HomeMy WebLinkAbout192-90RESOLUTION NO. 192-90
A RESOLUTION OF INTENTION TO CONDUCT
REASSESSMENT PROCEEDINGS
IN ASSESSMENT DISTRICT NO. 1985-1
RESOLVED, by the Town Council of the Town of Danville,
California, as follows:
1. This Council hereby determines that the public interest or
necessity requires the refunding of all outstanding bonds
previously issued, entitled "City of Danville Improvement Bonds,
Assessment District No. 1985-1, Sycamore Valley (Contra Costa
County, California)," dated December 23, 1985.
This Council hereby declares its intention to refund the
outstanding bonds and to levy reassessments pursuant to the
Refunding Act of 1984 for 1915 Improvement Act Bonds (the "Act") as
security for the refunding bonds to be issued.
2. This Council hereby directs the City Engineer to prepare
and file, or cause to be prepared and filed, with the City Clerk,
a written report containing each of the items specified by Section
9523 of the Act.
3. Serial bonds (the "Refunding Bonds") representing unpaid
reassessments, and bearing interest at a rate not to exceed eight
and one half percent (8.5%) per annum, will be issued in the manner
provided by the Act.
4. The procedure for the collection of reassessments and
advance retirement of the refunding bonds under the Act shall be as
provided in Part 11.1, Division 10, of the Streets and Highways
Code of the State of California (the "Streets and Highways Code").
5. The Town of Danville will not obligate itself to advance
available funds from its Treasury to cure any deficiency which may
occur in the refunding bonds redemption fund.
6. All assessments originally levied in Assessment District
No. 1985-1 will be deemed supplanted and superseded by the
reassessments proposed hereby, except for installments of principal
and interest on the assessments which are delinquent on the date of
this Resolution.
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7. A special reserve fund for the refunding bonds shall be
established from the proceeds of the sale of the refunding bonds
pursuant to Part 16 (commencing with Section 8880) of Division 10
of the Streets and Highways Code. The amount of the special
reserve fund shall be included in the reassessment.
I hereby certify that the foregoing is a full, true and
correct copy of a resolution duly passed and adopted by the Town
Council of the Town of Danville, California, at a meeting thereof
held on the 4th day of September, 1990 by the following votes:
AYES, and in favor thereof, Councilmembers: Greenberg, Lane, Ritchey
Schlendorf, Shimansky
NOES, Councilmembers: None
ABSENT, Councilmembers :None
Mayor
ATTEST:
~~~Ci y~Cler~
Approved as to Form:
192.res