HomeMy WebLinkAboutRES NO 204-92RESOLUTION NO. 204-92
RESOLUTION DETERMINING UNPAID ASSESSMENTS
~.ND PROVIDING FOR ISSUANCE OF BONDS
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT NO. 91-1
(HOSKING TRUNK SEWER)
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL (the
"Council") OF THE CITY OF BAKERSFIELD (the "City") as follows:
WHEREAS, on August 5, 1992, the Council passed and
adopted Resolution of Intention No. 1096, regarding the
construction and/or acquisition of improvements (the
"Improvements") under and pursuant to the provisions of the
Municipal Improvement Act of 1913, and therein provided that serial
and/or term bonds would be issued thereunder pursuant to the
provisions of the Improvement Bond Act of 1915, reference to said
Resolution of Intention hereby being made for further particulars;
and
WHEREAS, notice of the recordation of the assessment and
of the time within which assessments were to be paid in cash was
duly published and mailed in the manner provided by law, and the
time so provided for receiving payment of assessments in cash has
expired, and the Treasurer of the City, the official who has been
designated by the Council as Collection Officer for cash payments
of the assessments, has filed herewith for presentation to the
Council a list of all assessments which remain unpaid; and
WHEREAS, the Council has duly considered the list and has
determined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND
ORDERED, as follows:
SECTION 1. Definitions. Unless the context otherwise
requires, the terms defined in this Section 1 shall, for all
purposes of this Resolution, have the meanings herein specified and
shall be equally applicable to both the singular and plural forms
of any of the terms herein defined.
"Act" means the Improvement Bond Act of 1915, Division 10
of the Streets and Highways Code of the State of California.
"Aqent" means the transfer agent, registrar and paying
agent appointed pursuant to Section 30 of this Resolution.
ORIGINAL
"Arbitraqe Bonds" means each and all bonds in an issue
when any portion of the proceeds of the issue are reasonably
expected (at the time of issuance of the bonds) to be used directly
or indirectly (1) to acquire Higher Yielding Investments, or (2) to
replace funds which were used directly or indirectly to acquire
Higher Yielding Investments. A bond which was not an Arbitrage
Bond at the time it was issued can become an Arbitrage Bond if the
issuer intentionally uses any portion of the proceeds of the issue
of which such bond is a part for one of the purposes described in
(1) or (2) above.
"Bond" or "Bonds" means the City of Bakersfield
Assessment District No. 91-1 Limited Obligation Improvement Bonds,
issued pursuant to the Act and this Resolution, in the form
substantially provided in Exhibit A attached hereto and made a part
hereof.
"Bond Counsel" means the law firm of Jackson Hargrove
Emerich Pedreira & Nahigian, Fresno, California.
December 9
"Bond Date" means the dated date
, 1992.
of the Bonds,
which is
"Bond Denomination" means the amount of $5000.00, which
is the minimum amount in which the Bonds may be issued, except that
one Bond, due in 1994, will include the amount by which the
principal amount of the issue exceeds the largest integral multiple
of $5,000.00 contained therein.
"Bond Year" means the twelve-month period beginning on
September 2 of each year and ending September 1 of the following
year. The first Bond Year shall begin on the Closing Date and end
September 1, 1993.
"Closinq Date" means the date upon which there is an
exchange of the Bonds for the proceeds representing the purchase of
the Bonds by the Original Purchaser.
"Code" means the Internal Revenue Code of 1986, as
amended. Any reference in this Resolution to any section of the
Code shall be deemed to and shall refer to any section of similar
import enacted in lieu or in amendment of such section or contained
in any Internal Revenue Code enacted in lieu of the Internal
Revenue Code of 1986, as amended.
"Debt Service" means the scheduled amount of interest and
amortization of principal payable on the Bonds during the period of
computation, either over the life of the Bonds or during any Bond
Year, as the context may indicate, excluding amounts scheduled
during such period which relate to principal which has been retired
before the beginning of such period.
"Determination Date" means the last day of each Rebate
Year and the date on which the Bonds are prepaid or mature.
ORIGINAl.
"Gross Proceeds" means the sum of the following amounts:
(i) original proceeds, namely, net amounts (after
payment of all expenses of issuing the Bonds) received by or
for the Issuer as a result of the sale of the Bonds, excluding
original proceeds which become transferred proceeds
(determined in accordance with applicable Regulations) of
obligations issued to refund in whole or in part the Bonds;
(ii) investment proceeds, namely, amounts received
at any time by or for the Issuer, such as interest and
dividends, resulting from the investment of any original
proceeds (as referred to in clause (i) above) or investment
proceeds (as referred to in this clause (ii)) in Nonpurpose
Investments, increased by any profits and decreased (if
necessary, below zero) by any losses on such investments,
excluding investment proceeds which become transferred
proceeds (determined in accordance with applicable
Regulations) of obligations issued to refund in whole or in
part the Bonds;
(iii) sinking fund proceeds, namely, amounts, other
than original proceeds or investment proceeds (as referred to
in clauses (i) and (ii) above) of the Bonds, which are held in
the Redemption Fund or any other fund to the extent that the
Issuer reasonably expects to use such other fund to pay Debt
Service on the Bonds;
(iv) amounts in the Reserve Fund or in any fund
established as a reasonably required reserve or replacement
fund;
(v) Investment Property pledged as security for
payment of Debt Service on the Bonds by an ultimate obligor or
a related person or by the Issuer;
(vi) amounts, other than as specified in this
definition, used to pay Debt Service on the Bonds; and
(vii) amounts received as a result of investing
amounts described in this definition.
"Hi~her Yieldin~ Investments" means any Investment
Property which produces a Yield over the term of the issue which is
materially higher than the Yield on the issue.
"Improvement Fund" means the fund established by the
Treasurer into which shall be placed the proceeds received from the
sale of the Bonds, including any premium, all pursuant to Section
9 hereof.
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ORIGINAL
"Interest Payment Date" means the dates upon which
interest on the Bonds is payable, commencing on March 2, 1993, and
semiannually thereafter on September 2 and March 2 of each year to
maturity.
"Investment Property" means any security (as said term is
defined in Section 165(g) (2) (A) or (B) of the Code), obligation,
annuity or investment-type property, excluding, however,
obligations the interest on which is exempt from income tax under
Section 103 of the Code.
"Issuance Costs" means all applicable costs and expenses
of issuance of the Bonds, including, but not limited to:
(i) Underwriters' fees other than those taken in
the form of a discount on the Closing Date;
(ii) counsel fees, including Bond Counsel, Under-
writers' counsel, Issuer's counsel and special tax counsel
fees, as well as any other specialized counsel fees incurred
in connection with the borrowing and approved in advance and
by the Issuer;
(iii) financial advisor fees incurred in connection
with the issuance of the Bonds;
(iv) rating agency fees;
(v) trustee fees and trustee counsel fees, if any;
(vi) transfer agent, registrar and paying agent
fees, and certifying and authenticating agent fees related to
issuance of the Bonds;
(vii) accountant fees related to issuance of the
Bonds;
(viii) printing costs of the Bonds and of the
preliminary and final official statement;
(ix) publication costs associated with the financing
proceedings; and
(x) costs of engineering and feasibility studies
necessary to the issuance of the Bonds.
"Issuer" means the issuer of the Bonds, which is the City
of Bakersfield, County of Kern, State of California.
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ORIGINAL
"Mandatory Sinkinq Account" means the account in the
Redemption Fund by that name established and maintained for the
Bonds pursuant to Section 10 of this Resolution.
"Mandatory Sinking Account Payment" means, with respect
to the Bonds, the amount required by Section 10 of this Resolution
to be applied by the Treasurer for the retirement of the Bonds.
"Net Proceeds of the Bonds" means proceeds of the Bonds
received by or for the Issuer on the Closing Date, less amounts
used to pay Issuance Costs and less amounts deposited on the
Closing Date in the Reserve Fund, if any.
"Nonpurpose Investment" means any Investment Property
which is acquired with the Gross Proceeds of the Bonds and is not
acquired in order to carry out the governmental purpose of the
Bonds.
