HomeMy WebLinkAboutCC RES 95-080q51,$)e3S;, a7, oo?
RESOLUTION NO. 95-80
RESOLUTION OF THE CITY
PALM DESERT APPROVING
AND REASSESSMENT FOR
OUTSTANDING BONDS OF
NO. 84-1-R
95-80
COUNCIL OF THE CITY OF
AND CONFIRMING REPORT
THE REFUNDING OF THE
ASSESSMENT DISTRICT
WHEREAS, on July 13, 1995, the City Council (the "City
Council") of the City of Palm Desert (the "City") adopted
Resolution No. 95-64 (the Resolution of Intention") determining
that the public interest requires the refunding of the outstanding
bonds of North Sphere Assessment District No. 84-1-R, 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
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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which have been superseded and supplanted by the reassessments.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interest thereon, are superseded and supplanted by the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 Original
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hereof, the lien of the original assessment shall not be superseded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 recorded 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.
Section 5. Refunding 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
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bonds shall not be more than the number of years to the last
maturity of the bonds to be refunded.
Section 6. Special 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
Bufo A. Crites, Mayor of the City
of alm Desert, California
Sheila R.' Gilligan, • f y Clerk
of the City of Palm Desert, California
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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:
NOES:
BENSON, KELLY, SNYDER,SPIEGEL, CRITES
NONE
ABSENT: NONE
ABSTAINED: NONE
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Palm, Desert, California,
this 31st day of August , 1995.
/(:
City Clerk of the Ci
Palm Desert, Califor'nia
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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.95=84and that the
same has not been amended or repealed.
August 31,
DATED: , 1995.
/City Clerk of the City/
Palm Desert, Californ{
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