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Home My WebLink AboutCC RES 85-122RESOLUTION N0. 85-122 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, DETERMINING UNPAID ASSESSMENTS IN A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF PALM DESERT, CALIFORNIA, has heretofore undertaken proceedings pursuant to the "Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, and has confirmed assessments upon lands within a special assessment district described in a Resolution of Intention previously adopted for said improvements, said special assessment District known and designated as NORTH SPHERE ASSESSMENT DISTRICT N0. 84-1 (hereinafter referred to as the "Assessment District"); and, WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways Code of the State of California, and it is necessary to establish terms and provisions of such issuance; and, WHEREAS, notice of the recordation of the assessment and of the time within which assessments may be paid in cash has been duly published and mailed in the manner provided by law, and the time so provided for receiving payment of assessments in cash has expired, and there has been filed a list of all assessments which now remain unpaid; and, WHEREAS, following the elapse of thirty (30) days after the date of recording of said assessment, a complete list of paid and unpaid assessments has been prepared and filed with the Treasurer; and, WHEREAS, it is desired, pursuant to Section 8650.1 of the Streets and to establish the amounts to mature on the bonds to represent unpaid private property and the amount to mature each year which will be other than that as provided in Section 8650 of said Code; and, NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. Highways Code, assessments on and different SECTION 2. Unpaid Assessments. That the assessments now remaining unpaid, and the aggrega e ereo , are as shown on a list entitled "Paid and Unpaid Assessments", referenced by the name of this Assessment District, a copy of which is on file in the Office of the Treasurer and by reference made a part hereof. SECTION 3. Parcel Descriptions. That for a particular description of the lots or parce s o an earing the respective assessment numbers set forth in said Unpaid List and upon which assessments remain unpaid, reference is hereby made to the assessment and to the diagram recorded in the Office of the Superintendent of Streets. SECTION 4. Issuance of Bonds. The Unpaid List is in the amount of $8,593,993.54, an on s s a e issued in said amount and upon the security of said unpaid assessments in accordance with the provisions of the "Improvement Bond Act of 1915", and under and pursuant to the provisions of said Resolution of Intention and Resolution Authorizing the Issuance of 8onds, and all other proceedings thereunder duly had and taken. SECTION 5. Mat, urity. The bonds shall be issued in serial form with annual maturi- ties on September 2nd of every year succeeding twelve (12) months from their date, until the whole is paid. The amount maturing each year shall be such as to result in approximately equal annual debt service during Ar��Er�u�o BY RESO�UTIOPJ w � Z :_��!! �r, i r:�:,� ��_Z5_�.y�.._. RESOLUTION N0. 85-122 the term of the issue as reflected by the interest rates and principal amounts maturing in years of maturity as follows: MATURITY YEAR �- 1981 1998 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 PRINCIPAL MATURING SEPTEMBER 2ND INTEREST RATE $ 188,993.54 9.00� 200,000.00 9.00% 220,000.00 9.00� 240,000.00 9.00% 260,000.00 9.00� 285,000.00 9.00� 310,000.00 9.lOX 340,000.00 9.10� 370,000.00 9.10% 400,000.00 9.1Q% 440,000.00 9.10% 480,000.00 9.10� 525,000.00 9.10% 570,000.00 9.25� 625,000.00 9.25% 680,000.00 9.25� 745,000.00 9.25� 815,000.00 9.25% 890,000.00 9.25X SECTION 6. Terms and Conditions of Bonds. For all other particulars relating to the erms an con i�ons o sa�d bonds, reference is hereby made to the previously adopted Resolution Authorizing and Providing for the Issuance of Bonds, a copy of which is on file with the transcript of these proceedings, and open to public inspection. SECTION 7. Collection of Assessments. The C�untq Auditor, which is the political su iv�s�on o e a e of California which collects taxes for this City, is hereby authorized and directed, in accordance with the provisions of Section 8682 of the Streets and Highways Code of the State of Cal iforni a, to enter into his assessment roll on which property taxes will next becorne due, opposite each lot or parcel of land affected, in a space marked "public improvement assessment" or by other suitable designation, the next and several installments of such assessment coming due during the ensuing fiscal year covered by the assessment roll and that said entry then shall be made each year during the life of the bonds for the proceedings for the above-referenced Assessment District. This authorization is continual until all assessment obligations have been discharged and the bonds terminated. � SECTION 8. Separation of Parcels. In accordance with the provisions of Section 8685 o e tree s an ighways Code, if any lot or parcel of land affected by any assessment is not separately assessed on the tax roll so that the installment of the assessment to be collected can be conveniently entered thereon, then the Auditor shall enter on the roll a description of the lot or parcel affected, with the name of the owners, if known, but otherwise the owners may be described as "unknown owners", and extend the proper installment opposite the same. SECTION 9. Assessments for Bureau of Land Mana ement. Assessments numbered 55, 56 and are curren y owne y e ureau of Land Management and were not assessed because of their ownership for any benefits received, and the City has advanced sums representing their proportionate amount of assessment benefit. Upon the subsequent transfer or development of said parcels, the City shall receive, at the time of issuance of a development permit, monies to reimburse the City for cash advances for said assessments. PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Desert, California, on this 14th day of November , 1985, by the following vote: �— RES�LUTION �0. 85-122 AYES NOES ABSENT BENSON, JACKSON, WILSON, S�TYDER AND KELLY NONE NONE ABSTAIN NONE � ---� AT�EST: ' / �, '_i � �'�� _ CITY OF PALM DESERT . � STATE OF CALIFORNIA c \\ I � ,f� Zt ` � �. CITY OF PALM DESERT STATE OF CALIFORNIA