HomeMy WebLinkAboutRES NO 95-90RESOLUTION NO. 95-90
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD MODIFYING T~n~ ENGINEERS REPORT
AND AUTHORIZING RELEASE OF ACQUISITI0~ FUNDS
FOR EARLY BOND CALL.
WHEREAS, pursuant to Resolution of Intention No. 1036 adopted
by the City Council on February 24, 1988, the City Council declared
its intention to form Assessment District No. 87-3; and
WHEREAS, after a public hearing was conducted by the City
Council pursuant to the Municipal Improvement Act of 1913, the City
Council adopted Resolution No. 47-88 establishing Assessment
District No. 87-3, making determinations, confirming assessments
and ordering the proposed improvements; and
WHEREAS, Assessment District No. 87-3 was divided into six
zones and different improvements were scheduled to be constructed
and/or acquired for the benefit of each of the zones and the
assessments in each zone were levied in said zone according to the
benefit to be received by the properties within that zone; and
WHEREAS, the work to be constructed in Zone 6 is described on
Exhibit A attached 'hereto (the "Improvements"); and
WHEREAS, the owner of the property within Zone 6 was to have
constructed the Improvements and the City, on behalf of Assessment
District No. 87-3, was to acquire the Improvements from the
proceeds of the sale of the City of Bakersfield Limited Obligation
Improvement Bonds, Assessment District No. 87-3; and
~, as of this date, the work has not been completed and
the City has received from the owners of all lands within Zone 6
of Assessment District No. 87-3 an affidavit declaring that they
do not intend to develop the property at this time nor construct
the Improvements and request that the City Council delete the work
from Assessment District No. 87-3, and credit the remaining monies
in the Improvement Fund allocated to the acquisition of the
Improvements, after the payment of any deficiencies, the payment
ORIGINAL
of all expenses relating to the change of work and the refunding,
to the Redemption Fund for the purpose of redeeming outstanding
Assessment District No. 87-3 Bonds and retain a balance of
assessments on the property within Zone 6; and
WHEREAS, pursuant to Section 10352 of the Streets and Highways
Code of the State of California, at any time after the improvements
are ordered and during the pendency of the proceedings, the City
Council may provide for the elimination of work from the assessment
district although the elimination may result in the increase in
some assessments provided that the owners of the property affected
request in writing that the changes in work and the assessment be
made;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Bakersfield as follows:
SECTION 1. This City Council finds and determines in reliance
of the affidavit of the owners of all of the property in Zone 6 of
Assessment District No. 87-3 that there is no public necessity for
the acquisition of the Improvements that were to have been
constructed for the benefit of Zone 6 and that the acquisition of
the Improvements is eliminated from the Improvements to be acquired
and/or constructed pursuant to the proceedings in Assessment
District No. 87-3.
SECTION 2. This City Council finds and determines that as of
September 2, 1990 there will be approximately $736,350.00 in the
Improvement Fund and approximately $42,380.00 in the Reserve Fund
attributable to the assessments in Zone 6 that will not be needed
for the acquisition. of the Improvements and that said money less
money transferred to the Reserve Fund for the repayment of
principal and interest paid from the Reserve Fund due to
delinquencies in the payment of Zone 6 assessments, expenses,
interest and penalties in connection with said delinquencies and
expenses in connection with the change of work and the refunding
of a portion of the Bonds in the amount of approximately
$545,900.00 be transferred to the Redemption Fund for the purpose
of redeeming, including the payment of the premium, a portion of
the Bonds on September 2, 1990. An accounting statement marked
Exhibit B is attached hereto and made a party hereof. This
statement set forth as of August 31, 1990 the proposed allocation
of money in the Improvement Fund, the estimated amount of the
assessments to be relieved on the property in Zone 6 and the amount
of the assessment to remain on said property. The actual amount
to be transferred to the Reserve Fund and to the Redemption Fund
and the costs and expenses attributable to this change of work and
the redemption of a portion of the Bonds shall be determined by the
Treasurer as of September 2, 1990.
ORIGINAL
SECTION 3. The Public Works Manager is authorized to modify
the assessment roll on file in this office to reduce the amount of
the assessments on the property within Zone 6 of Assessment
District No. 87-3 to reflect the credit to be determined as set
forth in this Resolution.
.......... o0o ..........
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 ~UL ~ ~ 1990 by the following
vote:
AYES; COUNCILMEMBERS EDWAROS, OeMOND, SMITH, 8RUNNI, PETERSON, McDERMOTI', SALVAGGIO
NOES; COUNCiLMEMBERS:
ABSENT COUNCILMEMBERS:
ABSTAIN COUNCILMEMBERS
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROYED JUL ~ ! 1990
CLARENCE E. MEDDER~
MAYOR of the City of Bakersfield
APPROVED as to form:
ARTHUR J. sAA~I~LD
CITY ATTgRNEY/of t,~yity of ~akersfield
AS/lg
Attachments
06/29/90
ASSDIS\
BONDCALL.RES
ORIGINAL
EXHIBIT "A"
The acquisition of sewer mainlines, laterals, manholes,
cleanouts, excavation, street paving, aggregate base, berm, curb
and gutter, sidewalk, driveways, median curb, storm drain pipe,
catch basins, outlet structures, waterline, gate valves, fire
hydrants, water services, valve boxes, meter boxes, plugs, chain
link fence and gates, concrete block walls, encasements, street
signs and street lights, and all appurtenant work thereto within
ZONE 6 generally described as follows:
A 40-acre parcel of land between Berkshire Road
and Hosking Road, between approximately 2,640
feet and approximately 3,300 feet East of South
Union Avenue, U.S. 99, all as generally shown
on the Map to which reference is hereby made
for a more detailed description of the
Improvements.
