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HomeMy WebLinkAboutReso. 1980 - 131 - Approving official statement - Wilsey-Willowbrae Assessment District no. 1979-2 111 RESOLUTION NO. (60 - l ( RESOLUTION APPROVING OFFICIAL STATEMENT Wilsey-Willowbrae Assessment District No. 1979-2 The City Council of the City of Redding resolves : 1. An Official Statement containing material information concerning the proposed bond issue, the proposed improvement, and the assessment district has been prepared for the City. This Council approves the Official Statement. 2 . The Council sets 2 : 00 P.M. on the 21st day of July, 1980 , in the office of the City Clerk, as the time and place for receipt of bids for the purchase of improvement bonds in Wilsey- Willowbrae Assessment District No. 1979-2. A Notice Inviting Bids for Bond Purchase has been prepared for the City. This Council approves the Notice and directs the City Clerk to publish the Notice once • in a newspaper of general circulation within the City. 3 . STURGIS, NESS , BRUNSELL & SPERRY a professional cor- portion, Special Bond Counsel for the City, is authorized to distribute the Notice and the Official Statement to secure competitive bidding. 4 . The Notice and the Official Statement are attached to this resolution and made a part of it. Lib 7',11 ,, ` { r�t • 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 16th day of June, 1980 . AYES: Councilmembers Fulton, Gard, Kirkpatrick, and Demsher NOES: Councilmembers None ABSENT: Councilmembers Pugh MILDRED L. BRAYTON, City Clerk, City of Redding, Shasta Co nty, Californ' a / i L' /.( -2- • • NOTICE INVITING BIDS FOR BOND PURCHASE WILSEY-WILLOWBRAE ASSESSMENT DISTRICT NO. 1979-2 CITY OF REDDING, SHASTA COUNTY, CALIFORNIA Notice is hereby given that the City Clerk of the City of Redding, Shasta County, California, will receive sealed bids for the purchase of bonds to be issued by the City of Redding for Wilsey-Willowbrae Assessment District No. 1979-2 . Bids must be submitted not later than 2: 00 P.M. on July 21, 1980 , in the office of the City Clerk, City of Redding, 760 Parkview Avenue, Redding, California. The bids will be referred to the City Council for consideration at its meeting on the same day. An Official Statement, containing material information about the bond issue, the project and the assessment district has been prepared at the direction of the issuer and has been approved by the City Council. The Official Statement is a part of this Notice Inviting Bids as much as if set forth herein. Upon request, the issuer will furnish to the purchaser fifty (50) copies of the Notice Inviting Bids and the Official Statement without charge. Additional copies may be obtained at the expense of the purchaser. The issuer will furnish to the purchaser a certificate, dated as of bond delivery and delivered with the bonds , that the Notice and Official Statement (together with later revisions of them, if any) neither contain any untrue statement of a material fact nor omit to state any material fact required to prevent these documents or any portion of them from being misleading. (1) • • • THE BONDS 1. PURPOSE OF ISSUE. The bonds are being issued for the pur- pose of financing the construction of sanitary sewer collection and transmission lines and mains at designated places in the assessment district, and related appurtenances and work. 2. AUTHORITY FOR ISSUANCE. These bonds are authorized to be issued under the provisions of the Improvement Bond Act of 1915 of the State of California, after special assessment proceedings taken by the City Council under the provisions of the Munici- pal Improvement Act of 1913 of the State of California. The proceedings were initiated by Resolution of Intention No. 80-45, adopted by the City Council on March 17 , 1980 . 3. AMOUNT OF ISSUE. The total amount of bonds to be issued for this assessment district is not to exceed $364 , 021. 69, which is the total amount of assessments levied. This amount will be revised following termination of the cash payment period on July 9, 1980 , to reflect cash payments received. A statement of the final amount of bonds to be issued , together with the final maturity schedule for bidding purposes, will be mailed on July 14 to all prospective bidders to whom this notice is mailed. 4. DATE OF BONDS. The bonds will be dated August 1, 1980 . 