Loading...
HomeMy WebLinkAboutReso 97-216 - Approve & Confirm the report on Levy of Reassessments & the refunding of its 1915 Act Improvement Bonds ,, � • ' RESOLUTION NO. �-Z I� � RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING APPROVING AND COrfF�IRMING THE REPORT ON THE LEVY OF REASSESSMENTS AND THE REFUNDING OF ITS 1915 ACT IMPROVEMENT BONDS (Consolidated Reassessment District No. 1997-1) WHEREAS, the City Council of the City of Redding (the "City"), by proceedings duly had and taken, duly provided for the issuance of the City of Redding Limited Obligation Improvement Bonds (the "Prior Bonds") of its 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") under and pursuant to the conditions and terms of the Improvement Bond Act of 1915, being Division 10 of the California Streets and Highways Code (the "1915 Act"), the unmatured portion of which is now outstanding; and WHEREAS, this City Council has determined to establish a reassessment district to be known as the "Consolidated Reassessment District No. 1997-1" and to issue refunding bonds (the "Local Obligations") upon the security of the unpaid reassessments for the purpose of refunding the remaining outstanding Prior Bonds, all as provided by and pursuant to the conditions and terms of the Refunding Act of 1984 for 1915 Improvement Act Bonds, being Division 11.5 of the California Streets and Highways Code (the "1984 Act"), and to provide for llection of reassessments in said reassessment district as securi for the Local � the levy and co tY � Obligations; and � � WHEREAS, the City Council referred the matter of the refunding of the Prior � �. Bonds, the establishment of the proposed reassessment district, and the levy and collection of DOCSSF1:211542.1 40109-27-MJF�11/17/97 . -, } •-. ..;.i �::(.,::f. .._.....,,._.,:::: .. . ; : `=�t;��`1.'':::� -• .: -... , i„fl...�.,. � '...� .: ' • � reassessments as security for the Local Obligations to PACE Engineering as the qualified person to prepare and file with the City Clerk a report in writing containing the matters specified in Section 9523 of the 1984 Act, and d'uected PACE Engineering, as Reassessment Engineers, to prepare and file said report; and WHEREAS, PACE Engineering has prepared and filed with the City Clerk a report in writing, entitled "Reassessment Report, City of Redding Consolidated Reassessment District No. 1997-1" (the "Reassessment Report"), containing the matters required by Section 9523 of the 1984 Act, which said Reassessment Report has been presented by the City Clerk to this City Council for consideration; and WHEREAS, the Reassessment Report is accompanied by a certificate of Orrick, Herrington & Sutcliffe LLP, the City's bond counsel for the proposed refunding, and PACE Engineering, preparer of the Reassessment Report, certifying to this City Council that the Reassessment Report demonstrates satisfaction of the conditions prescribed by Section 9525 of the 1984 Act to authorize this City Council to act upon said Reassessment Report without notice and hearing as otherwise required by the 1984 Act and Section 53753 of the California Government Code; and WHEREAS, this Council now desires to proceed with the confu�mation of the reassessments in accordance with the Reassessment Report; nocssFi:ziisa2.i 2 40109-27-M.T�11/17197 ��:f,::,'- �:::, ._,...;,ti::;�:::; t.: ..... :.. .. :s f:::; ....,... � ...'� • � ...• ... }...��...a ,..,..,.... �...� � ,.. .t. � ...� .:. s ...� � � NOW, THEREFORE, BE IT RFSOLVED by the City Council of the City of Redding, as follows: Section 1. The foregoing recitals are true and correct, and this City Council so finds and determines. Section 2. This City Council finds and determines that, as set forth in said report, (a) each estimated annual installment of pri.ncipal and interest on each unpaid reassessment is less than the corresponding annual installment of principal and interest on the portion of the original assessment being superseded and supplanted by the same percentage for all subdivisions of land within the Reassessment District, except as permitted by the 1984 Act with respect to delinquent installments on any parcel; (b) the number of years to maturity of the Local Obligations is not more than the number of years to the last maturity of the Prior Bonds; and (c) the principal amount of the reassessment on each subdivision of land within the Reassessment District is less than the unpaid principal amount of the portion of the original assessment being superseded and supplanted, and said reduction is by the same percentage for each subdivision of land within such Reassessment District, except as otherwise permitted by the 1984 Act respecting delinquent installments on any parcel. Accordingly, this City Council finds and determines that all of the conditions in connection with the levy of reassessments and the issuance of the Local Obligations specified in Section 9525 of the 1984 Act aze and have been duly satisfied, and that this City Council may therefore take action upon the Reassessment Report without notice to the property owners and hearing. Section 3. The Reassessment Report is hereby approved and confirmed by this City Council, and the reassessments contained therein are hereby confirmed and levied by this nocssFi:2iisa2.i 3 .. _.,....� ...�i.:. ....,...,t::•c:; €f �.� ._.. .s : ... ._ 40109-27-MJFrll/17/47 `_'•...,F 3 = - +...� �._ ... ... i` �._� .:. :::�.;:.. • • . City Council, and upon making the necessary recordings and filings as required by the 1984 Act, the reassessments shall become a lien upon the various parcels of land reassessed in the Reassessment District. Section 4. The City Clerk is hereby directed to (1) record or cause to be recorded the reassessments referred to in Section 3 hereof and the related reassessment diagram in the office of the Director of Public Works of the City of Redding, (2) to record or cause to be recorded the reassessment diagram and notice of reassessment as required by Division 4.5 of the California Streets and Highways Code, and (3) to file or cause to be filed a certified copy of this resolution with the County Auditor of the County of Shasta to facilitate collection of installments on account of unpaid reassessments on the secured property tax roll of the County. Section 5. The Local Obligations, to be issued upon the security of the reassessments hereby levied and hereafter to be recorded, shall (a) bear interest at an average interest rate not to exceed the average interest rate on each individual series of the remaining outstanding Prior Bonds, so as to assure compliance with the requirement that annual debt service on the Local Obligations shall be less than the annual debt service on the remaining outstanding Prior Bonds, (b) have a final maturity not later than the final maturity on the remaining outstanding Prior Bonds, and (c) be issued in an aggregate principal amount less than the aggregate principal amount of the remaining outstanding Prior Bonds. Section 6. This resolution shall take effect immediately. * * * nocssFi:ziisaz.i 4 40109-27-MJFrll/17/97 -�l...i�=•• - .:•�-:t ;"'�i'� i . ..,....:;.. �_.�;. • .� • . •.:�.... • � �• � . �::;. �. . • � � ,• 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: � ' Ma or � ATTEST: By City Clerk I hereby certify that the foregoing is a full, true and conect copy of a Resolution passed by the City Council of the City of Redding on December 2, 1997. City Clerk �, nocssFi:2iisa2.i 5 ...;;...., .. �_.f i.��..i c:� ...:•.:`�`'��':� F...z 1...i._ , s...+.;. '•:k�`:� 40109-27-MJ�11/17/47 .., .. `...`�...'