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Home My WebLink About1986-06-10; City Council; 8249-5; College Blvd. Assessment District0' 0 cz a a U 9 .. z 0 F 0 U d 0 z 3 0 0 & AB# za 5'9- MTG. 06/10/86 DEPT. E N G COLLEGE BOULEVARD ASSESSMENT DISTRICT UNPAID ASSESSMENTS TITLE: Adopt Resolution No. j760q determining unpaid assessments in a special assessment district. ITEM EXPLANATION On March 25, 1986 Council approved the formation of the College Boulevard Assessment District. From that date, property owners had the option to pay all or any portion of their assessment in cash within thirty days. At the end of that period, no cash payments were received by the City. The attached resolution states the amount of unpaid assess- ments and lists the bond maturity dates. By adopting this reqolution, Council is making the finding that the amount to be assessed is $9,570,250.00. FISCAL IMPACT This assessment district places assessments totaling $9,570,250.00 against the affected property owners in the district. EXHIBIT 1. Resolution No. BO./ determining unpaid assessments in a special assessment district. I 1 2 7 " 4 E " E 7 E 9 1c 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 8604 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, DETERMINING UNPAID ASSESSMENTS IN A SPECIAL ASSESSMENT DISTRICT WHEREAS, the CITY COUNCIL of the CITY OF CARLSBAD, CALIFORNIA has heretofore undertaken proceedinqs pursuant to the "Municipal Improvement Act o'f 1913", being Division 12 of the Streets and Highways Code of the State of California, and has confirmed assessments upon lands within a special assessment district described in a Resolution of Intention previously adopted for said improvements, said special assessment District known and designated as ASSESSMENT DISTRICT NO. 85-2 (COLLEGE BOULEVARD) (hereinafter referred to as the "Assessment District"); and, WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Bond Act of 1915", beinq Division 10 of the Streets and Highways Code of the State of California, and it is necessary to establish terms and provisions of such issuance; and, WHEREAS, notice of the recordation of the assessment and of the time within which assessments may be paid in cash has been duly published and mailed in the manner provided by law, and the time so provided for receivinq payment of assessments in cash has expired, and there has been filed a list of all assessments which now remain unpaid; and, WHEREAS, following the elause of thirty (30) days after the date of recording of said assessment, a complete list of paid and 2 d I t L I r I 1( 11 1: 14 15 le 17 le 19 20 21 22 23 24 25 26 27 28 unpaid assessments has been prepared and filed with the Treasurer; and, WHEREAS, it is desired, oursuant to Section 8650.1 of the Streets and Hiqhways Code, to establish the amounts to mature on the bonds to represent unpaid assessments on private property and the amount to mature each year which will be other and different than that as provided in Section 8650 of said Code; and, NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. Unpaid Assessments. That the assessments now remaining unpaid, and the aqgregate thereof, are as shown on a list entitled "Paid and Unpaid Assessments", referenced by the name of this Assessment District, a copy of which is on file in the Office of the Treasurer and by reference made a part hereof. SECTION 3. Parcel Descriptions. That for a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said Uqpaid List and upon which assessments remain unpaid, refere.nce is hereby made to the assess- ment and to the diaqram recorded in the Office of the Superinten- dent of Streets. SECTION 4. Issuance of Bonds. The Unpaid List is in the amount of $9,570,250.00, and bonds shall be issued in said amount and upon the security of said unpaid assessments in accordance with the provisions of the "Improvement Bond Act of 1915", and under and pursuant to the provisions of said Resolution of Intention and Resolution Authorizing the Issuance of Bonds, and all other Droceedings thereunder duly had and taken. 3 1 I I 11 1; 1E 11 1E 15 2c 21 22 23 24 25 26 27 28 SECTION 5. Maturity. The bonds shall be issued in serial form with annual maturities on September 2nd of every year succeeding the first twelve'(12) months from their date, until the whole is paid. The amount maturinq each year shall be such as to result in approximately equal annual debt service during the term of the .issue as 'reflected by the interest rates and principal amounts maturing in years of maturity as follows: MATURITY PRINCIPAL MATURING INTETEST YEAR SEPTEMBER 2ND RATE 1987 1988 1989 1890 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 $ 20,250.00 245,000.00 260,000.00 280,000.00 300,000.00 320,000.00 345,000.00 370,000.00 395,000.00 425,000.00 460,000.00 495,000.00 530,000.00 575,000.00 620,000.00 670,000.00 725,000.00 780,000.00 845,000.00 910,000.00 5.75% 6.25% 6.75% 7.00% 7.10% 7.25% 7.40% 7.50% 7.60% 7.70% 7.75% 7.80% 7.90% 7.90% 8.00% 8.00% 8.00% 8.00% 8.00% 8.00% SECTION 6. Date of Bonds. Bonds for this Assessment District shall carry the date of May 5, 1986. SECTION 7. Terms and Conditions of Bonds. For all other particulars relating to the terms and conditions of said bonds, reference is hereby made to the previously adopted Resolution Authorizing and Providing for the Issuance of Bonds, a copy of which is on file with the transcript of these proceedings, and open to public inspection. 1 2 3 4 5 6 7 8 9 10 11 12 . 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 PASSED, APPROVED and ADOPTED at a regular meetinq df the City Council held on the 10th ~ . da,y of June , 1986, by the following vote, to wit: AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine NOES: None ABSENT: None' ATTEST : (SEAL)