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HomeMy WebLinkAboutCC RES 03-072RESOLUTION NO. 03-72 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, APPROVING A REASSESSMENT REPORT PREPARED IN CONNECTION WITH THE ISSUANCE OF REFUNDING BONDS FOR ASSESSMENT DISTRICTS NOS. 94-2 AND 94-3; CONFIRMING REASSESSMENTS FOR SUCH REFUNDING BONDS; MAKING OTHER FINDINGS IN CONNECTION THEREWITH; ORDERING REFUNDING AND REASSESSMENTS; AND DIRECTING AND APPROVING OTHER MATTERS RELATING THERETO RECITALS: WHEREAS, the City of Palm Desert (the "City") has heretofore formed Assessment District No. 94-2 (Sunterrace) (the "AD 94-2") and issued its Limited Obligation Improvement Bonds, Assessment District No. 94-2 (Sunterrace) (the "AD 94- 2 Bonds"), of which $1,035,000 in aggregate principal amount remain outstanding; and WHEREAS, the City has heretofore formed Assessment District No. 94-3 (Merano) (the "AD 94-3") and issued Limited Obligation Improvement Bonds, Assessment District No. 94-3 (Merano) (the "AD 94-3 Bonds" and together with the AD 94-2 Bonds, the "Existing Bonds"), of which $1,190,000 in aggregate principal amount remain outstanding; and WHEREAS, the City Council of the City (the "City Council") has adopted its Resolution No. 03-71 (the "Resolution of Intention") and initiated proceedings to refund all of the remaining Existing Bonds pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (the "1984 Refunding Act"), as set forth in Division 11.5 (commencing with Section 9500) of the California Streets and Highways Code (the "Code"); and WHEREAS, in accordance with Section 9523 of the Code, the City Council has ordered MuniFinancial (the "Reassessment Engineer") to prepare a report on (a) the reassessments (the "AD 94-2 Reassessments") to be levied in connection with the issuance of the refunding bonds (the "AD 94-2 Refunding Bonds") for AD 94-2 and (b) the reassessments (the "AD 94-3 Reassessments") to be levied in connection with the issuance of the refunding bonds (the "AD 94-3 Refunding Bonds" and, together with AD 94-2 Bonds, the "Refunding Bonds") for AD 94-3; and WHEREAS, the Reassessment Engineer's report, entitled "City of Palm Desert Reassessment District No. 03-1 May 9, 2003, Reassessment Report" (the "Reassessment Report"), has been presented to the City Council and is on file with the City Clerk; P6401 / 1031 /733106.4 RESOLUTION NO. 03- 72 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES HEREBY RESOLVE, FIND, DECLARE AND ORDER AS FOLLOWS: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Approval of Reassessment Report. The Reassessment Report, in the form presented to the City Council and on file with the City Clerk, is hereby approved. Section 3. Findings Pursuant to Section 9525 of the Code for AD 94-2. With respect to the AD 94-2 Refunding Bonds, the City Council hereby determines that the following conditions have been satisfied: (a) Each estimated annual installment of principal and interest on the AD 94-2 Reassessments, as set forth pursuant to Section 9523(d) of the Code, is less than the corresponding annual installment of principal and interest on the portion of the original assessment being superseded and supplanted, as set forth in Section 9523(c) of the Code, by the same percentage for all subdivisions of land within AD 94-2. Amounts, if any, added to the annual installments of the AD 94-2 Reassessments because of delinquency in payment on the original assessments have not been considered in the calculation supporting this finding. (b) The number of years to maturity of all AD 94-2 Refunding Bonds is not more than the number of years to the last maturity of the AD 94-2 Bonds. (c) The principal amount of the AD 94-2 Reassessment on each subdivision of land within AD 94-2 is less than the unpaid principal amount of the portion of the original assessment being superseded and supplanted by the same percentage for each subdivision of land within AD 94-2. Amounts, if any, added to the AD 94-2 Reassessments because of delinquency in payment on the original assessments have not been considered in the calculation supporting this finding. Section 4. Findings Pursuant to Section 9525 of the Code for AD 94-3. With respect to the AD 94-3 Refunding Bonds, the City Council hereby determines that the following conditions have been satisfied: (a) Each estimated annual installment of principal and interest on the AD 94-3 Reassessments, as set forth pursuant to Section 9523(d) of the Code, is less than the corresponding annual installment of principal and interest on the portion of the original assessment being superseded and supplanted, as set forth in Section 9523(c) of the Code, by the same percentage for all subdivisions of land within AD 94-3. Amounts, if any, added to the annual installments of the AD 94-3 Reassessments because of delinquency in payment on the original assessments have not been considered in the calculation supporting this finding. P6401 / 1031 /733106.4 2 RESOLUTION NO. 03-72 (b) The number of years to maturity of all AD 94-3 Refunding Bonds is not more than the number of years to the last maturity of the AD 94-3 Bonds. (c) The principal amount of the AD 94-3 Reassessment on each subdivision of land within AD 94-3 is Tess than the unpaid principal amount of the portion of the original assessment being superseded and supplanted by the same percentage for each subdivision of land within AD 94-3. Amounts, if any, added to the AD 94-3 Reassessments because of delinquency in payment on the original assessments have not been considered in the calculation supporting this finding. Section 5. Modifications to Reassessment Report. The City Council hereby authorizes the Mayor and the City Manager, or either of them, to approve any necessary or appropriate modifications to the Reassessment Report to reflect changes in the