5. DENOMINATIONS AND PRELIMINARY MATURITY SCHEDULE. The bonds will mature over a period of fifteen years. The following maturity schedule is a sample, based on the amount of assessments levied, and is intended for preliminary information purposes only. A statement of the final amount of bonds to be issued together with the final maturity schedule for bidding purposes will be mailed on July 14 to all prospective bidders to whom this notice is mailed. (2) • • PRELIMINARY MATURITY SCHEDULE YEAR OF BOND DENOM- YEARLY MATURITY NUMBERS INATION AMOUNT 1981 1 $1 ,021 . 69 $11 ,021 . 69 2- 6 1000 7 5000 1982 8- 10 1000 13 ,000 . 00 11- 12 5000 1983 13- 16 1000 14 ,000 . 00 17- 18 5000 1984 19- 23 7000 15 ,000 . 00 24- 25 5000 1985 26- 27 1000 17 ,000 . 00 28- 30 5000 1986 31 - 33 1000 18 , 000 . 00 34- 36 5000 1987 37- 41 1000 20 , 000 . 00. 42- 44 5000 1988 45- 46 1000 22 ,000 . 00 47- 50 5000 1989 51 - 54 1000 24 , 000 . 00 55- 58 5000 1990 59- 60 1000 27 , 000 . 00 61 - 65 5000 1991 66- 70 1000 30 , 000 . 00 71 - 75 5000 1992 76- 78 1000 33 , 000 . 00 79- 84 5000 1993 85 1000 36 , 000 . 00 86- 92 5000 1994 93- 97 1000 40 ,000 . 00 98- 104 5000 1995 105- 108 1000 44 , 000 . 00 109- 116 5000 TOTAL: $364 , 021 . 69 (3) • • 6. INTEREST. Each bond will bear interest from its date at a rate not to exceed ten percent (10%) per annum. Each bond shall have coupons attached representing semiannual interest. The first coupon on each bond will represent interest from the date of the bond until January 2, 1981 and each subsequent coupon will represent interest to the next July 2 or January 2 , as the case may be, until the maturity date of the bond. 7 . PAYMENT. Both principal and interest on this issue are payable in lawful money of the United States at the Bank of America National Trust & Savings Association, Corporate Agency Division, Bank of America Center, P. 0. Box 37000, San Francisco, Ca. 94137 . 8 . BEARER BONDS. The bonds will be issued as negotiable instruments payable to bearer. Unless thereafter registered, title to each bond may be passed by physical delivery. 9. ADVANCE OF MATURITY. The issuer at its option may advance the maturity of any bond to the next interest payment date following the publication of a sixty-day notice of call . Upon call, the bondholder shall receive interest to the date of call, the principal of the bond and a redemption premium in the amount of five percent of the principal. 10. LIMITED OBLIGATION. Bonds issued under the provisions of the Improvement Bond Act of 1915 of the State of California are limited obligation bonds . These bonds are not a general obligation of the issuer, and the full faith and credit of the issuer is not pledged to the payment of either principal or interest of the bonds. The obligation of the issuer is strictly limited by the specific provisions of the Improvement Bond Act of 1915 . Furthermore, performance by the City of the limited obligation prescribed by said 1915 Act provisions has been affected by the adoption on June 6 , 1978 , of Proposition 13 (the Jarvis-Gann Initiative) , which added Article XIIIA to the California Constitution, and by subsequent enactments of the California State Legislature to implement Article XIIIA. (4) • • 11. SECURITY. These bonds are secured by assessments levied against the several parcels of property in Wilsey-Willowbrae Assessment District No. 1979-2 . Principal and interest install- ments of the assessments are collected annually, as a separately stated item on the tax roll on which general taxes for real property are collected. These installments are deposited in a bond redemption fund, which constitutes a trust fund for pay- ment of bond principal and interest. Each unpaid special assessment constitutes a lien on the specific parcel of property against which the assessment was levied. The lien is subordinate to all unpaid fixed special assessments previously levied, has priority over any fixed special assessments which may subsequently be levied, and has parity with the lien for property taxes . The annual installments are payable and become delinquent at the same time and in the same proportionate amounts, bear the same proportionate penalties and interest, and are subject to the same provisions for sale and redemption as general taxes. 