"Oriqinal Purchaser" means the purchaser of the Bonds
from the Issuer on the Closing Date.
"Private Business Use" means use directly in a trade or
business carried on by a natural person or in any activity carried
on by a person other than a natural person, excluding, however, use
by a governmental unit and use as a member of the general public.
"Private Activity Bond" means any bond or certificate
issued by a governmental entity the proceeds of which are used
directly or indirectly to pay for or finance private non-govern-
mental activities or facilities in a trade or business or a person
unrelated to the governmental entity.
"Project" means the construction and/or acquisition of
improvements described in Resolution of Intention No. 1096.
"Purchase Price," for the purpose of computation of the
Yield of the Bonds, as provided in the Code, means, in general, the
initial offering price to the public (not including bond houses and
brokers, or similar persons or organizations acting in the capacity
of underwriters or wholesalers) at which price a substantial amount
of the Bonds is sold or, if the Bonds are privately placed, the
price paid by the first buyer of the Bonds or the acquisition cost
of the first buyer. The term "Purchase Price," for the purpose of
computation of the Yield of Nonpurpose Investments, means the fair
market value of the Nonpurpose Investments on the date of use of
Gross Proceeds of the Bonds for acquisition thereof, or if later,
on the date such Investment Property becomes a Nonpurpose
Investment of the Bonds.
"Rebate Certificate" means that certificate, relating to
the requirements of Section 148 of the Code and the Regulations
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thereunder, signed by the Issuer on the date the Bonds are issued,
as the same may be amended or supplemented in accordance with its
terms.
"Rebate Fund" means the fund by that name established
pursuant to Section 23.
"Rebate Requirement" means an amount equal to the sum of
(i) the excess of the aggregate amount earned on all Nonpurpose
Investments over the amount that would have been earned if such
Nonpurpose Investments had a Yield equal to the Yield on the Bonds,
plus (ii) any income attributable to the excess described in (i).
The Rebate Requirement is more specifically defined and calculated
in the Rebate Certificate.
"Redemption Fund" means the fund established by the
Treasurer into which shall be placed any accrued interest for the
period from the Bond Date to the Closing Date and all sums received
from the collection of unpaid assessments and of the interest and
penalties thereon, all as provided in Section 10 hereof.
"Redemption Premium" means three percent (3%) of the
principal amount of the Bonds to be redeemed on or before September
2, 1999, two percent (2%) of the principal amount of the Bonds to
be redeemed on March 2 or September 2, 2000, one percent (1%) of
the principal amount of the Bonds to be redeemed on March 2 or
September 2, 2001, and zero premium on Bonds redeemed on March 2 or
September 2, 2002, and thereafter. The Redemption Premium will be
paid on Bonds redeemed prior to maturity as stated in Section 13
hereof.
"Requlations" means temporary and permanent regulations
promulgated under Section 148 of the Code.
"Reserve Fund" means the fund established by the
Treasurer into which shall be placed a portion of the proceeds
received from the sale of the Bonds as provided in Section 11
hereof.
"Treasurer" means the Treasurer/Finance Director of the
City of Bakersfield.
"Underwriter" means Westhoff-Martin and Associates,
Lafayette, California.
"Yield" means, for purposes of Section 148 of the Code,
the amount of income from an investment expressed as a percentage
of the issue price (within the meaning of Sections 1273 and 1274 of
the Code). Calculation of a Yield is more specifically set forth
in the Rebate Certificate.
-6-
SECTION 2. List of Unpaid Assessments. The assessments
now remaining unpaid are as shown on the list filed and presented
herewith to the Council and are in the aggregate amount of
$ 3.351.472.71 For a particular description of the lots or
parcels of land bea~ing the respective assessment numbers set forth
in said list, reference is hereby made to the assessment and to the
diagram recorded in the office of the Director of Public Works of
the Issuer after confirmation thereof by the Council.
SECTION 3. Issuance of Bonds. Bonds, in the aggregate
principal amount of not to exceed $3,351.472.71 , shall
be issued as hereinafter provided upon the security of the unpaid
assessments in accordance with, under and pursuant to the
provisions of Resolution of Intention No. 1096 and the proceedings
thereunder duly had and taken. The Bonds shall be issued only in
fully registered form in the amount of the Bond Denomination or any
integral multiple thereof (except for one Bond due in 1994 which
will include the amount, if any, by which the principal amount of
the issue exceeds the largest integral multiple of $5,000.00
contained therein), and shall mature in the amounts and on the
dates and at the rates of interest set forth in the Underwriter's
bond purchase contract as approved by the Issuer. The Bonds shall
be numbered consecutively from 1 upward, and shall be payable in
numerical order, consecutively, commencing with the lowest number
within the maturity.
The Bonds may be issued through a book-entry system,
whereby one certificate for each maturity of the Bonds (and for one
Bond due in 1994 if the maturity for 1994 exceeds the amount of the
one odd Bond described in the paragraph above), in the principal
amount of the respective maturity, may be registered in the name of
a securities depository or its nominee. The Issuer may treat the
depository or its nominee as the sole and exclusive owner of the
Bonds registered in its name for all purposes under this
Resolution. The Issuer shall not have any responsibility or
obligation to any participant of the depository, any person
claiming a beneficial ownership interest in the Bonds under or
through the depository or a participant, or any other person with
respect to the accuracy of any records maintained by the depository
or any participant, the giving or failing to give notice by the
depository or any participant, or the payment or failure to pay by
the depository or any participant of any portion of principal and
Redemption Premium, if any, or interest on the Bonds. The Issuer
shall pay all principal and Redemption Premium, if any, and
interest on the Bonds only to the depository, and all such payments
shall be valid and effective to fully satisfy and discharge the
Issuer's obligations with respect to the principal and Redemption
Premium, if any, and interest on the Bonds to the extent of the sum
or sums so paid.
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ORIGINAL
If the Issuer determines that it is in the best interest
of the beneficial owners that they be able to obtain Bonds and
delivers a written certificate to the depository to that effect,
the depository shall notify the participants of the availability of
Bonds through the depository. In such event, the Issuer shall
issue, transfer and exchange Bonds as requested by the depository
and other owners in appropriate amounts. The depository may
determine to discontinue providing its services with respect to the
Bonds at any time by giving notice to the Issuer and discharging
its responsibilities with respect thereto under applicable law.
Under such circumstances (if there is no successor securities
depository), the Issuer shall be obligated to deliver Bonds to the
beneficial owners thereof as described in the first paragraph of
this Section 3.
SECTION 4. Form of Bonds. The Bonds shall be substan-
tially in the form set forth in Exhibit A.
SECTION 5. Pavment of Bonds. The Bonds shall bear
interest at the rate or rates determined by the Council at the time
of sale of the Bonds (not to exceed twelve percent (12%) per annum,
or such higher rate of interest as may be authorized by applicable
law at the time of sale of the Bonds), payable on each Interest
Payment Date.
Each Bond shall bear interest from the Interest Payment
Date next preceding the date on which it is authenticated and
registered, unless authenticated and registered (i) prior to an
Interest Payment Date and after the close of business of the
fifteenth (15th) day of the month immediately preceding such
Interest Payment Date, in which event it shall bear interest from
such Interest Payment Date, or (ii) prior to the close of business
on the fifteenth (15th) day of the month preceding the first
Interest Payment Date, in which event it shall bear interest from
the Bond Date; provided, however, that if at the time of
authentication interest is in default, each Bond shall bear
interest from the date to which interest has been paid. Each Bond
will continue to bear interest after maturity at the rate stated
therein, provided it is presented at maturity and payment thereof
is refused on the sole ground that there is not sufficient money in
the Redemption Fund with which to pay same; if it is not presented
at maturity, interest thereon will run only until maturity.
