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Home My WebLink AboutRES NO 076-15RESOLUTION NO. 076— 1 5 RESOLUTION OF THE CITY OF BAKERSFIELD APPROVING AND CONFIRMING THE REPORT ON THE LEVY OF REASSESSMENTS AND THE REFUNDING OF LIMITED OBLIGATION IMPROVEMENT BONDS IN CONNECTION WITH REASSESSMENT DISTRICT NO. 15 -1 (CONSOLIDATED REASSESSMENT DISTRICT) WHEREAS, the City Council (the "Council ") of the City of Bakersfield (the "City "), by proceedings duly had and taken, previously formed the following assessment districts (the "Prior Districts "): 1) City of Bakersfield Assessment District No. 04 -1 (Countryside /The Homestead/ Cherry Hill /Olive Park III); and 2) City of Bakersfield Assessment District No. 04 -2 (Brighton Parks /Brighton Village Stockdale at Allen Commercial /Cherry Hill II); and 3) City of Bakersfield Assessment District No. 04 -3 (Solera/Rio Vista); and 4) City of Bakersfield Assessment District No. 05 -3 (Liberty II/Village Green/Tesoro- Encanto /Lin/Rider /Diamond Ridge); and 5) City of Bakersfield Assessment District No. 06 -1 (Etcheverry /Lin II /University Park); and WHEREAS, the Council also, in connection with the Prior Districts, provided for the issuance of the following bonds (the "Prior Bonds "): 1) City of Bakersfield Assessment District No. 04 -1 (Countryside /The Homestead/ Cherry Hill /Olive Park III) Limited Obligation Improvement Bonds, in the original principal amount of $4,195,000, dated February 9, 2005, currently outstanding in the principal amount of $2,245,000; and 2) City of Bakersfield Assessment District No. 04 -2 (Brighton Parks /Brighton Village/ Stockdale at Allen Commercial /Cherry Hill II) Limited Obligation Improvement Bonds in the original principal amount of $4,915,000, dated July 13, 2005, currently outstanding in the principal amount of $2,605,000; and 3) City of Bakersfield Assessment District No. 04 -3 (Solera/Rio Vista) Limited Obligation Improvement Bonds (Taxable) in the original principal amount of $3,380,000, dated June 28, 2005, currently outstanding in the principal amount of $2,075,000; and 4) City of Bakersfield Assessment District No. 05 -3 (Liberty II/Village Green / Tesoro - Encanto /Lin/Rider /Diamond Ridge) Limited Obligation Improvement Bonds in the original principal amount of $8,705,000, dated March 2, 2006, currently outstanding in the principal amount of $4,410,000; and 5) City of Bakersfield Assessment District No. 06 -1 (Etcheverry /Lin II/University Park) Limited Obligation Improvement Bonds in the original principal amount of OHSUSA:761757546.3 AKF, OHIGINAL F_ m $5,010,000, dated May 2, 2007, currently outstanding in the principal amount of $3,520,000; and WHEREAS, the Council has determined to issue refunding bonds (the "Refunding Bonds ") for the purpose of refunding the unmatured portions of the Prior Bonds under and pursuant to the conditions and terms of the Refunding Act of 1984 for 1915 Improvement Act Bonds, (being Division 11.5 of the California Streets and Highways Code) (the "Refunding Act ") and to provide for the levy and collection of reassessments as security for the Refunding Bonds; and WHEREAS, the Council referred the matter of the refunding of the Prior Bonds and the levy and collection of reassessments as security for the Refunding Bonds to Koppel & Gruber Public Finance, civil engineers (the "Reassessment Engineer "), as the qualified engineer in these proceedings, and directed said Reassessment Engineer to prepare and file with the City Clerk a report in writing containing the matters specified in Section 9523 of the Refunding Act; and WHEREAS, the Reassessment Engineer has prepared and filed with the City Clerk a report in writing (the "Report") containing the matters required by Section 9523 of the Refunding Act, which Report was presented by the City Clerk to the Council for consideration; and WHEREAS, the Report demonstrates satisfaction of the conditions prescribed by Section 9525 of the Refunding Act to authorize the Council to act upon the Report without notice and hearing as otherwise required by the Refunding Act; and WHEREAS, the Report has been considered by the Council, which is fully advised in this matter; and NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL, AS FOLLOWS: Section 1. The City Council finds and determines that the foregoing recitals are true and correct. Section 2. The Council hereby finds and determines that, as set forth in the Report, (a) within each of the Prior Districts, each estimated annual installment of principal and interest on the reassessment (other than amounts added to such annual installments due to delinquencies in the payment of the assessments for the Prior Bonds), as shown in the Report, is less than the corresponding annual installment of principal and interest on the portion of the original assessment being superseded and supplanted by the same percentage (which percentage is different as between each of the Prior Districts) for all subdivisions of land within the reassessment district; (b) the number of years to maturity of the Refunding Bonds allocable to each subdivision of land within the assessment districts for which the Prior Bonds were issued is not more than the number of years to the last maturity of the Prior Bonds allocable to such subdivision of land; and (c) within each of the Prior Districts, the principal amount of the reassessment (other than amounts added to such principal amount due to delinquencies in the payment of the assessments for the Prior Bonds) on each subdivision of land within the reassessment district is less than the unpaid principal amount of the portion of the original assessments being superseded and supplanted by the same percentage (which percentage is OHSUSA:761757546.3 > rn F-- r- different as between each of the Prior Districts) for each subdivision of land within the reassessment district. Reference is made to the more detailed explanation of the meeting of these requirements contained in the Report, which is hereby adopted. Accordingly, the Council finds and determines that all of the conditions in connection with the levy of reassessments and the issuance of the Refunding Bonds specified in Section 9525 of the Refunding Act are satisfied and that the Council may therefore take action upon the Report without notice and hearing. Section 3. The Report is hereby approved and confirmed by the Council, and the reassessments contained therein are hereby confirmed and levied by the Council, and upon making the necessary recordings and filings as required by the Refunding Act, the reassessments shall become a lien upon the various parcels of land reassessed in the assessment districts for which the Prior Bonds were issued. Section 4. The City Clerk is hereby directed to record the reassessments referred to in Section 3 hereof and the related reassessment diagram in the office of the Superintendent of Streets (being the Director of the Department of Public Works) of the City. The City Clerk is also directed (1) to record the reassessment diagram and notices thereof as required by Division 4.5 of the California Streets and Highways Code, and (2) to file copies of this Resolution with the Auditor of the County of Kern to facilitate collection of installments on account of unpaid reassessments on the secured property tax roll of the County. Section 5. This resolution shall take effect immediately upon its adoption. [SIGNATURE PAGE FOLLOWS] OHSUSA:761757546.3 > F- r RIGINAI_ I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the Council of the City of Bakersfield at a regular meeting thereof held on June 3, 2015, by the following vote: AYE COUNCIL MEMBER R�yp a Ma 11,jn/�r SaMA. t y&, %,11% nwl, Pari,t.-, NOES: COUNCIL MEMBER NpM ABSTAIN: COUNCIL MEMBER NOY%2 ABSENT: COUNCIL MEMBER Nphq, A �AWU4 'Z�- ROBERTA GAFFORD, C CITY CLERK AND EX OFFICIO of the Council of the City of Bakersfield Mayor APPROVED AS TO FORM: VIRGINIA GENNARO City Attorney y )� JOSHUA H. RUDNICK Deputy City Attorney ,�, P IkK�y�T OHSUSA:761757546.3 rn 1— r" c.� 0 CsnjC,1NA1