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HomeMy WebLinkAboutResolution 2001-111A N.C.S. 06/04/2001 .Resolution No. 2001-111A 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 Assessment District No. 23; Redwood Business Park 3 (Reassessment and Refunding of 2001) RESOLVED; by the City Council (the "Council") of the City of Petaluma (the "City"), County of Sonoma, (the "County") California: WHEREAS, under Resolution of Intention No. 95-220 N.C.S. adopted August 21, 1995, this Council has conducted the special assessment and reassessment proceedings for its Assessment District No. 23, Redwood Business Park 3 (the "Assessment District") and in such proceedings, by its Resolution No. 95-286_ N.C.S. issued the improvement bonds designated Limited Obligation Improvement Bonds, City of Petaluma, Assessment District No. 23. Redwood Business Park 3, Series 1995-A, dated December 20; 1995, in the principal amount of $3,600,000 (the "Prior Bonds"); 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 Assessment District and the issuance of refunding improvement bonds upon the security of the unpaid reassessments therein, a portion of the proceeds of which refunding bonds shall be used to refund the Prior Bonds. .NOW, THEREFORE, IT IS ORDERED 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 Assessment District, the exterior boundaries of which are shown on a map thereof to on file 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 Assessment 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 District in use in the performance of a public function shall be omitted from the reassessment hereafter to be made to cover the costs and expenses of the reassessment and refunding, except to the extent that such properties shall be found to specially benefit from such reassessment. Reso. 2001-11lANCS Page 1 4. Reassessment and Report. The reassessment and refunding are hereby referred to Harris & Associates, Petaluma, 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 said Clerk a reassessment 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 refunding 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, including all costs of issuing the refunding bonds, as defined by subdivision (a) of Section 9600 of the Act; (c) The auditor's record kept under 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 said Section 8682; and (e) A reassessment diagram showing the Assessment District and the boundaries and dimensions of the subdivisions of land within the Reassessment District. 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 determine, 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 limited obligation refunding improvement bonds (the "Bonds"), to represent the unpaid reassessments, and in the form(s) of serial/or term bonds, series and bearing interest at the rate or rates of interest to be determined by this 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 Streets and Highways Code of California (the "Bond Law"), the last installment of which Bonds (or series thereof) shall mature on date that is not later the final maturity of each of the Prior Bonds being refunded. 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. Reso. 200111 Page 2 6. Bond Call Procedures. The provisions of 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"), IBIS Securities, Walnut Creek, California, is hereby appointed as underwriter (the "Underwriter") and Kelling, Northcross & Nobriga, Oakland, California is appointed financial advisor (the "Financial Advisor"). The compensation of Bond Counsel and the Underwriter shall be fixed in the proceedings and shall be paid only upon the successful completion of the proposed reassessment and refunding. 8. 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 Council of the City of Petaluma at a Regular meeting on June 4, 2001, by the following vote: Approved as to F ~rri City Attorney AYES: O'Brien, Healy, Torliatt, Maguire, Vice Mayor Cader-Thompson NOES: None ABSENT: ABSTAIN: Moynihan, Mayo o pson ATTEST: City Ma r Reso. 2001ra11 Page 3