HomeMy WebLinkAbout2022-07-12; City Council; Resolution 2022-176RESOLUTION NO. 2022-176
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, DECLARING THE INTENTION TO ESTABLISH REASSESSMENT
DISTRICT NO. 2022-1 AND LEVY REASSESSMENTS AND TO ISSUE REFUNDING
BONDS
WHEREAS, the City Council of the City of Carlsbad, California has determined that; and
WHEREAS, pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Division
11.5 of the California Streets and Highways Code) (the "Act"), the City of Carlsbad (the "City"), a
municipal corporation that is duly organized and existing under the Constitution of the State of
California and its charter, has previously issued its Reassessment District No. 2012-1 Limited Obligation
Refunding Bonds (the "2012 Bonds"), which are secured by the unpaid reassessments on the properties
within Reassessment District No. 2012-1 of the City (the "2012 Reassessment District"); and
WHEREAS, the public interest requires the refunding of the 2012 Bonds, and the City Council of
the City (the "City Council") intends to accomplish the refunding through the levy of reassessments and
the issuance of refunding bonds upon the security thereof; and
WHEREAS, the City desires: (i) to establish a new reassessment district entitled Reassessment
District No. 2022-1 (the "Reassessment District") and to levy reassessments therein, including within
the 2012 Reassessment District; and (ii) to issue refunding bonds (the "Refunding Bonds") of the
Reassessment District pursuant to the Act, the proceeds of which Refunding Bonds will be applied to
refund the 2012 Bonds, and, on the date hereof, the City Council is adopting this Resolution with
respect to the matters described in clause (i) and is adopting a separate resolution with respect to the
matters described in clause (ii); and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1.That the above recitations are true and correct.
2.The City Council establishes the Reassessment District in accordance with the Act for the
purpose of levying reassessments as described herein.
3.The City Council declares its intention to refund the 2012 Bonds and to levy
reassessments as security for the Refunding Bonds as hereinafter provided. The
proceedings for the levy and collection of reassessments as security for the issuance and
payment of the Refunding Bonds shall be conducted pursuant to the Act.
Exhibit 1
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4.The City Council finds that the contemplated reassessments and refunding, in the
opinion of the City Council, are of more than local or ordinary public benefit, and the
costs and expenses thereof are made chargeable upon the Reassessment District, the
exterior boundaries of which are shown on a reassessment diagram thereof heretofore
filed in the office of the City Clerk, and to be filed in the office of the County of San Diego
Recorder, to which reassessment diagram reference is hereby made for further
particulars. The reassessment diagram indicates by a boundary line the extent of the
territory included in the Reassessment District and shall govern for all details as to the
extent thereof.
5.The City Council refers the reassessment and refunding to NBS, a qualified firm
employed by the City for the purpose hereof (the "Reassessment Consultant"), and the
Reassessment Consultant is hereby directed to make and file with the City Clerk a report
in writing, presenting the following:
a.A schedule setting forth the unpaid principal and interest on the 2012 Bonds to be
refunded and the total amounts thereof and the unpaid assessment being
continued, if any;
b.The total estimated principal amount of the reassessment and of the Refunding
Bonds and the maximum interest rate thereon, together with an estimate of cost 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 Act;
c.The auditor's record kept pursuant to Section 8682 of the California Streets and
Highways Code showing the schedule of principal installments and interest on all
unpaid original assessments and the total amounts thereof;
d.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 prepared in the manner
described in Section 8682 of the California Streets and Highways Code; and
e.A reassessment diagram showing the Reassessment District and the boundaries and
dimensions of the subdivisions of land within the Reassessment District. Each
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subdivision, including each separate condominium interest as defined in Section 783
of the California Civil Code, shall be given a separate number upon the diagram.
When any portion or percentage of the costs and expenses of the refunding and
reassessment is to be paid from sources other than reassessments, the amount of
such portion or percentage shall first be deducted from the total estimated cost and
expenses of the refunding and reassessment, and the reassessments shall include
only the remainder of the estimated cost and expenses. If any excess shall be
realized from the reassessment, it shall be used, in such amounts as the City Council
may determine, in accordance with the provisions of law, in a manner or manners
to be provided in these proceedings.
6.The City Council provides notice that serial and/or term Refunding Bonds to represent
the reassessments, and bearing interest at the rate of not to exceed 5.00% per annum,
will be issued hereunder in the manner provided by the Act, the last installment of which
bonds shall mature not later than September 2, 2035. It is the intention of the City that
the City will not obligate itself to advance available funds from the treasury of the City
to cure any deficiency in the redemption fund to be created with respect to the
Refunding Bonds; provided, however, that a determination not to obligate itself shall
not prevent the City from, in its sole discretion, so advancing the funds.
7.The City Council determines that the provisions of Part 11.1 of Division 10 of the
California Streets and Highways Code, providing for an alternative procedure for the
advance payment of reassessments and the calling of bonds, shall apply to the
Refunding Bonds issued pursuant to proceedings under this Resolution.
8.The City Council makes reference to the proceedings previously undertaken pursuant to
the Act with respect to the 2012 Bonds, which are on file in the office of the City Clerk.
9.The City Council declares that it is the intention of the City Council to create a special
reserve fund with respect to the Refunding Bonds and that the amount of such fund
shall be included in the reassessment.
10.The City Council appoints the firm of Stradling Yocca Carlson & Rauth, a Professional
Corporation, Newport Beach, California, as bond counsel for the purpose of the
reassessment and refunding proceedings, the firm of Fieldman Rolapp & Associates,
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Inc., Irvine, California, as municipal advisor for the Refunding Bonds, the firm of NBS,
Temecula, California, as Reassessment Consultant for the Refunding Bonds and the firm
of Stifel, Nicolaus & Company, Incorporated, as underwriter for the Refunding Bonds.
The fees of such firms shall be fixed in the proceedings and shall be paid only upon the
successful completion of the proposed reassessment and refunding and from the
proceeds of the Refunding Bonds.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of
Carlsbad on the 12th day of :!.l:!.!Y, 2022, by the following vote, to wit:
AYES:
NAYS:
ABSENT:
Hall, Blackburn, Bhat-Patel, Acosta.
None.
Norby.
MATTH�
+y FAVIOLA MEDINA, City Clerk Services Manager
(SEAL)
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