SECTION 6. Execution. The Bonds shall be executed on
behalf of the Issuer and under its official seal by its Treasurer
and by the City Clerk, whose signatures shall be manually placed on
the Bonds or reproduced by engraved, printed or lithographed
facsimile thereof, and the official seal may be placed on the Bonds
in like manner; such signing and sealing shall constitute and be a
sufficient and binding execution of each and every one of the
Bonds. If said Bonds are executed under seal by facsimile, the
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OI:IIGINA~
Bonds shall then be delivered to the Treasurer or the Agent for
authentication by the Treasurer or Agent.
If any officer whose signature appears on the Bonds
ceases to be such officer before the authentication and delivery of
the Bonds to the purchaser thereof, such signature shall be as
valid as if such officer had remained in office until the authen-
tication and delivery of the Bonds.
SECTION 7. Authentication. Only those Bonds which bear
thereon a certificate of authentication substantially in the form
below, manually executed by the Treasurer or the Agent, shall be
valid or obligatory for any purpose or entitled to the benefits of
this Resolution, For Bonds bearing a certificate of
authentication, and such certificate shall be conclusive evidence
that the Bonds so authenticated have been duly executed,
authenticated and delivered hereunder and are entitled to the
benefits of this Resolution. The certificate of authentication on
any Bond requiring authentication shall be deemed to be duly
executed if signed by an authorized officer or signatory of the
Treasurer or the Agent, but it shall not be necessary that the same
officer or signatory sign the certificate of authentication on all
the Bonds issued hereunder.
[FORM OF CERTIFICATE OF AUTHENTICATION AND REGISTRATION]
This is one of the Bonds described in the Resolution Determining
Unpaid Assessments and Providing for Issuance of Bonds referred to
herein.
[Name Of Authenticating Entity]
By
Authorized Representative
SECTION 8. Sale, Preparation and Deliverv of Bonds. The
Bonds shall be sold by private negotiated sale. The Treasurer is
hereby directed to cause the Bonds to be prepared in accordance
with this Resolution and to authenticate and deliver the Bonds to
the purchaser thereof, upon receipt of the purchase price therefor,
and upon the performance of the conditions contained in the
accepted purchase contract for the Bonds. Upon receipt of the
purchase price, the Treasurer shall deliver written instructions to
the Agent authorizing the ordering the Agent to authenticate and
deliver the Bonds in accordance herewith.
SECTION 9. Improvement Fund. The Treasurer shall
establish the Improvement Fund designated by the name and/or number
of the improvement or assessment district into which shall be
placed the proceeds received from the sale of the Bonds, including
any premium (except that any interest accrued from the date of the
Bonds to the date of delivery thereof shall be placed in the
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ORIGINAL
Redemption Fund provided for herein). All moneys in the
Improvement Fund shall be withdrawn only upon checks or drafts of
the Issuer and shall be applied exclusively to the payment of the
cost of the acquisitions and/or construction of the improvements
described in the proceedings under and pursuant to said Resolution
of Intention, as now or hereafter changed or modified by
appropriate legal proceedings, and all expenses incidental thereto.
Any surplus remaining after payment of all costs and all legal
charges, claims and expenses shall be used as set forth in said
proceedings.
SECTION 10. Redemption Fund. The Treasurer shall
establish the Redemption Fund designated by the name of the Bonds,
into which shall be placed any accrued interest, if any, for the
period from the Bond Date to the date of delivery thereof, funded
interest to the maximum permitted by law as of the Bond Date, and
all sums received from the collection of unpaid assessments
provided for in Section 12 hereof, and of the interest and
penalties thereon. From the Redemption Fund, disbursements shall
be made to pay the principal or advance redemption price of the
Bonds and the interest due thereon.
The Treasurer shall further establish and maintain within
the Redemption Fund for the term Bond a separate account designated
as the "Mandatory Sinking Account." On or before the day upon
which a Mandatory Sinking Account Payment is due, the Treasurer
shall transfer the amount of such Mandatory Sinking Account Payment
from the Redemption Fund to the Mandatory Sinking Account.
SECTION 11. Reserve Fund. Upon placement of the
proceeds from the sale of the Bonds in the Improvement Fund, the
Treasurer shall forthwith transfer the sum of $335.000.00 from the
Improvement Fund into a Reserve Fund, which shall be designated by
the name and/or number of the improvement or assessment district.
The money in the Reserve Fund shall be administered by the
Treasurer in accordance with and pursuant to the provisions of Part
16 of the Act, provided that only proceeds from (1) investment of
moneys in the Reserve Fund and (2) redemption or sale of the
properties with respect to which payment of delinquent assessments
and interest thereon was paid from the Reserve Fund, shall be
credited to the Reserve Fund only to the extent that the amount
credited to the Reserve Fund will not result in the Bonds becoming
Arbitrage Bonds for the purposes of Section 148 of the Code and the
Regulations. To the extent that such proceeds, or any portion
thereof, would cause the Bonds to become Arbitrage Bonds if
credited to the Reserve Fund and invested in Higher Yielding
Investments, then such proceeds, or portion thereof, shall be
credited upon the assessments; provided only that in the event
crediting of any portion of such proceeds upon assessments not
theretofore paid in full in cash would result in moneys in the
Redemption Fund remaining therein for a period of more than 12
ORIGINAL
months, then any portion of such moneys which would otherwise
remain in the Redemption Fund for a period of more than 12 months
shall be used to call Bonds prior to their maturity date on the
earliest call date next succeeding the deposit thereof in the
Redemption Fund.
SECTION 12. Collection of Unpaid Assessments. The
unpaid assessments shown on the list, together with the interest
thereon, shall be payable in annual series corresponding in number
to the number of serial maturities of the Bonds issued. An annual
proportion of each unpaid assessment shall be payable in each year
preceding the date of maturity of each of the several series of
Bonds issued, sufficient to pay the Bonds when due, and such
proportion of each unpaid assessment coming due in any year,
together with the annual interest thereon, shall be payable in the
same manner and at the same time and in the same installments as
the general taxes on real property are payable, and become
delinquent at the same times and in the same proportionate amounts
and bear the same proportionate penalties and interest after
delinquency as do the general taxes on real property. All sums
received from the collection of the unpaid assessments and of the
interest and penalties thereon shall be placed in the Redemption
Fund.
SECTION 13. Redemption Prior to Maturity. Each Bond, or
any portion thereof in the amount of the Bond Denomination or any
integral multiple thereof, outstanding may be redeemed and paid in
advance of maturity upon any Interest Payment Date in any year by
giving at least 30 days notice by registered mail to the registered
owner at such owner's address as it appears on the registration
books of the Agent and by paying the principal amount thereof
together with the Redemption Premium, if any, plus interest to the
date of advanced maturity, unless sooner surrendered, in which
event said interest will be paid to the date of payment, all in the
manner and as provided in the Act.
The Treasurer shall cause to be called for redemption and
retire Bonds upon prepayment of assessments in amounts sufficient
therefor, or whenever sufficient surplus funds are available
therefor in the Redemption Fund. In selecting Bonds for
retirement, the lowest numbered Bonds of the various annual
maturities shall be chosen pro rata in a manner intended to disturb
as little as possible the relationship of unpaid assessments to
Bonds outstanding.
The provisions of Part 11.1 of the Act are applicable to
the advance payment of assessments and to the calling of the Bonds.
SECTION 14. Exchanqe of Bonds. Any Bond, upon surrender
thereof at the office of the Treasurer, together with an assignment
duly executed by the registered owner thereof or his attorney or
ORIGINAL
legal representative in such form as shall be satisfactory to the
Treasurer, may, at the option of such owner, be exchanged for an
aggregate principal amount of Bonds equal to the principal amount
of the Bond so surrendered, and of any authorized denomination or
denominations. The Issuer shall make provision for the exchange of
Bonds at the office of the Treasurer.
