HomeMy WebLinkAboutReso 2015-152 RESOLUTION NO. 201�-152
RESOLUTIOI�' OF THE CITY COLTNCIL OF THE CITY OF
CHULA VISTA APPROVIt`'G THE REASSESSMENT REPORT
AND CONFIR1�41I�'G RE.ASSESSMENTS V�%ITHII�'
REASSESSMEI�'T DISTRICT NO. 2015-1
�1'HEREAS. the Cit}� Council of the Cit�� of Chula V"ista, California, did previously
undertal:e proceedines and confirmed assessments in an assessment district pursuant to the terms
and pro��isions of the "Municipal Improvement Act of 1913", being Division 12 of the Streets
and Hiehwa��s Code of the State of Califomia, said special assessment district }:noHn and
desi�nated as Assessment District \�o. 97-2 (Ota�� Ranch, Villase One) (the "Assessment
Districr`); and
W'HEREAS, improvement bonds representing the unpaid assessments H�ithin the
Assessment District (the "Limited Oblieation Impro��ement Bonds") «ere issued and sold in the
manner provided in the "Impro��ement Bond Act of 191�". being Division 10 of the Streets and
HiehH�avs Code of the State of California: and
l�'HEREAS. as a result of favorable interest rate conditions. the Citr Council of the Ciri�
of Chula Vista. Califomia did previoush� undertal:e proceedings to reassess the parcels within the
Assessment District and to refund all outstandine Impro�ement Bonds from the proceeds of
refunding bonds (the "Limited Oblieation Refunding Bonds ') that ��ere issued pursuant to the
"Refundine Act of 1984 for 191� Improvement Act Bonds'. beine Division 1 I.� of the Sveets
and Highways Code of the State of Califomia (the "Refunding Acr'), said reassessment district
I:no�m and designated as Cit�� of Chula Vista Reassessment District No. 200�-2 (the "Prior
Reassessment Districr'); and
R'HEREAS. at this time. as a result of favorable interest rate conditions N�ithin the
municipal bond market, this leeislative bod�� desires to ini[iate proceedinss to reassess the
parcels ���ithin the Prior Reassessment District and to refund all outstanding Limited Obligation
Refundine Bonds pursuant to the Refunding Act, said refundine bonds and district to be
designated as Citv of Chula Vista Reassessment District No. 201�-1 (the "Reassessment
District`); and
��'HEREAS, this legislative body has pre�iousl}� ordered the preparation of a
Reassessment Report pursuant to the Refunding Act; said Report to generall�� contain the
follo�vin2:
A. A schedule settine forth the unpaid principal and interest on the Limited Obligation
Refundine 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 refunding bonds and
the maximum in[erest rate thereon. toeether �rith an estimate of costs of the reassessment
and of issuins the refundina bonds. includine all costs of issuine the refundina bonds:
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Page No. 2
C. The Auditor's 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 the reassessment number
corresponding to the reassessment number on the reassessment diagram prepared for the
Reassessment District, together with a proposed Auditor's Record for the reassessment;
E. A reassessment diagram showing the Reassessment District and the boundaries and
dimensions of the subdivisions of land within the Reassessment District; and
WHEREAS, this legislative body has now received and considered the Reassessment
Report and is read�� to proceed to make ceRain findings and approve the Reassessment Report.
NOW. THEREFORE. BE IT RESOLVED AND DETERMINED:
SECTION l. The above recitals are all true and correct.
SECTION 2. The Reassessment Report as presented to this City Council is hereby
approved, and it is hereby determined by this City Council that if the refunding bonds proposed
to be issued for the Reassessment District are issued and sold with a purchase price and at
interest rates not to erceed those set forth in the Reassessment Report, the following conditions
will be satisfied:
A. Each estimated annual installment of principal and interest on the reassessment
will be less than the conesponding annual installment of principal and interest on
the portion of the original reassessment being superseded and supplanted by the
same percentage for all subdivisions of land within the Prior Reassessment
District;
B. The number of years to maturitv of all refunding bonds will be no more than the
number of years to the last maturity of the Limited Obligation Refunding Bonds;
C. The principa] amount of the reassessment on each subdivision of land ��ithin the
Reassessment District will be less than the corresponding unpaid principal amount
of the portion of the ori=inal reassessment being superseded and supplanted by the
same percentage for each subdivision of land within the Prior Reassessment
District: and
D. The reassessments, as set forth in the Reassessment RepoR, shall not be deemed
to be an assessment within the meaning of, and may be ordered without
compliance N�ith the procedural requirements of, Article XllID of the Constitution
of the State of California.
