HomeMy WebLinkAbout157-93RESOLUTION NO. 157-93
A RESOLUTION OF INTENTION TO CONDUCT
REASSESSMENT AND REASSESSMENT BOND PROCEEDINGS
(Sycamore Valley Reassessment District No. 1993-2)
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 certain outstanding bonds
previously issued, entitled "Town of Danville Limited Obligation
Improvement Bonds, Sycamore Valley Reassessment District
No. 1990-1," dated December 1, 1990.
This Council hereby declares its intention to refund those
outstanding bonds and to levy reassessments pursuant to the
Refunding Act of 1984 for 1915 Improvement Act Bonds (the
"Refunding Law") 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 Refunding Law.
3. Bonds (the "Refunding Bonds") representing unpaid
reassessments, and bearing interest at a rate not to exceed six
and one-half percent (6.5%) per annum, will be issued in the
manner provided by the Refunding Law.
4. The procedure for the collection of reassessments and
advance retirement of the Refunding Bonds under the Refunding Law
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 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. The reassessment on each subdivision of land within the
proposed reassessment district shall supersede and supplant the
reassessment thereon imposed in the Reassessment District
No. 1990-1 proceedings. However, since it is intended that the
proposed reassessments will not include unpaid installments of
the ro~s$o~sment$ lov±od in tho 1990-1 procoodin~, and tho
penalties and interest thereon, the lien of the proposed
reassessment shall supersede and supplant the lien of the
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reassessment levied in the 1990-1 proceedings, except that the
lien of the reassessment levied in the 1990-1 proceedings shall
also continue as security for the collection of any unpaid
installments of reassessments levied in the 1990-1 proceedings
(including those on the tax roll for the current fiscal year) and
the penalties and interest thereon.
7. A special reserve account 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 account shall be included in the reassessment.
8. It is determined and notice is given that it is the
intention of the Council that a penalty of two percent (2%) per
month of the total amount of any delinquent reassessment
installment shall be added to such delinquent reassessment
installment after the close of business on the delinquency date,
and that an additional penalty of two percent (2%) of the amount
of such delinquency shall be added thereto at the beginning of
business on the tenth (10th) day of each succeeding month until
such delinquent reassessment installment and all penalties are
fully paid. The penalties shall be in lieu of all other
penalties assessed by other provisions of law, and the Treasurer
shall collect such penalties with, and as a part of, such
delinquent reassessment installments. All penalties collected
shall be deposited into the redemption fund for the bonds to be
issued in the proceedings.
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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 7th day of December, 1993 by the following vote:
AYES:
RITCHEY, GREENBERG, DOYLE, SHIMANSKY, WALDO
NOES: NONE
ABSENT: NONE
ATTEST:
J ~J .J
CITY CLERK
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