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Home My WebLink AboutCC RES 95-087.r • RESOLUTION NO. 95-87 RESOLUTION OF THE CZTY COUNCIL OF THE CITY OF PALM DESERT ORDERING REVISION OF AUDITOR'S RECORD OF REASSESSMENT FOR REFUNDING BQNDS FOR ASSESSMENT DISTRZCT NO. 83-1 TO INCLUDE INTEREST INSTALLMENTS BASED ON INTEREST RATES SET FORTH IN THE BOND PURCHASE CONTRACT FOR THE PURCHASE AND SALE OF THE REFUNDING BONDS FOR SAID ASSESSMENT DISTRICT, AND PROVIDING FOR THE COLLECTION OF THE REASSESSMENTS WHEREAS, on July 13, 1995, the City Council (the "City Council") of 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 "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 (the "Report"); and WHEREAS, on August 24, 1995, the City Council cor�sidered the Report and, acting pursuant to Section 9525 of the Code, adopted R1'A281393 t w Resolution No. 95-78 approving and confirming the Report and the proposed auditor�s record for the reassessment which was prepared in the manner described in Section 8682 of the Code and is contained therein (the "Auditor's Record"), and also adopted Resolution No. 95-79 authorizing the issuance and sale of refunding bonds for the Assessment District (the "Bonds"); and WHEREAS, there has been presented to the City Council at which this resolution is adopted the Bond Purchase Contract entered into between the City and Palm Desert Financing Authority (the "Authority"), whereby the Authority has purchased the Bonds from the City, which contains the final terms with respect to the issuance and sale of the Bonds, including the interest rates for all maturities of the Bonds (the ^Purchase Contract"); and WHEREAS, the City Council has been advised and has determined that it is necessary that the Auditor's Record be revised to change the amount of interest included in each reassessment installment set forth therein based on the interest rates on the different maturities of the Bonds which are set forth in the Purchase Contract, and there has been presented to the City Council at the meeting at which this resolution is adopted a summary of the Auditor's Record which has been revised based on the interest rates for the different maturities of the Bonds which are set forth in the Purchase Contract (the "Revised Auditor's Record"); RTA281393 - 2 " •� r NOW, THEREFORE, the City Council of the City of Palm Desert, California, DOES HEREBY RESOLVE as follows: Section 1. Findinas. The City Council finds that (1) the reassessment set forth in the Auditor's Record contained in the Report included interest installments which were based on estimated and assumed rates of interest on the Bonds; (2) the Auditor's Record should be revised to include interest installments which are based on the interest rates on the different maturities of the Bonds as set forth in the Purchase Contract; (3) the Revised Auditor's Record is based on such interest rates; and (4) such a revision of the Auditor's Record will not affect the findings of the City Council in clauses (ii) through (iv) of Section 1 of Resolution No. 95-78, and such findings are correct. Section 2. Chanqe in Auditor's Record. The Auditor's Record shall be revised to include interest installments based on the interest rates on the different maturities of the Bonds set forth in the Purchase Contract; the Revised Auditor's Record, as submitted to the City Council for consideration at the meeting at which this resolution is adopted, and which is on file with the City Clerk, shall be and is hereby approved; and the Report shall be revised to include in the Auditor's Record a reassessment which is based on the Revised Auditor's Record. The Auditor's Record may be further modi£ied from time to time as necessary pursuant to Section 8682 of the Code to provide for the collection of installments of principal and interest on the reassessments, based R'lA281393 � 3 � Y �. upon the interest rates of the different maturities of the Bonds as set forth in the Purchase Contract, as may be necessary to provide an amount sufficient to pay the principal of and interest on the Bonds. Section 3. Collection of Reassessments. Pursuant to Sections 8680 and 9545 of the Code, the reassessments shall be payable in annual installments corresponding in number and proportionate amount to the nutnber of installments and principal amounts of the Bonds maturing or becoming subject to mandatory prior redemption in each year. An annual proportion of each reassessment shall be payable in each fiscal year preceding the date of maturity or mandatory prior redemption date of each of the Bonds sufficient to pay the Bonds when due. The annual proportion of each reassessment coming due in any year, together with the annual interest on the reassessment, shall be payable in the same manner and at the same time and in the same installments as the general taxes on real property are payable, and the reassessment installments and the annual interest on the reassessments shall be payable and become delinquent at the same times and in the same proportionate amounts and shall bear the same proportionate penalties and interest after delinquency as do the general taxes on real property. Pursuant to Section 8681 of the Code, interest on the reassessments shall begin to run from the date of the Bonds and shall be computed at the rates specified in the Bonds. Such interest shall for each year be computed and collected up to the next second day of September RTA281393 -4 � succeeding, no deduction being made by reason of any installment of such reassessments being due or paid prior thereto in such year. PASSED, APPROVED AND ADOPTED this 20th day of September, 1995, by the following vote: AYES: BENSON, KELLY, SNYDER, CRITES NOES : NONE ABSENT: SPIEGEL ABSTAINED: NONE ��?� Bufor A. Crites, Mayor of the City of Palm Desert, California ATTEST: ;� ;' � f, v, . '. �;%�� . �^"'/�G �%! i� /�. �'� , � Sheila R. Gilligan' of the City of PaYm City Clerk Desert, California RiA281393 - 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 special meeting thereof held on the 20th day of September, 1995 by the following vote of the Council: AYES • BENSON, KELLY, SNYDER, CRITES NOES : NONE ABSENT: SPIEGEL ABSTAINED: NONE IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Desert, California, this 21 day of September � , 1995. � i %� ,� ;. �-- %I, '' ' ./�U , �{.-.. City Clerk c Palm Desert, � /" - �=��.�� f the City Californr� 0 � RTA281393 �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.95-87 and that the same has not been amended or repealed. DATED: September 21 195 —., ^1 � r\ `` , �� . '�-�/�� /(�,/ .�C �� -"� %'=� ,-�'City Clerk of the City of Palm Desert, California ATA281393 - 7 -