amounts of contribution from existing moneys on hand with respect to AD 94-2 and AD 94-3, and in any other amounts, so long as such modifications would not cause any of the findings set forth in Sections 3 and 4 of this Resolution (as if made by the City Council after such modifications have been made) to be false. Such Reassessment Report, as modified pursuant to this Section 5, shall stand as the Reassessment Report for the purposes of these proceedings relating to the issuance of the Refunding Bonds. Section 6. Confirmation of Reassessments. The public interest requires, and the City Council hereby orders, the refundings and reassessments for AD 94-2 and AD 94-3 to be done and completed as described in and in accordance with the 1984 Refunding Act, the Resolution of Intention, this Resolution and the Reassessment Report. The reassessments for the AD 94-2 Refunding Bonds and AD 94-3 Refunding Bonds and the contribution from the existing funds of AD 94-2 and 94-3, set forth in the Reassessment Report, are hereby approved and confirmed, and a copy of this Resolution shall be entered upon the minutes of this meeting of the City Council. Section 7. Authorization for Issuance of Refunding Bonds. The City Council hereby authorizes the issuance and sale of the AD 94-2 Refunding Bonds to represent all unpaid AD 94-2 Reassessments and the issuance and sale of the AD 94-3 Refunding Bonds to represent all unpaid AD 94-3 Reassessments. The Refunding Bonds shall be issued in accordance with the provisions of the 1984 Refunding Act and the terms of the Refunding Bonds (including, but not limited to, interest rates, redemption provisions and maturity) shall be consistent with the parameters set forth in the Resolution of Intention. Section 8. Incorporation of District Maps: Omission of Certain Parcels from Reassessments. The properties within AD 94-2 and AD 94-3, respectively, will benefit by the refunding and reassessment contemplated hereby and shall be assessed to pay the costs and expenses thereof, including installments of principal and interest on the AD 94-2 Refunding Bonds or the AD 94-3 Refunding Bonds, as applicable. The exterior boundaries of AD 94-2 are shown on the map on file with the City Clerk and approved by the City Council on September 22, 1994, by Resolution No. 94-104. The exterior P6401 /1031 /733106.4 3 RESOLUTION NO. 03 72 boundaries of AD 94-3 are shown on the map on file with the City Clerk and approved by the City Council on February 9, 1995, by Resolution No. 95-6. Such maps are incorporated into this Resolution by this reference. All public streets, highways, lanes, rights -of -way, alleys and other public places within the AD 94-2 and AD 94-3 in use in the performance of any public function, and all lands owned by any public entity, including the United States, the State of California, the County of Riverside (the "County") and any divisions or departments of any of them, shall be omitted from the reassessments to be levied. Section 9. Recordation of Reassessments and Reassessment Diagrams. The AD 94-2 Reassessments and the AD 94-3 Reassessments provided for herein, together with the reassessment diagrams related thereto, as set forth in the Reassessment Report are hereby approved and confirmed as the reassessments and reassessment diagrams of the properties to be reassessed in AD 94-2 and AD 94-3, respectively, in these proceedings. The final reassessments thereof shall immediately be recorded in the office of the Superintendent of Streets. Immediately thereafter, a copy of each reassessment diagram shalt be filed in the office of the County Recorder and a Notice of Reassessment relating thereto, referencing such diagram, shall be recorded in the office of the County Recorder, all pursuant to the provisions of Division 4.5 (commencing with Section 3100, and specifically Section 3114) of the Code. Upon recordation, the reassessments shall become liens upon the various parcels of land assessed as shown on the reassessment diagrams. Section 10. Records and Collections of Reassessment Payments. A copy of this Resolution confirming the AD 94-2 Reassessments and AD 94-3 Reassessments authorized hereunder (which reassessments shall constitute the security for the AD 94- 2 Refunding Bonds and the AD 94-3 Refunding Bonds, respectively) shall be filed in the office of the City Treasurer, and the City Treasurer shall keep the record showing the several installments of principal and interest on the reassessments that are to be collected each year during the term of the Refunding Bonds. An annual portion of each reassessment, together with annual interest on such reassessment, shall be payable in the same manner and at the same time and in the same installments as the general property taxes of the City and shall be payable and become delinquent at the same time and in the same proportionate amount. Each year the annual installments shall be submitted to the County Auditor for purposes of collection, and the County Auditor shall, at the close of the tax collecting season, promptly render to the City Treasurer a detailed report showing the amount of such installments, interest, penalties and percentages so collected. Section 11. Other Acts. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things that they may deem necessary or advisable in order to effectuate the purposes of this Resolution and any such actions previously taken by such officers are hereby ratified and confirmed. P6401 / 1031 /733106.4 4 RESOLUTION NO. 03- 72 Section 12. upon adoption. Effective Date. This Resolution shall take effect immediately APPROVED and ADOPTED this 22nd day of May, 2003, by the following vote to wit: AYES: CRITES, FERGUSON, BELLY, SPIEGEL, BENSON NOES: NONE ABSENT: NONE ABSTAIN: NONE n M. Benson, Mayor ATTEST: Rachelle D. Klassen, City Clerk P6401/1031/733106.4 5