HomeMy WebLinkAboutCC RES 87-023RESO�_UTION N0. _$7_23
� RESO�UTION OF THE CITY COUNCI�_ �F THE
� CITY OF PALM DESERT, CALIFORNIA,
� MAKING PRELIMINARY DETERMINATIONS AND
OECLARING INTENTION TO ISSUE REFUNDING
BONDS FOR A SPECIAL ASSESSMENT DISTRICT,
AND ORDERING A REPORT THEREON
WHEREAS, the CITY COUNCIL of the CITY OF PA�_M DESERT, CAi_iFORNIA, did previously
undertake proceedings and confirmed assessments in a special assessment district
pursuant to the terms and provisions of the "Municipal Irnprovement Act of 1913",
being Division 12 of the Streets and Highways Code of the State of California, said
special assessment district known and designated as NORTH SPHERE ASSESSMENT DISTRICT
N0. 84-1 (hereinafter referred to as the "Assessment District"); and,
WHEREAS, improvements bonds representing the unpaid assessments within said Assess-
ment District were issued and sold in the manner provided in the "Improvement Bond
Act of 1915", being Division 10 of the Streets and Highways Code of the State of
California; and,
WHEREAS, at this time this legislative body is desirous of initiating proceedings to
refund all outstanding improvement bonds pursuant to the "Refunding Act of 1984 for
1915 Improvement Act Bonds", being Division 11.5 of the Streets and Highways Code of
the State of California, said refunding bonds and district to be designated as NOI�Tf�
SPHERE ASSESSMENT DISTRICT N0. 84-1-R (REFUNDING) (tiereinafter referred to as the
"Refunding District").
NOW, THEREFORE, IT IS HEREBY RESOi_VED AS FO��_�WS:
SECTION 1. That the above recitals are all true and correct.
SECTION�2. That the public interest and necessity require, and it is t��e intention
of this body, pursuant to the provisions of Division 11.5 of the Streets
' and Highways Code of the State o,f California (the "Refunding Act of 1984
for 1915 Improvement Act Bonds), to refund all outstanding improvement
bonds for the Assessment District and to levy reassessments as security
for such refunding bonds, and to issue refunding bonds as authorized by
law. .
SECTION 3. That this proposed
is hereby referred
and file the Report
reassessment levy and
to KICAK & ASSOCIATES,
in writing generally
refunding of th�e original bor�ds
wl�o is hereby directed to make
containing the following:
A. A schedule setting forth the unpaid principal and interest on tfie
improvement bonds of the original Assessment District to be refunded
and the total amounts thereof.
B. A total estimated principal amount of tfie reassessment and of ti�e
refunding bonds and tfie ►naximum interest rate thereon, together with
an estimate of costs of the reassessment and of issuing the refund-
ing bonds, including all costs of issuing the refunding bonds;
�
C. The Auditors Record showing the schedule of tt�e principal install-
ments and interest on all unpaid original assessments and the total
amounts thereof.
D. The estimated amount of each reassessment, identified by reassess-
ment number corresponding to the reassessment number on t��e reassess-
ment diagram, together with a proposed Auditors Record for the
reassessment.
E. A reassessment diagram showing the Refunding District and the bounda-
ries and dimensions of the subdivisions of land within the Refunding
District.
SECTION 4. Any refunding bonds issued pursuant to these proceedings shall bear
interest at the rate of not to exceed the current legal maximum rate of
twelve percent (12�) per annum, or such other legal maxirnum rate which
may be in effect at the time of issuance thereof. .
SECTION 5. A certified public accountant (licensed in California) shall certify
that the proceeds and investments of the refunding bonds shall be suffi-
cient to pay the principal, interest and redemption pre�niums as applic-
able on the refunded bonds.
SECfION 6. Immediately upon the final preparation of the "Report" as above ordered,
said "Report" shall be filed with the City Clerk and presented to this
legislative body f or further consideration as it relates to proceedings
to issue refunding bonds for said Refunding District.
SECTION 7. It is hereby further determined and declared that t�ie City will not obli-
gate itself to advance any available funds from the City Treasury to cure
any deficiency or delinquency which may occur in the bond redemption fund
by failure of property owners to pay annual special reassessments. This
determination shall be clearly set forth and stated in the title of the
bonds to be issued pursuant to these proceedings as authorized and
required by Section 8769 of the Streets and Nighways Code of the State of
' Cal iforni a. . .
SECTION 8. All outstanding bonds and original assessrnents of the Assessrnent District
shall continue and remain in full force and effect and be secu�•ed by tf�e
original assessments until superceded and replaced by reassessrnents and
refunding bonds validly and legally issued for the Refunding District
pursuant to all the terms and provisions of the "Refunding Act of 1984
f or 1915 Improvement Act Bonds".
PASSEO, APPROVED and ADOPTED by the City Council of the City of Palm Desert,
California, on this 23rd day of April , 1987, by tfie following vote:
AYES: BENSON, CRITES, SNYDER, WILSON, KELLY
NOES: NONE
ABSENT: NONE
ABSTAIN:NONE
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CITY OF PALM DESERT
STATE OF CALIFORNIA
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CITY OF PA�_M DESERT
STATE OF CALIFORNIA
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