Based upon the foregoing detem�inations, this City Council hereby approves and confirms the
reassessments for the refunding bonds and the contributions from the existing funds of the Prior
Reassessment District, all as set forth in the Reassessment Report, and a copy of this Resolution
shall be entered upon the minutes of this meetin� of the legislative body. The reassessments and
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Pase I�'o. 3
the Reassessment Report ma�� be adjusted and finalized upon the establishment of the final
pricing for the sale of the refundine bonds provided that such principai amount of the
reassessment on each subdivision of land �ithin the Reassessment District N�ili be less than the
correspondine unpaid principal amount of the portion of the original reassessment beine
superseded and supplanted b�� the same percentage for each subdi�•ision of land ��ithin the Prior
Reassessment District.
SECTION 3. This Cit�� Council hereb�� authorizes the issuance and sale of refundine
bonds to represent all unpaid reassessments and said refunding bonds shall beaz interest at a rate
or rates not to exceed the interest rates set forth in the Reassessment Report for such refundine
bonds, and shall be issued in the manner as provided b�� the Refundine Act. The last maturitv of
said refundine bonds shall not exceed the number of vears to the last maturitv of the Limited
Oblieation Refundin� Bonds.
SECTION 4. The final reassessment. toeether ��ith the reassessment diaaram, as shall
be set forth in the final Reassessment Report, shall be recorded in the Office of the
Superintendent of Streets upon (a) the running of the limitations period specified in Section 9707
of the Refundine Act ��ithout the filine of an action to challenee the validitv of the reassessment
and refundine proceedines and/or the issuance of the refundina bonds and (b) the execution of a
bond purchase aereement ���ith a purchase price and at interest rates not to e�ceed those set fonh
in the Reassessment Report. Immediatel�� thereafter a copy of the reassessment diaeram shall be
filed in the Office of the County Recorder and a Notice of Reassessment referencing said
dia�ram. shall be recorded in the Office of the Counn� Recorder, all pursuant to the provisions of
Di��ision 4.� of the Sveets and Hieh���avs Code of the State of Califomia, and specificaily
Section 3114. Upon the recordation the reassessments shall become liens upon the ��arious
pazcels of propert}� and land assessed as sho���n on the reassessment diaeram.
From and afrer the date of such recordation and filine. the reassessments orieinall�� levied
shall be superseded and supplanted. The lien of the orieinal reassessments is not superseded and
supplanted as to an}� unpaid installments of the reassessments originally levied �hich are no�i�
delinquent and the penalties and interest: if an��; thereon. Amounts; if an}�, received from the
pa��ment of delinquent reassessments and the penalties and interest thereon. escluding attorneds
fees and costs and post-judement interest. if an}�, shall be deposited into the redemption fund for
the refundine bonds.
SECT[OI� �. This Cit�� Council hereb�� determines and declares that the Citv �vill not
obligate itself to ad�ance available funds from the Cit}� treasun� to cure anv deficienc}� Nfiich
ma�� occur in the bond redemption fund for the refundina bonds.
SECTIOI�' 6. A cop�� of this Resolution confirmine the reassessments, ���hich
reassessments shall constitute the security for the refundina bonds, shall be filed in the Office of
the Treasurer. and the Treasurer shall keep the record shoH�in2 the se��eral instaliments of
principal and interest on the reassessments ��hich aze to be collected each �-eaz durine the term of
said refundine bonds. An annual ponion of each reassessment, to�ether with annual interest on
said reassessment; shall be payable in the same manner and at the same time and in the same
installment as the general property ta�:es of the Count}� and shall be pa}�able and become
delinquent at the same time and in the same proportionate amount. Each ��ear the annual
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installments shall be submitted to the County Auditor Por purposes of collection, and the County
Auditor shall, at the close of the taa collecting season, promptly render to the Treasurer a
detailed report showing the amount of such installments, interest, penalties and percentages so
collected.
SECTION 7. This Resolution shall become effective upon its adoption.
Presented by Approved as to form by
___. �� � , `
Maz�a achadoorian len R. 6eZogins�
Deputy Cit}� Manager/Director of Finance C�ity At�orn�y
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this ]6th day of June 2015 by the following vote:
AYES: Councilmembers: Aguilar; Bensoussan, McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
��✓ � .��'�?�
Mary Sal , Mayor
ATTEST:
/� , � .��
Donna R. N�MC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAI�' DIEGO )
CITY OF CHULA VISTA )
1, Donna R. I`�orris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 201�-152 was duly passed, approved, and adopted by the City Council at a
regular meetina of the Chula Vista City Council held on the 16th day of June 2015.
Eaecuted this 16th da�� of June 201�.
�
Donna R. Norris, MC, City Clerk