HomeMy WebLinkAbout2013-01-08; City Council; Resolution 2013-022Exhibit 1
RESOLUTION NO. 2013-022
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2 A RESOLUTION OF THE CITY COUNCIL OF THE
3 CITY OF CARLSBAD, CALIFORNIA, DECLARING
4 THE INTENTION TO LEVY REASSESSMENTS AND
5 ISSUE REFUNDING BONDS
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9 WHEREAS, the City Council (the "City Council") of the City of Cartsbad (the
10 "City") has previously formed its Assessment Distnct No. 2002-01 (Poinsettia Lane
11 East) ("Assessment Distnct No. 2002-01") and Benefit Area No. 1 of Assessment
12 Distnct No. 2003-01 (College Boulevard and Cannon Road East) (Calavera Hills II)
13 ("Benefit Area No. 1" and, together with Assessment Distnct No. 2002-01, the
14 "Assessment Distncts", each an "Assessment Distnct") and confirmed assessments on
15 the vanous parcels located therein to pay the costs of certain improvements of special
16 local benefit to said parcels (the "Assessments"), all pursuant to the Municipal
17 Improvement Act of 1913 (Division 12 of the Streets and Highways Code of California;
18 and
19 WHEREAS, the City Council has previously caused bonds to be issued on behalf
20 of the Assessment Distncts (the "Pnor Bonds") pursuant to the provisions of the
21 Improvement Bond Act of 1915 (Division 10 of the Streets and Highways Code of
22 California) (the "1915 Act") in order, among other things, to finance the costs of the
23 aforesaid improvements; and
24 WHEREAS, the Pnor Bonds are secured by the unpaid Assessments; and
25 WHEREAS, in order to benefit taxpayers within the Assessment Distncts by
26 reducing the amount of the installments of the Assessments being levied each year on
27 the parcels within the Assessment Distncts, the public interest and necessity require
28 that the outstanding Pnor Bonds be refunded, and the City Council intends to
29 accomplish the refunding through the levy of reassessments and the issuance of
30 refunding bonds upon the security thereof;
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Exhibit 1
1 NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
2 Cartsbad as follows:
3 1. The above recitals, and each of them, are true and correct.
4 2. It is the intention of the City Council to refund the outstanding Pnor Bonds
5 and to levy reassessments as security for refunding bonds as hereinafter provided
6 pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Division 11.5,
7 commencing with Section 9500, of the Streets and Highways Code of California) (the
8 "Act").
9 3. The contemplated reassessments and refunding, in the opinion of the City
10 Council, are of more than local or ordinary public benefit, and the costs and expenses
11 thereof are made chargeable upon the Assessment Distncts, the extenor boundaries of
12 which are shown on a reassessment diagram thereof heretofore filed in the office of the
13 City Clerk, and to be filed in the office of the County Recorder of the County of San
14 Diego, to which reassessment diagram reference is hereby made for further particulars
15 and which shall hereafter be called the "City of Cartsbad Reassessment Distnct No.
16 2012-1" (the "Reassessment Distnct"). The reassessment diagram indicates by a
17 boundary line the extent of the territory included in the Reassessment District and shall
18 govern for all details as to the extent thereof.
19 4. The firm of NBS, a qualified firm employed by the City for the purpose
20 hereof (the "Reassessment Consultant") is hereby authorized and directed to make and
21 file with the City Clerk a written report containing the following.
22 (a) A schedule setting forth the unpaid pnncipal and interest on the
23 Pnor Bonds to be refunded and the total amounts thereof;
24 (b) The total estimated pnncipal amount of the reassessment and of the
25 refunding bonds and the maximum interest rate thereon, together with an estimate of
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Exhibit 1
1 cost of the reassessment and of issuing the refunding bonds, including all costs of
2 issuing the refunding bonds, as defined by subdivision (a) of Section 9600 of the Act;
3 (c) The auditor's record kept pursuant to Section 8682 of the Streets
4 and Highways Code of California showing the schedule of pnncipal installments and
5 interest on all unpaid onginal assessments and the total amounts thereof;
6 (d) The estimated amount of each reassessment, identified by
7 reassessment number corresponding to the reassessment number on the reassessment
8 diagram, together with a proposed auditor's record for the reassessment prepared in the
9 manner descnbed in said Section 8682; and
10 (e) A reassessment diagram showing the Reassessment Distnct and
11 the boundaries and dimensions of the subdivisions of land within the Reassessment
12 Distnct (each subdivision, including each separate condominium interest as defined in
13 Section 783 of the Civil Code of California, to be given a separate number upon the
14 diagram).
15 5. The provisions of Part 11.1 of the 1915 Act, providing for an alternative
16 procedure for the advance payment of reassessments and the calling of bonds, shall
17 apply to refunding bonds issued pursuant to proceedings under this Resolution.
18 6. It is the intention of the City Council to create a special reserve fund with
19 respect to the refunding bonds pursuant to and as authorized by Part 16 of the 1915 Act,
20 and the amount to be deposited into said fund shall be included in the reassessment.
21 7. Stradling Yocca Cartson & Rauth, a Professional Corporation, Newport
22 Beach, California, is hereby appointed as bond counsel and disclosure counsel for the
23 purpose of the reassessment and refunding proceedings; Fieldman, Rolapp &
24 Associates, Irvine, California, is hereby appointed financial advisor for the refunding
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Exhibit 1
1 bonds; Stifel Nicolaus & Company, Incorporated, doing business as Stone & Youngberg,
2 a Division of Stifel Nicolaus is hereby appointed as undenwriter for the refunding bonds;
3 and the fees of such firms shall be fixed in the proceedings and shall be paid only upon
4 the successful completion of the proposed reassessment and refunding and from the
5 proceeds of the refunding bonds.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting ofthe City Council
of the City of Cartsbad on the 8*^ day of January, 2013, by the following vote to wit:
AYES:
NOES:
Council Members Hall, Packard, Wood, Blackburn and Douglas.
None.
ABSENT: None.
MATT HALL, Mayor
ATTEST:
istant City Clerk
(SEAL)
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