HomeMy WebLinkAbout1981-028
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San Bernardino
60,009-21:"3
RESOLUTION NO. ?/-d f'
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE CITY OF SAN BERNARDINO
ESTABLISHING BOND RESERVE FUND
ASSESSMENT DISTRICT NO. 5861
THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
BERNARDINO DO HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
section 1. There is hereby created a special fund
to be designated Special Reserve Fund, Assessment District
No. 5861, City of San Bernardino, California.
Section 2. Out of the proceeds of the sale of
Improvement Bonds to represent unpaid assessments in Assess-
ment District No. 5861, there shall be deposited in the
Special Reserve Fund the amount designated for this purpose
in the report required by Section 10204 of the Streets and
Highways Code and approved by the Mayor and Common Council.
Section 3. During the term of the improvement
bonds, the money in the Special Reserve Fund shall be avail-
able for transfer into the Redemption Fund for the bonds
pursuant to Section 8808 of the streets and Highways Code.
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San Bernardino
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The amount so advanced shall be reimbursed to the Special
Reserve Fund from the proceeds of redemption or sale of the
parcel for which payment of delinquent assessment installments
was made from the Special Reserve Fund.
Section 4. If any assessment is prepaid prior to
the final maturity of the Bonds, the amount of principal
which the assessee is required to prepay shall be reduced by
an amount which is in the same ratio to the original amount
of the Special Reserve Fund, together with accrued interest,
as the original amount of the prepaid assessment bears to
the total amount of assessments originally levied in Assess-
ment District No. 5861. The reduction in the amount of
principal prepaid shall be compensated for bya transfer
from the Special Reserve Fund to the Redemption Fund for the
Bonds of a like amount.
Section 5. In order to prevent the Special Reserve
Fund from exceeding the reserve limitations set by federal
statute and regulation, the City Treasurer is hereby authorized
and directed td make transfers of accrued interest from the
Special Reservr Fund to the Redemption Fund from time to
time, and to ~stablish pro rata credits against annual
installments bf assessment principal and interest in a like
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amount in th~ year following the year of transfer.
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San ~ernardino
60,009-2l~3
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Section 6. When the amount in the Special Reserve
Fund equals or exceeds the amount required to retire the
remaining unmatured bonds (whether by advance retirement or
otherwise), the amount of the Special Reserve Fund shall be
transferred to the Redemption Fund for the Bonds, and the
remaining installments of principal and interest not yet due
from assessed property owners shall be cancelled without
payment.
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San Bern.ardino
60,009-21-1
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the Mayor and Common Council of the City of
San Bernarc(i.~~
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at a
Ji!!-day of
wit:
AYES:
NAYS:
ABSENT:
~Jf,6d meeting thereof, held on the
1981, by the followir.3 vote, to
councilmen:~~A: SJ)L~ /~/_j;
criA-M{ ~/./.sIAt:r'kfo .
~L5,
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regoing Resolution is hereby approved this
a/_ day of
APPROVED AS TO FOIU1:
, 1981.
San Bernardino
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Clty A orney
P21 (ap)
1/15/81