No preview available
HomeMy WebLinkAbout1986-506 SBE077-3/1529S/de 11/24/86 RESOLUTION NO. 86-506 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, MAKING CERTAIN FINDINGS AND DETERMINATIONS WITH RESPECT TO A CERTAIN REPORT FILED WITH THE CITY CLERK PURSUANT TO THE REFUNDING ACT OF. 1984 FOR 1915 IMPROVEMENT ACT BONDS, AND MAKING FINAL CONFIRMATION OF SAID REPORT WHEREAS, on October 23, 1986, the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Counci 1") , approved Resolution No. 86-421 (the "Resolution of Intention") in connection with the refunding of the $13,400,000 City of San Bernardino, Improvement Bonds, Assessment District No. 961, Series 1985 (Park Centre) (the "1985 Bonds"); and WHEREAS, the Mayor and Common Council by the adoption of said Resolution of Intention has deemed it to be in the public interest, convenience and necessity to initiate proceedings pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Streets and Highways Code Section 9500, et~.) (the "1984 Act"), for the refunding of the 1985 Bonds together with the levy of a reassessment on the property included within Assessment District No. 961 (the "District") for the purpose of refunding the indebtedness of the 1985 Bonds and the issuance of refunding bonds pursuant to Chapter 3 (commencing with Section 9600) of the 1984 Act; and K. WHEREAS, pursuant to the Resolution of Intention, the Mayor and Common Council have declared that the public interest and necessity requires the refunding of the 1985 Bonds and has declared its intention to refund the 1985 Bonds by issuing certain refunding bonds and to levy reassessments on the property included within the District as security for the refunding bonds entitled "City of San Bernardino, California, Improvement Refunding Bonds, Assessment District No. 961, Series 1986 (the "Bonds"); and WHEREAS, pursuant to the Resolution of Intention the Mayor and Common Council have directed the preparation and filing with the Ci ty Clerk of a certa in report by the Ci ty Engineer, which report shall contain the information as set forth in Section 9523 of the 1984 Act (the "Report"); and WHEREAS, the City Engineer has caused to be filed with the City Clerk the Report prepared pursuant to Section 9523 of the 1984 Act containing (a) a schedule of the outstanding principal of and interest on the 1985 Bonds, (b) the estimated total principal amount of the reassessment and the aggregate principal amount of the Bonds including interest payable thereon at the maximum interest rate, together with an estimate of all costs and expenses of said reassessment and of issuing the Bbnds, (c) a certain report of the Auditor (as defined in Streets and Highways Code Section 8509) kept pursuant to Streets and Highways Code Section 8682, (d) the estimated amount of each reassessment, and (e) a reassessment diagram showing the property within the District and the boundaries - 2 - and dimensions of the subdivisions of land within the District in connection with the proposed refunding of the 1985 Bonds; and WHEREAS, the City Clerk has presented the Report to the Mayor and Common Council for consideration, modification or correction as provided in Section 9524 of the 1984 Act; and WHEREAS, the Mayor and Common Council intend to proceed with the refunding and reassessment and have preliminarily approved the Report and pursuant to certain notices as prepared in accordance with Section 9527 of the 1984 Act have set a public hearing on the Report and on the proposed refunding and reassessment for December 8, 1986, at 9:00 a.m. in the Council Chambers, City Hall, 300 North "D" Street, San Bernardino, California 92418, all as further provided in said notices; and WHEREAS, the City has, in accordance with Section 9527 of the Act, published in The Sun a notice of public hearing and has mailed to the affected owners of the properties within the District notice of such public hearing; and WHEREAS, the Mayor and Common Council shall, at this time, hold a public hearing on the Report and on the proposed refunding and reassessment and shall hear any complaints or objections as may be made by any of the affected owners of the properties within the District concerning the proposed refunding, the amount of unpaid - 3 - assessments or the amounts of proposed reassessments with respect to any of the parcels of land to be reassessed; and WHEREAS, in the absence of a maj ori ty protest pursuant to Section 9534.5 of the Act, the Mayor and Common Council deem it desirable to approve and confirm the Report and to approve the reassessment in accordance with Chapter 2 of the 1984 Act and to proceed to authorize the issuance of the