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HomeMy WebLinkAbout1986-421 ~ SBE077-9/1796S/sg 08/07/86 RESOLUTION NO. 86-421 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 WHEREAS, pursuant to Resolution No. 84-551 of the Mayor and Common Council of the City of San Bernardino, California (the "Mayor and Common Council"), dated December 17, 1984, entitled: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, CALIFORNIA, DECLARING ITS INTENTION TO ORDER THE ACQUISITION AND INSTALLATION OF CERTAIN IMPROVEMENTS WITHIN A PORTION OF THE CITY DESIGNATED "ASSESSMENT DISTRICT NO. 961"; DESCRIBING THE LOCATION OF THE IMPROVEMENTS; DESCRIBING THE AREA TO BE BENEFITED BY THE ACQUISITION AND INSTALLATION OF THE IMPROVEMENTS; DESCRIBING THE BONDS TO BE ISSUED TO REPRESENT UNPAID ASSESSMENTS; PROVIDING FOR THE DISPOSITION OF SURPLUS REMAINING IN THE IMPROVEMENT FUND; DIRECTING THE ENGINEER OF WORK TO PREPARE AND PRESENT HIS REPORT IN THE FORM AND MANNER DESCRIBED IN ORDINANCE NO. 3902 AND THE MUNICIPAL IMPROVEMENT ACT OF 1913, DIVISION 12 OF THE STREETS AND HIGHWAYS CODE OF CALIFORNIA; AND MAKING CERTAIN OTHER FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH the City of San Bernardino, California (the "City"), initiated procedures for the formation of Assessment District No. 961 (the "District") pursuant to the Ordinances hereinafter referred to and under the provisions of the Municipal Improvement Act of 1913, as amended (California Streets and Highways Code Section 10000, et seq.) (the "1913 Act"), and in said Resolution No. 84-551, the - 1 - Mayor and Common Council also declared its intention to issue bonds (the "1985 Bonds") in connection with the public improvements to be acquired and constructed for the benefi t of lands located wi thin said District pursuant to the provisions of the Improvement Bond Act of 1915, as amended (Streets and Highways Code Section 8500, et seq.) (the "1915 Act"); and WHEREAS, pursuant to the adoption of Resolution No. 84-551 the Mayor and Common Council initiated assessment proceedings for the District and directed the preparation of the Engineer's Report by the City Engineer which included, among other items, the actual cost of improvements to be acquired and the estimated cost of improvements to be constructed and the assessment for each parcel to be benefitted within the District; and WHEREAS, the Mayor and Common Council have heretofore adopted Ordinance No. 3902, as amended by Ordinance No. MC-426 on January 7, 1985, and Ordinance No. MC-442 on March 19, 1985 (collectively, the "Ordinance"), which Ordinance modified certain of the provisions of and procedures prescribed by the 1913 Act and the 1915 Act insofar as they relate to assessment district formation, assessment proceedings and the issuance of Bonds by the City; and WHEREAS, the Mayor and Common Council have caused to be prepared, modified and confirmed an Engineer's Report for the District, as modified after confirmation by Mayor and Common Council Resolution No. 85-44 which was adopted on January 28, 1985 {the - 2 - "Engineer's Report"), in accordance with the Ordinances and the 1913 Act and a copy of said Engineer's Report is on file in the office of the City Clerk; and WHEREAS, the Engineer's Report entitled "City of San Bernardino, Engineer's Report and Related Documents, Assessment District No. 961, Park Centre Properties, Rancho Consultants Realty Fund IV" has been filed with the City Clerk and approved by the Mayor and Common Council, pursuant to the provisions of the Special Assessment Investigation Limitation and Majority Protest Act of 1931; and WHEREAS, the Mayor and Common Counc i I have adopted Resolution No. 85-44, dated January 28, 1985, entitled: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO ORDERING CHANGES AND MODIFICATIONS TO ENGINEER'S REPORT, MODIFYING ASSESSMENT, CONFIRMING ASSESSMENT AS MODIFIED, ORDERING THE IMPROVEMENTS AND ORDERING RECORDATION OF ASSESSMENT DIAGRAM AND NOTICE OF ASSESSMENT in connection with the District; and WHEREAS, pursuant to said Resolution No. 85-44, the Superintendent of Streets has recorded an assessment roll and other documents in connection with the formation of the District; and WHEREAS, pursuant to the adoption of Resolution No. 85-117 the Mayor and Common Council approved the modified Engineer's Report - 3 - by the City Engineer, amended the Resolution of Intention, reduced the amount of the assessments, which reduction was necessary as a consequence of the elimination of certain improvements, and