SECTION 15. Neqotiabilitv, Registration and Transfer of
Bonds. The Treasurer or Agent shall keep books for the
registration, and for the registration of transfers, of the Bonds
as provided in this Resolution, which shall at all times be open to
inspection by the Issuer. The transfer of any Bond may be
registered only upon such books upon surrender thereof to the
Treasurer or Agent together with an assignment duly executed by the
owner or his attorney or legal representative in such form as shall
be satisfactory to the Treasurer or Agent. Upon any such
registration of transfer, the Issuer shall execute and the
Treasurer or Agent shall authenticate and deliver in exchange for
such Bond a new Bond or Bonds registered in the name of the
transferee, of any denomination or denominations authorized by this
Resolution, and in an aggregate principal amount equal to the
principal amount of such Bond or Bonds so surrendered.
In all cases in which Bonds shall be exchanged, the
Issuer shall execute and the Treasurer or Agent shall authenticate
and deliver at the earliest practicable time Bonds in accordance
with the provisions of this Resolution. All Bonds surrendered in
any such exchange or registration of transfer shall forthwith be
canceled by the Treasurer or Agent. The Issuer may make a charge
for every such exchange or registration of transfer of Bonds suffi-
cient to reimburse it for any tax or other governmental charge
required to be paid with respect to such exchange or registration
of transfer, but no other charge shall be made to any owner for the
privilege of exchanging or registering the transfer of Bonds under
the provisions of this Resolution. The Issuer shall not be
required to make such exchange or registration of transfer of Bonds
during the period from the 15th day of the month immediately
preceding any Interest Payment Date and such Interest Payment Date.
SECTION 16. Ownership of Bonds. The person in whose
name any Bond shall be registered shall be deemed and regarded as
the absolute owner thereof for all purposes and payment of or on
account of the principal, and Redemption Premium, if any, of any
such Bond, and the interest on any such Bond, shall be made only to
or upon the order of the registered owner thereof or such owner's
legal representative. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Bond,
including the Redemption Premium, if any, and interest thereon to
the extent of the sum or sums so paid.
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ORIGINAL
SECTION 17. Limited Obliqation. Pursuant to Section
8769 of the Act, the Issuer has determined that the Issuer will not
obligate itself to advance available funds from the City treasury
to cure any deficiency which may occur in the Redemption Fund.
Such determination shall not prevent the Issuer from, in the
Issuer's sole discretion, so advancing funds.
SECTION 18. Covenant to Foreclose. The Issuer hereby
covenants with and for the benefit of the owners of the Bonds that
it will commence or cause to be commenced within 150 days following
the date of delinquency, and thereafter diligently prosecuted, an
action in the superior court to foreclose the lien of any
assessment or installment thereof not paid when due, pursuant to
and as provided in Sections 8830 through 8835, inclusive, of the
Streets and Highways Code of the State of California, provided that
the alternative method of tax apportionment (Sections 4701 through
4717 of the California Revenue and Taxation Code) is no longer
applied by the County of Kern to special assessments, for which
bonds have been issued pursuant to the Act, for any reason
whatsoever.
(a) Except as otherwise provided in paragraphs (b)
and (c), the Issuer shall commence judicial foreclosure
proceedings against any parcel with aggregate delinquent
assessments in excess of $1,000 within one hundred fifty days
after the Treasurer has received from the Auditor/Controller
of the County of Fresno the first report on collections,
pursuant to Section 8683 of the California Streets and
Highways Code (the "Auditor's Report"), showing such
delinquent assessments.
(b) If, in any Bond Year, the Issuer receives
assessment installments in an aggregate amount that is less
than ninety-five percent of the total Debt Service for that
Bond Year, the Issuer shall commence judicial foreclosure
proceedings against all parcels with delinquent assessments,
regardless of amount, within one hundred fifty days after the
Treasurer has received the Auditor's Report for July of that
Bond Year showing such delinquent assessments.
(c) The Issuer shall commence judicial foreclosure
proceedings against all parcels with delinquent assessments,
regardless of the amount, within one hundred fifty days after
the date the second installment of general taxes of the City
on real property is payable in the last Fiscal Year in which
assessment installments are due.
The Issuer shall diligently pursue all such judicial foreclosure
proceedings to completion.
ORIGINAL
SECTION 19. Investment of Funds. Moneys in the
Improvement Fund, Redemption Fund, and the Reserve Fund shall,
whenever practicable, be invested in legal investments for the
Issuer under applicable law for the moneys held pursuant to this
Resolution at the time when any of such moneys are to be invested
therein. Any income therefrom or interest thereon shall accrue to
and be deposited in the fund from which said moneys were invested,
except as otherwise provided in Section 23 hereof and the Rebate
Certificate.
(a) Nonpurpose Investments. Except to the extent that the
limitations on Nonpurpose Investments are avoided by
qualifying the investments under the "temporary period" rules
of the Code, the Treasurer shall adhere to the following
limitations and requirements for Nonpurpose Investments to
avoid treatment of the Bonds as Arbitrage Bonds and the loss
of the interest exclusion from federal income tax.
(1) At no time during any Bond Year may the amount
invested in Nonpurpose Investments with a Yield
materially higher than the Yield on the Bonds exceed 150
percent of the "Debt Service" on the Bonds for the Bond
Year, and
(2) the aggregate amount invested as provided in (1)
above shall be promptly and appropriately reduced as the
amount of outstanding Bonds is reduced.
(b) Temporary Period Investments. Proceeds of the issue may
be invested in Higher Yielding Investments for a temporary
period until such proceeds are needed for the purpose for
which the Bonds were issued and/or for temporary investment
periods related to Debt Service. The temporary period for
Bond proceeds used for construction shall be two years. The
temporary period for all other Bond proceeds shall be six
months.
In addition to the foregoing general instructions, the
Treasurer shall adhere to the following guidelines with
respect to the Redemption Fund (debt service fund) and the
Improvement Fund (purpose for which the Bonds were issued):
(1) Proceeds derived from the sale of the Bonds and
deposited in the Redemption Fund are considered a "debt
service fund." If the gross earnings on a bona fide debt
service fund are less than $100,000 in the Bond Year,
then such earnings are not to be taken into account in
determining the aggregate amount earned on Nonpurpose
Investments for purposes of determining the Rebate
Requirement pursuant to the Rebate Certificate.
-14-
ORIGINAL
(2) Proceeds derived from the sale of the Bonds
deposited in the Improvement Fund to be expended to pay
costs of construction of the Improvements, and all
expenses incident thereto, are entitled to a temporary
period extending until such proceeds are expended within
the time limits of Paragraph (b) of this Section 19 for
construction of such Improvements and, therefore, such
proceeds may be invested in Higher Yielding Investments.
(3) The Issuer will review all investments within five
(5) months (or twenty-three (23) months for construction
funds) after the date which the Bonds are issued and
determine which of the Nonpurpose Investments rely on the
temporary period investment exception, and within six (6)
months (or twenty-four (24) months for construction
funds) after which the Bonds are issued reinvest all such
investments in government bonds or 501(c) (3) bonds which
are excluded from the definition of Nonpurpose
Investments.
(4) Amounts deposited in the Reserve Fund have no
temporary period (but see Paragraph (c) below for special
rule).
(c) Minor Portion Exception. Notwithstanding Paragraphs (a)
through (b) above, the Bonds will not be treated as Arbitrage
Bonds if in addition to the amounts excepted under the
"temporary period" exception (Paragraph (b) above), an amount
is invested in Higher Yielding Investments which does not
exceed the lesser of $100,000 or five percent of the proceeds
of the issue, as defined by Section 1.148-8 (d) of the
Regulations.
(d) Restricted Investments. Gross Proceeds, other than
amounts eligible for a temporary period as described in
Paragraph (b) or the exception for minor portions in Paragraph
(c), shall be invested in obligations the interest on which is
excluded from gross income for federal income tax purposes
under Section 103(a) of the Code, or in Nonpurpose Investments
at a composite yield not in excess of the Yield on the Bonds
(in the case of Nonpurpose Investments acquired with Gross
Proceeds derived from the sale of the Bonds and investment
earnings thereon, the Yield on the Bonds plus 1/8 of one
percent).
SECTION 20. No Arbitrage or Hedqe Bonds.
