HomeMy WebLinkAboutCC RES 99-065RESOLUTION N0.99-65
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN PROVIDING FOR THE INCLUSION ON THE TAX
ROLL OF CERTAIN REASSESSMENTS IN THE CITY OF
TUSTIN REASSESSMENT DISTRICT NO. 95-2 (TUSTIN RANCH)
WHEREAS, the City Council (the "City Council") of the City of Tustin (the "City"),
pursuant to the Municipal Improvement Act of 1913 (Division 12 of the California Streets and
Highways Code) (the "Act"), 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, the City Council, pursuant to the Act, 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, the City Council, by Resolution No. 95-118, adopted on
November 20, 1995, conducted reassessment and refunding proceedings under the Refunding Act
of 1984 for 1915 Improvement Act Bonds (Division 11.5 of the California Streets and Highways
Code) for the City's Reassessment District 95-2 (Tustin Ranch) (the "Reassessment District");
WHEREAS, the City Council, pursuant to Resolution No. 96-10, adopted on
January 15, 1996, adopted and approved the reassessment report for the Reassessment District,
dated January 15, 1996, and levied on the property within the Reassessment District the
reassessments (the "Reassessments") as specified therein;
WHEREAS, pursuant to a Fiscal Agent Agreement, dated as of February 1, 1996 (the
"Original Fiscal Agent Agreement"), by and between the City and State Street Bank and Trust
Company of California, N.A. (the "Fiscal Agent"), the City issued its Limited Obligation
Improvement Bonds, Reassessment District No. 95-2 (Tustin Ranch), Series A (the "Series A
Bonds") in the aggregate principal amount of $41,500,000;
WHEREAS, the Original Fiscal Agent Agreement was amended and supplemented
pursuant to a First Supplemental Fiscal Agent Agreement, dated as of September 1, 1996, by and
between the City and the Fiscal Agent, a Second Supplemental Fiscal Agent Agreement, dated as
of November 1, 1997, by and between the City and the Fiscal Agent and a Third Supplemental
Fiscal Agent Agreement, dated as of November 1, 1998, by and between the City and the Fiscal
Agent (as so amended and supplemented, the "Fiscal Agent Agreement") (all capitalized terms
used herein shall have the meanings ascribed thereto in the Fiscal Agent Agreement);
DOCSLA1:3I559L1
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WHEREAS, the Series A Bonds were originally issued as Adjustable Rate Bonds;
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WHEREAS, in accordance with the provisions of the Fiscal Agent Agreement, all or a
portion of the Series A Bonds may be, and in certain circumstances are required to be, converted
to Fixed Rate Bonds;
WHEREAS, certain of the Series A Bonds have previously been converted to Fixed Rate
Bonds and, in accordance with the provisions of the Fiscal Agent Agreement, the City has
received a notice of conversion that has the effect of requiring that an additional portion of the
Series A Bonds be converted to Fixed Rate Bonds;
WHEREAS, in accordance with the provisions of the Fiscal Agent Agreement, the
Reassessments on all parcels of real property represented by Adjustable Rate Bonds, and interest
thereon, are to be collected by direct billing of the owners of such parcels;
WHEREAS, in accordance with the provisions of the Fiscal Agent Agreement, the
Reassessments on parcels of real property designated by the City, pursuant to the Fiscal Agent
Agreement, to represent Fixed Rate Bonds and Related Additional Bonds, if any, and interest
thereon, are to be payable and collected in the same manner at the same time and in the same
installments as the general taxes on real property are payable;
WHEREAS, the Fiscal Agent Agreement provides that the Treasurer shall, before the
final date on which the Auditor will accept the transmission of the Reassessments for the parcels
of real property designated by the City, pursuant to the Fiscal Agent Agreement, to represent
Fixed Rate Bonds and Related Additional Bonds, if any, for inclusion on the next tax roll, prepare
or cause to be prepared, and shall transmit to the Auditor, such data as the Auditor requires to
include the installments of such Reassessments, together with interest thereon, and the Continuing
Costs of the Fixed Rate Bonds on the next secured tax roll of the County; and
WHEREAS, there has been prepared and submitted to this meeting a report (the
"Report") containing such data with respect to the Reassessments (the "Fixed Rate
Reassessments") on parcels of real property designated or to be designated by the City, pursuant
to the Fiscal Agent Agreement, to represent Fixed Rate Bonds and Related Additional Bonds, if
any, and interest thereon;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF TUSTIN, as follows:
Section 1. The Report is hereby approved and adopted. The Treasurer shall transmit to
the Auditor the Report and such other data as the Auditor may require to include the installments
of the Fixed Rate Reassessments, together with interest thereon, and the Continuing Costs of the
Fixed Rate Bonds, as reflected in the Report, on the next secured tax roll of the County.
Section 2. The officers and employees of the City are, and each of them hereby is,
authorized and directed to execute and deliver any and all documents and instruments and to do
and cause to be done any and all acts and things necessary or proper to accomplish the purposes
of this Resolution.
UOCSLA 1:315591.1
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Section 3. All actions heretofore taken by the officers and employees of the City in
connection with or related to the actions contemplated by this Resolution, are hereby approved,
confirmed and ratified.
Section 4. This Resolution shall take effect immediately upon its adoption.
APPROVED and ADOPTED by the City Council of the City of Tustin on
August 16, 1999.
~~
Tracy Wills rley
Mayor
IATTEST:
~~_~Q~IQ <~~ ~ 1 V L~ S2~
Pamela Stoker
City Clerk
DOCSLAI31559L1
5-5-GH I -08/ 1 I /99
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RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF TUSTIN )
RESOLUTION N0. 99.65
Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, does hereby certify that the whole number of the members of the City Council is
five; that the above and foregoing resolution was passed and adopted at a regular meeting of
the City Council held on the 16th day of August, 1999, by the following vote:
COUNCILMEMBER AYES:
COUNCILMEMBER NOES:
COUNCILMEMBER ABSTAINED
COUNCILMEMBER ABSENT:
Worley, Thomas, Doyle, Saltarelli
None
None
Potts
Pamela Stoker, City Clerk