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HomeMy WebLinkAboutCC RES 95-064,• i • RESOLUTION NO. 95-64 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT DETERMINING THAT THE PUBLIC INTEREST REQUIRES THE REFUNDING OF THE OUTSTANDING BONDS OF NORTH SPHERE ASSESSMENT DISTRICT NO. 84-1-R AND DECLARING ITS INTENTION TO REFUND SUCH BONDS AND TO LEVY REASSESSMENTS AS SECURITY FOR REFUNDING BONDS WHEREAS, on October 24 , 1985, the City Council (the "City Council") of the City of Palm Desert (the "City") adopted Resolution No. 85-106 authorizing the issuance and sale of improvement bonds for North Sphere Assessment District No. 84-1-R, City of Palm Desert, County of Riverside, State of California (the "Assessment District"), pursuant to the Improvement Bond Act of 1915, Division 10 (commencing with Section 8500) of the California Streets and Highways Code (the "Bond Act"); and WHEREAS, on March 29, 1988, bonds for the Assessment District designated "City of Palm Desert Limited obligation Refunding Improvement Bonds North Sphere Assessment District No. 84-1-R", were issued in the aggregate principal amount of $8,275,000, and $6,345,000 of said bonds remain outstanding as of the date of the adoption of this resolution; and WHEREAS, Division 11.5 (commencing with Section 9500) of the California Streets and Highways Code, designated the "Refunding Act of 1984 for 1915 Improvement Act Bonds" (the "Refunding Act"), authorizes the refunding of bonds issued pursuant to the Bond Act through the levy of reassessments and the issuance of refunding bonds; and WHEREAS, the City Council has determined that the public interest requires the refunding of the outstanding bonds of the 4 ., RTA272570 Assessment District as permitted and pursuant to proceedings to be conducted in accordance with the Refunding Act; NOW, THEREFORE, the City Council of the City of Palm Desert, California, DOES HEREBY RESOLVE as follows: Section 1. Refunding. The public interest requires the refunding of the outstanding bonds of the Assessment District, and it is the intention of the City Council to refund said outstanding bonds and to levy reassessments as security for the refunding bonds to be issued to refund said outstanding bonds. Section 2. Employment of Consultant. Muni Financial Services, Inc., which specializes in preparing reports pursuant to Section 10204 of the California Streets and Highways Code (the "Code"), is employed as Reassessment Consultant to prepare the report provided for in Section 3 hereof. Section 3. Report. The Reassessment Consultant shall prepare and file with the City Clerk a report, which pursuant to Section 9523 of the Code shall contain the following: (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 the cost of the reassessment and of issuing the refunding bonds, including all costs of issuing the refunding bonds, as defined by subdivision (a) of Section 9600 of the Code; -2- RTA272570 (c) The auditor's record kept pursuant to Section 8682 of the Code showing the schedule of principal installments and interest on all unpaid original assessments and the total amounts thereof; (d) The estimated 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 prepared in the manner described in said Section 8682; and (e) A reassessment diagram showing the Assessment District and the boundaries and dimensions of the subdivisions of land therein. Each subdivision, including each separate condominium interest as defined in Section 783 of the California Civil Code, shall be given a separate number upon the diagram. In preparing said report, the Reassessment Consultant shall assume that the City will advance the maturity of all of the outstanding bonds to be refunded, except those which mature on September 2, 1995, to that date, and that in refunding said bonds, the City will pay the principal amount thereof, and accrued interest thereon to said date together with a premium equal to five (5) percent of the said principal amount. Section 4. Special Reserve Fund. The City Council declares its intention to provide in the resolution authorizing the issuance of the refunding bonds to be issued to refund the outstanding bonds of the Assessment District for the establishment from the proceeds of the sale of the refunding bonds of a special reserve fund for the refunding bonds pursuant to Part 16 -3- r •> R1A272S70 (commencing with Section 8880) of Division 10 of the Code. The estimated amount of the special reserve fund shall be included in the total amount of the reassessment and shall be separately identified in the report to be prepared pursuant to Section 3 hereof. PASSED, APPROVED AND ADOPTED this 13th day of July, 1995 by the following vote: AYES: Benson, Kelly, Snyder, Spiegel, Crites NOES: none ABSENT: none ABSTAINED: none Buford CYites,Mayor of the City of Palmsert, State of California (TEST: Sheila R. Gilligan, City Clerk of the Citj of Palm Desert, State of California -4- I, Sheila R. Gilligan, City Clerk of the City of Palm Desert, California, do hereby certify that the foregoing Resolution was regularly introduced and adopted by the City Council of the City of Palm Desert, State of California, at a regular meeting thereof held on the 13th day of July, 1995 by the following vote of the Council: AYES: NOES: ABSENT: ABSTAINED: Benson, Kelly, Snyder, Spiegel, Crites none none none IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Desert, California, this zest day of JulY, , 1995. / 1 (1/ 1- - , AMENUED BY RESOLUTION # + S R1A272570 City Clerk of the City of Palm Desert, California -5- STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. I, Sheila R. Gilligan, City Clerk of the City of Palm Desert, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. _ and that the same has not been amended or repealed. DATED: RTA272570 July 21 1995 . City Clerk of the City;lof Palm Desert, California -6-