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HomeMy WebLinkAboutCC RES 95-118 RESOLUTION N0.95-118 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN OF INTENTION TO LEVY REASSESSMENTS AND TO ISSUE REFUNDING BONDS UPON THE SECURITY THEREOF Reassessment District No. 95-2 (Tustin Ranch) WHEREAS, the City Council (the "City Council") of the City of Tustin (the "City"), by Resolution No. 86-81, adopted on June 16, 1986, resolved its intention to form City of Tustin Assessment District No. 85-1 ("District 85-1") and to issue bonds to represent unpaid assessments therein; WHEREAS, the City Council, by Resolution No. 86-81, adopted on June 16, 1986, confirmed said assessments; WHEREAS, pursuant to Resolution No. 86-102 of the City Council, adopted on August 18, 1986, an Indenture of Trust, dated as of August 1, 1986 (the "85-1 Indenture"), by and between the City and Citibank, N. A., as trustee, and the Improvement Bond Act of 1915, being Division 10 of the Streets and Highways Code of California (the "Bond Law"), the City issued City of Tustin Assessment District No. 85-1 Improvement Bonds (the "85-1 Bonds") in the original principal amount of $50,650,000; WHEREAS, the City Council, by Resolution No. 88-61, adopted on June 13, 1988, resolved its intention to form City of Tustin Assessment District No. 86-2 ("District 86-2") and to issue bonds to represent unpaid assessments therein; WHEREAS, the City Council, by Resolution No. 88-81, adopted on July 18, 1988, confirmed said assessments; WHEREAS, pursuant to Resolution No. 88-97 of the City Council, adopted on September 6, 1988, an Indenture of Trust, dated as of September 1, 1988 (the "86-2 Indenture"), by and between the City and Citibank, N. A., as trustee, and the Bond Law, the City issued City of Tustin Assessment District No. 86-2 Limited Obligation Improvement Bonds (the "86-2 Bonds") in the original principal amount of $81,400,000; WHEREAS, certain savings and efficiencies may be obtained by refunding the $23,969,000 aggregate principal amount of 85-1 Bonds that have not been converted to a fixed interest rate pursuant to the 85-1 Indenture and the $41,362,000 aggregate principal amount of 86-2 Bonds that have not been converted to a fixed interest rate pursuant to the 86-2 Indenture (said portion of the 85-1 Bonds and said portion of the 86-2 Bonds being collectively referred to as the "Prior Bonds"); and WHEREAS, the City desires to refund the Prior Bonds; NOW, THEREFORE, BE IT RESOLVED by the City Council the City of Tustin as follows: Section 1. The City Council hereby determines that the public interest requires the refunding of the Prior Bonds and the City Council hereby declares its intention to refund the Prior Bonds and to levy reassessments in and for the City's proposed Reassessment District No. 95-2 (Tustin Ranch) (the "District") as security for the City of Tustin Limited Obligation Improvement Bonds, Reassessment District No. 95-2 (Tustin Ranch) (the "Bonds") proposed to be issued to refund the Prior Bonds. Section 2. The proceedings for the levy and collection of reassessments as security for the issuance and payment of the Bonds shall be conducted pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 (commencing with Section 9500) of the California Streets and Highways Code (the "Act"). Section 3. The contemplated reassessments and refunding, in the opinion of the City Council, are of more than local or ordinary public benefit, and the costs and expenses thereof aze made chargeable upon the District, the exterior boundaries of which are shown on the maps thereof heretofore filed in the office of the City Clerk, and in the office of the County Recorder of the County of Orange to which maps reference is hereby made for further particulars. The maps indicate by boundary lines the extent of the territory included in each of District 85-1 and District 86-2 which aze the subject of these proceedings and shall govern for all details as to the extent thereof. Section 4. The City Council declares that all public streets, highways, lanes and alleys within the District in use in the performance of a public function, and all lands owned by any public entity, including the United States and the State of California, or any departments thereof, shall be omitted from the reassessment hereafter to be made to cover the costs and expenses of the reassessment and refunding. Section 5. The City Council declares that it elects to establish a special reserve fund for the Bonds pursuant to Part 16 (commencing with Section 8880) of Division 10 of the California Streets and Highways Code and, therefore, the amount of such special reserve fund shall be included in the contemplated reassessment. Section 6. The reassessment and refunding are hereby referred to Muni Financial Services, Inc., Temecula, California, a qualified firm employed by the City for the purpose hereof (the "Reassessment Consultant"), and the Reassessment Consultant is hereby directed to make and file with the City Clerk a report in writing, presenting