(a) No Arbitraqe. The Issuer shall not, except as permitted
by law without violating provisions of the Code relating to
arbitrage restrictions on tax-exempt proceeds, use any portion
of the proceeds from the issuance of the Bonds, directly or
ORIGINAL
indirectly, (1) to acquire Higher Yielding Investments, (2) to
replace funds which were used directly or indirectly to
acquire Higher Yielding Investments, and will (3) rebate to
the federal government all arbitrage profits, (4) comply with
limitations on the amount of Bond proceeds that may be
invested in Nonpurpose Investments and (5) comply with all of
the other provisions of Section 148 of the Code in order to
avoid treatment of the Bonds as Arbitrage Bonds subject to
federal income taxation by reason of Code Section 103(b).
(b) No Hedge Bonds. The Issuer reasonably expects to spend
eighty-five percent (85%) of the "spendable proceeds" of the
issue (the "Spendable Proceeds") within the three (3) year
period beginning on the issue date of the Bonds. For these
purposes, the "Spendable Proceeds" are sale proceeds of the
Bonds less proceeds used for costs of issuance, reasonably
required reserve or replacement funds and Debt Service. If
the Bonds are classified as hedge bonds, the Issuer shall
comply with all requirements for maintaining the tax exempt
status of the Bonds pursuant to Code Section 149(g).
SECTION 21. Certificate as to No-Arbitraqe or Hedge
Bonds. On the basis of the facts, estimates and circumstances now
in existence and in existence on the date of issue of the Bonds, as
determined by the Treasurer, the Treasurer is authorized and
directed to certify that it is not expected that the proceeds of
the Bonds will be used in a manner that would cause the Bonds to be
arbitrage or hedge bonds, as defined by the Code. Such
certification shall be delivered to the Original Purchaser of the
Bonds at the time of delivery of and payment for the Bonds. As
part of such certification, the Treasurer shall make certain
elections as allowed by the Code for the calculation of arbitrage
and payment of rebate to the federal government.
SECTION 22. FRESERVED]
SECTION 23. Rebate Requirement.
(a) Rebate Fund and Statement. Notwithstanding any
unrestricted investment for a temporary period, Section 148 of
the Code and accompanying Regulations require that the Rebate
Requirement be paid to the United States Treasury. The
Treasurer shall establish and maintain the Rebate Fund
designated by the name of the Bonds and shall deposit into the
Rebate Fund the Rebate Requirement as determined and
calculated pursuant to the Rebate Certificate, the Code and
the Regulations. Moneys held in the Rebate Fund are hereby
pledged to secure payments of the Rebate Requirement to the
United States Treasury, and the Issuer will pay or cause to be
paid to the United States the Rebate Requirement at the times
and in the amounts set forth in the Rebate Certificate.
-16-
ORIGINAL
Moneys in the Rebate Fund will be invested in legal
investments for the Issuer under applicable law for such
moneys, and all investment earnings with respect thereto will
be deposited in the Rebate Fund.
SECTION 24. Private Activity and Private Loan
Prohibitions.
(a) Private Activity Prohibition. The Issuer shall assure
that (i) not in excess of 10 percent of the Net Proceeds of
the Bonds are used for a Private Business Use if, in addition,
the payment of more than 10 percent of the principal or 10
percent of the interest due on the Bonds during the term
thereof is, under the terms of the Bonds or any underlying
arrangement, directly or indirectly, secured by any interest
in property used or to be used for a Private Business Use or
in payments in respect of property used or to be used for a
Private Business Use or is to be derived from payments,
whether or not to the Issuer, in respect of property or
borrowed money used or to be used for a Private Business Use;
and (ii) that, in the event that both (A) in excess of five
percent of the Net Proceeds of the Bonds are used for a
Private Business Use, and (B) an amount in excess of five
percent of the principal or five percent of the interest due
on the Bonds during the term thereof is, under the terms of
the Bonds or any underlying arrangement, directly or
indirectly, secured by any interest in property used or to be
used for said Private Business Use or in payments in respect
of property used or to be used for said Private Business Use
or is to be derived from payments, whether or not to the
Issuer, in respect of property or borrowed money used or to be
used for said Private Business Use, then said excess over said
five percent of Net Proceeds of the Bonds used for a Private
Business Use shall be used for a Private Business Use related
to the governmental use of the Project.
(b) Private Loan Prohibition. The Issuer shall assure that
not in excess of five percent of the Net Proceeds of the Bonds
is used, directly or indirectly, to make or finance loans
(other than loans constituting Nonpurpose Investments or
assessments) to persons other than governmental units.
(c) Disbursement Statement. Upon each disbursement of Net
Proceeds of the Bonds deposited in the Improvement Fund, the
Treasurer shall prepare and execute a statement setting forth
the portion, if any, of the Net Proceeds of the Bonds to be
used for a Private Business Use or to make or finance a
private loan (other than a loan constituting a Nonpurpose
Investment or an assessment) and certifying that there has
been compliance with Paragraphs (a) and (b) above. Such
-17-
ORIGINAL
statements shall be maintained as a part of the permanent
business records of the Issuer pertaining to the Bonds.
SECTION 25. No Federal Guarantee. The Issuer shall take
no action nor permit nor suffer any action to be taken if the
result of the same would cause the Bonds to be a federally
guaranteed obligation within the meaning of Section 149(b) of the
Code.
SECTION 26. Amendment. Without the consent of the Bond
owners, the Issuer hereafter may amend this Resolution to add,
modify or delete provisions if the same is necessary or desirable,
in the opinion of the Bond Counsel of the Issuer, to assure the
exemption of interest on the Bonds from federal income taxation,
provided that the security interest of the Bond owners is not
adversely affected thereby.
SECTION 27. Authority of Treasurer. All actions
mandated by this Resolution to be performed by the Treasurer may be
performed by the designee thereof or such other official of the
Issuer or independent contractor, contractor or trustee duly
authorized by the Treasurer to perform such action or actions in
furtherance of all or a specific portion of the requirements
hereof.
SECTION 28. Official Statement. The Council hereby
approves the preliminary official statement describing the Bonds in
the form submitted to the Council concurrently with this Resolution
(the "Preliminary Official Statement") and deems it materially
accurate, complete and final as of its date except for the addition
of offering prices, interest rates, selling compensation, aggregate
principal amount, principal amount per maturity; delivery dates,
ratings, other terms of the Bonds which depend on the foregoing,
any other information which may be changes or omitted pursuant to
17 Code of Federal Regulations Section 240.15c2-12 ("Rule 15c2-
12"). Distribution of the Preliminary Official Statement in such
form by the Underwriter to all potential purchasers of the Bonds is
hereby approved. The Treasurer, upon consultation with Bond
Counsel, is hereby authorized and directed to approve any changes
or additions from the Preliminary Official Statement in a final
Official Statement, provided such changes and additions are
permitted by Rule 15c2-12. The Treasurer, or his authorized
representative, shall execute the final Official Statement in such
form (the "Final official Statement") on behalf of the Issuer and
such execution shall be conclusive evidence of the Council's
approval of any changes from and additions to the Preliminary
Official Statement. The Council hereby authorizes the distribution
of the Final official Statement in such form by the Underwriter for
the purposes specified in Rule 15c2-12.
-18-
ORIGINAL
SECTION 29. Leqal Opinion. The Issuer will furnish the
legal opinion of Richard H. Hargrove of Jackson Hargrove Emerich
Pedreira & Nahigian approving the legality of the proceedings and
the issuance of the Bonds.
SECTION 30. Appointment of A~ent. Bank of America
National Trust and Savings Association, California, is hereby
appointed as the transfer agent, registrar and paying agent for the
Bonds. If Bank of America National Trust and Savings Association
is, for any reason, unable or unwilling to serve as Agent or
resigns or is removed as Agent, the Treasurer is authorized and
directed to appoint another qualified financial institution to
serve as Agent.
SECTION 31. Certified CoDies. The City Clerk shall
furnish a certified copy of this Resolution to the Treasurer, the
Agent, and to the Auditor of the County of Kern.
