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DOC # 2005--0629756
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R'ECORDING RE~UESTED BY:
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JUL 26. 2005
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Govt. Code 2736\.6
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Govt. Code 27361.6
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RESOLUTION NO. 2005-219
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, APPROVING THE REASSESSMENT
REPORT AND CONFIRMING REASSESSMENTS WITHIN
REASSESSMENT DISTRICT NO. 2005-1
WHEREAS, the City Council of the City of Chu1a Vista, did previously undertake
proceedings and confirmed reassessments in an assessment district pursuant to the terms and
provisions of the "Refunding Act of 1984 for 1915 Improvement Act Bonds", being Division
11.5 of the Streets and Highways Code of the State of California (the "Refunding Act"), said
reassessment district known and designated as Reassessment District of 1995 (the "1995
Reassessment District"); and
WHEREAS, limited obligation refunding improvement bonds representing the unpaid
reassessments within the Reassessment District (the "1995 Limited Obligation Refunding
Improvement Bonds") were issued and sold in the manner provided in the Refunding Act to
refund limited obligation improvement bonds previously issued by the City for Assessment
District No. 85-2 (EastLake) ("AD No. 85-2"), Assessment District No. 86-1 (EastLake) ("AD
No. 86-1"), Assessment District No. 87-1 (East "H" Street) ("AD No. 87-1") and Assessment
District No. 88-2 (Otay Lakes Road) ("AD No. 88-2"); and
WHEREAS, the term of the reassessments levied for 1995 Reassessment District on the
parcels within AD No. 85-2 and AD No. 86-1 will terminate on September 2, 2006 and the debt
service on the principal amount of the 1995 Limited Obligation Refunding Improvement Bonds
equal to such remaining unpaid principal amount of such reassessments and the interest thereon
will be paid from moneys on deposit in the reserve fund established for certain bonds issued by
the Chula Vista Public Financing Authority to acquire the 1995 Limited Obligation Refunding
Bonds; and
WHEREAS, at this time, as a result of favorable interest rate conditions within the
municipal bond market, this legislative body has initiated proceedings to reassess the parcels
located within the remaining portion of the 1995 Reassessment District that were originally
located in AD No. 87-1 and AD No. 88-2 (the "1995 Reassessment District Remainder"), to
include such parcels in a new reassessment district to be designated as City of Chula Vista
Reassessment District No. 2005-1 ("Reassessment District No. 2005-1") and to refund that
principal amount of all outstanding 1995 Limited Obligation Refunding Improvement Bonds
equal to the remaining unpaid reassessment liens levied on such parcels for the 1995
Reassessment District from the proceeds of refunding bonds (the "2005 Limited Obligation
Refunding Bonds") to be issued pursuant to the Refunding Act as modified by that certain
resolution of the City Council adopted on June 7, 2005 and entitled "A Resolution of the City
Council of the City of Chula Vista Authorizing and Directing Compliance with the 'Refunding
Act of 1984 for 1915 Improvement Act Bonds,' as Modified in this Resolution, in Connection
with the Issuance of Limited Obligation Refunding Bonds for the Purpose of Refunding Certain
Assessment District Bonds" (the "Refunding Act Resolution"); and
Resolution No. 2005-219
Page 2
WHEREAS, this legislative body has previously ordered the preparation of a
Reassessment Report pursuant to the Refunding Act, said Report to generally contain the
following:
A. A schedule setting forth the unpaid principal and interest on the 1995 Limited
Obligation Refunding Improvement Bonds of the 1995 Reassessment District to
be refunded and the total amounts thereof;
B. The total estimated principal amount of the reassessment within Reassessment
District No. 2005-1 and ofthe 2005 Limited Obligation Refunding Bonds and the
maximum interest rate thereon, together with an estimate of costs of the
reassessment and of issuing the 2005 Limited Obligation Refunding Bonds;
C. The Auditor's Record showing the schedule of the principal installments and
interest on all unpaid original reassessments for the 1995 Reassessment District
Remainder and the total amounts thereof;
D. The estimated amount of each reassessment, identified by reassessment number
corresponding to the reassessment number on the reassessment diagram prepared
for Reassessment District No. 2005-1, together with a proposed Auditor's Record
for such reassessment;
E. A reassessment diagram showing Reassessment District No. 2005-1 and the
boundaries and dimensions of the subdivisions of land within Reassessment
District No. 2005-1; and
WHEREAS, this legislative body has now received and considered the Reassessment
Report and is ready to proceed to make certain findings and approve the Reassessment Report.