12. ADDITIONAL SECURITY. If any property owner fails to pay the annual installment of a special assessment when due, the property is sold in the same manner as for delinquency on the payment of property taxes. Under the provisions of the 1915 Act, the City is obligated to purchase the property at the tax sale and, as an incident to such purchase, to transfer into the bond redemption fund the amount of the delinquent install- ments. The City' s obligation to make the transfer continues for each year until either the delinquencies are redeemed or the property is sold for cash to a third party. For the purpose of making the required transfers, the City has established a reserve fund equal to four percent (4%) of the amount of the unpaid assessments . The 1915 Act provides that in the event insufficient moneys are available to make the required transfers, the City is ( 5) • • obligated to include in its next annual property tax levy an amount sufficient to make the transfers, but not to exceed 10 per $100 assessed valuation in any year. However, in the opinion of counsel, the legal authority for such special tax levy has been abrogated by the adoption of Article XIIIA of the California Constitution and the subsequent enactments of the California State Legislature to implement Article XIIIA, with the result that, under present California law, the City has no legal authority to levy such a special ad valorem property tax. 13. LEGAL OPINION. The legal opinion of Sturgis, Ness, Brun- sell & Sperry a professional corporation, Suite 1150 , Watergate Tower, 1900 Powell Street, Emeryville, California 94608 , approv- ing the validity of the bond issue will be furnished without charge to the successful bidder. This law firm has been re- tained by the issuer as bond counsel on a contingent fee pay- able solely from the proceeds of the bond issue. 14 . TAX EXEMPTION. In the opinion of bond counsel, interest on the bonds is exempt from all federal income taxes and from State of California personal income taxes under existing sta- tutes, regulations, rulings and court decisions . If the income received by private holders from bonds of the same type shall have been declared taxable under any federal income tax author- ity or official (which ruling is followed by the Internal Revenue Service) or by decision of any federal court, the pur- chaser of the bonds shall have the option, before tender of the bonds, to cancel the purchase. 15. ARBITRAGE. The issuer will furnish to the purchaser, at the time of bond delivery, a certificate that the bonds are not arbitrage bonds within the meaning of Section 103 (c) of the Internal Revenue Code. 16. REGISTRATION. Any bond may be registered as to both principal and interest. Any registered bond may be transferred, deregistered, or reregistered at the expense of the bondholder. (6) • • 17. RATING. The issuer has not sought to obtain a rating of this issue from any bond rating agency. 18 . LITIGATION. On May 8, 1980, a lawsuit entitled County of Placer v. Corin was filed in the Third District Court of Appeal, State of California, as Action No. 19620 . The subject matter of the lawsuit is a special assessment proceeding of the County of Placer under the Municipal Improvement Act of 1913, with bonds to be issued under the Improvement Bond Act of 1915, which is the legal authority under which these pro- ceedings of the City are being conducted. The petition indicates that Respondent Earl Corin, Placer County Treasurer, has taken the position that proceeds coming to the County of Placer from the levy of assessments and the sale of improvement bonds secured by unpaid assessments are "proceeds of taxes" , as defined by Section 8 (b) of Article XIIIB of the California Constitution. The petition states that it is Respondent Corin' s further contention that the action of the County Board of Supervisors in having levied the special assessments was in violation of Article XIIIB so as to impair the validity and enforceability of the assess- ments and the related improvement bonds . In the opinion of bond counsel to the City for these proceed- ings , insofar as the County of Placer suit raises or attempts to raise any issue respecting the validity under Article XIIIB of special assessments levied pursuant to the Municipal Improvement Act of 1913 or of improvement bonds issued pur- suant to the Improvement Bond Act of 1915, such suit is without merit. On request, counsel will provide a letter to that effect to the winning bidder at the time of delivery of the bonds. There is no pending litigation contesting the validity of the assessments or the bonds of this issue. The thirty-day period prescribed by Section 10400 of the California Streets and (7) Highways Code for the filing of any such litigation will expire on July 2, 1980. THE BIDDING 19 . PRICE. Bidders must specify the price at which they propose to purchase the issue. Bidders are requested to specify the price as a percentage of the par value of the issue, but bids specifying a dollar price will be accepted. 20 . MINIMUM PRICE. Bids must be for not less than ninety-two percent (92%) of the par value of the issue. Any bid for less than 92% of the par value will be rejected. 