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HomeMy WebLinkAbout23779 RESOLUTION NO. 23779 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, OF INTENTION TO LEVY REASSESSMENTS AND TO ISSUE REFUNDING BONDS CONSOLIDATED REASSESSMENT DISTRICT NO. 2015-1. Limited Obligation Refunding Improvement Bonds WHEREAS, the City Council (this "City Council") of the City of Palm Springs (the "City') has previously conducted special assessment proceedings for the following assessment districts, and issued the following limited obligation improvement bonds (collectively, the "Prior Bonds") for the purpose of financing the acquisition and construction of public improvements under and pursuant to the Municipal Improvement Act of 1913, Division 12 of the California Streets and Highways Code, such bonds being issued under the Improvement Bond Act of 1915, Division 10 of the California Streets and Highways Code: (a) the City of Palm Springs 2004 Limited Obligation Improvement Bonds Assessment District No. 161 (Mountain Gate) issued in the original principal amount of $4,752,500, under Resolution No. 20817 adopted by the City Council on January 21, 2004, which are payable from unpaid assessments levied on property within the City of Palm Springs Assessment District No. 161 (Mountain Gate), (b) the City of Palm Springs 2004 Limited Obligation Improvement Bonds Assessment District No. 162 (The Villas in Old Palm Springs and 48 @ Baristo) issued in the original principal amount of $1,300,000, under Resolution No. 21130 adopted by the City Council on November 3, 2004, which are payable from unpaid assessments levied on property within the City of Palm Springs Assessment District No. 162 (The Villas in Old Palm Springs and 48 @ Baristo), and (c) the City of Palm Springs 2005 Limited Obligation Improvement Bonds Assessment District No. 164 (Mountain Gate ll) issued in the original principal amount of $3,806,000, under Resolution No. 21292 adopted by the City Council on June 15, 2005, which are payable from unpaid assessments levied on property within the City of Palm Springs Assessment District No. 164 (Mountain Gate II); and WHEREAS, the public interest requires the refunding of the Prior Bonds, and the City Council intends to accomplish the refunding through the levy of reassessments (the "Reassessments") in and for the City's proposed Consolidated Reassessment District No. 2015- 1 (the "Reassessment District") and the issuance of limited obligation refunding improvements bonds (the "Refunding Bonds") upon the security thereof, a portion of the proceeds of which shall be applied to refund the Prior Bonds; and WHEREAS, the City Council intends that only the unpaid assessments securing the payment of the Prior Bonds be superseded and supplanted by the reassessment. Resolution No. 23779 Page 2 NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Proceedings Authorized. The City Council hereby declares its intention to refund the Prior Bonds, and to levy the Reassessments as security for the Refunding Bonds, as hereinafter provided. The proceedings for the levy and collection of the Reassessments 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 2. Boundary Map. The contemplated reassessments and refunding, in the opinion of the City Council, are of local or special benefit, and the costs and expenses thereof are made chargeable upon the Reassessment District, the exterior boundaries of which are shown on a map thereof heretofore filed in the office of the City Clerk, and in the office of the County Recorder of the County of Riverside, to which reference is hereby made for further particulars. The map indicates by a boundary line the extent of the territory included in the Reassessment District and shall govern for all details as to the extent thereof. SECTION 3. Public Property Omitted. The City Council declares that all public streets, highways, lanes and alleys within the Reassessment 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, except to the extent that such properties are found to benefit from the Reassessment. SECTION 4. Reassessment Consultant; Report. The reassessment and refunding are hereby referred to NBS, 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 (the "Report"), 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, and the unpaid assessment being continued. (b) The total estimated 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, 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 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 Section 8682 of the California Streets and Highways Code. (e) A reassessment diagram showing the Reassessment District and the boundaries and dimensions of the subdivisions of land within the Reassessment District. Each subdivision, including each separate Resolution No. 23779 Page 3 condominium interest as defined in Section 783 of the California Civil Code, shall be given a separate number upon the diagram. When any portion or percentage of the costs and expenses of the refunding and reassessment 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 refunding and reassessment, and the Reassessments shall include only the remainder of the estimated cost and expenses. If any excess is 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 proceedings. SECTION 5. Refunding Bonds. Notice is hereby given that the Refunding Bonds to represent the reassessments, in the form of serial or term bonds or both, in one or more series, and bearing interest at the rate or rates of interest to be determined by this City Council at the time of sale thereof, but not to exceed the maximum rate authorized by applicable law at time of such sale, will be issued in these proceedings in the manner provided by the Act and the Improvement Bond Act of 1915, being Division 10 of the California Streets and Highways Code (the "Bond Law"). The last installment of the Refunding Bonds (or series thereof) shall mature on a date that is not later the scheduled final maturity of the last series of the Prior Bonds to mature. Under the Bond Law, it is the intention of the City that the City will not obligate itself to advance available funds from the City treasury to cure any deficiency in the redemption fund to be created with respect to the Refunding Bonds. SECTION 6. Bond Call Procedures. 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 Refunding Bonds issued pursuant to proceedings under this resolution. SECTION 7. Reserve Fund. It is the intention of the City Council to create a special reserve fund pursuant to and as authorized by Part 16 of Division 10 of the Bond Law with respect to the refunding bonds, and that the amount of such fund shall be included in the Reassessment. SECTION 8. Consultants. For the purpose of the reassessment and refunding proceedings, the firm of Jones Hall, A Professional Law Corporation, San Francisco, California, is hereby appointed as Bond Counsel, and the firm of Norton Rose Fulbright US LLP, Los Angeles, California, is hereby appointed as Disclosure Counsel. The City Manager, or other appropriate officer of the City, is authorized to enter into agreements with such consultants. The fees of Bond Counsel and Disclosure Counsel shall be fixed in the proceedings and shall be paid only upon the successful completion of the proposed reassessment and refunding, and from the proceeds of the Refunding Bonds. SECTION 9. Underwriter. The firm of Stifel, Nicolaus & Company, Incorporated, Los Angeles, California, is hereby designated as the underwriter for purposes of the proposed reassessment and refunding proceedings. The fee of the underwriter shall be as fixed in the proceedings and shall be paid only upon the successful completion of the proposed reassessment and refunding and from the proceeds of the Refunding Bonds. SECTION 10. Effective Date. This resolution shall take effect from and after its adoption. Resolution No. 23779 Page 4 PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF PALM SPRINGS THIS 4th DAY OF MARCH, 2015. DAVID H. READY, C ANAGER ATTEST: ;jAMES THOMPSON, CITY CLERK 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. 23779 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 Tern Lewin, and Mayor Pougnet. NOES: None. ABSENT: None. ABSTAIN: None. L � ES THOMPSON, CITY CLERK City of Palm Springs, California /je1zo 15