approved such amendments to the Resolution of Intention; and WHEREAS, pursuant to said Resolution No. 85-117, the City Clerk - has recorded a notice of amended assessment with the County Recorder of San Bernardino County and the Superintendent of Streets has recorded an amended assessment roll and other documents as necessary as a result of the modification of the assessment; and WHEREAS, the Mayor and Common Council have taken such other necessary or appropriate action in connection with the construction of the improvements, the levy and collection of the assessments and related matters and amendments to documents, reports and resolutions in connection with the District, including without limitation, the adoption of Resolution No. 85-118, dated March 19, 1985, entitled: RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO APPROVING THE BOND PURCHASE CONTRACT AND AWARDING BONDS ; and WHEREAS, the Mayor and Common Council have heretofore adopted Resolution No. 85-116 (the "1985 Resolution of Issuance"), authorizing the issuance and sale of the $13,400,000 City of San Bernardino, Improvement Bonds, Assessment District No. 961, Series 1985 (Park Centre) (the "1985 Bonds"); and - 4 - WHEREAS, the 1985 Bonds are dated as of March 1, 1985, bear interest at the rates, are in the principal amounts and mature in the amounts and the years as stated below: Principal Amount Maturity Date (March 1) $ 230,000.00 250,000.00 275,000.00 300,000.00 330,000.00 360,000.00 400,000.00 440,000.00 485,000.00 535,000.00 590,000.00 655,000.00 720,000.00 800,000.00 890,000.00 985,000.00 1,095,000.00 1,215,000.00 1,350,000.00 1,495,000.00 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 and WHEREAS, the 1985 Bonds are subj ect to redempt ion on any March 1 or September 1 in advance of maturity upon giving sixty (60) days' prior notice and upon payment of the principal amount thereof and interest accrued thereon to the date of redemption, plus a redemption premium not to exceed five percent (5%) of the principal amount so called for redemption prior to maturity as provided in the 1915 Act and the above cited Resolutions providing for the issuance of the 1985 Bonds; and - 5 - WHEREAS, various owners of the lands located wi thin the District have requested the City to initiate the appropriate proceedings for the refunding of the 1985 Bonds in order to facilitate the development of said lands within the District; and WHEREAS, the Mayor and Common Council by the adoption of this Resolution of Intention deem it to be in the public interest, convenience and necessity to ini tiate proceedings pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds (Streets and Highways Code Section 9500, et seq.) (the "1984 Act") for the refunding of the 1985 Bonds together with the levy of a reassessment on the property included within the District for the purpose of paying the debt service requirements on the refunding bonds and refinancing the indebtedness of the 1985 Bonds by the issuance of such refunding bonds (the "Bonds") pursuant to the 1984 Act. 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 find and determine that the public interest, convenience and necessity require the initiation of proceedings pursuant to the 1984 Act for the refunding of the 1985 Bonds together with the levy of a reassessment on the property included within the District for the purpose of refunding the 1985 Bonds and providing for the issuance of the Bonds pursuant to the 1984 Act. - 6 - Section 2. The Mayor and Common Council hereby declare the intent of the City to refund the 1985 Bonds and to levy the reassessment as security for the Bonds. Proceedings for the refunding of the 1985 Bonds, the levy of a reassessment upon the lands included wi thin the District, and the issuance of the Bonds are hereby initiated pursuant to Section 9520 of the 1984 Act and this Resolution of Intention. Section 3. In accordance with the provisions of the 1984 Act, all of the 1985 Bonds outstanding as of the date hereof are to be refunded and the exterior boundaries of the District shall be those boundaries fixed by said resolutions confirming said Engineer's Report on file wi th the Ci ty Clerk for the proceedings relative to the issuance of the 1985 Bonds. Section 4. The property assessed in connection with the acquisition and construction of the improvements for the benefits of lands located within the District shall be the property to be reassessed for the purpose of paying the debt service on the refunding bonds and refinancing