21. SPECIFICATION OF RATES . Bidders must specify the interest rate which bonds of each maturity date shall bear . All bonds maturing on the same date must bear the same rate of interest, but different rates of interest may be bid for bonds maturing on different dates. The difference between the highest and lowest rates bid may not exceed two percent (2%) . The interest payable on any bond on any interest payment date may be represented by only one coupon. Each interest rate must be specified as a multiple of 1/40 of one percent ( . 025%) per annum. 22. BID CALCULATION . Each bid will be calculated on the basis of its net interest cost. Net interest cost is the amount determined by adding the amount of bond discount to, or subtracting the amount of bond premium from, the total coupon interest payable on all bonds over the life of the issue, with- out adjustment for the factor of time of payment or accrual. In calculating interest, the calendar year will be treated as having 360 days and each calendar month, 30 days. Bidders are requested, but not required, to state in their bids the net interest cost or net interest rate, or both. This state- ment will be treated as informational only and will not affect the calculation of bids or award of the bonds. (3) 411 s Award of the bonds, if made, will be made to the bidder offering to purchase the bonds at the lowest net interest cost to the issuer. 23. FORM OF BID. All bids must be unconditional and for not less than all of the bonds in this issue. Each bidder must agree to pay accrued interest from the date of the bonds to the date of delivery. Bids must be enclosed in a sealed envelope, addressed to the City Clerk of the City of Redding, and marked "Bid for Bonds, Wilsey-Willowbrae Assessment District No. 1979-2 . " 24. BID CHECK. Each bid must be accompanied by a certified or cashier' s check in the amount of $2 , 000. 00 as a bid guarantee. All checks, except that of the successful bidder, will be returned promptly after award. The check of the successful bidder will be negotiated and its amount will be deducted from the amount due upon the delivery of the bonds . No interest will be paid upon the deposit made by any bidder. 25. RIGHT OF REJECTION. The City Council of the City of Redding reserves the right at its discretion to reject any and all bids and to waive any irregularity or informality in any bid. 26. PROMPT AWARD. The City Council of the City of Redding will award the bonds or reject all bids not later than forty-eight (48) hours after bids are opened. 27 . BOND PRINTING. The issuer will pay the cost of printing the bonds. 28. DELIVERY. Bonds shall be delivered on their date or as soon thereafter as they are ready for delivery. The purchaser shall have the right to cancel the purchase if the bonds are not tendered within sixty (60) days after the bid date. The bonds will be delivered at the office of the City Treasurer, City of Redding, 760 Parkview Drive, Redding, California, or at any other place mutually agreed on between the City Treasurer (9) ! • and the purchaser. Payment for the bonds must be made in funds immediately available to the issuer. Any expense in connection with providing immediately available funds, whether by trans- fer of Federal Reserve Bank funds or otherwise, shall be paid by the purchaser. DATED: June 16, 1980 MILDRED L. BRAYTON, City Clerk, City of Redding, Shasta County, California (10) 111 . OFFICIAL STATEMENT 1915 ACT IMPROVEMENT BONDS CITY OF REDDING Wilsey-Willowbrae Assessment District No. 1979-2 The City of Redding, California, is issuing local improvement bonds under the provisions of the Improvement Bond Act of 1915 of the State of California, in an amount not to exceed $364, 021. 69 . These bonds, designated Series 1979-2 , will finance the construction of sanitary sewer collection and transmission lines and mains at designated places in the assessment district. The bonds represent special assessments levied by the City Council according to special benefits to land within Wilsey-Willowbrae Assessment District No. 1979-2, City of Redding, Shasta County, California, which was created for the project under the Municipal Improvement Act of 1913. This official statement presents material information concern- in the bonds, the project and the assessment district. The official statement is deemed to include the Notice Inviting Bids for Bond Purchase as fully as if the Notice was set forth herein. THE BONDS 1. LIMITED OBLIGATION. Bonds issued under the Improvement Bond