III
III
ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed
and adopted by the City Council of the City of Bakersfield at a
regular meeting thereof held on the 4th day of November, 1992,
by the following vote:
AYES:
NOES:
COUNCILMEMBERS:
COUNCILMEMBERS:
McDermott, Edwards, DeMond, Smith, Brunni
Salvaggio
None
ABSENT:
COUNCILMEMBERS: Peterson
ABSTENTIONS:
COUNCILMEMBERS: None
cC~etYrkCol~rtkh~ncdouEnXc~f~i~he
City of Bakersfield
MAYOR of the city of Bakersfield
COUNTERS I GNE~:
~/~n .a~/~ir ect or of
/ci~ ~ Bakersfield
,./P~~D AS~TO FO~:~/
Jackson Hargr~e Emerich
Pedreira & Nahigian
BOND CO~SEL
APPROVED AS TO FORM:
CI~ ATTORNE~
City of Bakersfield
700376EF.R2A
-20--
ORIGINAL
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF KERN
NUMBER $
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO.
LIMITED OBLIGATION IMPROVEMENT BOND
INTEREST RATE
MATURITY DATE
91-1
BOND DATE CUSIP
REGISTERED OWNER:
PRINCIPAL AMOUNT:
Under and by virtue of the Improvement Bond Act of 1915,
Division 10 (commencing with Section 8500) of the California
Streets and Highways Code (the "Act"), the City of Bakersfield,
California, (the "City"), will, out of the Redemption Fund on the
maturity date specified above for the payment of the Bonds issued
upon the unpaid portion of assessments made for the acquisitions,
work, and improvements more fully described in proceedings taken
pursuant to Resolution of Intention No. 1096, adopted by the City
Council of the city on August 5, 1992, pay to the registered owner
hereof, or registered assigns, on the maturity date stated above,
the principal sum shown hereon in lawful money of the United States
and in like manner pay interest at the rate per annum stated above,
payable semiannually on March 2 and September 2 in each year
commencing March 2, 1993. This Bond bears interest from the
interest payment date next preceding its date of authentication and
registration unless it is authenticated and registered (i) prior to
an interest payment date and after the close of business of the
fifteenth (15th) day of the month immediately preceding such
interest payment date, in which event it shall bear interest from
such interest payment date, or (ii) prior to the close of business
on the fifteenth (15th) day of the month immediately preceding
March 2, 1993, in which event it shall bear interest from its date,
until payment of such principal sum shall have been discharged.
Both the principal hereof and redemption premium hereon, if any,
are payable upon presentation and surrender hereof at the principal
corporate trust office of , ,
California, or its successors, as Transfer Agent, Registrar and
Paying Agent (the "Agent"), and the interest hereon is payable by
check or draft mailed to the owner hereof at such owner's address
as it appears on the registration books of the Agent, or at such
EXHIBIT A
A - 1
ORIGINAL
address as may have been filed with the Agent for that purpose, as
of the fifteenth (15th) day of the month immediately preceding each
interest payment date.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF
THIS BOND SET FORTH ON THE REVERSE SIDE HEREOF WHICH SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH HEREIN.
This Bond will continue to bear interest after maturity
at the rate above stated, provided that it is presented at maturity
and payment thereof is refused upon the sole ground that there are
not sufficient moneys in said Redemption Fund with which to pay
same. If it is not presented at maturity, interest hereon will run
only until maturity.
This Bond shall not be entitled to any benefit under the
Act, the Code or the Resolution entitled "A Resolution Determining
Unpaid Assessments and Providing for Issuance of Bonds", adopted by
the City Council of the City on November 4, 1992, (the "Resolution
of Issuance"), or become valid or obligatory for any purpose, until
the certificate of authentication and registration hereon endorsed
shall have been dated and signed by the Treasurer or the Agent.
IN WITNESS WHEREOF, the City of Bakersfield has caused
the Bond to be signed in facsimile by the Treasurer of said City
and by its City Clerk and has caused its corporate seal to be
reproduced in facsimile hereon all as of , 1992.
CITY OF BAKERSFIELD, CALIFORNIA
City Clerk
Treasurer
CERTIFICATE OF AUTHENTICATION AND REGISTRATION
This is one of the Bonds described in the within
mentioned Resolution of Issuance, which has been registered on
as Transfer Agent, Registrar
and Paying Agent
Authorized officer
EXHIBIT A
A - 2
[TEXT ON REVERSE SIDE OF BOND]
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 91-1
LIMITED OBLIGATION IMPROVEMENT BONDS
This Bond is one of several annual series of Bonds of
like date, tenor and effect, but differing in amounts, maturities
and interest rates, issued by said City under the Act, the Code and
the Resolution of Issuance in the aggregate principal amount of
not to exceed $ for the purpose of providing means for
paying for the improvements and acquisitions described in said
proceedings, and is secured by the moneys in said Redemption Fund
and by the unpaid portion of said assessments made for the payment
of said improvements and acquisitions, and, including principal and
interest, is payable exclusively out of said Redemption Fund.
This Bond is transferable by the registered owner hereof,
in person or by the owner's attorney duly authorized in writing, at
said office of the Agent, subject to the terms and conditions
provided in the Resolution of Issuance, including the payment of
certain charges, if any, upon surrender and cancellation of this
Bond. Upon such transfer, a new registered Bond or Bonds, of any
authorized denomination or denominations, of the same maturity, and
for the same aggregate principal amount, will be issued to the
transferee in exchange therefor.
Bonds shall be registered only in the name of an
individual (including joint owners), a corporation, a partnership
or a trust.
Neither the City nor the Agent shall be required to make
such exchange or registration of transfer of Bonds between the
fifteenth (15th) day of the month immediately preceding any March
2 or September 2 and such March 2 or September 2.
The City and the Agent may treat the owner hereof as the
absolute owner for all purposes, and the City and the Agent shall
not be affected by any notice to the contrary.
This Bond, or any portion of it in the amount of Five
Thousand Dollars ($5,000.00) or any integral multiple thereof, may
be redeemed and paid in advance of maturity upon the 2nd day of
March or September in any year by giving at least thirty (30) days'
notice by registered mail to the registered owner hereof at such
owner's address as it appears on the registration books of the
Agent and by paying principal and accrued interest together with a
premium, as set forth in the following table:
EXHIBIT A
A - 3
ORfG~NAL
Redemption Date
RedemPtion Premium
November , 1992 to September 2, 1999
March 2 or September 2, 2000
March 2 or September 2, 2001
March 2 or September 2, 2002, and thereafter
3%
2%
1%
0%
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.
LEGAL OPINION
I hereby certify that the following is a correct copy of
the signed legal opinion of Jackson Hargrove Emerich Pedreira &
Nahigian, Attorneys at Law, Fresno, California, Bond Counsel,
addressed to the City of Bakersfield and on file in my office,
dated the date of delivery of and payment for the Bonds therein
described.
City Clerk
[Insert Legal Opinion]
ASSIGNMENT
For value received, the undersigned do(es) hereby sell,
assign and transfer unto
the within-mentioned Bond and hereby irrevocably constitute(s) and
appoint(s)
attorney, to transfer the
same on the books kept for registration hereof with full power of
substitution in the premises.
Dated:
NOTICE: The signature to this
assignment must correspond with the
name as it appears upon the face of
the within Bond in every particular,
without alteration or enlargement or
any change whatsoever.
