HomeMy WebLinkAboutReso 2002-172 RESOLUTION NO. 2002-172
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A FIRST AMENDMENT TO
THE AGREEMENT WITH MUNIFINANCIAL,
INC.
FOR
ASSESSMENT DISTRICT DELINQUENCY MONITORING TO
INCLUDE COMMUNITY FAC~LITI£S DISTRICTS, AND
AUTHORIZING THE MAYOR TO EXECUTE SAID
AMENDMENT
WHEREAS, on December 19, 2000, Council adopted Resolution 2000-471 which
approved a three-year agreement with MuniFinancial, Inc. for delinquency management of the
City's assessment districts for the period of January 1, 2001 to December 31, 2003; and
WHEREAS, the City established six Community Facilities Districts (CFD's) during
Fiscal Year 1998/1999 in accordance with the Community Facilities Act of 1982 and began
billing such districts on the tax roll in Fiscal Year 1999/2000; and
WHEREAS, the City subsequently established, or is in the process of establishing, five
new CFD's. Five of the eleven districts included the issuance of bonds for the acquisition of
public improvements, such as major streets and assbciated utilities; and
WHEREAS, the Bond Indentures for the CFD's also specify the allowable level of
delinquencies and the conditions under which the City must begin foreclosure proceedings on
delinquent properties; and
WHEREAS, since these districts are all new, the City originally did not have
delinquencies which required the commencement of foreclosure proceedings. However, since
December 2000, assistance has been needed to notify and pursue delinquent property owners;
and
WHEREAS, the existing agreement with MuniFinancial provides for performance of
additional services at the City's request up to a maximum of $5,000 per year. This action would
add the City's bonded CFD's to this contract by means of a first amendment in order to insure
that the City's fiduciary responsibilities to the bondholders is fulfilled.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista, does hereby approve the first amendment to the agreement with MtmiFinancial, Inc. for
assessment district delinquency monitoring to include CFD's and authorize the Mayor to execute
said amendment.
Presented by Approved as to form by
Jo,h~,.P;~ip,pitt e ,- Jptij:gM. Kaheny ~ //
PulSlic Works Director Oi'fy Attorney ~
Resolution 2002-172
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 28th day of May, 2002, by the following vote:
AYES: Councilmembers: Davis, Padilla, Rindone, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Shirley Horto~,, Mayor
ATTEST:
Donna Norris, Assistant City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna Norris, Assistant City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 2002-172 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 28th day of May, 2002.
Executed this 28th day of May, 2002.
Donna Norris, Assistant City Clerk