Act of 1915 are limited obligation bonds. Please note that the bonds are not a general obligation of the State of California, the City of Redding, or any other local entity, and the full faith and credit of the issuer is not pledged to the payment of bonds. Installments of the principal and interest on special assessments within Wilsey-Willowbrae Assessment District No. 1979-2 , collected as described in paragraph 5 below, are deposited in the bond redemption fund (11) !II 411 maintained by the issuer as a trust fund for the Series 1979-2 bondholders. These bonds and the interest on them are payable solely from this special fund. The phrase "bond redemption fund" , as used in this official statement is a reference to this special fund. 2. DATE, DENOMINATION AND MATURITIES. The bonds will be dated August 1, 1980, and will be issued in denominations of $1000 and $5000, except Bond No. 1. A portion of the bond issue matures on July 2 of each year in a 15-year period commencing July 2, 1981. The bonds bear semiannual interest represented by coupons attached to each bond. Interest Coupon No. 1 will represent interest from the date of the bond, August 1, 1980, to January 2 , 1981, and thereafter interest is payable on July 2 and January 2 until the maturity date of each bond. 3. ADVANCEMENT OF MATURITY. All bonds are callable before their normal maturity, on any interest payment date, after a 60-day published notice of call . Upon call, the bondholder is entitled to accrued interest to the date of call and one hundred five percent (105%) of the bond principal. 4. REGISTRATION. All bonds are registrable as to both prin- cipal and interest and may thereafter be transferred, deregis- tered and reregistered at the expense of the bondholder. 5 . COLLECTION ON THE PROPERTY TAX BILL. The installments of unpaid special assessments represented by these bonds , together with interest thereon, are collected as a separately stated item on the property tax bill for each specially assessed parcel within Wilsey-Willowbrae Assessment District No. 1979-2 . Installments of these special assessments are collected at the same time and in the same manner as general property taxes. They carry the same penalty for non-payment and their payment is enforced in the same manner as for general taxes . Upon receipt by the Shasta County Tax Collector, they are trans- ferred to the City of Redding for deposit into the bond redemption fund. (12) • 411 6. ISSUER' S TAX SALE REMEDY. One-half of each annual install- ment is delinquent if not paid on or before December 10 of each fiscal year; the second installment is delinquent after April 10. Delinquent installments bear an immediate penalty of six percent (6%) and, if not sooner paid, begin to accrue a penalty of one percent (1%) per month on July 1 following the fiscal year of delinquency. After a five-year redemption period, the delinquent property may be sold by the tax collector and a pro rata share of the proceeds deposited in the bond redemption fund and the general funds of the taxing and assessing agencies. 7. ISSUER' S JUDICIAL FORECLOSURE REMEDY. As a cumulative remedy, the issuer may begin a judicial foreclosure immediately after delinquency in any installment of a special assessment. A judicial foreclosure is instituted in the Shasta County Superior Court and is conducted in the same manner as a judi- cial forelcosure on property delinquent in payments under a mortgage or deed of trust. After the issuer establishes the right to foreclose to the court' s satisfaction, the court appoints a commissioner to conduct an auction sale of the property. Following the sale, the issuer receives the amount due on account of delinquencies, plus attorneys ' fees and court costs, and the balance, if any, is held in trust by the court for the credit of the property owner. Like the tax sale, judicial foreclosure affects only delinquent assessment installments. The purchaser either at the tax sale or at a judicial fore- closure takes the property subject to future assessment installments. 8 . COVENANT TO FORECLOSE. The City Council of the City of Redding, by resolution adopted June 2 , 1980, has authorized a covenant for the benefit of Series 1979-2 bondholders, pursuant to Section 8830 of the California Streets and High- ways Code, to commence and diligently prosecute a judicial (13) ! ! foreclosure of the lien of delinquent assessment installments. The foreclosure proceedings shall be filed not later than ninety (90) days following the date of delinquency. This covenant constitutes an assurance to boldholders that the City will act quickly to minimize the periods of delinquency. In some circumstances, particularly those involving the bank- ruptcy of a delinquent property owner, the tax sale or judicial foreclosure may be delayed. Such delays, if extended, could result in delays in payment of principal or interest to bond- holders. 