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HomeMy WebLinkAbout158-93 RESOLUTION NO. 158-93 A RESOLUTION AND ORDER APPROVING AND CONFIRMING REPORT AND REASSESSMENT, AND MAKING FINDINGS AND DETERMINATIONS RELATED THERETO (Sycamore Valley Reassessment District No. 1993-2) WHEREAS, on the 7th day of December, 1993, this Council adopted its Resolution No. 157-93, "A Resolution of Intention to Conduct Reassessment and Reassessment Bond Proceedings (the "Resolution of Intention"); WHEREAS, through the proceedings being conducted pursuant to the Resolution of Intention, certain bonds previously issued by the Town for its Sycamore Valley Reassessment District No. 1990-1, will be refunded (for purposes hereof, the reassessment levied and the bonds issued upon the security thereof in Reassessment District No. 1990-1 are herein referred to as the original reassessment and the outstanding bonds, respectively); WHEREAS, in the Resolution of Intention the Council directed the City Engineer to make and file or cause to be made and filed a written report (the "Report") with the Clerk in accordance with and pursuant to the provisions of the Refunding Act of 1984 for 1915 Improvement Act Bonds, being Division 11.5 of the California Streets and Highways Code (the "Refunding Law"); WHEREAS, the Report has been duly made and filed with the Clerk whereupon the Clerk has presented it to this Council for consideration; and WHEREAS, this Council has duly considered the Report and each and every part thereof; NOW, THEREFORE, BE IT RESOLVED: The Council makes the following findings: 1. All of the above recitals are true and correct. 2. The Report contains all the matters and things called for by the provisions of the Refunding Law, including (a) a schedule setting forth the unpaid principal and interest on the bonds to be refunded and the total amounts thereof, (b) the total estimated principal amount of the reassessment and of the refunding bonds and the maximum interest rate thereon, together with an estimate of cost of the reassessment and of issuing the refunding bonds, including all costs of issuing the refunding bonds, (c) the auditor'~ record ~howing ~h~ ~ch~dul~ of principal installments and interest on all unpaid original reassessments and the total amounts thereof, (d) the estimated 32130~00006~3941.1 PAGE 1 OF RESOLUTION NO. 158-93 amount of each reassessment, identified by reassessment number corresponding to the reassessment number on the reassessment diagram, together with a proposed auditor's record for the reassessment, and (e) a reassessment diagram showing the reassessment district and the boundaries and dimensions of the subdivisions of land within the district, all of which has been done in the form and manner required by the Refunding Law. 3. The Report and each and every part thereof is sufficient in every particular and should stand as the Report for all subsequent proceedings under the Refunding Law and the Resolution of Intention. 4. The conditions of Section 9525 of the Refunding Law have been satisfied in that: (a) Each estimated annual installment of principal and interest on the reassessment is 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 district. (b) The number of years to maturity of all refunding bonds is not more than the number of years to the last maturity of the outstanding bonds being refunded. (c) The principal amount of the reassessment on each subdivision of land within the district is less than the 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 district. 5. The Council has acquired jurisdiction to finally determine whether the public interest or necessity require the reassessment and refunding, and to approve and confirm the Report and the reassessment as originally made, or as reviewed and corrected. 6. The Report, including any revisions and corrections thereto heretofore ordered by the Council, should be, and it is hereby, approved and confirmed. Said Report, including any such revisions and corrections, shall stand as the Report for the purposes of all subsequent proceedings to be had pursuant to the Resolution of Intention. 7. The reassessment, including any revisions and corrections thereto heretofore ordered by the Council, is hereby approved and confirmed. In the event the refunding bonds are issued in a principal amount less than the amount of the confirmod roa~e~mont, then the reassessment shall be reduced to an amount equal to the principal amount of the refunding bonds. 32130\00006~3941.1 PAGE 2 OF RESOLUTION NO. 158-93 8. The public interest or necessity require the reassessment and refunding. BE IT FURTHER RESOLVED: 1. The Council shall proceed to authorize, issue and sell refunding bonds pursuant to Chapter 3 of the Refunding Law. 2. The reassessment on each subdivision of land within the district shall supersede and supplant the original reassessment thereon. However, since the reassessments do not include unpaid installments of reassessments originally levied and the penalties and interest thereon, the lien of the reassessment shall supersede and supplement the lien of the original reassessment except that the lien of the original reassessment shall also continue as security for the collection of any unpaid installments of reassessments originally levied and the penalties and interest thereon. The lien of the reassessment and the lien of the unpaid installments of the reassessment originally levied and the penalties and interest thereon shall have equal priority as of the date the original reassessment became a lien upon the property assessed. 3. It is intended hereby that the outstanding bonds and the original reassessments shall remain in full force and effect and be secured by the original reassessment liens until superseded and supplanted by the reassessments and refunding bonds validly and legally issued pursuant to the Refunding Law, at which time the reassessments and the lien thereof shall become the security for the refunding bonds and the refunding escrow shall become the security for the outstanding bonds. Anything herein to the contrary notwithstanding, if, for any reason, the refunding bonds are not validly and legally issued, it is intended that the outstanding bonds and the original reassessments shall remain in full force and effect and remain secured by the original reassessment liens. 4. The Clerk shall enter this resolution upon the minutes of the Council. 5. The Clerk shall forthwith deliver to the Superintendent of Streets the reassessment, together with the reassessment diagram thereto attached and made a part thereof, as confirmed by this Council, with his or her certificate of such confirmation thereto attached and of the date thereof, and the Superintendent of Streets shall forthwith record the reassessment and reassessment diagram in his or her office in a suitable book to be kept for that purpose, and append thereto his or her certificate of the date of such recording, and such recordation shall be and constitute the reassessment roll herein. 32130~00006~3941.1 PAGE 3 OF RESOLUTION NO. 158-93 6. The Clerk shall also cause a copy of the reassessment diagram to be filed in the office of the County Recorder of the County of Contra Costa, and shall execute and record a notice of reassessment in the office of such County Recorder, such notice to be in substantially the form provided in Section 3114 of the Streets and Highways Code of the State of California. From the date of such recording all persons shall be deemed to have notice of the contents of the reassessment, and each of such reassessments shall thereupon be a lien upon the property against which it is made, and unless sooner discharged such liens shall so continue for the period of ten (10) years from the date of said recordation, or, if bonds are issued to represent the reassessments, then such liens shall continue until the expiration of four (4) years after the due date of the last installment on the refunding bonds. The appropriate officer or officers are hereby authorized to pay any and all fees required by law in connection with the above. 7. The Clerk shall also, upon the recording of the reassessment and reassessment diagram in the office of the Superintendent of Streets, file a certified copy of this Resolution in the office of the County Auditor in the County of Contra Costa who shall keep a record in that office showing the several installments of principal and interest on the reassessments which are to be collected in the County of Contra Costa in each year during the term of the refunding bonds to be issued. 32130\00006\3941.1 PAGE 4 OF RESOLUTION NO. 158-93 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: NOES: ABSENT: RITCHEY, GREENBERG, DOYLE, SHIMANSKY, WALDO NONE NONE ATTEST: CITY CLERK 32130~00006~3941.1 PAGE 5 OF RESOLUTION NO. 158-93