HomeMy WebLinkAbout129-97RESOLUTION NO. 129-97
A RESOLUTION OF INTENTION TO CONDUCT
REASSESSMENT AND REASSESSMENT BOND PROCEEDINGS
(Reassessment District No. 1997-1)
RESOLVED, by the Town Council of the Town of Danville, California, as follows:
1. This Council hereby determines that the public interest or necessi[ty requires the
refunding of certain outstanding bonds previously issued, entitled "Town of Danville Limited
Obligation Improvement Bonds Assessment District No. 89-1, Series 90-A," dated June 28, 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 seven percent (7%) 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 assessment thereon imposed in the Assessment District
No~ 89-1 proceedings (the "Prior Proceedings"). However, since it is intended that the proposed
reassessments will not include unpaid installments of the assessments levied in the Prior
Proceedings, and the penalties and interest thereon, the lien of the proposed reassessment shall
supersede and supplant the lien of the assessment levied in the Prior Proceedings, except that the
lien of the assessment levied in the Prior Proceedings shall also continue as security for the
collection of any unpaid installments of assessments levied in the Prior Proceedings (including
those on the tax roll for the current fiscal year) and the penalties and interest thereon.
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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.
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 16th day of September, 1997 by the following vote:
AYES: Doyle, Waldo, Arnerich, Greenberg, Shimansky
NOES: None
ABSENT: None
ATTEST:
CITY CLERK
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