9. ISSUER' S OBLIGATION RE REDEMPTION FUND DEFICIENCIES . The amount of the annual installments of the several unpaid assess- ments, together with the interest thereon, is equal to the principal amount of bonds maturing the next succeeding July 2 , together with the interest payable during that year on all outstanding bonds. Accordingly, delinquency in the payment of annual installments by any of the property owners will result in a temporary de- ficiency in the bond redemption fund. In anticipation of this occurrence, the Improvement Bond Act of 1915 obligates the issuer, at the end of the fiscal year of such delinquency, to advance to the bond redemption fund the amount of the delinquen- cies. These advances are then recovered by the issuer when the delinquent property owners redeem their delinquencies or when the issuer pursues its tax sale remedy or judicial fore- closure remedy, as described in paragraphs 6 and 7 above, to the point of cash sale proceeds. The issuer' s obligation to make advances to the bond redemption fund is limited, however, to available funds not immediately needed. For the purpose of providing available funds for advance- ment to the bond redemption fund, the City has created a reserve fund as described in paragraph 11. (14) 411 10. REPEAL OF TEN-CENT LEVY. Section 8809 of said 1915 Act presently provides that, where sufficient funds are not avail- able to the City of Redding from which to make the required transfers, the City Council must levy a special tax city-wide at a rate of up to ten cents ($0. 10) per one hundred dollars ($100) of assessed valuation in order to obtain funds for the transfer. However, under the provisions of Section 2237 of the Revenue and Taxation Code (enacted by Section 27, Chapter 332, Statutes of 1978, effective June 30 , 1978) , the authority of local agencies in California (including the City of Redding) to levy any ad valorem property tax has been abrogated (with certain exceptions not applicable to this bond issue) . Accord- ingly, in the opinion of counsel, Section 8809 has been repealed by implication, and no investor in the subject bonds should rely on either the authority or the duty of the issuer to levy an ad valorem tax to provide "available funds" . 11. RESERVE FUND. Out of the proceeds of assessments levied, the City Council has set aside a reserve fund in the amount of approximately $15, 827 . 03 (subject to reduction to reflect cash payments of assessments) . This fund will be used to make temporary advances to the bond redemption fund when made necessary by delinquencies in the payment of assessment install- ments. Advances from the reserve fund will be restored to that fund upon redemption or auction sale of the delinquent property. When the reserve fund, together with its interest accruals , is sufficient to pay all remaining principal and interest on the bond issue, whether by advance retirement or otherwise, the reserve fund will be used for this purpose and the balance of the special assessments will be cancelled. Prior to that time, the City Treasurer is required to apply the fund' s interest accruals to annual assessments to the extent necessary to pre- vent the amount of the reserve fund from exceeding U. S. Treasurer arbitrage limitations . (15) • • • 12. DEBT SERVICE SCHEDULE. The following table shows a debt service schedule based on an interest rate of ten percent (10%) per annum. DEBT SERVICE SCHEDULE DATE OF BONDS: August 1, 1980 YEAR RATE PRINCIPAL INTEREST TOTAL 1980-81 30 . 000 $11 , 021 . 69 $33 , 368 . 65 $44 , 390 . 34 1981 -82 10 . 000 13 ,000 . 00 35 , 300 . 00 48 , 300 . 00 1982-83 10 . 000 14 , 000 . 00 34 , 000 . 00 48 , 000 .00 1983-84 10 . 000 15 , 000 . 00 32 , 600 . 00 47 , 600 . 00 1984-85 10 . 000 17 , 000 . 00 31 , 100 . 00 48 , 100 . 00 1985-86 10 . 000 18 , 000 . 00 29 , 400 . 00 47 , 400 . 00 1986-87 10 . 000 20 , 000 . 00 27 , 600 . 00 47 , 600 . 00 1987-88 10 . 000 22 , 000 . 00 25 , 600 . 00 47 , 600 . 00 1988-89 10 . 000 24 , 000 . 00 23 , 400 . 0C 47 , 400 . 00 1989-90 10 . 000 27 , 000 . 00 21 ,000 . 00 48 , 000 . 00 1990-91 10 . 000 30 , 000 . 00 18 , 300 . 00 48 , 300 . 00 1991 -92 10 . 000 33 , 000 . 00 15 , 300 . 00 48 , 300 . 00 1992-93 10 . 000 36 , 000 . 00 12 , 000 . 00 48 , 000 . 00 1993-94 10. 