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Home My WebLink AboutCC RES 95-078� RESOLUTION NO. 95-78 RESOLUTION OF THE CITY COUNCIL OF Ti�iE CITY OF PALM DESERT APPROVING AND CONFIRMING REPORT AND REASSESSMENT FOR THE REFUNDING OF THE OUTSTANDING BONDS OF ASSESSMENT DISTRICT NO. 83-1 WHEREAS, on July 13, 1995, the City Council (the "City Council") oi the City of Palm Desert (the "City") adopted Resolution No. 95-63 (the Resolution of Intention") determining that the public interest requires the refunding of the outstanding bonds of Assessment District No. 83-1, City of Palm Desert, County of Riverside, State of California (the "Assessment District"), and declaring its intention to refund such bonds and to levy reassessments as security for the refunding bonds, all pursuant to Division 11.5 (commencing with Section 9500) of the California Streets and Highways Code (the "Refunding Act of 1984 for 1915 Improvement Act Bonds"); and WHEREAS, pursuant to the Resolution of Intention and Section 9523 of the California Streets and Highways Code, the Reassessment Consultant, appointed by the Resolution of Intention, prepared and filed with the City Clerk a report containing the matters required by said Section 9523, and the City Clerk has presented such report to the City Council for consideration; and WHEREAS, the City Council has considered such report and has determined that it contains all of the matters required to be included therein by Section 9523 of the California Streets and Highways Code and that said report demonstrates that all of the conditions specified in Section 9525 of the California Streets and RTA278139 :. � Highways Code will be satisfied, and the City Council may therefore proceed to approve such report and confirm the reassessment contained therein; and WHEREAS, the City Council has further determined that it is in the best interests of the City and the owners of property within the Assessment District that said repart be approved and the reassessment contained therein be confirmed, and that the City proceed with the issuance and sale of refunding bonds for the Assessment District in the amount of and to be secured by and paid from said reassessment; NOW, THEREFORE, the City Council of the City of Palm Desert, California DOES HEREBY RESOLVE as follows: Section 1. Findinqs. The City Council finds that: (i) the report prepared by Muni Financial Services, Inc., the Reassessment Consultant (the '�Report") , pursuant to Section 9523 of the California Streets and Highways Code contains all matters required by said Section 9523; (ii) each estimated annual installment of principal and interest on the reassessment, as contained in the Report, not including any amount added thereto due to a delinquency in the payment on the original assessment, is less than the corresponding annual installment of principal and interest on the original assessment being superseded and supplanted by the same percentage for all subdivisions of land within the Assessment District; (iii) the number of years to maturity of all refunding bonds which are to be issued upon and secured as to payment by the reassessment is not more than the number of years to the last maturity of the bonds being refunded; (iv) the principaZ amount of RTA278139 -2 - 0 the reassessment on each subdivision of land within the Assessment District, not including amounts added to any such reassessment because of a delinquency in the payment of the original assessment, is less than the unpaid principal amount of the original assessment being superseded and supplanted by the same percentage for each subdivision of land within the Assessment District; (v) the reassessments contained in the Report do not include the annual installments of the original assessment for the 1995-96 fiscal year which will be posted to the tax roll for said fiscal year; and (vi) it is in the best interests of the owners of property within the Assessment District that the Report and the reassessment contained therein be approved and confirmed and that the City Council proceed to authorize, issue and sell refundinq bonds pursuant to Chapter 3(commencing with Section 9600) of Division 11.5 of the California Streets and Highways Code (the "Refunding Act of 1984 for 1915 Improvement Act Bonds^). Section 2. Confirmation of Report and Reassessment. The Report and the reassessment contained therein are approved and confirmed and such reassessment and the reassessment diagram contained in the Report shall be recorded in the office of the Superintendent of Streets of the City, and the City Clerk shall record such reassessment diagram and a Notice of Reassessment with the County Recorder of the County of Riverside pursuant to Sect�on 9537 of the California Streets and Highways Code. Section 3. Delinquent Assessment Installments. Pursuant to Section 9525 of the California Streets and Highways Code, the reassessments contained in the Report include amounts RTA278139 - 3 - representing delinquent installments of the original assessments which have been superseded and supplanted by the reassessments. Pursuant to Section 9538 of the California Streets and Highways Code, the unpaid installments of such original assessments which have been included in the reassessments, and the penalties and interest thereon, are superseded and supplanted by the reassessments. Section 4. Continuation of Lien of Oriainal Assessment. Pursuant to Section 9538 of the California Streets and Highways Code, and notwithstanding the provisions of Section 3 hereof, the lien of the original assessment shall not be superseded and supplanted by the reassessments but shall continue as security for the installments of the assessments originally levied which will be posted to and collected on the tax roll for the 1995-96 fiscal year. Pursuant to Section 9539 of the California Streets and Highways Code, the lien of the original assessment with respect to such unpaid installments shall be equal in priority to the lien of the reassessments. The Notice of Reassessment to be recorde�d by the City Clerk pursuant to Section 2 hereof shall provide notice that the lien of the original assessment shall continue as security for such installments of the original assessment. Seation 5. Refundina Bonds. Refunding bonds shall be issued for the Assessment District in an aggregate principal amount which shall be equal to and shall not exceed the total amount of the reassessment contained in the Report and confirmed by Section 2 hereof. The number of years to maturity of all of such refunding RTA2T8139 -4 - � bonds shall not be more than the number of years to the last maturity of the bonds to be refunded. Section 6. Soecial Reserve Fund. Pursuant to the declaration of the intent of the City Council contained in Section 4 of the Resolution of Intention, provision shall be made 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 (commencing with Section 8880) of Division 10 of the California Streets and Highways Code. PASSED, APPROVED AND ADOPTED this 24th day of August, 1995 by the following vote: AYES: BENSON, KELLY, SNYDER, SPIEGEL, CRITES NOES : NONE ABSENT: NONE ABSTAINED: NONE `�uiord of Pa � /^ ATTE . _ ,� �. / � C/' — �_�� ;�...;=� �'�, L � Sheila R. Gilligan,' ity Clerk of the City of Pa.I Desert, California r..� Crites, Mayor of the City Desert, California RTA278139 -5 - � 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, California, at a regular meeting thereof held on the 24th day of August, 1995 by the following vote of the Council: AYES: BENSON, KELLY, SNYDER, SPIEGEL, CRITES NOES : NONE ABSENT: NONE ABSTAINED I NONE IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Desert, California, this �i�r day of A,��Gr , �19��.-� , � . __ � !� '�' � �,,-� �. , �f •�� , �C�., -� City Clerk of the.0 ty of Palm Desert, Cali�.�ornia RTA278139 - 6 - STATE OF CALIFORNIA ) ) ss. COUNTY OF RIVERSIDE ) 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.9�7mnd that the same has not been amended or repealed. DATED: August 31, 1995. , � � � �L � ��c City Clerk o the Ci�t Palm Desert, Califox�s :� RTA278139 - 7 -