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Home My WebLink AboutCC Reso No 1999-04_ __ _. _ _ _ = __ ~ j . . ~ RESOLUTION NO. 99-4 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE APPROVING AND CONFIRMING REPORT ANII REASSESSMENT FOR THE REFUNDING OF THE OUTSTANDING BONDS FORASSESSMENT DISTRICT NO. 86-1 WHEREAS, the City Council (the "City Council") of the City of Lake Elsinore (the "Ciry") has adopted a Resolution of Intention determining that the public interest requires the refunding of the outstanding bonds issued for Northwest Sewer Assessment District No. 86-1 (the "Assessment District"), and declaring its intention to refund such bonds (the "Outstanding Bonds") and to levy reassessments as security for the refunding bonds, all pursuant to Division 11.5 (commencing with Section 9500) of the Streets and Highway Code of the State of California, the "Refunding Act of 1984 for 1915 Improvement Act Bonds;" and WHEREAS, pursuant to the Resolution of Intention and Section 9523 of the Streets and Highways Code of the State of California (the "Code"), the Reassessment Consultant appointed by the Resolution of Intention has prepazed and filed with the City Clerk a report containing the matters required by said Section 9523, and such report (the "Report") has been presented to the City Council for consideration; and WHEREAS, the City Council has considered the Report and has determined that the Report contains all of the matters required to be included therein by Section 9523 of the Code and thatthe Report demonstrates that all of the conditions specified in Section 9525 of the Code witl be satisfied, and the City Council may therefore proceed to approve the Report and confirm the Reassessment contained therein;and WHEREAS, by the Resolution of Intention the City Counci] determined that the assessments which are security for the payment of the principal of and interest on the Outstanding Bonds shall continue as security for the collection of the unpaid installments of such assessments which have been posted to and aze to be collected on the tax assessment roll for the 1998-1999 fiscal year and all unpaid and delinquent instaliments of such assessments which were posted to the tax assessment roll for prior fiscal years; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED by the City Council of the Ciry of Lake Elsinore as follows: Section 1. Findines. The City Council finds that (a) the Report contains all matters required to be included therein by Section 9523 of the Code; (b) each estimated annual installment of principai and interest on the Reassessment, as contained in the Report, is less than the corresponding annual installment of principal and interest on the assessment being superseded and supplanted by the same percentage for all subdivisions of land within the Assessment District; (c) DK09)20/988055/525795.4 ~ / ___ _ _ . __ .\ _ = -. ~ r the number of years to maturiry for the refunding bonds which are to be issued upon and secured as to payment by the Reassessment is not more than the number of yeazs to the last maturity to the Outstanding Bonds being refunded; (d) the principal amount of the Reassessment on each subdivision of land within the Assessment District is less than the unpaid principal amount of the assessment being superseded and supplanted by the same percentage for each subdivision of land within the Assessment District; (e) the Report assumes a maximum interest rate on the refunding bonds to be issued to represent the Reassessment which will not exceed eight and seventy five hundredths percent (8.75%) per annum; (~ the Reassessments contained inthe Report do not include the annual installments of the assessments for the 1998-1999 fiscal yeaz which have been posted to and wiil be collected on the tax assessment roll for said fiscal yeaz, or unpaid and delinquent instaliments of the assessmenu which were posted to the tax assessment roll for prior fiscal yeazs; and (g) it is in the best interests of the owners of property within the Assessment District that the Report and the Reassessment contained therein be approved and confirmed and that the City Council proceed to authorize, issue, and sell refunding bonds pursuant to Chapter 3(commencing with Section 9600) of Division 11.5 of the Code. Section 2. Confirmation of Report and Reassessment. The Report and the Reassessment contained therein are approved and confirmed. Upon the preparation and approval of the Final Report containing the final Reassessment as provided in Section 3 hereof, the Reassessment and the reassessment diagram contained in the Final Report shall be recorded in