000 40 , 000 . 00 8 , 400 . 00 48 , 400 . 00 1994-95 10 . 000 44 , 000 . 00 4 , 400 . 00 48 , 400 . 00 TOTALS : $364 , 021 . 69 $351 , 768 . 65 $715 , 790 . 34 THE PROJECT 13. IMPROVEMENTS AUTHORIZED. The improvements authorized within Wilsey-Willowbrae Assessment District No. 1979-2 are generally described as follows : The installation and construction of sanitary sewer collection and transmission lines and mains at designated places, and related appurtenances and work. 14. ESTIMATED PROJECT COSTS. The following cost schedule was approved by the City Council on June 2 , 1980 , as part of the Amended Engineer' s Report for the project. (16) • 411 I. Estimated Construction Costs $ 312 , 540. 60 II. Incidental Expenses 13, 376. 22 $ 325 , 916 . 82 III. Less City Contribution -9 , 376. 22 $ 316, 540 . 60 IV. Bond Reserve Fund (4%) 15 , 827. 03 V. Bond Discount (9%) 31, 654 . 06 TOTAL ASSESSMENT $ 364 , 021. 69 THE ASSESSMENT DISTRICT 15. LOCATION OF DISTRICT. Wilsey-Willowbrae Assessment District No. 1979-2 consists of property in two non-contiguous. residential areas located in south-central Redding (see attached Exhibit A) . 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L.1•111•114 IE ODYN gi•s . : gAOtt J DEE CT.LISSFw g © DE.L .'_ ���, ~\` ► t Zi • �. Lw _ • •Yr .L 4{ tui LEI Si.✓:[f ,• 0 ..10...2..:.'..i.: '_i._S Ip YELLER SI. � 02 : - •• ` S, r000ACRE D. :� L: t. Lt • ' Ya 4 s i, Er`f c o ...\ .1. of VM::: !:: '.:. . .-".."....:.:'::::i*i':ii:eilifig:ili .:.:.:i'':''''''. :-".... AVIlife? k., '‘,... ..":;:-:,... ...i.--"F;..-... eer • . C.I‘• 311 N]: 14iMi', 6 I , --,••• vifi. iit;;; _ „t; _, D"'• 1 �� (c. 111111111 i o swMTLI' + ' DOVGIAS LM M ... • ..,_ ..,...,,,, Cr L __ 1 t�"7 11 �' "'co LI Et4tlit = N% 1[� ..[" 1i ' ° t '' .A, 4ROSE LA ,... %.*R. - .14 40 0 . - ProjectOur 2 s S- COMICERCIL zi. c Fp ';-.1 VLM'�tVCR �/ 'i N - CO ««�� t[. OAKAA 41-ea cow wERY'0" I i t. ty ,,,,..-‘,17.4.0, � ♦T. ] i `- C ] SIS ! T RI al.rw.,t^ T>y rr yi .It1.EL. L. R D. A toot i .....7_,, S . c Ems. EXHIBIT a•c•«:.E T t' ,, 51 0 r[Tr«D^? _. •'� ST,- i ot.; s i;♦♦iy .r J •� , •.�� • I s ., a I, v ;%. I . S«•I . . . . . , • • '" -','51,x-.0.-1 u •., . 1•, ,I •.71 , ul i Z ul t 2 evatpWtt F' I, ..1 4 .,• 6 i 1-• - Z - t-- °_,i:r:71-F,?, li•I'; •:' "‘“ .°1',a ,. z. • I ,:la-_, ..:1 •.,:i t,. :-,:. c s • ,i.kt4 ''.i .",5 `",. li'4,•S. w • ''tliii./,,,i,,2..- 0-1 ); ?,tf t'f.: sg.i j. '', [kw:, •ilti” i rlitli,,,,v->"'t, Z.( -, ,,ak,.,', --• j'':a1-‘. c `)'\\ N''.-`-' < D - — „_, -1 _ 5-• .. .-i,--.., •c 7 I t " 11 . 2 -1 ts ;v-,-r ts;-,. ..7. .-..., i'l LI-) jii1113,_ r- '6- ::0 •I" r:13,t, E7C! S I i ‘' i 1.13 kn 1.11 ,7 d LI 1 i D, 'j ..... •. , 7„, — .i . „... CAul‘ 1 I ® m34 J„p:,g c. I v • TItliqh!F ,g a'h ‘•, 1;i7, . *[,-5 liG ita •:. •—t. C', Lcil lall,,Dt.1 w ,:- • ti.,„ 'm(nw-°:q,cLl'i I • —— • A.C.I. Cp0.IP-L.- P. . ....----" i \ . , '.'_•• -- , \--3 .-,.... , •%-- ..... . , ,- • \ \ \ • / \\ \ - • \\ ,•..,.- , Vfi V..-• -- C- , ., , ,.\-\--..-. .\,.; \ . - \-___- ... • --------- \.. • --- . . (E) .:21‘ '`, 6;) \•••--- -, i. ...1:::.. • \ . r • • \ -- • EXHIBIT B (l) • • ! q v _ r = gl1l� 1 =- ' dl 0 1 v • Q3 Q ill. \ GAt1AL ' \ \ \ \ \ \ \., \• \ \• \ CG J\ \ '\:\ V-I Z \ .- JL A•1 <• i ': ... c, \„, \ - •' \ \ ______ \ �� rn ..:\ 0 `. 0 '\"-:-. .--A , \ \ \ \ .---.--- 7"--- I \ _:x q `.\,z) \ \ ,\*"."'. 1 '1 1 '\ 1"' t \\• \: N r . ------ :----1_.,\ \ \ i -• • \-- •--...©.... \ .... - \\' \ 7----\\ ,.:,...: \ \ 7 \\ • \ -. \______._______i -- 1 g�C7.-------- EXHIBIT B (2) . .......... . . S • . . . , • C tli t ,.. N _ .. , • ti \ • \ , . •; - • , ---1 W'' . i ,,, - 3 ill r tl.. • \ .___---•-.77'-'---'\,:'.•.:--- \ .">' . 1..... -7 t r- p E. ---s . . .--_,---- ---- ' \i:\:\. ..-.#-'-'‘--- 0 $ )-- _, • r......--:-:•• ..-) ''- • 1 ul kr) 4.11 • 61 --) .. ... .. A--,,P'• '' .. • s4- ' ' ______ .1 .\,4, • \ ''c. s'' \9.,01'.\ \ \ A b• .7"..•r_. \ • P"." -> , , 1: ''-'7 A \ \ ..-- --\ -- • _. • • \ . , . • -,-.. ,-----,-• ... \ -3.t. ' -.--• ..... ,, ,F.,) • - • \......,_ ..._-----' \, , . -. v±),_ •®'.---- • • (,,, -. ,- . CD © \ — 0 - _ r --•--. ._. _ - - -- • g°, .-. ---- . - - ---ro L.1 -,---,- litol..._ --- ' F-.'\ c-; :. -- . •--- ,- c:,.. ,• • :_,. . .. , . . .,, ---- r------ : -. ,-,--:,,,..,,,, , ,;.. , r---, .. • .1 ® 4. ©'--I&I\- \' \: ...', • ''', ---, ----ii..,, .1'0 :•__—_,--1=':' \ Fy. _•_'._----'::,-"•i--)-•,-, 7....._1---C-`--C'-D' ). . •' ',. 1 ..i •T..,. •--,' _ ,-- • / \- - -- - (5") . ( _ , .•''' ; 3, •3 ._______—i-:—- 120frs•P . .t — , . • , . . iioLlunt \ .:. ,..• ___-------- \ . ---74---- . . - ,. .....• ---- ----.....