HomeMy WebLinkAboutCC RES 97-092. � �
RESOLUTION NO. 9�- 92
RESOLUTION OF THE CITY COUNCIL OF THE CITY O�
PALM DESERT APPROVING AND CONFIRMING REPORT
AND REASSESSMENT FOR THE REFUNDING OF THE
OUTSTANDING BONDS OF ASSESSMENT DISTRICTS
NO. 92-1, 941 AND 94-2
VVHEREtlS, on October 23 , 1997, the City Council (the "City Councii") of the City
of Palm Desert (the "City") adopted Resolution No. 97- 94 (the "Resolution of Intention")
determining that the public interest requires the refunding of the outstanding bonds of
Assessment Districts No. 92-1, 94-1 and 94-2, City of Palm Desert, County of Riverside,
State of California (the "Assessment Districts"), and declaring its intention ta refund such
separate issues of bonds and to levy reassessments as security for the respective issues of
refunding bonds, all pursuant to Division 11.5 (commencing with Section 9500) of the
California Streets and Highways Cade (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 CIerk a report containing the
matters required by said Section 9523, and the City Clerk has presented such report to the
City Council for cansideration; and -
WHEREAS, the City Council has considered such report and has determined that it
contains all of the matters 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 af the California Streets and Highways Code will be
satisfied, and the City Cauncil may tharefare proceed to approve such report and confirm
the reassessments contained therein; and
WHEREAS, the City Council has further determined that it is in the best interests af
the City and the owners of property within the Assessment Districts that said report 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 Districts in the amount of
and to be secured by and paid from said reassessment;
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NOW, THEREFORE, the City Council of the City of Palm Desert, California DOES
HEREBY RESOLVE as follows: - �
Section l. Findin�s. 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 instaliment 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 of principal and interest 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 ta payment by the
reassessment is not more than the number of years to the last maturity of the bonds being
refunded; {iv) the principal amount of 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 subdivisian of land within the Assessment District; (v) the reassessments cantained
in the Report do not include the annual installments of the original assessment for the 1996-
97 fiscal year which will be posted to the t� roll for said fiscal year; and (vi) it is in the best
interests of the owners of property within each of the Assessment Districts that the Report
and the reassessments contained therein be approved and confirmed and that the City
Council proceed to authorize, issue and sell refunding 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 reassessment
contained therein are approved and confirmed and such reassessment and the reassessment
diagram contained in the Report shall be recorded in the office af 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 Section
9537 of the California Streets and Highway Code.
Section 3. Continuation of Lien of Ori�inal Assessment. Pursuant to Section 9538
of the California Streets and Highways Code, and not�vithstanding the provisions of Sectian 3
hereof, the lien of the original assessment shall not be superseded and supglanted 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 1996-97 fiscal year.
Pursuant to Section 9539 of the California Streets and Highways Code, the Iien of the
original assessments with respect to such unpaid instaliments 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.
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Section 4. Refunding Bonds. Refunding bonds shall be issued for the Assessment
District in an aggregate principai 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 bonds shall not be more
than the number of years to the last maturity of the bonds to be refunded.
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PASSED, APPRtJVED and ADOPTED this 23rd day of October,1997 by the -
following vote. � �
AYES: Benson, Crites, Snyder, Spiegel, Kellt�
NOES: None .
ABSENT: None .
ABSTAINED: None .
OF PALM DESERT, STATE OF
ATTEST:
SHEILA R GILI.IGAN, /�
CITY CLERK OF THE CITI'- OF PALM DESERT
STATE OF CALIFORNIA
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CITY
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� I, SHEILA R., GILLIGAN, City Clerk af the City of Palm Desert, California, do
hereby certify that the foregoing resalution was regularly introduced and adapted by the City
Council of the City af Palm Desert, California, at a regular meeting thereof held on the 23
day of October, 1997, by the following vote af the Council: �
AYES: Benson, Crites, Snyder, Spie�el, Kelly
NOES: None .
ABSENT: None ,
ABSTAINED: None .
IN VYITNESS WHEREOF, I have hereunto set my hand and affixed the official seal
of the City of Palm Desert, California, this 23 ay of Qc o e � , 1997.
,
Sheila R. �iiiigan, Ci��ru lerk of the Cit�
of Palm Desert, Calif a
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STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
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I, Sheila R. Gilligan, City Clerk of the City of Palm Desert, California, DO HEREBY
CERTIF'Y that the above and foregoing is a full, true and correct capy of Resolution No.
97-92 and that the same has not been amended or repealed.
DATED: October 23 , 1997
Sheila R. Gilligan, Ci� Clerk of the Ciry
of Palm Desert, C�qirnia
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