HomeMy WebLinkAboutCC RES 97-094• 1�
RESOLUTION NO. 97- 94
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT DETERMINING THAT THE PUBLIC INTEREST REQUIRES
THE REFUNDING OF THE OUTSTANDING BONDS OF ASSESSMENT
DISTRICTS NO. 92-1, 94-1 AND 94-2 AND DECLARING ITS INTENTION
TO REFUND SUCH BONDS AND TO LEVY REASSESSMENTS AS
SECURITY FOR REFUNDING BONDS
WHEREAS, the City Council (the "City Council") of the City of Palm Desert (the
"City") by resolutions authorized the issuance and sale of improvement bonds for Assessment
Districts No. 92-1, 94-1 and 94-2, City of Palm Desert, County of Riverside, State of
California (the "Assessment Districts"), 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, separate issues of bonds for the Assessment Districts designated "City
of Palm Desert Limited Obligation Improvement Bonds Assessment District No. 94-1
(Bighorn) 1994 Series A "City of Palm Desert Limited Obligation Improvement Bonds,
Assessment District No. 94-2 (SunTerrace)" and "City of Palm Desert Limited Obligation
Improvement Bonds Assessment District No. 92-1 (Sierranova) Series 1992" were issued in
the aggregate principal amounts of $11,870,000.00, $1,832,000.00 and $2,298,980.05,
respectively, and a portion of each of said issue of 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 Assessment Districts 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 Districts, 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.
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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;
(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 Districts 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
redeem in advance maturity all of the outstanding bonds to be refunded, and that in
refunding said bonds, the City will pay tie principal amount thereof, and accrued interest
thereon to said date, together with the applicable premium on the redemption date.
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 Districts for the establishment from the proceeds of
the sale of the refunding bonds of a special reserve fund for each issue of refunding bonds
pursuant to Part 16 (commencing with Section 8880) of Division 10 of the Code. The
estimated amounts of the special reserve funds 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.
804719.2 2
PASSED, APPROVED and ADOPTED this 23rd day of October, 1997 by the
following vote:
AYES:
NOES:
ABSENT:
ABSTAINED:
ATTEST:
Benson, Crites, Snyder, Spiegel, Kelly
None.
None.
None.
RIC ARD S. KELLY, MAYOR OF T E CITY
OF PALM DESERT, STATE OF C . IFORNIA
2,67
.214EILA R. GILLIG`AN,
CITY CLERK OF THE CITY DF PALM DESERT
STATE OF CALIFORNIA
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I. Sheila R. Gilligan, City Clerk of the City of Palm Desert, California. do hereby cenifv that
the foregoing Resolution was regularly introduced and adopted by the City Council ofthe City of
Palm Desert, State of California, at a regular meeting thereof held on the 23rd day of October. 1997.
AYES: Benson, Crites, Snyder, Spiegel, Kelly
NOES: None .
ABSENT: None.
ABSTAINED: None .
IN WITNESS WHEREOF, I have hereunto set my hand and affixes the official seal of the
City of Palm Desert, California, this 23rd day of October , 1997.
7'
CITY CLERK OF THE CITY OF
PALM DESERT, CALIFO
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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.
97-94and that the same has not been amended or repealed.
Dated: October 23 ,1997.
/��'G' 6_, /2'./.(, /' c'
City Clerk of he City of . P :1m
Desert, California
804719.2 5