------- .\ \ . // i • \.. . . ..,. ‘ /,./ \\ I _. ... _ • _ • EXHIBIT 3 (3) .• • , .. .• . . . , . . ....-------_,.,4--- --•.-' 1 --- • 11 , (:D • •cc _.-, ... A 7 --v\ „...• ,•-•"'c • al \I) Ili .), .. \ \ -- --------------:----------- . .--.....-- ! _.,..< < — _ __ .;• ! \\ \(5 \ (7) . \:....i.\ \..) . -----z---3-- \ •- • . :..\ • .•,;•••• ,"A%'\,::)\ . . • ----- TZD PC, - 0 \\ . :.) E.7 ..•, v. ) 7............ . /• /I ! " / ' / • . _ . 1 EXHIBIT B (4) . . • • WILSEY-WILLOWBRAE ASSESSMENT DISTRICT NO. 1979-2 CITY OF REDDING, SHASTA COUNTY , CALIFORNIA ASSESSMENT & AMOUNT OF ASSESSED VALUE DIAGRAM NO. ASSESSMENT DESCRIPTION LAND IMPROVEMENTS 1 $3 , 744 . 50 48-22-07 $ 11, 730 $ 30, 600 2 2 , 442 . 94 48-22-06 5 , 200 17 , 480 3 2 , 442. 94 48-22-05 5 , 410 19 , 800 4 2 , 442 . 95 48-22-04 5 , 410 17 , 970 5 2 , 442 . 95 48-22-03 5 , 410 15 , 580 6 2 , 337 . 33 48-22-02 5 , 410 14 , 610 7 3 , 720 . 38 48-22-40 5, 950 13, 090 8 3 , 744 . 50 48-22-46 26 , 000 -0- 9 3 , 885 . 89 48-22-45 10 , 500 -0- 10 3 , 885 . 89 48-22-44 10 , 500 38 , 000 11 2 , 397 . 10 48-22-09 5 , 410 15 , 690 12 2 , 464 . 15 48-22-10 8, 000 34 , 700 13 2 , 499 . 29 48-22-42 6 , 630 13 , 050 14 2 , 337 . 33 48-22-43 5 , 810 20 , 400 15 2 , 442 . 94 48-22-17 5, 400 36 , 310 16 2 , 442 . 94 48-22-16 5 , 410 12 , 660 17 2 , 442 . 94 48-22-15 5 , 410 12 , 660 18 2 , 442 . 94 44-22-14 5 , 410 11, 260 19 2 , 442 . 94 4E-22-13 5 , 410 14 , 610 20 2 , 032 . 40 48-22-11 4 , 320 9 , 950 23 2 , 345 . 48 48-22-12 4 , 320 11, 900 22 3 , 372 . 31 48-22-20 6 , 440 18, 520 23 2 , 442 . 94 48-22-22 5 , 410 12 , 660 24 2 , 442 . 94 48-22-23 5 , 410 9 , 740 25 2 , 442 . 94 48-22-24 5 , 100 21 , 930 26 2 , 442 . 94 48-22-25 5, 100 21 , 420 27 2 , 385 . 39 48-22-26 8 , 000 32, 000 28 2 , 500 . 49 48-22-27 5, 410 22 , 730 29 4 , 142 . 18 48-22-29 5 , 410 14 , 930 30 4 , 789 . 88 48-21 -25 5, 190 -0- 31 4 , 749 . 31 48-21-26 7 , 030 8, 650 32 4 , 749 . 31 48-21 -27 10 , 200 48 , 450 33 4 , 555 . 85 48-21 -23 6 , 760 53 , 580 34 4 , 555 . 85 48-21-22 7, 030 22 , 510 35 5 , 086 . 96 48-23 -21 7 , 030 13 , 960 36 4 , 749 . 31 48-21 -20 7, 030 13 , 960 37 4 , 749 . 31 48-21 -19 7 , 030 24 , 350 38 2 , 374 . 85 48-21-38 5 , 410 22 , 730 39 2 , 401 . 20 48-21-17 8 , 000 37 , 000 40 2 , 401 . 20 48-23 -16 4 , 500 -0- EXHIBIT C . • 411 ASSESSMENT & AMOUNT OF ASSESSED VALUE DIAGRAM NO. ASSESSMENT DESCRIPTION LAND IMPROVEMENTS 41 $2 , 193. 40 48-21-15 $ 4 , 500 -0- 42 3, 764 . 15 48-21-01 6, 490 $ 37, 340 43 3, 764. 15 48-21-02 4 , 760 -0- 44 2, 368. 00 48-21-31 and 1, 590 -0- 48-21-32 3, 240 6 , 710 45 3, 381. 31 48-21-29 12 , 000 33, 500 4 , 749 . 31 48-23-05 46 5 , 014 . 26 48-21-33 7, 030 29 , 120 47 7, 030 28 ,250 48 4 , 459 . 72 48-21-08 4 , 749 . 33 48-21 -09 7 , 030 25 , 860 49 48-21-10 7, 030 22, 510 50 4 '749 ' .,1 7, 030 17 , 740 4 , 749 . 31 48-23 -11 51 7 , 030 12 , 980 52 3 , 665 . 36 48-21 -14 s� 2 , 533 . 07 48-21-13 5 , 950 14 , 500 _ 5, 300 16 , 450 -12 54 2 , 244 . 82 4848-21-C2 5, 410 14 , 070 55 ] ' 582 ' 47 40, 040 -0- 3 ,086 . 54 48-35-43 56 2 , 582 . 47 48-� -42 6 , 120 15 , 310 57 35 2 5, 410 22 , 180 5 , 331 . 77 58 8 ]OC . �1 48-3�-2C 15, 000 20 , 000 59 48-35-12 9 , 740 14 , 070 60 3 , 673 . 81 12 , 000 26 , 000 61 2 , 651 . 55 48-35-18 4, 320 15, 690 3 , 691 . 52 48-35-44 62 5 , 410 21 , 750 63 3 , 040 . 53 48-35-25 5 , 410 21, 210 64 2 , 595 . 87 48-35-1 ' 5 , 410 24 , 130 65 2 , 595 . 87 48-35-16 6, 240 33, 290 48-35-21 66 4 , 851 . 12 7 , 510 24 , 780 67 2 , 654 . 81 48-35-36 6, 120 34 , 470 68 1 , 986 . 75 48-35-35 6, 000 28 , 700 69 2 , 632 . 57 48-35-33 4, 870 15 , 370 70 4 ,801 . 85 48-35-22 7 , 570 33 , 330 38 , 750 . 92 48- 36-23 40, 000 100 , 000 71 8 , 034 . 84 48-36-20 19 , 050 -0- 72 73 3 , 489 . 64 48-35-37 5 , 950 24 ,570 74 3 , 706 . 36 48-35-31 10, 000 30, 900 75 2 , 888 . 60 48-35-23 5 , 410 20, 340 76 2 ,813 . 07 48-35-29 4 , 320 15, 690 77 3 , 255 . 85 48-35-28 8 , 000 31 , 000 78 2 , 888 . 60 48-35-24 5 , 950 25 , 970 79 3 , 341 . 12 48-35-38 5 , 830 44 , 570 80 2 , 659 . 75 48-35-39 4 , 870 14 , 170 -2- • i ASSESSMENT & AMOUNT OF ASSESSED VALUE DIAGRAM NO. ASSESSMENT DESCRIPTION LAND IMPROVEMENTS 81 82 $6 , 518 . 93 98-35-41 $ 8, 320 $ 55 , 660 83 2 , 502 . 53 48-35-27 4, 320 13, 740 3 , 109 . 96 48-35-25 4, 320 14 , 710 84 85 3 , 719 . 92 48-35-26 8, 320 43, 690 2 , 562 . 31 98-35-40 5, 300 28, 120 86 13 ,794 . 10 87 48-27-01 43, 290 10, 060 88 3 , 694 . 79 48-45-26 5, 610 27, 540 89 2 , 694 . 79 48-45-25 5, 100 7, 950 90 2 , 672 . 53 48-45-28 3, 780 14 , 070 3 , 502 . 56 48-45-08 5, 950 25, 000 91 4 , 658 . 75 48-45-31 30, 000 -0- -3-