HomeMy WebLinkAboutReso 2015-151 RESOLUTION I�'O. 201�-1�1
RESOLUTION OF THE CIT1' COUI�'CIL OF THE CITY OF
CHULA VISTA MAKI2vG PRELIn4II�ARI'
DETERMINATIONS AND DECL.ARR�'G II�'TENTION TO
ISSUE REFUI�'DI1�'G BOIvDS FOR PROPOSED
REASSESSMENT DISTR]CT NO. ZO1�-1. AI�'D ORDERI?�'G .A
REPORT THEREON
N'HEREAS, the City Council of the Cit� of Chula \Tista, Califomia, did pre��ioush
undertal:e proceedings and confirmed assessments in a certain assessment district pursuant to the
terms and pro��isions of the "A9unicipal Impro��ement Act of 1913." beine Di�ision 12 of the
Streets and Hieh���a��s Code of the State of California: said special assessment district l;no�im and
designated as Assessment District 1�'0. 97-2 (Ota}� Ranch, Villaee One) (the "Assessment
Districr`); and
�VHEREAS; impro��ements bonds representine the unpaid assessments �vithin said
.4ssessment District (the `Limited Obligation Improvement Bonds `) «�ere issued and sold in the
manner pro��ided in the "Impro��ement Bond Act of 191�," being Division 10 of the Streets and
Hiehwa��s Code of the State of Califomia: and
V�'HEREAS. as a result of fa��orable interest rate conditions. the Cirv Council of the Cirv
of Chula Vista, California did pre��iousl}� undertal:e proceedings to reassess the parcels �ti�ithin the
.Assessment District and to refund all outstanding Improvement Bonds from the proceeds of
refunding bonds (the "Limited Oblieation Refundino Bonds `) that w°ere issued pursuant to the
"Refundin_ Act of 1984 for 191� Impro��ement Act Bonds ', being Division 1 L� of the Streets
and High���a��s Code of the State of Califomia (the "Refundins Act"): said reassessment district
l:no"�n and designated as City of Chula Vista Reassessment District No. 200�-2 (the "Prior
Reassessment Districr`); and
l�'HEREAS. at this [ime. as a result of favorable interest rate conditions ti�ithin the
municipal bond market, this legislative bod�� desires to initiate proceedines to reassess the
parcels N�ithin the Prior Reassessment District and to refund all ouutanding Limited Obligation
Refundine Bonds pursuant to the Refundine Act, said refundine bonds and district to be
designated as Cih� of Chula Vista Reassessment District No. 201�-1 (the "Reassessment
District ').
NO\b'. THEREFORE. BE IT RESOLVED AND DETERMINED:
SECTIOI�' l. The above recitals are all true and correct.
SECT[OI�' 2. The public interest and necessit�� require, and it is the intention of this
bod��, actine pursuant to the pro��isions of the Refunding Act. to refund all outstandine Limited
Obligation Refunding Bonds for the Prior Reassessment District. to issue refunding bonds as
authorized bv the Refundine Act. and to le���� reassessments as securit} for such refundine bonds.
Resolution No. 201�-151
Page No. 2
SECTION 3. The proposed reassessment and refunding of the Limited Obligation
Refunding Bonds is herebp referred to I�'BS who is hereby directed to make and file a
Reassessment Repon as required by the Refunding Act in wTiting generally containing the
following:
A. A schedule setting forth the unpaid principal and interest on the Limited
Obligation Refunding Bonds of the Prior Reassessment District to be refunded and the total
amounts thereof:
B. The total estimated principal amount of the reassessment and of the refundina
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 refundin_
bonds:
C. The Auditors Record showing the schedule of the principal installments and
interest on all unpaid original assessments for the Prior Reassessment District and the total
amounts thereof:
D. The estimated amount of each reassessment, identified by reassessment number
correspondina to the reassessment number on the reassessment diagram. together with a
proposed Auditor's Record for the reassessment; and
E. A reassessment diagram showing the Reassessment District and the boundaries
and dimensions of the subdivisions of land within the Reassessment District.
SECTION 4. Invnediately upon the preparation of the Reassessment Report as above
ordered, such Report shall be filed ��ith 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 5. All outstanding Limited Obligation Refunding Bonds and original
assessments of the Prior Reassessment District shall continue and remain in full force and effect
and be secured by the original reassessments until superseded and replaced by the proposed
reassessments and the refunding bonds are validly and legally issued for the Reassessment
District pursuant to all the tem�s and provisions of the Refunding Act.
SECTION 6. This resolution shal] become effective upon its adoption.
Presented by Approved as to form by
�/ / /� —� .��,��. <� ���`���
Maria achadoorian len R.oogin �
Deputy City Manager/Director of Finance �ity Atto �ey �� _���S�
Resolution No. 201�-1�1
Paae No. 3
P.ASSED. APPRO\'ED. and ADOPTED bv the Cit� Council of the Cit�� of Chula Vista.
California. this 16th dav of June 201� b� the follo«�ins �ote:
Al'ES: Councilmembers: Aeuilar. Bensoussan. McCann. n4iesen and Salas
I�'AYS: Councilmembers: None
ABSEI��T: Councilmembers: None
A4an� Sa . Ma��or
ATTEST:
�-
Donna R. Norris. CMC. Citv Clerk
STATE OF CALIFORI�'IA )
COUI�'TY OF SAN DIEGO )
CITY OF CHLJLA VISTA )
1. Donna R. Noms. Cit�� Clerk of Chula Vista. Califomia. do hereb�� certifi� that the foreeoina
Resolution No. 201�-1�1 �vas dulv passed, appro��ed, and adopted by the Cin Council at a
reeulaz meetine of the Chula \'ista Cit� Council held on the 16th da�� of June 201�.
E�ecuted this 16th dav of June 201�.
��
Donna R. Noms. CMC. Ciri- Clerk