HomeMy WebLinkAboutReso 97-215 - Declaring intention to undertake reassessment proceedings and to issue limited obligation refunding bonds by summary proceedings without notice & Hearing ,° - • .
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RESOLUTION NO.�1S
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING DECLARING INTENTION TO UNDERTAKE
REASSESSMENT PROCEEDINGS AND TO ISSUE LIlvIITED
OBLIGATION REFUNDING BONDS BY SUMMARY
PROCEEDINGS WITHOUT NOTICE AND HEARING
(Consolidated Reassessment District No. 1997-1)
WHEREAS, progress of development of the land within the City of Redding
Clover Creek Sewer Assessment District No. 1987-2, Santa Anna Valley Inigation Assessment
District No. 1988-4, Shasta View Extension Assessment District No. 1990-2, Lebrun
Street/Polk Assessment District No. 1987-1, and College Highlands Assessment District No.
1989-4 (collectively, the "Prior Assessment Districts") makes advantageous the refunding of the
remaining outstanding limited obligation improvement bonds of said Prior Assessment Districts
(the "Prior Bonds"), issued by the City of Redding (the "City"), said refunding to be based upon
reassessment proceedings taken pursuant to the Refunding Bond Act of 1984 for 1915
Improvement Act Bonds (Sections 9500 and following, California Streets and Highways
Code)(the "1984 Act"); and
WHEREAS, Section 9525 of the 1984 Act authorizes this City Council, as the
legislative body�of the City, to undertake proceedings for the levy of reassessments and for the
issuance, sale and delivery of limited obligation refunding bonds (the "Local Obligations") upon
the security of the unpaid reassessments, without notice to or public hearing for the affected
property owners of the property encumbered by the reassessments, upon satisfaction of three �
conditions specified by said Section 9525; and �j
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WHEREAS, this City Council is advised by Onick, Henington & Sutcliffe LLP, �
its bond counsel for this proposed refunding, and M.L. Stem & Co., Inc., its underwriter for this
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proposed refunding, that the conditions prescribed by Section 9525 can be satisfied and that the
proposed Local Obligations can be issued and sold, based upon the present bond market
conditions, on terms and conditions which assure compliance with said Section 9525; and
WHEREAS, in order to provide the benefits of such refunding to the affected
property owners in Prior Assessment Districts, this City Council has determined that it is in the
public interest generally and in the economic interest of the property owners in the Prior
Assessment Districts specifically to provide for the refunding at reduced interest rates of the
- - remaining outstanding Prior Bonds under and pursuant to and subject to satisfaction of the
conditions prescribed by the 1984 Act in general and Section 9525 in particular;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Redding, as follows:
Section 1. The foregoing recitals are true and conect, and this City Council so
finds and deternunes.
Section 2. This City Council hereby preliminarily determines that the public
interest and necessity justify the refunding of the Prior Bonds under and pursuant to the 1984
Act, subject to further proceedings under the 1984 Act for the establishment of a reassessment
district to be known as "Consolidated Reassessment District No. 1997-1."
Section 3. This City Council hereby prelirni.narily declares that it intends to issue
the Local Obligations to refund the Prior Bonds and to levy and collect reassessments as security
for the Local Obligations under and pursuant to the 1984 Act.
Section 4. This City Council hereby refers the matter of the proposed refunding
of the Prior Bonds and the levy and collection of reassessments as security for the Local
Obligations to PACE Engineering as the person qualified to prepare and file with the City Clerk
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a report in writing containing the matters specified in Section 9523 of the California Streets and
Highways Code, and d'uects PACE Engineering to prepare such report, and upon completion, to
file it with the City Clerk.
Section 5. When the report provided for in Section 4 hereof is filed with the City
Clerk, the City Clerk is directed to present said report to this City Council for consideration
pursuant to Sections 9524 and 9525 of the 1984 Act.
Section 6. This resolution shall take effect immediately.
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PASSED AND ADOPTED this 2`� day of December, 1997, by the following
vote:
AYES: Members Anderson, Kehoe, McGeorge and Murray
NOES: Members None
ABSENT: Members None
APPROVED:
✓ � May
ATTEST: �
By �
City Clerk
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I hereby certify that the foregoing is a full, true and correct copy of a Resolution
passed by the City Council of the City of Redding on December 2, 1997.
City Clerk
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