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HomeMy WebLinkAbout23780 RESOLUTION NO. 23780 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, ADOPTING REASSESSMENT REPORT, CONFIRMING AND ORDERING THE REASSESSMENT PURSUANT TO SUMMARY PROCEEDINGS AND DIRECTING ACTIONS WITH RESPECT THERETO CONSOLIDATED REASSESSMENT DISTRICT NO. 2015-1. Limited Obligation Refunding Improvement Bonds WHEREAS, on March 4, 2015, the City Council (this "City Council") of the City of Palm Springs (the "City") adopted a resolution entitled "A Resolution of the City Council of the City of Palm Springs, California, of Intention to Levy Reassessments and to Issue Refunding Bonds" (the "Resolution of Intention"), in and for the City's Consolidated Reassessment District No. 2015-1 (the "Reassessment District"), and therein directed the making and filing of a reassessment report (the "Report") in writing in accordance with and pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 of the California Streets and Highways Code (the "Act"), and WHEREAS, the Report was duly made and filed, and duly considered by this City Council and found to be sufficient in every particular, and the Report shall stand for all subsequent proceedings under and pursuant to the Resolution of Intention for the levy and collection of reassessments within the Reassessment District (the "Reassessments") and the issuance of bonds upon the security thereof(the "Refunding Bonds"); and WHEREAS, the proceeds of the Refunding Bonds will be used to refund bonds previously issued by the City (the "Prior Bonds") with respect to its Assessment District No. 161 (Mountain Gate), Assessment District No. 162 (The Villas in Old Palm Springs and 48 @ Baristo) and Assessment District No. 164 (Mountain Gate II) (collectively, the "Prior Districts"), and the Report divides the parcels within the Reassessment District into zones (each a "Zone") corresponding to the Prior Districts. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Conditions Satisfied. Pursuant to Section 9525 of the Act, and based upon the Report, this City Council finds that all of the following conditions are satisfied: (a) Each of the estimated annual installments of principal and interest on the Reassessment as set forth in the Report is less than the corresponding annual installment of principal and interest on the original assessment as also set forth in the Report, by the same percentage for each subdivision of land in each Zone within the Reassessment District. (b) The number of years to maturity of all Refunding Bonds proposed to be issued under the Resolution of Intention is not more than the number of years to the last maturity of the Prior Bonds. Resolution No. 23780 Page 2 (c) The principal amount of the Reassessment on each subdivision of land within the Reassessment District is less than the unpaid principal amount of the original assessment, by the same percentage for each subdivision of land in each Zone within the Reassessment District. SECTION 2. Public Interest. The public interest, convenience and necessity require that the Reassessment be made. SECTION 3. Boundaries Approved. The Reassessment District benefited by the Reassessment and to be reassessed to pay the costs and expenses thereof, and the exterior boundaries thereof, are as shown by the reassessment diagram thereof on file in the office of the City Clerk (the "Reassessment Diagram"), which is made a part hereof by reference thereto. SECTION 4. Report Approved. Pursuant to the findings made above, all of the conditions set forth in Section 9525 of the Act are deemed satisfied, and the following elements of the Report are hereby finally approved and confirmed under the Act without the need for a public hearing or any further proceedings: (a) a schedule setting forth the unpaid principal and interest on the Prior Bonds and the total amounts thereof; (b) an estimate of the total principal amount of the Reassessment and of the Refunding Bonds and the maximum interest thereon, together with an estimate of cost of the Reassessment and of issuing the Refunding Bonds, including expenses incidental thereto; (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 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 Reassessment District and the boundaries and dimensions of the subdivisions of land and the zones therein. Final adoption and approval of the Report as a whole, estimate of the costs and expenses, the Reassessment Diagram and the Reassessment, as contained in the Report, as hereinabove determined and ordered, is intended to and shall refer and apply to the Report, or any portion thereof, as amended, modified, revised or corrected by, or pursuant to and in accordance with, any resolution or order, if any, heretofore duly adopted or made by this City Council. SECTION 5. Findings and Determinations. Based on the oral and documentary evidence, including the Report, offered and received by the City Council, this City Council expressly finds and determines: (a) that each of said several subdivisions of land within the Reassessment District will be specially benefited by the Reassessment at least in the amount, if not Resolution No. 23780 Page 3 more than the amount, of the Reassessment apportioned against said subdivisions of land, respectively, and (b) that there is substantial evidence to support, and the weight of said evidence preponderates in favor of, the aforesaid finding and determination as to special benefits. SECTION 6. Reassessment Levy. The Reassessment, including all costs and expenses thereof, is hereby levied. Pursuant to the Act, reference is hereby made to the Resolution of Intention for further particulars. SECTION 7. Recordings Directed. The City Clerk shall promptly cause the following to occur: (a) The Reassessment shall be delivered to the City Engineer, as Superintendent of Streets of the City, together with the Reassessment Diagram, as approved and confirmed by this City Council, with a certificate of such confirmation and of the date thereof, executed by the Clerk, attached thereto. The Superintendent of Streets shall record the Reassessment and Reassessment Diagram in a suitable book to be kept for that purpose, and append thereto a certificate of the date of such recording, and such recordation shall be and constitute the reassessment roll herein. (b) A copy of the Reassessment Diagram and a notice of reassessment, substantially in the form specified in Section 3114 of the California Streets and Highways Code and executed by the City Clerk, shall be filed and recorded, respectively, in the office of the County Recorder of the County of Riverside. (c) A copy of this resolution shall be provided to the Auditor of the County of Riverside. From the date of recording of the notice of reassessment, all persons shall be deemed to have notice of the contents of the Reassessment, and each Reassessment shall thereupon be a lien upon the property against which it is made, and unless sooner discharged such liens shall so continue for the period of 10 years from the date of said recordation, or if bonds are issued to represent the Reassessments, then such liens shall continue until the expiration of 4 years after the due date of the last installment upon said bonds or of the last installment of principal of said bonds. The appropriate officer or officers of the City are hereby authorized to pay any and all fees required by law in connection with the above. SECTION 8. Effective Date. This resolution shall take effect from and after its adoption. PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF PALM SPRINGS THIS 4th DAY OF MARCH, 2015. ATTEST: DAVID H. READY, ANAGER MES THOMPSON, CITY CLERK Resolution No. 23780 Page 4 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 23780 is a full, true and correct cop , and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on 4 day of March, 2015, by the following vote: AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills, Mayor Pro Tem Lewin, and Mayor Pougnet. NOES: None. ABSENT: None. ABSTAIN: None. MES THOMPSON, CITY CLERK City of Palm Springs, California 0/1plzo IS