NOW, THEREFORE, BE IT RESOLVED AND DETERMINED:
SECTION I. 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 2005 Limited Obligation
Refunding Bonds proposed to be issued for Reassessment District No. 2005-1 are issued and
sold with a purchase price and at interest rates not to exceed 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
for Reassessment District No. 2005-1 will be less than the corresponding 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 1995 Reassessment District Remainder being reassessed;
B. The number of years to maturity of all 2005 Limited Obligation Refunding Bonds
will be no more than the number of years to the last maturity of the 1995 Limited
Obligation Refunding Improvement Bonds;
Resolution No. 2005-219
Page 3
C. The principal amount of the reassessment on each subdivision of land within
Reassessment District No. 2005-1 will be less than the corresponding unpaid
principal amount of the portion of the original reassessment being superseded and
supplanted by the same percentage for each subdivision of land within the 1995
Reassessment District Remainder being reassessed; and
D. The reassessments, as set forth in the Reassessment Report, shall not be deemed
to be an assessment within the meaning of, and may be ordered without
compliance with the procedural requirements of, Article XIIID of the Constitution
of the State of California.
Based upon the foregoing determinations, this City Council hereby approves and confirms the
reassessments for the 2005 Limited Obligation Refunding Bonds and the contributions from the
existing funds of the 1995 Reassessment District, all as set forth in the Reassessment Report, and
a copy of this Resolution shall be entered upon the minutes of this meeting of the legislative
body. The reassessments and the Reassessment Report may be adjusted and finalized upon the
establishment of the final pricing for the sale of the 2005 Limited Obligation Refunding Bonds
provided that such principal amount of the reassessment on each subdivision of land within
Reassessment District No. 2005-1 will be less than the corresponding unpaid principal amount of
the portion of the original reassessment being superseded and supplanted by the same percentage
for each subdivision of land within the 1995 Reassessment District Remainder being reassessed.
SECTION 3. This City Council hereby authorizes the issuance and sale of the 2005
Limited Obligation Refunding Bonds to represent all unpaid reassessments within Reassessment
District No. 2005-1 and said refunding bonds shall bear interest at a rate or rates not to exceed
the interest rates set forth in the Reassessment Report for such refunding bonds, and shall be
issued in the manner as provided by the Refunding Act as modified by the Refunding Act
Resolution. The last maturity of said refunding bonds shall not exceed the number of years to
the last maturity of the 1995 Limited Obligation Refunding Improvement Bonds.
SECTION 4. The final reassessment within Reassessment District No. 2005-1, together
with the reassessment diagram, 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 Refunding Act without the filing of an action to challenge
the validity of the reassessment and refunding proceedings and/or the issuance of the 2005
Limited Obligation Refunding Bonds and (b) the execution of a bond purchase agreement with a
purchase price and at interest rates not to exceed those set forth in the Reassessment Report.
Immediately thereafter a copy of the reassessment diagram shall be filed in the Office of the
County Recorder and a Notice of Reassessment, referencing said diagram, shall be recorded in
the Office of the County Recorder, all pursuant to the provisions of Division 4.5 of the Streets
and Highways Code of the State of California, and specifically Section 3114. Upon the
recordation, the reassessments shall become liens upon the various parcels of property and land
assessed as shown on the reassessment diagram.
From and after the date of such recordation and filing, the reassessments originally levied
for the 1995 Reassessment District Remainder shall be superseded and supplanted. The lien of
Resolution No. 2005-219
Page 4
the original reassessments is not superseded and supplanted as to any unpaid installments of the
reassessments originally levied which are now delinquent and the penalties and interest, if any,
thereon. Amounts, if any, received from the payment of delinquent reassessments and the
penalties and interest thereon, excluding attorney's fees and costs and post-judgment interest, if
any, shall be deposited into the redemption fund for the 2005 Limited Obligation Refunding
Bonds.
SECTION 5. This City Council hereby determines and declares that the City will not
obligate itself to advance available funds from the City treasury to cure any deficiency which
may occur in the bond redemption fund for the 2005 Limited Obligation Refunding Bonds.
SECTION 6. A copy of this Resolution confirming the reassessments within
Reassessment District No. 2005-1, which reassessments shall constitute the security for the 2005
Limited Obligation Refunding Bonds, shall be filed in the Office of the Treasurer, and the
Treasurer shall keep the record showing the several installments of principal and interest on the
reassessments which are to be collected each year during the term of said refunding bonds. An
annual portion of each reassessment, together 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 taxes of the County and shall be payable and become delinquent at the same time and in
the same proportionate amount. Each year the annual installments shall be submitted to the
County Auditor for purposes of collection, and the County Auditor shall, at the close of the tax
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.
Prepared by
Approved as to form by
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Ann Moore
City Attorney
Resolution No. 2005-219
Page 5
PASSED, APPROVED, and ADOPTED by the City Council of the City ofChula Vista,
California, this 28th day of June, 2005, by the following vote:
AYES:
Councilmembers:
Castaneda, Davis, McCann, Rindone, and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
ek L .C
ATTEST:
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Susan Bigelow, MMC, City C k
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2005-219 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 June, 2005.
Executed this 28th day of June, 2005.
';- ~...u. 6-t.... ~~~
Susan Bigelow, MMC, City C erk