the office of the Superintendent of the Streets of the City, and the City Clerk shal] record such reassessment diagram and a Notice of Reassessment with the County Recorder of the County of Riverside pursuant to Sections 9536, 9537 and 3114 of the Code. Section 3. Final Reoort. The City Manager and the Public Works Director aze authorized to approve the Finai Report containing the final Reassessment after the terms of the sale of the refunding bonds are determined and the Reassessment Consultant has prepared the final Reassessment without presenting the Final Report to the City Council; provided that the final Reassessment amounts contained in the Final Report shail not be greater than the Reassessment amounts contained in the Report presented to and co~rmed by the City Council at the meeting at which this resolution is adopted and such Reassessment amounts for all pazcels of property within the Assessment District shall continue to satisfy the requirements of Section 9525 of the Code. Upon approving the Final Report, the City Manager and the Public Works Director aze authorized and directed to record the reassessment diagram contained in the Final Report with the Superintendent of Streets ofthe City and to authorize the Ciry Clerk to record the reassessment diagram and a Notice of Reassessment as provided in Section 2 above. Section 4. Continuation of Lien of Assessments as Securitv for UnDaid Installments Thereo£ It is fiuther ordered that the lien of the assessments on pazcels of property within the Assessment District shall continue as security for the payment of the unpaid installments of the assessments and the penalties and interest thereon, including the installments which have been posted to and aze to be collected on the tax assessment roll for the 1998-1999 fiscal year and all unpaid and delinquent installments of such assessments which were posted to the tax assessment roll DK09720/988055/528795.4 ~ 2 __ ___ _ _ . __ _ ~ f. _ r, ~ r for prior fiscal yeazs. Pursuant to Section 9539 ofthe Code, the lien of such assessments with respect to such unpaid installments shall be equal in priority to the lien of the Reassessments, The Notice of Reassessment to be recorded by the City Clerk pursuant to Section 2 hereof shall provide notice that the lien of such assessments shall continue as security for such installments thereof Section 5. Refundine Bonds. Refunding bonds shall be issued for the Assessment District in an aggregate principal amount which shall be equal to and shall not exceed the tota] amount of the Reassessment. The number of yeazs to maturity of all such refunding bonds shall not be more than the number of yeazs to the last maturity of the Outstanding Bonds for the Assessment District which aze to be refunded. T'he ma~cimum interest rate on such refunding bonds shall not exceed eight and seventy five hundredths percent (8.75%) per annum. Section 6. No Citv Obli ation. As provided in Section 6 of the Resolution of Intention, the City Council has determined, pursuant to Section 8769 of the Streets and Highways Code of the State of California, that the City will not obligate itself to advance available funds form the City Treasury to cure any deficiency which may occur in the bond redemption fund for the refunding bonds. DK09720/988055/528795.4 _ ___ _ _ _ ~ _ / ~ = y ~ ~ ' . ../ .. . .. _..,_ _ . . .... . . . .. . . . . _._. .._____._.._.~.. _._ . . . ... _ _,... . w PASSED, APPROVED AND ADOPTED this 26th day of January, 1999. CTI'Y OF LAKE ELSINORE `_ By: Titl . or AT ST: ~ ~~ City Cierk of tha City of Lake Elsinore NOES: COLJNCILMEMBERS: rroNE ABSENT: COUNCILMEMBERS: vacaNT ABSTAIN: COiJNCILMEMBERS: NoNE UPON THE FOLLOWING ROLL CALL VOTE: AYES: COUNCILMEMBERS: BRINLEY, METZE, PAPE, KELLEY APPROVED AS TO r CITY ATTORNEY DK09720/988055/528795.4 4 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE ) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the City Council oF the City of Lake Elsinore at a Regular Meeting of said Council on the 26'" day of January, 1999, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BRINLEY, METZE, PAPE, KELLEY NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: VACANT ABSTAIN: COUNCILMEMBERS: NONE `IC'HI ~A AD, CITY CLERK CbTY (3~ Y.AKE ELSINORE (S~AL) STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) SS: CITY OF LAKE ELSINORE) I, VICHI KASAD, CITY CLERK OF THE CITY OF LAKE ELSINORE, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 99-4 of said Council, and that the same has not been amended or repealed. DATE: February 3,1999 ~ 1~'C.~. ,~~t'~" I VI~KI I{~SAD, CI i Y CLERK CiTY ON LAKE ELSINORE (SEAi.)