Bonds pursuant to Chapter 3 of the 1984 Act; and WHEREAS, the Mayor and Common Council must also authorize the execution and delivery of certain related legal documents in connection with the issuance of the Bonds and approve same as to form; and WHEREAS, the City has duly and regularly adopted its Resolution entitled: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, AUTHORIZING THE ISSUANCE OF AN AGGREGATE PRINCIPAL AMOUNT OF $12,450,000 OF REFUNDING BONDS OF SAID CITY TO REFUND PREVIOUSLY ISSUED $13,400,000 CITY OF SAN BERNARDINO, IMPROVEMENT BONDS, ASSESSMENT DISTRICT NO. 961, SERIES 1985 (PARK CENTRE) hereinafter referred to as the "Resolution of Issuance"; and - 4 - WHEREAS, First Interstate Bank of California, as the Fiscal Agent and as the Escrow Bank, and the Underwriter may require certain changes, modifications and amendments to the Resolution of Issuance to clarify matters or questions arising under, or to cure any ambiguity or defect or inconsistent provisions within the Resolution of Issuance and to incorporate the specific financial terms and provisions of the sale of the Bonds by the City to the purchaser thereof when the final terms have been ascertained on or prior to the date of the actual issuance and delivery of the Bonds; and WHEREAS, it is necessary for the Mayor and Common Council by this Resolution to consider the authorization and approval of certain amendments to the Resolution of Issuance as such Resolution of Issuance may be amended, modified and changed subsequent to the approval of the Resolution of Issuance through and including the date of issuance and delivery of the Bonds. NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. The Mayor and Common Council hereby accept for consideration the Report as presented at this meeting by the City Clerk pursuant to Section 9524 of the 1984 Act. - 5 - Section 2. Pursuant to Section 9527 of the 1984 Act, the City Clerk has caused the Notice of Public Hearing to be published in The Sun, a newspaper of general circulation published in the City by at least two (2) publications with the first publication at least ten (10) days prior to the date set for the public hearing, being December 8, 1986. The Mayor and Common Council hereby ratify such publication of the Notice of Public Hearing, attached hereto as Exhibit "A" and by this reference incorporated herein, as has been published in The Sun, on November 26, 1986, and on December 3, 1986. Pursuant to Section 9527 of the 1984 Act, the Director of Public Works/City Engineer and City Clerk have caused certain Notices to Property Owners re Proposed Reassessment and Refunding (the "Notice to Property Owners") to be mailed to the various affected owners of the property within the District to be reassessed at least twenty (20) days prior to the date set for the public hearing, being December 8, 1986. The Mayor and Common Council hereby ratifies the mailing of the Notices to Property Owners, attached hereto as Exhibi t "B" and by this reference incorporated herein, as has been mai led to each affected property owner on or before November 14, 1986. Section 3. Pursuant to Section 9535 of the 1984 Act, in the absence of a majority protestOpursuant to Section 9534.5 of the 1984 Act, the Mayor and Common Council hereby approve and confirm the Report and the reassessment as originally made, or as reviewed and corrected, as such Report is on file with the City Clerk, and authorize the issuance and sale of the Bonds in accordance with the - 6 - provisions of Chapter 3 of the 1984 Act, and the precise terms and provisions of the Bonds shall be as provided by separate resolution of the Mayor and Common Council. The City Clerk is hereby directed to attach a certified copy of this Resolution to the Report. Section 4. The Mayor and Common Council hereby direct the reassessment, as herein confirmed for the District and as included within the Report as on file with the City Clerk pursuant to Section 9523 of the 1984 Act, to be recorded with the City Superintendent of Streets in the manner as provided by Section 9536 of the 1984 Act and with the Office of the County Recorder for the County of San Bernardino as provided by said Section 9536 and pursuant to the provisions of Division 4.5 (commencing with Section 3l00) of the Streets and Highways Code with a copy of this Resolution of the Mayor and Common Council confirming said reassessment to be fi led in the off ice of the Audi tor as soon as practicable after the date of adoption of this Resolution. Section 5. Upon the recordation of said reassessment as provided in Section 4 of this Resolution, the reassessment shall become a lien upon the