ASSESSDI\BONDCALL.RES
ORIGINAL
EXHIBIT B
CITY OF BAKERSFIELD
ASSESSMENT DISTRICT 87-3 / ZONE 6
PROPOSED BOND CALL FOR 9/2/90
PRINCIPAL TO BE CALLED
530,000.00
BOND CALL PREMIUM (3%) 15,900.00
TOTAL CASH NEEDED FOR BOND CALL 545,900.00
CALCULATION OF MONIES AVAILABLE FOR BOND CALL IN ZONE 6
IMPROVEMENT FUND BALANCE
650,292.00
INTEREST ON IMPROVEMENT FUND THRU 4/1/90
(25% HELD FOR ARBITRAGE)
RESERVE FUND CREDIT
($530,000 / $2,883,527) X $216,265
INTEREST ON RESERVE FUND(25% HELD FOR ARBITRAGE)
SUBTOTAL
86,065.89
39,750.09
2,636.37
778,744.35
LESS EXPENSES:
BOND CALL EXPENSES:
SET UP FEE
COST PER BOND $3 X
(530,000/5000)
(5OO.00)
(318.00)
COSTS OF DELINQUENCY:
PRINCIPAL BILLED
INTEREST BILLED
10% PENALTY
1.5% INTEREST / MONTH THRU 07/11/90
ESTIMATED ATTORNEY FEES *** ***
UNDERWRITER FEE
ESTIMATED CITY ADMIN COSTS *** ***
COUNTY CHARGE FOR REMOVAL FROM TAX ROLL
TOTAL EXPENSES
CASH AVAILABLE FOR BOND CALL
(64,222.05)
(114,815.27)
(17,900.00)
(22,360.60)
(7,000.00)
(1,500.00)
(3,500.00)
(192.50)
(232,308.42)
546,435.93
REMAINING ASSESSMENT BALANCE ON ZONE
CREDIT TO REDEMPTION FUND FOR ZONE 6
182,121.05
535.93
AFFIDAVIT OF THE OWNERS OF PROPERTY WITHIN
ZONE 6 OF ASSESSMENT DISTRICT NO. 87-3
Each of the undersigned declares under penalty of perjury
that the undersigned are the owners, past and prospective, or
are the holders of deeds of trust, of all of the real property
in Zone 6 of the City of Bakersfield Assessment District No.
87-3. Zone 6 is more fully described on Exhibit A attached
hereto and made a part hereof.
We respectfully request that the City Council of the City
of Bakersfield (the "City") delete the work to be done and to
be acquired by the City of Bakersfield for the benefit of
Zone 6 of Assessment District No. 87-3 as said work is
described in the Resolution of Intention, Resolution No. 1036
of the City Council of the City of Bakersfield (the
"Improvements"). We hereby notify the City that we do not
intend to develop the property at this time and the
Improvements are not required. We waive any obligation that
the City may have incurred by the formation of Assessment
District No. 87-3 or pursuant to any other agreement with the
present and previous owners of said property to construct or
acquire the Improvements.
We further request that the amount in the Improvement Fund
attributable to the acquisition of the Improvements for Zone 6
of Assessment District No. 87-3 after deducting therefrom all
deficiencies, costs in connection with the change of work and
the redemption of the Limited Obligation Bonds issued for
Assessment District No. 87-3 (the "Bonds") be placed in the
Redemption Fund to redeem a portion of the Bonds on September
2, 1990, that an amount equal to the principal amount of Bonds
to be refunded from monies in the Improvement Fund be deducted
as a credit on the assessments on each parcel of property
within Zone 6 in the same proportion as the assessments were
levied and that we agree to pay the remaining assessments on
said property as the same become due as provided in the
proceedings for Assessment District No. 87-3 and the
Improvement Act of 1915.
BERKSHIRE DEVELOPMENT, LTD., A (Current fee owner of
California Limited Partnership property)
By: S.W. HAIR CORPORATION, a
California corporation,
general partner
STEPHEN W. HAIR,
President
ORIGINAl
By: GOLDEN EMPIRE CORPORATION, a
California corporation,
general partner
STEPHEN W. HAIR, President
By: SIERRA PACIFIC REALTY, INC., a
California corporation,
g e ns r~. p~p ,~,t n e~
SHIRLEY A. FULLER, President
BERKSHIRE ASSOCIATES LIMITED, A
California Limited Partnership
(Holder of 2rid Trust Deed)
By: H & F PROPERTIES, a partnership,
(Holder of 2nd Trust Deed)
gene rg~ partner
ELDON R. HUGIE, Parfner
SHIRLEY A. FULLER, Partner
By: SUN T~6I~ PARTNE.R$4{IP, general
MICHAEL E. ~Gi~, /Pf/tng7
TRI-FANUCCHI FARMS, INC., a
California corporation
By
CHARLES A. FANUCCHI, President
(Holder of 1st Trust Deed)
JOE G. FANUCCHI & SONS, a
general partnership
, ~E P. F~NUCCHI, Partner
/~RANK FAIg~CCHI, Partner
(Limited Partner In
Berkshire Associates)
0182u/2160/08