HomeMy WebLinkAbout1997-10-28; City Council; Resolution 97-6540 0
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RESOLUTION NO. 97-654
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, MAKING PRELIMINARY DETERMINATIONS, MAKING
APPOINTMENTS, AND DECLARING INTENTION TO ISSUE REFUNDING
BONDS FOR SPECIAL ASSESSMENT DISTRICTS NOS. 85-2 AND 88-
1, AND ORDERING A REPORT THEREON
WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA,
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special assessment districts pursuant to the terms and provisions 8
did previously undertake proceedings and confirmed assessments in
California (the "1915 Act"); and, 18
Division 10 of the Streets and Highways Code of the State of 17
in the, manner provided in the llImprovement Bond Act of 191511, being 16
assessments within said Assessment Districts were issued and sold 15
WHEREAS, improvements bonds representing the unpaid 14
referred to as the llAssessment Districtsv1) ; and, 13
District No. 85-2 and Assessment District No. 88-1 (hereinafter 12
special assessment districts being designated as Assessment 11
the Streets and Highways Code of the State of California, said 10
of the lgMunicipal Improvement Act of 1913", being Division 12 of
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of the Assessment Districts through the issuance, sale and delivery 21
initiating proceedings to refund all outstanding improvement bonds
Section 1. That the above recitals are all true and correct. 27
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: 26
"Refunding Act") ; 25
the Streets and Highways Code of the State of California (the 24
Act of 1984 for 1915 Improvement Act Bonds", being Division 11.5 of 23
of limited obligation refunding bonds pursuant to the "Refunding 22
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Section 2.
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Section 3. 8
That the public interest and necessity require, and
it is the intention of this body, pursuant to the
provisions of the Refunding Act, to refund all
outstanding improvement bonds f o'r the Assessment
Districts and to levy reassessments as security for
such refunding bonds, and to issue refunding bonds
as authorized by law.
That this proposed reassessment levy and refunding
of the original bonds is hereby referred to the
herein after designated Assessment Engineer, who is
hereby directed to make and file the Report in
writing generally containing the following:
A schedule setting forth the unpaid principal and
interest on the improvement bonds of the Assessment
Districts to be refunded and the total amounts
thereof;
A total estimated principal amount of the
reassessment and of the refunding bonds and the
maximum interest rate thereon, together with an
estimate of costs of the reassessment and of
issuing the refunding bonds, including all costs of
issuing the refunding bonds, as defined by
subdivision (a) of Section 9600 of the Refunding
Act. ;
The Auditor's Record kept pursuant to Section 8682
of the 1915 Act showing the schedule of the
principal installments and interest on all unpaid
original assessments and the total amounts thereof;
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Section 4.
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Section 6.
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The estimated amount of each reassessment,
identified by reassessment number corresponding to
the reassessment number on the reassessment
diagram, together with a proposed Auditor's Record
for the reassessment;
A reassessment diagram showing the refunding
assessment district and the boundaries and
dimensions of the subdivisions of land within the
refunding assessment district. Each subdivision,
including each separate condominium interest as
defined in Section 783 of the Civil Code, shall be
given a separate number upon the diagram.
Any refunding bonds issued pursuant to these
proceedings shall bear interest at the rate of not
to exceed the current legal maximum rate of twelve
percent (12%) per annum, or such other legal
maximum rate which may be in effect at the time of
issuance thereof.
A certified public accountant shall certify that
the proceeds and investments of the refunding bonds
shall be sufficient to pay the principal of and
interest and redemption premiums on the refunded
bonds.
Immediately upon the final preparation of the
rrReportrt. as above ordered, said IrReporttr shall be
filed with the City Clerk and presented to this
legislative body for further consideration as- it
relates to proceedings to issue refunding bonds and
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Section 7.
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Section 8. 9
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Section 9.
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Section 10. 23
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confirm the reassessments.
All outstanding improvement bonds and original
assessments of the Assessment Districts shall
continue and remain in full force and effect and be
secured by the original assessments until
superseded and replaced by reassessments and
refunding bonds issued pursuant to all the terms
and provisions of the Refunding Act.
Galen N. Petersen is hereby appointed the
Assessment Engineer for said proceedings, and said
Assessment Engineer shall perform all of the duties
and responsibilities as set forth by law as they
relate to said refunding district.
The law firm of Brown, Diven & Hentschke is hereby
appointed to act as Bond Counsel for the purposes
of preparing proceedings and issuing an approving
opinion attesting to. the validity of the
proceedings and the enforceability of the refunding
bonds, pursuant to the terms and conditions of an
Agreement for Bond Counsel Services submitted
herewith, which Agreement is hereby accepted and
approved for execution on behalf of the City.
Peter J. Ross is hereby appointed the Financial
Advisor to the City for said proceedings as they
relate to reassessments and the issuance, sale and
delivery of limited obligation refunding bonds for
the refunding district.
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1 PASSED, APPROVED AND ADOPTED at a regular meeting of the City
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1997, by the following vote: 3
Council of the City of Carlsbad, held on the 28th day of October,
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NOES: None 5
AYES: Council Members Lewis, Finnila, Nygaard, Kulchin, and Hall
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ABSENT : None
ATTEST:
24- 67&
ALETIQA L. RAUTENKRANZ, City dlerk
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