lands reassessed within the District. Section 6. The Mayor and Common Counci 1 hereby levy upon the lands in the District, and each subdivision thereof, the reassessments as described in the Report as on file with the City Clerk. The reassessments shall become a lien upon the lands in the - 7 - District, and the reassessments shall be deemed to supersede and supplant both the assessments originally levied upon the lands in the District and any and all penalties and interest accrued on such assessments as originally levied. The lien of the reassessment shall be superior and prior to all other liens on assessments within the District, and such superiority and priority shall be given to the reassessment as of the date that the original assessments became a lien upon the lands within the District as reassessed pursuant to these proceedings. The City Treasurer is hereby directed to initiate the necessary action with the County of San Bernardino to prepare the release of the assessment lien of the District upon the lands of the District and take the necessary or appropriate actions for the County of San Bernardino to collect the reassessment for the District on behalf of the City of San Bernardino in the same manner as ad valorem property taxes are collected by said County. Section 7. On the date of issuance of the Bonds, the reassessments and any and all reassessments which may be issued in lieu thereof together with any interest thereon shall be deposited into an irrevocable trust fund established pursuant to the Resolution of Issuance of the Bonds and shall be used for the redemption and payment of the principal of and interest on the Bonds. -- Section 8. The Bonds for the District shall be issued pursuant to Section 9602 of the 1984 Act in an aggregate principal amount equal to $12,450,000. The maximum terms and rate or rates of - 8 - interest on the Bonds shall not exceed the term and rate or rates of interest permitted by the 1984 Act and other applicable laws and as set forth in the Resolution of Issuance and the Bond Purchase Agreement between the City and the Underwriter for the Bonds. The interest on the 1985 Bonds shall be paid as the same becomes due on March 1, 1987. The principal of and premium, if any, on the 1985 Bonds shall be paid as the same become due on September 1, 1987, or at certain designated dates prior to their maturity dates (where the City has exercised a redemption privilege as set forth in the resolution authorizing the issuance of the 1985 Bonds). Any outstanding 1985 Bonds which shall be exchanged for the Bonds issued pursuant to the 1984 Act shall be cancelled by the City Treasurer. Section 9. On or prior to the expiration of thirty (30) days from the date of the adoption of this Resolution confirming the Report and approving the reassessment and the Resolution of Issuance of the Bonds, and in accordance with certain waivers of Period to Contest Validity and Consent to Issuance of Bonds a form of which is attached hereto as Exhibit "CO and incorporated herein by reference, the City may thereafter issue and deliver the Bonds pursuant to the 1984 Act and shall provide for the establishment of an irrevocable escrow fund (the "Escrow Fund") with all or a portion of the proceeds of the Bonds in an amount which is certified by an independent certified public accountant licensed to practice within the State of California to be sufficient, together with any interest or any investment proceeds thereon, to pay the principal of, - 9 - redemption premium, if any, and interest on the 1985 Bonds as they become due and payable on the maturity date of September 1, 1987, for the 1985 Bonds maturing on said date and prior to their maturity on March 1, 1987, as the date designated for the payment of interest due on the 1985 Bonds and for the redemption prior to maturity for all 1985 Bonds maturing after September 1, 1987, pursuant to the Resolution of Issuance, and, upon receipt of the proceeds of the Bonds and the establishment of the Escrow Fund, to defease the 1985 Bonds and the lien and covenants and warranties by the City with the holders of the 1985 Bonds as created pursuant to the resolutions and proceedings with respect to the authorization and issuance of the 1985 Bonds. Section 10. The Ci ty hereby approves such changes, modifications and amendments to the Resolution of Issuance as may be approved by the City Treasurer and the City Attorney upon the recommendation of Bond Counsel. All terms not otherwise specified in the Resolution of Issuance shall be those terms and provisions as may be set forth in the Bond Purchase Agreement as shall be submitted in final form by the