the following: (a) A schedule setting forth the unpaid principal and interest on the Prior Bonds to be refunded and the total amounts thereof; (b) The total estimated principal amount of the reassessment and of the Bonds to be secured by the unpaid reassessments and the maximum interest thereon, together with an estimate of cost of the reassessment and refunding, including all costs of issuing the Bonds, as defined by subdivision (a) of Section 9600 of the Act; (c) The auditor's record kept pursuant to Section 8682 of the California Streets and Highways Code showing the schedule of principal installments and interest on all unpaid original assessments for the Prior Bonds and the total amounts thereof; (d) The estimated amount of each reassessment, identified by reassessment number corresponding to the reassessment number of the reassessment diagram, together with a proposed auditor's record for the reassessment prepared in the manner described in said Section 8682; and (e) A reassessment diagram showing the assessment district and the boundaries and dimensions of the subdivisions of land within the district. Each subdivision, including 2 each separate condominium interest as defined in Section 783 of the Civil Code, shall be given a separate number upon the diagram. When any portion or percentage of the costs and expenses of the reassessment and refunding is to be paid from sources other than the reassessments, the amount of such portion or percentage shall first be deducted from the total estimated cost and expenses of the reassessment and refunding, and the reassessments shall include only the remainder of the estimated cost and expenses. If any excess shall be realized from the reassessment it shall be used, in such amounts as the City Council may determine, in accordance with the provisions of law, in a manner or manners to be provided in these proceedingse Section 7. Notice is hereby given that the Bonds, representing the unpaid reassessments, in the form of serial and/or term bonds and initially bearing interest at variable interest rates, at rates not to exceed the maximum rate then permitted by applicable law, will be issued in these proceedings in the manner provided by the Act and the Bond Law, including Part 6.5 thereof, the last installment of which Bonds no later than September 2, 2013. Pursuant to Section 8650.1 of the Bond Law, the City Council hereby determines that the principal amount of the Bonds maturing or becoming subject to mandatory prior redemption each year may be other than an amount equal to an even annual proportion of the aggregate principal of the Bonds. Under the Bond Law, the City will not obligate itself to advance available funds from the treasury of the City to cure any deficiency in the redemption fund to be created with respect to the Bonds; provided, however, that a determination not to obligate itself shall not prevent the City from, in its sole discretion, so advancing the funds. Section S. The provisions of Part 11.1 of Division 10 of the California Streets and Highways Code, providing for an alternative procedure for the advance payment of reassessments and the calling of bonds, shall apply to the Bonds issued under these proceedings. Section 9. Reference is hereby made to proceedings heretofore had under Division 4 of the California Streets and Highways Code for the Prior Bonds, which are on file in the office of the City Clerk. Section 10. The officers and employees of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions hereof. Section 11. This Resolution shall take effect immediately upon its adoption. APPROVED and ADOPTED by the City Council of the City of Tustin on November 20, 1995. Jim tts, Mayor ATTEST: Pamela Stoker, City erk STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss I, Pamela Stoker, City Clerk of the City of Tustin, California hereby certify that the foregoing is a full, true and correct copy of a Resolution duly adopted at a regular meeting of the City Council of said City duly and regularly held at the regular meeting place thereof on November 20, 1995, of which meeting all of the members of said City Council had due notice and at which a majority thereof were present; and that at said meeting said Resolution was adopted by the following vote: AYES: COUNCIL, MEMBERS: Potts, Worley, Doyle, Saltarelli, Thomas NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None An agenda of said meeting was posted at least 72 hours before said meeting at 300 Centennial Way, Tustin, California, a location freely accessible to members of the public, and a brief general description of said Resolution appeared on said agenda. I further certify that I have carefully compared the same with the original minutes of said meeting on file and of record in my office; that the foregoing Resolution is a full, true and correct copy of the original Resolution adopted at said meeting and entered in said minutes; and that said Resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Dated: i l-zo , 1995 Pamela Stoker, City Cl rk