HomeMy WebLinkAboutResolution 96-133 05/20/1996
. Resolution No. ss-133 N.C.S.
of the City of Petaluma, California
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
REASSESSMENT DISTRICT NO. 1996-1
The City Council of the City of Petaluma resolves:
This City Council hereby determines that the public interest
or necessity requires the refunding of all outstanding bonds
previously issued as:
(a) Refunding Assessment District No. 10
(b) Refunding Assessment District No. 14
(c) North McDowell Boulevard Assessment District No. 17
(d) Petaluma Auto Plaza Assessment District No. 19
(e) Assessment District No. 20, Redwood Business Park 2
(f) Southpoint Business Park Assessment District No. 22,
Series A (only)
in the City of Petaluma, Sonoma County, California. This City
Council hereby declares its intention to refund said outstanding
bonds and to levy reassessments pursuant to the Refunding Act of
1984 for 1915 Improvement Act Bonds (the "Act") as security for
said refunding bonds.
This City Council hereby directs Nystrom Engineering to
prepare and file with the City Clerk of the City of Petaluma, a
written report containing each of the. items specified by Section
9523 of the Act.
Bonds representing unpaid reassessments, and bearing
interest at a rate not to exceed twelve percent (12%) per. annum,
will be issued in the manner provided by the Act, and the last
installment of the bonds shall mature no later than September 2,
2011.
The City will not obligate itself to advance available
funds from the City Treasury to cure any deficiency which may occur
in the bond redemption fund. A determination not to obligate
itself shall not prevent the City from, in its sole discretion, so
advancing funds.
,~o_ . 96_-13.3._. N cs.
The procedure for the collection of reassessments and
advance retirement of bonds under the Act shall be as provided in
Part 11.1, Division 10, of the Streets and Highways Code of the
-State of California.
The amount of any surplus remaining after completion of
the refunding shall be transferred to the redemption fund for the
refunding bonds.
Under the power and authority conferred upon this Council by the Charter of .said City.
REFERENCE: I hereby certify the foregoing AeeoluHon wee introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) 7{~7ida1) meeting form _
on the ..20.tih... day of .........flay............_ 1~fi...., by the.
following vote:
' y rney
AYES:Maguire, Hamilton, Stompe, Read, Shea, Vice Mayor Barlas, Mayor Hilligoss
NOES:NOne ~
ABSENT: None ~ `
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ATTEST : ~il.......-.................. .:;~1~:-.,-_~{~~L~L.f,LF/ ./1...~.J
rty Clerk Mayor
Co~mril File..__._._..J..._...._......,.
CA 1085 ~ Res. No..._96.-1„.i„ 3,._.... N.C.S.