Underwriter prior to the time of the issuance and delivery of the Bonds and as shall be set forth in those certain amendments to the Resolution of Issuance approved by this Resolution. The Mayor and City Clerk are hereby authorized and directed to execute the final for~ of the Resolution of Issuance which shall - 10 - set forth the final terms and provisions of the sale of the Bonds when the final terms have been ascertained by the Underwriter based upon the most favorable market conditions then available in the municipal bond market, together with such amendments, modifications and changes as may be required by the Fiscal Agent, the Escrow Bank and the Underwriter and as such amendments, modifications and changes may be approved by the City Treasurer and the City Attorney upon the recommendation of Bond Counsel. Section 11. This resolution shall take effect upon adoption. I HEREBY adopted by the San Bernardino at held on the 8th the following vote, CERTIFY that the foregoing Mayor and Common Counci 1 an ~;;an;'r~fn r~~l1~=~ember to wit: resolution of the meeting was duly City of thereof, 1986 , by AYES: Council Members Estrada, Reilly, Quiel, Strickler NAYS: Council Member Frazier ABSENT: Council Members Hernandez, Marks ~/~~ Cny Clerk - 11 - day of The foregoing resolution is hereby approved this nA~AmhAr , 1986. Approved as to form: !~~ j,A. . ity Attorney - 12 - <;d/ fLef(J~fu/ Mayor of the City of San Bernardino EXHIBIT "A" NOTICE OF PUBLIC HEARING BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, ON A CERTAIN RESOLUTION OF INTENTION AND ENGINEER'S REPORT NOTICE IS HEREBY GIVEN of the passage of Resolution No. 86-421, adopted on October 20, 1986, by the Mayor and Common Council of the City of San Bernardino entitled, "Resolution of the Mayor and Common Council of the City of San Bernardino, California, DeClaring Its Intention to Refund All Outstanding Bonds of the $13,400,000 City of San Bernardino, Improvement Bonds, Assessment District No. 961, Series 1985 (Park Centre), Pursuant to the Refunding Act of 1984 For 1915 Improvement Act Bonds" (the "Resolution of Intention") and of the filing with the City Clerk of a certain Engineer's Report (as hereinafter defined). A public hearing on the Resolution of Intention and the Engineer's Report has been scheduled at the date, time and place designated as follows: Monday, December 8, 1986 9:00 a.m. Council Chambers City Hall 300 North "0" Street San Bernardino, California 92418 The Resolution of Intention initiates certain proceedings pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Streets and Highway Code Sect ion 9500, et~.) (the "Refunding Act of 1984") for the refunding of all outstanding $13,400,000 City of San Bernardino, Improvement Bonds, Assessment District No. 961, Series 1985 (Park Centre), previously issued by the City of San Bernardino, California (the "City") on or prior to their maturity dates, in connection with the formation of Assessment District No. 961 within the City. The Resolution of Intention states that the property to be reassessed is the property originally assessed in connection with the creation of Assessment District No. 961 within the City and also authorizes the levy of a reassessment on the property included in Assessment District No. 961 for the purpose of issuing new bonds for said refunding. The total estimated cost of the proposed reassessment and refunding as contained in that certain report of the engineer appointed by the City prepared pursuant to Section 9523 of the Refunding Act of 1984 and on file with the City Clerk (the "Engineer's Report"), and the Resolution of Intention is $12,450,000. The total amount to be reassessed against all of the properties within Assessment District No. 961 is $12,450,000 and the amounts of each proposed reassessment upon the various parcels of land in said Assessment Oistrict No. 961 are as contained in the Engineer's Report. A-I Section 9528 of the Refunding Act of 1984 provides that any persons interested in any of the property to be reassessed having any objections to the proposed refunding or reassessment may appear and show cause why said refunding or reassessment should not be done or carried out in accordance with the Resolution of Intention and the Engineer's Report. Protests must be in writing and must be delivered to the City at or prior to the date and time set for the public hearing, being December 8, 1986, at the hour of 9:00 a.m. Failure to file a written protest prior to or at the date and time fixed for the public hearing as set forth above shall be a waiver of any right which any such interested persons may have or claim. Copies of the Resolution