HomeMy WebLinkAboutReso 1986-12540 (b)
RESOLUTION NO. 12540
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA, CALIFORNIA,
DETERMINING UNPAID ASSESSMENTS IN A
SPECIAL ASSESSMENT DISTRICT
WHEREAS, the CITY COUNCIL of the CITY OF CHULA VISTA, CALIFORNIA, has heretofore
undertaken proceedings pursuant to the "Municipal Improvement Act of 1913", being
Division 12 of the Streets and Highways Code of the State of California, and has
confirmed assessments upon lands within a special assessment district described in a
ResOlution of Intention previously adopted for said improvements, said special
assessment District known and designated as
ASSESSMENT DISTRICT NO. 85-2
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, said proceedings provided for the issuance of bonds pursuant to the
"Improvement Bond Act of 1915", being Division 10 of the Streets and Hi.ghways Code of
the State of California, and it is necessary to establish terms and provisions of
such issuance; and,
WHEREAS, notice of the recordation of the assessment and of the time within which
assessments may be paid in cash has been duly published and mailed in the manner
provided by law, and the time so provided for receiving payment of assessments in
cash has expired, and there has been filed a list of all assessments which now remain
unpaid; and,
WHEREAS, following the elapse of thirty (30) days after the date of recording of said
assessment, a complete list of paid and unpaid assessments has been prepared and
filed with the Treasurer; and,
WHEREAS, it is desired, pursuant to Section 8650.1 of the Streets and Highways Code,
to establish the amounts to mature on the bonds to represent unpaid assessments on
private property and the amount to mature each year which will be other and different
than that as provided in Section 8650 of said Code; and,
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. Unpaid As%es~ents. That the assessments now remaining unpaid, and the
aggregate thereof, are as shown on a list entitled "Paid and Unpaid
Assessments", referenced by the name of this Assessment District, a copy
of which is on file in the Office of the Treasurer and by reference made
a part hereof.
SECTION 3. Parcel Descri.ptions. That for a particular description of the lots or
parcels of land bearing the respective assessment numbers set forth in
said Unpaid List and upon which assessments remain unpaid, reference is
hereby made to the assessment and to the diagram recorded in the Office
of the Superintendent of Streets.
Isspance of Bonds. The Unpaid List is in the amount of $7,680,623.85,
and bond~ shall 'be issued in said amount and upon the security of said
unpaid assessments in accordance with the provisions of the "Improvement
Bond Act of 1915", and under and pursuant to the provisions of said
Resolution of Intention and Resolution Authorizing the Issuance of Bonds,
and all other proceedings thereunder duly had and taken.
Maturity. The bonds shall be issued in serial form with annual maturi-
~September 2nd of every year succeeding twelve (12) months from
their date, until the whole is paid. The amount maturing each year shall
such as to result in approximately equal annual debt service during
the term of the issue as reflected by the interest rates and principal
amounts maturing in years of maturity as follows:
MATURITY PRINCIPAL MATURING INTEREST
YEAR SEPTEMBER 2ND RATE
1987 $ 95,623.85 6.75%
1988 200,000.00 6.75%
1989 210,000.00 6.75%
1990 225 000.00 6.75%
1991 240 000.00 6.75%
1992 260 000.00 7.00%
1993 275 000.00 7.15%
1994 295 000.00 7.30%
1995 315 000.00 7.40%
1996 340 000.00 7.50%
1997 365 000.00 7.60%
1998 395 000.00 7.60%
1999 425 000.00 7.60%
2000 460 000.00 7.60%
2001 495 000.00 7.60%
2001 530 000.00 7.60%
2003 570,000.00 7.60%
2004 615,000.00 7.60%
2005 660,000.00 7.60%
2006 710,000.00 7.60%
Te~ms and Conditions of Bonds. For all other particulars relating to the
terms and conditions o~ sa~d bonds, reference is hereby made to the
previously adopted Resolution Authorizing and Providing for the Issuance
of Bonds, a copy of which is on file with the transcript of these
proceedings, and open to public inspection.
Collection of Assessments. The County Auditor, which is the political
subdivision of ~he State of California which collects taxes for this
City, is hereby authorized and directed, in accordance with the provi-
sions of Section 8682 of the Streets and Highways Code of the State of
California, to enter into his assessment roll on which property taxes
will next become due, opposite each lot or parcel of land affected, in a
space marked "public improvement assessment" or by other suitable desig-
nation, the next and several installments of such assessment coming due
during the ensuing fiscal year covered by the assessment roll and that
said entry then shall be made each year during the life of the bonds for
the proceedings for the above-referenced Assessment District. This
authorization is continual until all assessment obligations have been
discharged and the bonds terminated.
SECTION 8. Separ~gn of Parcgls. In accordance with the provisions of Section 8685
of the Streets and Highways Code, if any lot or parcel of land affected
by any assessment is not separately assessed on the tax roll so that the
installment of the assessment to be collected can be conveniently entered
thereon, then the Auditor shalq enter on the roll a description of the
lot or parcel affected, with the name of the owners, if known, but other-
wise the owners may be described as "unknown owners", and extend the
proper installment opposite the same.
APPROVED and ADOPTED this 17th day of June , 1986.
STATE OF CALIFORNIA
Presented by Approved as to form by
Lippi of Charles R. Gill, Assistant
~ublic Works/City Engineer City Attorney
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, JENNIE M. FULASZ, CITY CLERK of the CITY OF CHULA VISTA, CALIFORNIA, DO HEREBY
CERTIFY that the foregoing Resolution, being Resolution No. 12540 , was duly
passed, approved and adopted by the City Council, approved and s~gned b~ the Mayor,
and attested by the City Clerk, all at the regular meeting of said City Council
held on the 17th day of Juhe ,~ 1986, and that the same was
passed and a~b'~the following ~ote:
AYES: COUNCIL MEMBERS McCandliss, Moore, Campbell
NOES: COUNCIL MEMBERS Cox, Malcolm
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
EXECUTED this 17thday of .~uge. ~., 1986, at Chula Vista, California.
CITY'CLERK
CITY OF CHULA VISTA
STATE OF CALIFORNIA
CITY OF
CHUIA VISI'A