HomeMy WebLinkAboutResolution 2004-065 N.C.S. 05/03/2004 Resolution No. 2004-065 N. C. S.
of the City of Petaluma, California
INTENTION TO LEVY REASSESSMENTS AND TO ISSUE
LIMITED OBLIGATION REFUNDING IMPROVEMENT BONDS
UPON THE SECURITY THEREOF
Consolidated Reassessment and Refunding District of 2004
(Assessment Districts Nos. 24 and 25)
WHEREAS, by the City Council (the "Council") of the City of Petaluma (the "City"),
County of Sonoma, (the "County") California; and,
WHEREAS, this Council has heretofore conducted the special assessment proceedings
for the assessment districts (the "Prior Districts") and issued the improvement bonds (the "Prior
Bonds") of the City, all as described in Exhibit A attached hereto and hereby made a part hereof,
and reference is hereby expressly made to Exhibit A for further particulars, including the
numbers and dates of authorizing resolutions, dates, and amounts of the Prior Bonds; and,
WHEREAS, the public interest requires the refunding of the Prior Bonds and this
Council intends to accomplish such refunding through the levy of reassessments in and for the
City's proposed Consolidated Reassessment and Refunding District of 2004 (Assessment
Districts Nos. 24 and 25) (the "Reassessment District") and the issuance of limited obligation
refunding improvement bonds (the "Bonds") upon the security of the unpaid reassessments
therein, a portion of the proceeds of which Bonds shall be used to refund the Prior Bonds.
NOW, THEREFORE, BE IT ORDERED by the Council of the City as follows:
1. Authority. The proceedings for the levy and collection of reassessments as
security for the issuance and payment of refunding 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 Streets and Highways Code
of California (the "Act").
2. Boundary Map. The contemplated reassessments and refunding, in the opinion.
of this Council, are of 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 to be filed in the office of the City Clerk, to which map
reference is hereby made for further particulars. The map indicates by boundary
lines the extent of the territory included in the Reassessment District and shall
govern for all details as to the extent thereof.
3. Public Property Omitted. This Council declares that all public streets, highways,
lanes and alleys within the Reassessment District in use in the performance of a
public function shall be omitted from the reassessment to be made to cover the
Resolution No. 2004-065 N.C.S.
costs and expenses of the reassessment and refunding, except to the extent that
such properties shall be found to specially benefit from such reassessment.
4. Reassessment and Report. The reassessment and refunding are hereby referred
to MuniFinancial, Temecula, California, a qualified firm employed by this City
for the purpose hereof (the "Reassessment Consultant"), and the Reassessment
Consultant is hereby directed to make and file with the City Clerk a reassessment
report in writing, presenting the following for the Reassessment District:
(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 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 Streets and
Highways Code of California 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 such Section 8682; and
(e) A reassessment diagram showing the Reassessment District and the
boundaries and dimensions of the subdivisions of land and any zones within
it. Each subdivision, including 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 this Council
may deternline, in accordance with the provisions of law, in a manner or manners
to be provided in these proceedings.
5. Refunding Bonds. Notice is hereby given that the Bonds to represent the unpaid
reassessments, and in the form(s) of serial/or term bonds, and bearing interest at
the rate or rates of interest to be determined 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, the last
Resolution No. 2004-065 N.C.S. Page 2
installment of which Bonds (or series thereof) shall mature on a date that is not
later the final maturity of each of the issues of the Prior Bonds being refunded.
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.
6. Bond Call Procedures. Part 11.1 of Division 10 of the Streets and Highways
Code of California, 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.
7. Consultants. For the purposes of the reassessment and refunding proceedings, the
law firm of Jones Hall, A Professional Law Corporation, San Francisco,
California, is .hereby appointed as bond counsel ("Bond Counsel"), Brandis .
Tallman LLC, San Francisco, California, is hereby appointed as underwriter (the
"Underwriter") and Kelling, Northcross & Nobriga, Oakland, California is
appointed financial advisor (the "Financial Advisor"). The appropriate officers of
the City are hereby authorized and directed to enter into appropriate agreements
with such consultants for their services in the proceedings.
S. Effective Date. This resolution shall take effect upon the date of its adoption.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (Adjourned) (Special) meeting for
on the ........3.:a day of ........May......................................., 20.Q4., by the
following vote:
City Attorney
AYES: Mayor Glass, Harris, Healy, Vice Mayor Moynihan, O'Brien, Thompson, Torliatt
NOES: None
ABSENT: No e
ATTEST:
. City ler Mayor
Council File
Res. No.......20~4_(~j~....._..N.C.S. -
EXHIBIT A
CITY OF PETALUMA
Consolidated Reassessment and Refunding District of 2004
(Assessment Districts Nos. 24 and 25)
DESCRIPTION OF PRIOR DISTRICTS AND PRIOR BONDS
Prior Districts & Bonds Prior Bonds Terms
Assessment Bond Bond Original Scheduled
District/ Res Res Bonds Redemption Principal Principal Final
Bonds No. Date Dated Premium Amount Remaining Maturity
Limited Obligation Improvement -Bonds
City of Petaluma
Assessment District No. 24
Lakeville Highway Road hnprovements
Seriesl996-2 96-202NCS 7/15/96 8/7/96 3% $2,572,611 $2,215,000 9/2/2021
Limited Obligation Improvement Bonds
City of Petaluma
McNear Landing
Assessment District No. 25 97-290NCS 10/20/97 10/30/97 3% $1,800,000 $1,520,000 9/2/2018
Interest Payment Dates for all of the Prior Bonds are March 2 and September 2.
Resolution No. 2004-065 N.C.S. Page 4