of Intention and the Engineer's Report are on file with the City Clerk of the City for further particulars. NOTICE GIVEN as of this ____ day of November 1986. Shauna Clark, City Clerk of the City of San Bernardino, California To be published in The Sun 11/26/86 and 12/3/86. A-2 EXHIBIT "B" NOTICE TO PROPERTY OWNER OF ASSESSER'S PARCEL NO. OF PROPOSED REASSESSMENT AND BOND REFUNDING TO THE PROPERTY OWNER OF ASSESSOR'S PARCEL NO. within The San Bernardino Assessment District No. 961: Included Please take notice of the passage of Resolution No. 86-421, adopted on October 20, 1986, by the Mayor and Common Council of the City of San Bernardino entitled, "Resolution of the Mayor and Common Council of the City of San Bernardino, California, Declaring Its Intention to Refund All Outstanding Bonds of the $13,400,000 City of San Bernardino, Improvement Bonds, Assessment District No. 961, Series 1985 (Park Centre), Pursuant to the Refunding Act of 1984 For 1915 Improvement Act Bonds" (the "Resolution of Intention") and of the filing with the City Clerk of a certain Engineer's Report (as hereinafter defined). A Engineer's designated public hearing Report has been as follows: on the Resolution scheduled at the of Intention and date, time and the place Monday, December 8, 1986 9:00 a.m. Council Chambers City Hall 300 North "D" Street San Bernardino, California 92418 The Resolution of Intention initiates certain proceedings pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Streets and Highway Code Section 9500, et~.) (the "Refunding Act of 1984") for the refunding of all outstanding $13,400,000 City of San Bernardino, Improvement Bonds, Assessment District No. 961, Series 1985 (Park Centre), previously issued by the City of San Bernardino, California (the "City") on or prior to their maturity dates, in connection with the formation of Assessment District No. 961 within the City. The Resolution of Intention states that the property to be reassessed is the property originally assessed in connection with the creation of Assessment District No. 961 within the City and also authorizes the levy of a reassessment on the property included in Assessment District No. 961 for the purpose of issuing new bonds for said refunding. The total estimated cost of the proposed reassessment and refunding, as contained in that certain report of the engineer appointed by the Mayor and Common Council prepared pursuant to Section 9523 of the Refunding Act of 1984 and on file with the City Clerk (the "Engineer's Report"), and the Resolution of Intention is $12,450,000. The total amount to be reassessed against all of the properties within Assessment District No. 961 is $12,450,000. The amount of the proposed reassessment B-1 against Assessor' s Parcel No. ,being a Iso known as Assessment No. included within San Bernardino Assessment District No. 961-R, in said Assessment District No. 961 is $ , all as contained in the Engineer's Report. Section 9528 of the Refunding Act of 1984 provides that you, as the owner of certain property to be reassessed, may object to or protest the proposed refunding or reassessment by appearing and showing cause why said refunding or reassessment should not be done in accordance with the Resolution of Intention and the Engineer' s'Report. Protests must be in writing and must be delivered to the City at or prior to the date and time set for the public hearing, being December 8, 1986, at the hour of 9:00 a.m. Failure to file a written protest prior to or at the date and time fixed for the public hearing as set forth above shall be a waiver of any right which you may have or claim. Copies of the Resolution of Intention and the Engineer's Report are on file with the City Clerk for further particulars. A copy of the Resolution of Intention is enclosed for your reference. For further information, please contact the City Official designated in the Resolution of Intention. NOTICE GIVEN as of this day of November 1986. Shauna Clark, City Clerk of the City of San Bernardino, California B-2 EXHIBIT "c" $12,450,000 CITY OF SAN BERNARDINO, CALIFORNIA IMPROVEMENT REFUNDING BONDS ASSESSMENT DISTRICT NO. 961 SERIES 1986' [owner's name] WAIVER OF PERIOD TO CONTEST VALIDITY AND CONSENT TO ISSUANCE OF BONDS FOR ASSESSMENT DISTRICT NO. 961 PURSUANT TO SECTIONS 9700 AND 9707 OF THE 1984 ACT The undersigned, [owner's name(s) and legal status], owning certain property within Assessment District No. 961 as [ownership status] hereby agree[s] with the City of San Bernardino, California (the "City"), and with the Mayor and Common Council of the City as follows: 1. The that they are included within the City. undersigned the owners Assessment hereby represent[s] and warrant[s] of a portion of the real property District No. 961 (the "District") in 2. The undersigned hereby request[s] that the Reassessment, as set forth in Exhibit "A" attached hereto and incorporated herein by reference, be confirmed and the undersigned hereby consent[s] to such Reassessment. 