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HomeMy WebLinkAboutCC RES 88-020. � RESOLUTION NO. $$-2p RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, APPROVING REFUNDING AND REASSESSMENT REPORT OF ENGINEER AND CON- FIRMING REASSESSMENTS FOR REFUNDING BONDS IN A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF PALM DESERT, CALIFORNIA, did previouely undertake proceedinge and confirm aeseeemente in a epecial aseesement district pureuant to the terma and provieions of the "Municipal Improvement Act of 1913", being Diviaion 12 of the Streets and Highways Code of the State of California, said epecial aeeeeement dietrict known and designated ae NORTH SPHERE ASSESSMENT DISTRICT NO. 84-1 (hereinafter referred to as the "Aasessment District"); and WHEREAS, improvement bonde representing the unpaid aeaessmente within eaid AsseAs- ment Dietrict were iaeued and eold in the manner provided in the "Improvement Bond Act of 1915", being Divieion 10 of the Streete and Highwaya Code of the State of California; and, WHEREAS, at this time, this legislative body has initiated proceedinqs to refund all outetanding improvement bonde pureuant to the "Refundinq Act of 1984 for 1915 improvement Act Bonde", beinq Division 11.5 of the Streete and Highways Code of the State of California, said refunding bonds and dietrict to be deeignated ae NORTH SPHERE ASSESSMENT DISTRICT NO. 84-1-R {REFUNDING) (hereinafter referred to ae the "Refunding District"); and, WHEREAS, thie legielative body has previously ordered the preparation of a Report, eaid Report to generally contain the following: A. A echedule setting forth the unpaid principal and intereat on the improve- ment bonds of the original Aasessment Diatrict to be refunded and the total amounte thereof; B. A total estimated principal amount of the reaesessment and of the refunding bonds and the maximum interest rate thereon, together with an eetimate of coste of the reaesesement and of iasuing the refundinq bonde, including all coste of ieauing the refunding bonds; C. The Auditor's Record ahowing the schedule of the principal installments and intereet on all unpaid original aeaeasmente and the total amounts thereof; D. The eatimated amount of each reassessment, identified by reassessment number correeponding to the reassessment number on the reassessment diagram, together with a proposed Auditor's Record for the reassessment; E. A reassesament diagram showing the Refunding District and the boundaries and dimensions of the subdivision of land within the Refunding District; and, WHEREAS, this legislative body has now received and considered the "Report" of the Engineer and is ready to proceed to make certain findings and approve the "Report" of the Engineer. � � NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the "Report" of the Engineer entitled "REFUNDING AND REASSESSMENT ENGINEER'S REPORT" is hereby approved, and it is hereby determined by thie legielative body that the following conditione have been eatiefied: A. That each eatimated annual installment of principal and intereet on the reassesement ie less than the correepondinq annual inetallment of principal and interest on the portion of the original aseessment being auperceded and supplanted by the eame percentage for all eubdi- vieiona of land within the Aseeesment Dietrict; B. That the number of yeare to maturity of all refunding bonde ie no more than the number of yeare to the laet maturity of the bonda being refunded; C. That the principal amount of the reaeeessment on each eubdivision of land within the Aesessment District ia lees than the unpaid principal amount of the portion of the original aeeessment being auperceded and supplanted by the eame percentage for each eubdivi- � sion of land within the Aeeeeement Diatrict. SECTION 3. That the reaeeeesmenta for the refunding bonde and the contributione from the exiating funde of the Aseesement Dietrict, set forth in the "Report", are hereby approved and confirmed, and a copy of this Reaolu- tion ehall be entered upon the minutee of thia meeting of the legiela- tive body. SLCTION 4. Thie legielative body hereby authorizea the issuance and sale of refund- ing bonds to repreeent all unpaid reaeseasmente and eaid bonda ehall • bear intereet at a rate not to exceed the maximum legal rate of 12� per annum, and shall be iesued in the manner as provided by Chapter 3 of Diviaion 11.5 of the Streete and Highwaye Code of the State of Califor- nia, and epecifically the "Refundinq Act of 1984 for 1915 Improvement Act Bonde". The laet maturity of esid refundinq bonds ehall not exceed the number of years to the last maturity of the bonde being refunded of the original Assessment District. SECTION 5. The original reaesesement, together with the reaeeeeement diagram, as aet forth in the Refunding and Reasseasment Report of the Engineer, ehall immediately be recorded in the Office of the Superintendent of Streete. Immediately thereafter, a copy of the reaesessment diagram ehall be filed in the Office of the County Recorder and a Notice of Reaesessment, referencing said diagram, ahall be recorded in the Office of the County Recorder, all pursuant to the provisions of Division 4.5 of the 5treets and Highwaye Code of the State of California, and epecifi- cally Section 3114. Upon the recordation, the reassessments ahall become liens upon the various parcels of property and land assessed as ehown on the reaesesement diagram. � SECTION 6. A copy of this Resolution confirming the reaeaessments, which reassesa- mente shall constitute the security for the refunding bonds, ahall be filed in the Office of the Treasurer, and the Treasurer ehall keep the record ehowing the eeveral inetallmente of principal and interest on the reaeeeesmente which are to be collected each year during the term of eaid bonde. An annual apportion of each reaeseeement, together with annual intereet on eaid reaseeeement, ahall be payable in the eame manner and at the eame time and in the eame inetallment ae the general property taxea of the City and shall be payable and become delinquent at the eame time and in the same proportionate amount. Each year the annual inetalimente ehall be submitted to the County Auditor for purposes of collection, and the County Auditor ehall, at the cloae of the tax collecting aeason, promptly render to the Treasurer a detailed report ehowing the amount of such inetallments, intereet, penaltiee and percentagee so collected. PASSED, APPROVED and ADOPTED by the City Council of the City of Palm Desert, California, on thie 25th day of FPhr„a.-� , 1988, by the following vote: AYES: NO�S: CRITES, KELLY, SVYDER, WILSON, BENSON NONE ABSENT: NONE ABSTAIN: NONE � EST , . � �G �. I�. CITY CLERK CITY OF PALM DESERT STATE OF CALIFORNIA � \ � i MAXOR CiXTY OF PALM DESERT STATE OF CALIFORNIA