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HomeMy WebLinkAboutReso 1990-335 - Approving agreement respecting establishment and administration • • RESOLUTION NO. RESOLUTION APPROVING AGREEMENT RESPECTING le u ESTABLISHMENT AND ADMINISTRATION OF SPECIAL SECURITY FUND I ,. COLLEGE HIGHLANDS ASSESSMENT DISTRICT NO. 1989-4 ii The City Council of the City of Redding resolves: As a part of the proceedings for improvements in College Highlands Assessment District No. 1989-4 , City of Redding, Shasta County, California, this Council approves that certain agreement between the City of Redding and Simpson College dated July 3 , 1990, Respecting Establishment and Administration of Special Security Fund, and attached to this resolution. The Mayor is authorized to sign the agreement and the City Clerk is authorized to attest its execution. I HEREBY CERTIFY that the foregoing resolution was duly and regularly adopted by the City Council of the City of Redding, Shasta County, California, at a regular meeting thereof, held on the 3rd day of July, 1990. AYES: Councilmembers Arness, Dahl , Fulton, Moss, Buffum NOES: Councilmembers None ABSENT: Councilmembers None ETHEL A. NICHOLS, City Clerk City of Redding, Shasta County, California BY a 2./ .moi Com(• Fes. -. .J : �` +'!{ r AGREEMENT RESPECTING ESTABLISHMENT AND ADMINISTRATION OF SPECIAL SECURITY FUND College Highlands Assessment District No. 1989-4 Recitals A. The parties to this Agreement are the City of Redding, a California general law city, (hereafter referred to as "the City") , and Simpson College, a California nonprofit corporation (hereafter referred to as "Simpson College") . B. At the request of Simpson College, the City has conducted special assessment proceedings pursuant to the Municipal Improvement Act of 1913 (Sections 10000 and following, California Streets and Highways Code) . The purpose of the proceedings was to provide funding to acquire certain public street and related water, sewer, and electrical utility improvements which were constructed under contract to Simpson College, which public improvements are situated within the boundaries of that certain assessment district established by the assessment proceedings and known as College Highlands Assessment District No. 1989-4 . The subject assessment proceedings were completed on June 5, 1990 by action of the City Council of the City which included approval of the Amended Engineer' s Report for said proceedings and the levy of special benefit assessments against the various parcels of land within the assessment district, each of which parcels of land is presently owned by Simpson College. C. Attached hereto as Exhibit A to this Agreement and by this reference incorporated herein, is the assessment roll which is set forth as Exhibit C to said amended Engineer' s Report, showing the amount of the assessment levied upon each parcel of land, said individual assessments totaling $1,550, 098. 25. These individual assessments now constitute a lien upon each of these parcels, respectively, and will be payable in annual installments collected upon the secured property tax roll administered by the County of Shasta, all as prescribed by the Improvement Bond Act of 1915 (Sections 8500 and following, California Streets and Highways Code) . D. The purpose of this Agreement is to provide for the establishment and administration of a special security fund to serve (in addition to the special reserve fund respecting the subject improvement bonds to be established and administered in accordance with Sections 8880 and following of said Streets and Highways Code) as a further form of assurance for the City that Simpson College will pay the periodic installments on account of the unpaid special assessments remaining as liens upon the respective parcels of land within the assessment district still owned by Simpson College. E. In mutual consideration of the rights and obligations set forth below, the parties hereto agree as follows: unconditionally entitled to withdraw from said special security fund an amount equal to said delinquency (exclusive of late charges, monthly penalties and the like) for deposit into the bond redemption fund pertaining to the subject improvement bonds. 111 The act of such withdrawal from said special security fund shall not alleviate the conditions of delinquency by Simpson College, and all such delinquencies shall remain subject to enforcement and collection through foreclosure, as prescribed by Sections 8830 and following of said Streets and Highways Code. Upon collection of said delinquent amounts by the City, the amounts which were withdrawn from said special security fund on account of such delinquencies shall be deposited in said special security fund for continued use in accordance with this Agreement. 5. This Agreement shall terminate upon occurrence of either of the following events: a. ) The amount in said special security fund is equal to the amount required to fully pay and discharge all remaining obligations of Simpson College on account of each parcel still owned by Simpson College; or b. ) Simpson College shall no longer be the owner of any parcel in the assessment district. Upon such termination of this Agreement all amounts remaining on deposit in said special fund shall be applied as follows: i!!; a. ) First to the payment in full to the City of all amounts remaining to fully pay and discharge said remaining obligations of Simpson College on account of any assessments remaining on any parcel still owned by Simpson College; and b. ) The balance, if any, to Simpson College. It is the intention of the parties that this Agreement shall be binding upon the City, Simpson College and any successor in interest of Simpson College with respect to either Assessment No. 13 or Assessment No. 14 , for as long as either such parcel remains in use for purposes other than single family residential dwellings. It is also the intention of the parties that this Agreement shall not apply to any successor in interest to Simpson College in any single family residential parcel created within the assessment district by a recorded subdivision map and sold to 3 " 4 a third party through an escrow from which the disbersement required by paragraph 2 above shall have been made. ,i'� rrtt Dated: (1,9 .,7 , 1990 CITY OF REDDING, a California general law city By Mayor ATTEST: ETHEL A. NICHOLS, City Clerk By SIMPSON • EGE, a California nonprofit corpoon By �� `� President Title By i Name Secretary of the College Title 4