3. As used in this Waiver of Period to Contest Validity and Consent to Issuance of Bonds for Assessment District No. 961 Pursuant to Sections 9700 and 9707 of the 1984 Act (the "Waiver"), the term "Assessment Laws" means collectively Ordinance No. 3902 of the City, as amended, the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of the State of California, the Municipal Improvement Act of 1913, Division 12 of said Code, and the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of said Code (the "1984 Act"). The undersigned hereby acknowledge[s] and agree[s] that each understand their respective rights and obligations under the Assessment Laws, including, without limitation, their right to contest the validity of the $12,450,000 City of San Bernardino, California, Improvement Refunding Bonds, Assessment District No. 961, Series 1986 (the "Refunding Bonds"), to be issued pursuant to the 1984 Act within thirty C-l (30) days after the adoption of the resolution of the City providing for the issuance of the Refunding Bonds (the "Resolution of Issuance"), their right to bring an action or proceeding to set aside, cancel, avoid, annul or correct the Reassessment levied or to be levied under the 1984 Act, or to review any of the proceedings, acts or determinations made in the proceedings for the Reassessment and the issuance of the Refunding Bonds, or to question the validity of or enjoin the Reassessment or any of the reassessments therein, or to enjoin the issuance of the Refunding Bonds representing the Reassessment, or to urge, plead or prove, the invalidity of the Reassessment or any of the reassessments therein or any Refunding Bond in any action within thirty (30) days from the date of adoption of the Resolution of Issuance for the Refunding Bonds. Each of the undersigned hereby expressly waives (i) their right to contest the validity of the Refunding Bonds and (ii) their right to contest the validity or to enjoin the collection of the reassessments within such thirty (30) day period or at all. Each of the undersigned hereby request that the amount of the Reassessment, which is Twelve Million Four Hundred Fifty Thousand Dollars ($12,450,000), be represented by and be security for the Refunding Bonds and that such Refunding Bonds for the District be issued, and each of the undersigned hereby consents to such issuance. 4. Each of the undersigned hereby waives all right to challenge, appeal, protest or otherwise contest in any way whatsoever the proceedings taken in connection with the District on any grounds whatsoever, including, without limitation, Section 9700, et ~., of the 1984 Act, or any provisions of the Assessment Laws, and in addition, each of the undersigned hereby consents to and approves of all actions that have been taken or that may be taken relating to or in connection with the reassessment proceedings and the issuance of the Refunding Bonds. The undersigned hereby waive[s] any defects or irregularities in any of the reassessment proceedings, including, without limitation, any defect or irregularities with regard to the giving of written notice and the publication and posting of notice of public hearing held, pursuant to Resolution No. 86-421 of the Mayor and Common Council of the City, at 9:00 A.M., on December 8, 1986, in the Council Chambers, City Hall, 300 North "0" Street, San Bernardino, California 92418. 5 [name of owner(s)] _hereby represent[s] and warrant[s] as follows: (i) the [legal status of owner] executing this Wai ver has/have the right, power, legal capaci ty and authori ty to execute this Waiver in their [legal status of owner] capacity and (ii) [name of owner(s)] has/have the full legal right, power and authority to execute and deliver this waiver and the execution and delivery of this Waiver is not contrary to any other agreement, indenture or other document expected or entered into by said [legal capacity of owner]. C-2 6. Each of the undersigned hereby agrees that this Waiver shall be binding upon each of them and their representatives, successors and assigns and their successors in title to each portion of the real property included within the District. 7. This Waiver may be executed in counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. OWNER[S], [legal capacity] By: [name of signatory] By: [name of signatory] C-3