700376EF.R2A
EXHIBIT A
A - 4
ORIGINAL
LIST OF UNPAID ASSESSMENTS
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 91 -1
(HOSKING TRUNK SEWER)
ASMT ASSESSOR'S PARCEL NO./
NO. PARCEL DESCRIPTION
1 176-080-11 -00-8
2 176-080-12-00-1
3 176-080-35-00-8
4 176-080-39-00-0
5 176-080-41-00-5
6 176-100-01-00-4
7 176-100-02-00-7
8 176-100-04-00-3
9 176-100-06-00-9
10 176-100-12-00-6
11 176-100-13-00-9
12 176-100-14-00-2
13 176-100-15-00-5
14 176-100-21-00-2
15 176-100-23-00-8
16 176-100-24-00-1
17 176-100-25-00-4
18 176-100-26-00-7
19 176-100-32-00-4
20 176-100-43-00-6
21 176-100-45-00-2
22 176-100-46-00-5
23 176-100-47-00-8
24 176-100-48-00-1
25 176-100-50-00-6
26 176-120-01-01-9
27 PARCEL 1: P.M.W. 3-92
28 176-120-09-00-4
29 176-120-10-00-6
30 373-010-25-00-5
31 373-010-27-00-1
32 373-010-32-00-5
33 373-010-48-00-2
34 373-010-50-00-7
35 373-010-55-00-2
36 373-010-56-00-5
37 373-010-57-00-8
38 373-010-58-00-1
39 373-010-59-00-4
40 373-010-60-00-6
41 373-010-61 -00-9
42 373-010-64-00-8
43 373-010-65-00-1
44 373-020-01-01-7
45 373-020-02-00-1
2960UNP
OWNER'S NAME
Mary S Rodrigues
Rudnick Estates Tr
Zita De Pedrazzi Tr
Kern Valley Packing Co of Bakersfield
James T & Peggy J Rowland
Kern Valley Packing Co of Bakersfield
Kern Valley Packing Co of Bakersfield
Greenfield School District
Bruno G DineIll
Genevieve Myers
Rancho Sierra
Bruno G DineIll
Rose Dinelli
Gary & Veronica Garone
Gary & Veronica Garone
Gold Mountain Group Inc
Mary D & Lori Ann Marerich
Mary D Maretich
Kern Valley Packing Co of Bakersfield
Sierra Pacific Realty Inc
Sierra Pacific Realty Inc
Sierra Pacific Realty Inc
Sierra Pacific Realty Inc
Sierra Pacific Realty inc
Kern Delta Water District
Marguerite Ann Bentz
WKG Investments
Richard E & Theodora Fanucchi
Tom & Zita De Pedrazzi Tr
John Antongiovanni
John G Giumarra Jr
John Antongiovanni
Tommy L & Velma Boozer Liv Tr
Gordon B & M Margaret Slater
New Life In Christ Temple
Cecil A & Rose Tackett
Joe & Marie Fambrough
Tommy L & Velma Boozer Liv Tr
Tommy L & Velma Boozer Liv Tr
Tommy L & Velma Boozer Liv Tr
John W Moore
John G Giumarra Jr
John G Giumarra Jr
Delfino Brothers
Hollie Thomas
ORIGINAL
CONFIRMED
ASSESSMENT
$27,241.29
$27,241.29
$88,658.01
$81,723.84
$105,457.18
$47,548.42
$50,024.91
$o.oo
$o.oo
$81,572.94
$67,360.27
$o.oo
$47,053.10
$12,382.41
$12,382.41
$52,396.81
$12,382.41
$12,382.41
$49,034.3O
$113,463.32
$49,117.17
$48,621.9O
$48,621.90
$48,621.9O
$5.O0
$23,774.21
$45,445.28
$8,663.69
$65,874.36
$59,5O7.07
$20,569.17
$9,598.94
$16,344.77
$44,576.66
$4,457.65
$0.00
$5,943.53
$21,793.01
$4,952.96
$4,952.96
$6,934.15
$15,849.48
$112,078.30
$890.61
$1,485.89
04-Nov-92
LIST OF UNPAID ASSESSMENTS
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 91 -1
(HOSKING TRUNK SEWER)
ASMT ASSESSOR'S PARCEL NO./
NO. PARCEL DESCRIPTION
46 373-020-03-00-4
47 373-020-04-00-7
48 373-020-05-00-0
49 373-020-08-00-9
50 373-020-09-00-2
51 373-020-12-01 -9
52 373-020-14-00-6
53 373-020-15-00-9
54 373-020-16-00-2
55 373-020-17-00-5
56 373-020-18-00-8
57 373-020-19-00-1
58 373-020-20-00-3
59 373-020-21-00-6
60 373-030-38-00-9
61 373-030-46-00-2
62 373-030-56-00-1
63 373-030-60-00-2
64 373-030-62-00-8
65 373-030-64-00-4
66 373-040-04-00-3
67 373-040-07-00-2
68 373-040-09-00-8
69 373-040-10-01-9
70 373-040-12-00-6
71 373-040-24-00-1
72 373-040-30-00-8
73 373-040-31-00-1
74 373-040-36-00-6
75 REMAIN. 0F:373-040-43-00-6
76 373-051-02-00-7
77 373-051-03-00-0
78 373-051-04-00-3
79 373-051-05-00-6
80 373-051-06-00-9
81 373-052-02-00-4
82 373-052-03-00-7
83 373-052-05-00-3
84 373-052-07-00-9
85 373-052-21-00-9
86 373-052-22-00-2
87 373-052-13-00-6
88 373-052-14-00-9
89 373-060-01-00-0
90 373-060-02-00-3
2960UNP
OWNER'S NAME
John Antongiovanni
John Antongiovanni
John G Giumarra Jr
Louis A Rambaud Tr Et AI
Joe E & Diane Riggs
Charles W & V M Mc Laughlin
Josephine D Del Papa
John G Giumarra Jr
John G Giumarra Jr
John G Giumarra Jr
John G Giumarra Jr
Arthur L Turner
Arthur L Turner
Arthur L Turner
Alexander Kennedy
Delfino Brothers
Skinner Hardy Tr Et AI
David J & Mary E Kennison
Evelyn Cornelius
Panama Buena-vista School Distdct
Angie Delfino
Calvin & Jimmie D Mahan
Dora Melton
Mildred Joseph
Delfino Brothers
Mary Iturriria & John Lusarreta
William J & Rita J Judge
Delfino Brothers
Skinner Hardy Tr Et AI
Glenwood Partnership
Rob Brian & Deborah Y Mc Combs
David Wayne & Penelope Y Manning
Jeffrey S Turman Tr
Eugene D & Karol J Schultz
Chung H & Kyoung L Choi
Frank K & Norma L Fugitt
Frank K & Norma L Fugitt
John J Machado Jr Et AI
John Valpredo
Henry A & Albert L Pinheiro
Kern Financial Resources Inc
Kern Financial Resources Inc
August W & Isabel E Suburu Tr
Delfino Brothers
Delfino Brothers
ORIGINAl
CONFIRMED
ASSESSMENT
$59,469.37
$35,653.25
$1,371.25
$45,567.23
$6,438.88
$67,855.57
$21,297.72
$52,032.87
$48,539.03
$49,529.62
$49,529.62
$45,071.95
$4,457.65
$3,467.10
$36,156.61
$495.31
$42,595.47
$495.31
$90,521.55
$o.oo
$96,087.41
$0.00
$0.00
$0.00
$990.61
$10,401.25
$41,604.85
$49,034.30
$93,115.66
$46,602.98
$o.oo
$o.oo
$o.oo
$o.oo
$1 g 811.86
$48 043.71
$77 266.21
$101 040.40
$43 090.77
$20 199.94
$58 081.28
$146 311.49
$o.oo
$495.31
$495.31
04 - Nov - 92
LIST OF UNPAID ASSESSMENTS
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 91 -1
(HOSKING TRUNK SEWER)
ASMT ASSESSOR'S PARCEL NO./
NO. PARCEL DESCRIPTION
91 373-060-03-00-6
92 373-060-06-00-5
93 373-060-08-00-1
94 373-060-09-00-4
95 373-060-10-00-6
96 373-060-11-00-9
97 373-060-12-01-1
98 373-060-17-00-7
99 373-060-21-00-8
100 373-060-22-00-1
101 373-060-23-00-4
102 373-060-25-00-0
103 373-060-26-00-3
104 373-060-27-00-6
105 373-090-01-00-9
106 373-090-02-00-2
107 373-090-03-00-5
108 373-090-04-00-8
109 373-090-05-00-1
