HomeMy WebLinkAbout241-90 RESOLUTION NO. 241
A RESOLUTION ORDERING REVISIONS TO REPORT,
INCLUDING REDUCTION OF REASSESSMENT
Sycamore Valley Reassessment District No. 1990-1
WHEREAS, the Town Council of the Town of Danville (the
"Council"), did, on September 4, 1990, adopt its Resolution No.
192-90, "A Resolution of Intention to Conduct Reassessment
Proceedings in Assessment District No. 1985-1, "under the
provisions of the Refunding Act of 1984 for 1915 Improvement Act
Bonds, being Division 11.5 of the California Streets and Highways
Code, and therein provided that serial bonds would be issued
thereunder pursuant to the provisions of the Act;
WHEREAS, this Council, by its Resolution No. 233-90,
entitled "A Resolution and Order Approving and Confirming Report
and Reassessment, and Making Findings Related Thereto," adopted
on November 20, 1990, approved and confirmed a reassessment in
the amount set forth in the report filed by the City Engineer;
WHEREAS, subsequent to the preparation of the report the
owners of certain parcels have prepaid in full the assessments
levied thereon, thereby eliminating the need for any reassessment
to be levied thereon;
WHEREAS, this Council by its Resolution No. 234-90, entitled
"A Resolution Providing for the Issuance of Refunding Bonds,"
adopted on November 20, 1990, provided for the issuance of bonds
in an amount not to exceed the amount of the approved and
confirmed reassessment, and also provided that, in the event that
the bonds are issued in a principal amount less than the amount
of the confirmed reassessment, the Council would order a
reduction of the reassessment to an amount equal to the principal
amount of the bonds;
WHEREAS, as the result of the issuance and sale of the
refunding bonds, there is a need to reduce, in accordance with
Resolution No. 234-90, the principal amount of the confirmed
reassessment in order to equal the principal amount of the
refunding bonds issued and sold;
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NOW, THEREFORE, BE IT RESOLVED:
The Council makes the following findings:
1. All of the above recitals are true and correct.
2. By the action taken herein:
(a) with respect to each reassessment remaining unpaid
after the action taken in Section 3, below, each annual
installment of principal and interest on the reassessment
will be less than the corresponding annual installment of
principal and interest on the reassessment heretofore
confirmed by the same percentage for all subdivisions of
land within the reassessment district;
(b) the number of years of maturity of the refunding
bonds is the same as et forth in the report heretofore
approved;
(c) the principal amount of the reassessment on each
subdivision of land is, for each such parcel, less than the
principal amount set forth in the report.
BE IT FURTHER RESOLVED AND ORDERED, as follows:
3. As a result of the prepayment in full of the assessment
heretofore levied thereon, the reassessment confirmed on each of
the following parcels is hereby ordered reduced to zero:
Reassessment Nos.
Reassessment Nos.
2-36 2-41
2-38 2-39
2-28 2-51
2-34 4-172
2-19 4-177
2-25 4-164
2-27 4-169
2-44 4-173
2-45 4-158
2-52 4-156
2-88 2-29
2-33 2-47
2-21 2-23
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4. The total principal amount of the refunding bonds to be
issued, and balance to reassessment, be reduced from
$13,840,000 to $13,305,000.
5. Each of the individual unpaid reassessments is hereby
ordered reduced by its pro rata share of the reduction in the
reassessment.
6. The City Engineer is directed to make said revisions
in, and otherwise revise the report consistent with the
aforesaid actions. Said revisions may be made either upon the
face of the report on file in the office of the Superintendent
of Streets, or by filing an appropriate amendment thereto, all
in accordance with the provisions hereof.
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 December , 1990 by the
following vote:
AYES, and in favor thereof, Councilmembers:Greenberg, Lane,
Ritchey, Schlendorf, Shimansky
NOES, Councilmembers: None
ABSENT, Councilmembers: None
ATTEST:
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