HomeMy WebLinkAboutReso 1986-12693 RESOLUTION NO. 12693
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA, CALIFORNIA,
DETERMINING UNPAID ASSESSMENTS AND
APPROPRIATING BOND PROCEEDS 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. 86-1
(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 Highways 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. Recitals. That the above recitals are all true and correct.
SECTION 2. Unpaid Assessments. 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 Descriptions. 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.
Issuance of Bonds. The Unpaid List is in the amount of $5,279,986.04,
and bonds 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 shal be issued in serial form with annual
maturities on September 2nd of every year succeeding twelve (12) months
from their date, until the whole is paid. The amount maturing each year
shall be 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 $ -0- 0.00%
1988 $ 134 986.04 6.75%
1989 145 000.00 6.75%
1990 160 000.00 6.75%
1991 170 000.00 6.75%
1992 180 000.00 7.00%
1993 195 000.00 7.20%
1994 205 000.00 7.35%
1995 220 000.00 7.50%
1996 235000.00 7.60%
1997 255000.00 7.60%
1998 275000.00 7.60%
1999 295 000.00 7.60%
2000 320 000.00 7.60%
2001 345000.00 7.50%
2002 370000.00 7.60¢
2003 395000.00 7.60%
2004 425000.00 7.60%
2005 460.000.00 7.60%
2006 495000.00 7.60%
Terms and Conditions of Bonds. For all other particulars relating to
the terms and conditions of said bonds, reference is hereby made to the
previously adopted Resolution Authorizing and Providing for the Issuance
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 the State of California which collects taxes for this
City, is hereby authorized and directed, in accordance with the
provisions of Section 8682 of the Streets and Highways Code of the State
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
designation, 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. Separation of Parcels. 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 shall enter on the roll a
description of the lot or parcel affected, with the name of the owners,
if known, but otherwise the owners may be described as "unknown owners",
and extend the proper installment opposite the same.
SECTION 9. Appropriation of Proceeds. Bond proceeds in the amount of $5,279,986.04
are hereby appropriated to finance improvements in Assessment District
No. 86-1.
APPROVED and ADOPTED this 26th day of August 1986.
CITY OF CRULA' VISTA
STATE OF CALIFORNIA
CITY OF CHULA VISTA
STATE OF CALIFORNIA
Presented by Approved as to form by
~ ~/J~'~ !~homas~/~~/>~gA City
J~hn P. Lippit/t, Director Attorney
~f Public Works J.~/ rron,
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. 12693 , was duly
passed, approved and adopted by the City Council, approved and signed by the Mayor,
and attested by the City Clerk, all at the regular meeting of said City Council
held on the 26th day of August , 1986, and that the same was
passed and adopted by the following vote:
AYES: COUNCIL MEMBERS Malcolm, Moore, Campbell, McCandliss, Cox
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
EXECUTED this 27th day of August , 1986, at Chula Vista, California.
/~TY CLERK
v CITY OF CHULA VISTA
STATE OF CALIFORNIA
CI'IY OF
]HULA VISTA