110 373-090-06-00-4
111 373-090-08-00-0
112 373-090-11-00-8
113 373-090-12-00-1
114 373-090-13-00-4
115 373-090-14-00-7
116 373-311-01-00-9
117 373-311-02-00-2
118 373-311-03-00-5
119 373-311-04-00-8
120 373-311-05-00-1
121 373-311-06-00-4
122 373-311 -07-00-7
123 373-311-08-00-0
124 373-311-09-00-3
125 373-311-10-00-5
126 373-311-11-00-8
127 373-311-12-00-1
128 373-311-13-00-4
129 373-311-14-00-7
130 373-311-15-00-0
131 373-311-16-00-3
132 373-311-17-00-6
133 373-311-18-00-9
134 373-311-19-00-2
135 373-311-20-00-4
2960UNP
OWNER'S NAME
Tony & George Anthony Delfino
Mildred Joseph
Edward R & Dorothy I Pankey Tr
Harvey Woods
James & Joy Hanrihan Tr
Alan & Mary Williams
Jerry J & Donna J Steers
Roger & Peggy Whitaker
George W & Edna F Blalock
Gordon B Slater Jr
Jerry J & Donna J Steers
Harold J & Bonnie L Wurtz
George W & Edna F Blalock
George W & Edna F Blalock
Raymond N Franco Et AI
Cyrus L & Shirley J Langston
Jose Machuca & Engracia Riviera
Jose Machuca
Belton B & Lillian M Ashcraft
Belton B Ashcraft
Kenneth W & Dina F Niblett
Mauricio Iparraguirre
Mauricio Iparraguirre
Thomas B & Ethel J Sears
Thomas B & Ethel J Sears
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Edward and Angie Arano
Glenwood Partnership
Glenwood Partnership
Dale and Cheryl Lamason
John and Mary Deith
Joseph & Martha Jordan
Susan Crowl
Robin Cook and David Pachesney
ORIGINAL
CONFIRMED
ASSESSMENT
$14,363.60
$0.00
$990.61
$990.59
$15,849.48
$495.31
$495.31
$o.oo
$o.oo
$18,325.97
$3,O49.69
$o.oo
$o.oo
~.oo
$122,833.42
$495.31
$1,485.89
$495.31
$99O .59
$495.31
$4,457.65
$o.oo
$o.oo
~.oo
$0.00
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$540.44
$o.oo
$540.44
$54O.44
$o.oo
$540.44
04-Nov-92
LIST OF UNPAID ASSESSMENTS
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 91 -1
(HOSKING TRUNK SEWER)
ASMT ASSESSOR'S PARCEL NO./
NO. PARCEL DESCRIPTION
136 373-311 -21-00-7
137 373-311-22-00-0
138 373-311-23-00-3
139 373-311 -24-00-6
140 373-311-25-00-9
141 373-311-26-00-2
142 373-311-27-00-5
143 373-311-28-00-8
144 373-311-29-00-1
145 373-311 -30-00-3
146 373-311-31-00-6
147 373-311-32-00-9
148 373-312-01-00-6
149 373-312-02-00-9
150 373-312-03-00-2
151 373-312-04-00-5
152 373-312-05-00-8
153 373-313-01-00-3
154 373-313-02-00-6
155 373-313-03-00-9
156 373-313-04-00-2
157 373-313-05-00-5
158 373-313-06-00-8
159 373-313-07-00-1
160 373-313-08-00-4
161 373-313-09-00-7
162 176-100-56-00-4
163 373-040-44-00-9
164 373-052-23-00-5
165 373-052-25-00-1
186 PARCEL2: P.M.W. 3-92
167 PARCEL3: P.M.W. 3-92
168 PARCEL4: P.M.W. 3-92
169 LOT 1: TR 5389-PH IV
170 LOT2: TR5389-PHIV
171 LOT 3: TR 5389-PH IV
172 LOT 4: TR 5389- PH IV
173 LOT 5: TR 5389-PH IV
174 LOT6: TR5389-PHIV
175 LOT7: TR5389-PHIV
176 LOTS: TR5389-PHIV
177 LOT9: TR5389-PHIV
178 LOT 10: TR 5389- PH IV
179 LOT 11: TR 5389-PH iV
180 LOT 12: TR 5389- PH IV
2960UNP
OWNER'S NAME
Glen and Margaret Yamasaita
Glenwood Partnership
Glenwood Partnership
Coleman Homes
Coleman Homes
Coleman Homes
Glenwood Partnership
Metco Development Company
Metco Development Company
Metco Development Company
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Coleman Homes
Coleman Homes
Coleman Homes
Coleman Homes
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Kern Delta Water District
The City of Bakersfield
Kern Financial Resources Inc
Kern Financial Resources Inc
Edward Fanucchi
WKG Investments
Edward Fanucchi
Glenwood Partnership
Glenwood Partnership
Metco Development Company
Metco Development Company
Metco Development Company
Metco Development Company
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
CONFIRMED
ASSESSMENT
$0.00
$540.44
$540.44
$540.44
$540.44
$540,44
$540.44
$540.44
$54O .44
$540,44
$540.44
$540.44
$540.44
$540,44
$54O .44
$540.44
$54O .44
$540.44
$54O .44
$540.44
$54O .44
$540.44
$54O .44
$540.44
$540.44
$540.44
$3.o0
$o.oo
$21,981.28
$46,759.47
$39,386.77
$9,598.29
$6,563.20
$495.31
$495.31
$495,31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
04-Nov-92
LIST OF UNPAID ASSESSMENTS
CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 91 - 1
(HOSKING TRUNK SEWER)
ASMT ASSESSOR'S PARCEL NO./
NO. PARCEL DESCRIPTION
OWNER'S NAME
CONFIRMED
ASSESSMENT
181 LOT 13: TR 5389-PH IV
182 LOT 14: TR 5389-PH IV
183 LOT 15: TR 5389-PH IV
184 LOT 16: TR 5389-PH IV
185 LOT 17: TR 5389-PH IV
186 LOT 18: TR 5389-PH IV
187 LOT 19: TR 5389- PH IV
188 LOT 20: TR 5389- PH IV
189 LOT 21: TR 5389-PH IV
190 LOT 22: TR 5389-PH IV
191 LOT 23: TR 5389-PH IV
192 LOT 24: TR 5389-PH IV
193 LOT 25: TR 5389- PH IV
194 LOT 26: TR 5389-PH IV
195 LOT 27: TR 5389-PH IV
196 LOT 28: TR 5389-PH IV
197 LOT 29: TR 5389-PH IV
198 LOT 30: TR 5389-PH IV
199 LOT 31: TR 5389- PH IV
200 LOT 32: TR 5389-PH IV
201 LOT 33: TR 5389-PH IV
202 LOT 34: TR 5389-PH IV
203 LOT 35: TR 5389-PH IV
204 LOT 38: TR 5389-PH IV
Metco Development Company
Metco Development Company
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
Glenwood Partnership
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$495.31
$3,351,472.71
NOTES:
FOR DETAILED DESCRIPTION OF THE LINES, DIMENSIONS AND LOCATIONS OF ASSESSMENTS
169 THROUGH 204, REFERENCE THE SUBDIVISION MAP OF TRACT NO. 5389 - PHASE IV
RECORDED MAY 21,1992, IN BOO K 39 OF MAPS, PAGE 94 IN THE OFFICE OF THE COUNTY
RECORDER OF THE COUNTY OF KERN.
FOR DETAILED DESCRIPTION OF THE LINES, DIMENSIONS AND LOCATIONS OF ASSESSMENTS
27, 166, 167 AND 168, REFERENCE THE PARCEL MAP WAIVER 3-92 CERTIFICATE OF
COMPLIANCE FILED ON MAY 19, 1992, IN BOOK 6675, PAGE 378 IN THE OFFICE OF
THE COUNTY RECORDER OF THE COUNTY OF KERN,
PREPARED BY:
WILSON AND ASSOCIATES
FRESNO, CALIFORNIA
EDWARD J. WILSON, R.C.E. 23269 (EXPIRES 12-31-93)
DATE:
2960UNP 5 :~
~_ ~ 04 - Nov - 92
ORIGINAL