior Bonds to
be refunded and the total amounts thereof;
(b) The total estimated principal amount of the reassessment and of the refunding
bonds to be secured by the unpaid reassessments and the maximum interest
thereon, together with an estimate of cost of the reassessment and of issuing
the Bonds, including all costs of issuing the refunding bonds, as defined by
subdivision (a) of Section 9600 of the Act;
(c) The auditor's record kept pursuant to Section 8682 of the Streets and
Highways Code of California showing the schedule of principal installments and
interest on all unpaid original assessments for the Prior Bonds and the total
amounts thereof;
(d) The estimated amount of each reassessment, identified by reassessment
number corresponding to the reassessment number of the reassessment
diagram, together with a proposed auditor's record for the reassessment
prepared in the manner described in said Section 8682; and,
(e) A reassessment diagram showing the assessment district and the boundaries
and dimensions of the subdivisions of land within the district. Each subdivision,
including each separate condominium interest as defined in Section 783 of the
Civil Code, shall be given a separate number upon the diagram.
When any portion or percentage of the costs and expenses of the reassessment and
refunding is to be paid from sources other than the reassessments, the amount of such
portion or percentage shall first be deducted from the total estimated cost and
expenses of the reassessment and refunding, and the reassessments shall include only
the remainder of the estimated cost and expenses. If any excess shall be realized from
the reassessment it shall be used, in such amounts asthis City Council may determine,
in accordance with the provisions of law, in a manner or manners to be provided in
these proceedings.
5. RefundinQ Bonds. Notice is hereby given that the limited obligation refunding
improvements bonds (the "Bonds"), to represent the unpaid reassessments, and in the
form(s) of serial/or term bonds and bearing interest at the rate or rates of interest to
be determined by this City Council at the time of sale thereof, but not to exceed the
maximum rate authorized by applicable law at time of such sale, will be issued in these
proceedings in the manner provided by the Act and the Improvement Bond Act of
T .................... i]]F
Resolution No. 17854
Page 3
1915, being Division 10 of the Streets and Highways Code of California (the '"Bond
Law"), the last installment of which bonds shall mature not to exceed thirty (30) years
from the second day of September next succeeding twelve (12) months from their
date. Under the Bond Law, the City will not obligate itself to advance available funds
from the treasury of the City to cure any deficiency in the redemption fund to be
created with respect to the Bonds.
6. Bond Call Procedures. The provisions of Part 11.1 of Division 10 of the Streets and
Highways Code of California, providing for an alternative procedure for the advance
payment of reassessments and the calling of bonds, shall apply to the Bonds issued
under these proceedings,
7. Division 4. Reference is hereby made to proceedings heretofore had under Division 4
of the Streets and Highways Code of California for the Prior Bonds which are contained
in the records of the City.
8. Effective Date. This resolution shall take effect upon the date of its adoption.
Presented by Approved a~ f o,T by ~
well Bruce M. Boogaard
Director of Finance City Attorney
Resolution No, 17854
Page 4
EXHIBIT A
LIB~'i-F,D OBLIGATION REFUNDING IMPROVEMENT BONDS
CI-1Y OF (}IULA VISTA
P, EASSESSMENT DISTRICE OF 1995
PRIOR DISTRICTS AND BONDS
Resolution Date of Principal Amount
Assessment District Number Resolution Original Remaining
Assessment District No. 85-2 12539 June 17, 1986 $7,680,623.85 $4,765,000.00
(EastLake)
Assessment District No. 86-1 12626 July 22, 1986 $5,279,986.04 $3,985,000.00
(EastLake)
Assessment District No. 87-1 14065 April 25, 1989 $7,752,141.28 $6,630,000.00
(East "H" Street)
Assessment District No. 88-2 15540 March 6, 1990 $7,976,330.81 $6,815,000.00
(Otay Lakes Road)
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Resolution No. 17854
Page 5
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula Vista,
California, this 4th day of April, 1995, by the following vote:
YES: Councilmembers: Moot, Padilia, Horton
NOES: Councilmembers: None
ABSENT: Councilmembers: Rindone
ABSTAIN: Councilmembers: None
Shirley i-lorton, Mayor
ATTEST:
Bev~erl~A. Autl:;elet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 17854 was duly passed, approved, and adopted by the City
Council at a joint City Council/Redevelopment Agency meeting held on the 4th day of April
1995.
Executed this 4th day of April, 1995.
· Authelet, City Clerk