the indebtedness of the 1985 Bonds. Section 5. It is intended that the City shall issue the Bonds for the financing of the District pursuant to Section 9602 of the 1984 Act in a principal amount of not to exceed fifteen million dollars ($15,000,000). The final principal amount of the Bonds shall be equal to the total principal amount of the reassessment as approved and confirmed by the Mayor and Common Council pursuant to - 7 - Section 9525 of the 1984 Act. The Bonds shall be issued as fully registered Bonds in the denomination of $5,000 or any integral multiple thereof and shall be numbered in consecutive numerical order from one (1) upwards. The Bonds shall be dated the date of the recording of the reassessment pursuant to Section 9536 of the 1984 Act and shall bear interest from that date at the rates and shall mature in the amounts and on the dates as shall be set forth in a bond purchase agreement as provided by the Underwriter for the Bonds. Interest on the Bonds shall be payable semiannually on March 2 and September 2 of each year commencing March 2, 1987. Principal of and interest on the Bonds shall be payable at the office of the Ci ty Treasurer or as otherwise set forth in the subsequent proceeding relating to the issuance of the Bonds. The Bonds shall bear interest at the rate or rates per annum to be established by resolution of the Mayor and Common Council upon the sale of the Bonds; provided, however, that the maximum rate or rates of interest on the Bonds shall not exceed twelve percent (12%) per annum. The Bonds shall be executed on behalf of the City by the manual or facsimile signature of the Mayor of the City or such other authorized executive officer of the City and by the manual or facsimile signature of the City Treasurer and shall be attested by the manual or facsimile signature of the City Clerk, and the seal of the City shall be impressed, imprinted or reproduced thereon. Sect ion 6. The Mayor and Common Counc i 1 hereby set a public hearing for the refunding of the 1985 Bonds on Decemher 8, 198~ in the regular meeting place of the Mayor and Common Council, being the Mayor and Common Council Chambers, City Hall, in - 8 - accordance with the notice which shall be provided to the City Clerk, and such notice to be given in the manner and in form as required pursuant to the terms of Section 9527 of the 1984 Act. Section 7. The Mayor and Common Council hereby direct the City Engineer or such other qualified person retained or employed pursuant to Section 9506 of the 1984 Act to prepare and to file with the City Clerk a written report in accordance with Section 9523 of the 1984 Act (the "Report") which Report shall include, among other items, the following: (a) a schedule of the total unpaid principal of and interest on the 1985 Bonds; (b) the total estimated principal amount of the reassessment and the aggregate principal amount of the Bonds, including interest payable thereon at the maximum interest rate, together wi th an estimate of all costs and expenses in connection with said reassessment and the issuance of the Bonds; (c) the record of the Audi tor (as def ined in Streets and Highways Code Section 8509) for the original assessments kept pursuant to Section 8682 of the California Streets and Highways Code; - 9 - (d) the estimated amount of each reassessment together with a proposed Auditor's record for the reassessment; and (e) a reassessment diagram showing the District and the boundaries and dimensions of the subdivisions of land within the District. The City Engineer is directed to initiate such other reports or studies as may be necessary or appropriate in connection with the reassessment of the District or as required pursuant to the 1984 Act. Section 8. The City Clerk is hereby directed to present the Report to the Mayor and Common Council for consideration, modification, correction or confirmation at such time as said Report is filed with the City Clerk as provided in Section 7 above. - 10 - Section 9. This Resolution shall take effect upon adoption. I HEREBY CERTIFY adopted by the Mayor San Bernardino at a held on the 20th day of the following vote, to wit: that the foregoing and Corrunon Counc i 1 regular October resolution was duly of the Ci ty of meeting thereof, 1986 , by AYES: Council Members Estrada. Reilly, Hernandez, Marks. Ouiel, Frazier, Strickler NAYS: None ABSENT: None ~$~~d;/ City/Clerk day of The foregoing resolution is hereby approved this 6?/~ October , 1986. Approved as to form: I ~/.~ r~ ~i ty 'Attorney - 11 -