HomeMy WebLinkAbout075-93RESOLUTION NO. 75-93
A RESOLUTION OF INTENTION TO CONDUCT
REASSESSMENT PROCEEDINGS
IN ASSESSMENT DISTRICT NO. 88-1
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 "Town of Danville Limited
Obligation Improvement Bonds, Assessment District No. 88-1,
Series 88-A" dated July 13, 1988.
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 seven and three tenths percent (7.3%) 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District No. 88-1 will be deemed supplanted and superseded by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 29th day of June, 1993 by the following
vote:
AYES, and in favor thereof, Councilmembers:
SHIMANSKY, RITCHEY, DOYLE, GREENBERG, LANE
NOES, Councilmembers:
NONE
ABSENT, Councilmembers:
NONE
Mayo r
ATTEST:
City Clerk
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