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Home My WebLink AboutRES NO 007-06 RESOLUTION NO. 0 0 'ë - 0 6 RESOLUTION ORDERING CHANGE OF PROCEEDINGS TO REDUCE ASSESSMENTS TO $15,595,000 CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO, 05-1 (CITY IN THE HILLS) WHEREAS, by its Resolution No. 249-05, adopted on November 9, 2005, this City Council (this "Council") levied assessments in the amount of $15,820,000, and by its Resolution No. 251-05, adopted on November 9,2005, authorized issuance oflimited obligation improvement bonds (the "Bonds") in the same principal amount with respect to the City of Bakersfield Assessment District No. 05-1 (City in the Hills) ("Assessment District No. 05-1"); and WHEREAS, the amount of assessments levied and therefore the authorized principal amount of the Bonds included estimated amounts on account of (a) capitalized interest, (b) bond discount and (c) reserve fund for the Bonds (collectively, the "Financing Costs"), and based upon the results of the sale of the Bonds, which took place on December 7, 2005, the Finance Director of the City (the "Finance Director"), as the officer of the City authorized to approve the final tenns of such sale to Stone & Youngberg LLC, as bond underwriter (the "Underwriter"), detennined that favorable bond market conditions and timing of the bond sale made possible a reduction in the amounts of the Financing Costs by a total amount of $225,000, resulting in a reduction of the principal amount of Bonds sold to the Underwriter to $15,595,000; and WHEREAS, Orrick, Herrington & Sutcliffe LLP, as bond counsel to the City for Assessment District No, 05-1 and the Bonds ("Bond Counsel"), has advised this Council that, ~Mf. ,<,,' o ,.! >- -'. DOCSSF1:856463.1 t:: n 40213-36 SS4 Q ( DRIC"" order to maintain equivalence between the assessments levied and recorded and the principal amount of the Bonds, this Council should now take a corresponding action to order a change of proceedings for Assessment District No. 05-1 to reduce assessments levied and recorded to the corresponding total of $15,595,000 and to order the preparation and recording of an addendum to the notice of assessment previously recorded, showing the reduced amount of assessments levied; and WHEREAS, attached to this resolution as Exhibit A and by this reference incorporated herein is an "Amended Assessment Roll," prepared by Wilson & Associates, as Assessment Engineer for Assessment District No. 05-1, setting forth the reduced amount of the individual assessments, with the reductions being made by the same percentage across the board, and showing a reduced total amount of$15,595,000; and WHEREAS, Bond Counsel has advised this Council that, pursuant to Section 10352 of the California Streets and Highways Code, this Council is authorized to order the reduction in said assessments levied without notification to the affected property owners and without public hearing, and this Council wishes to proceed in accordance with the advice of Bond Counsel to order a reduction in the individual assessments as set forth in Exhibit A; NOW, THEREFORE, THE CITY COUNCIL HEREBY FINDS, DETERMINES AND RESOLVES as follows: SECTION I. RECITALS TRUE AND CORRECT. The above recitals are true and correct and are incorporated herein by reference. SECTION 2. ASSESSMENTS REDUCED. Pursuant to Section 10352 of the California Streets and Highways Code, this Council, acting on the recommendation of Bon@A/(;> (~ '~'. DOCSSF1:856463.l .>.. d 40213-36 SS4 -2- '= ". () ¡-, i'R¡- r. ). iJ!I.U\! Counsel, orders that the individual assessment previously levied and recorded for Assessment District No. 05-1 be reduced to the respective amounts set forth in Exhibit A, in the total amount of$15,595,000, which is equal to the finalized total principal amount of the Bonds. SECTION 3. PREPARATION AND RECORDING OF ADDENDUM TO NOTICE OF ASSESSMENT. The City Clerk is hereby authorized and directed to cause the preparation and recording of an appropriate addendum to the Notice of Assessment previously recorded on November 11,2005, with a copy of Exhibit A attached thereto. . . . OOCSSFI:856463.1 40213-36 SS4 -3- I.'> f\K &~ 4. ú' ,") .-~ rn "'\Q\G\~,;l\i 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 January 25,2006, by the following vote: v· v" v/ y/ V V v~ CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER ~ Ñ6ES: ABSTA1N: ABSENT: COUNCILMEMBER COUNC1LMEMBER COUNC1LMEMBER COUNC1LMEMBER {L.....OA.. II. û1-!A'~?" City Clerk and Ex Officio Clerk of the Council of the City of Bakersfield APPROVED AS TO FORM: ORRICK, HERRINGTON & SUTCLIFFE LLP ::~ / APPROVED AS TO FORM: VIRGINIA GENNARO City Attorney By ~/m ~ 'ÓI\K// éi· "~} ~ DOCSSF 1:856463.1 40213-36 SS4 -4- ~ n - c- o 1:::. n¡::W:!Nl\! EXHIBIT A CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 05-1 COUNTY OF KERN. STATE OF CALIFORNIA AMENDED ASSESSMENT ROLL --- -----_.__._._~---- A~~T i OES~~~P~ION I DD:~~~I::T ii PROPERTY OWNER~:;'l~f~l - T PORTIONS OF : LOT 11N LOT LINE ADJUSTMËNT NO. -- - I 1 ! 531-01040 AND 41105-0480 (PORTIONS OF PARCELS 8 AND REGENT lAND INVESTMENT, LLC 2.274.614.93 '------- I 9INPARCELMAPNO.11013) , ~ k PORTIONS OF _,- LOT 2 IN LOT LINE ADJUSTMENT NO 'IK- HOVNANIAN:S- FOUR SEASONSAT -------- 2 [31-01040.41, ANi 05-0480 (PORTIONS OF PARCELS 8, 9. BAKERSFIELD LLC 1.550.173.99 T 42 AND 10 IN PARCEL MAP NO 11013):-1 . ____d.__j - I -PORTIONS OF LOT3IN LOHINE ADJUSTMENÚIO. I 3 , 531-01042 AND 43 05-0480 \PORTIONS OF PARCELS 10 ANDI REGENT lAND INVESTMENT. LLC 1.009.087.97 I +1 PORTIONS OF LO;: I~ f~~~~;E~J~~~~~i\,¡o .11 . -, 4 :5~1-0104_~~ND 43 05-t>lTI~'þTrig~~ SÀ:~Cf1LO~~t~Dc_~EGENTlAND I~~TMENT___LLC _ f-- 680.27~95 j E PORTIONS OF : LOT 11N LOT LINE ADJUSTMENT NO. i I 5 1-O1~. 46. AND: 05-0550 (PORTIONS OF PARCELS.3. 6. ¡ ...REGENT lAND INVESTMENT, LLC 2,038.096.67. . 47_, AND 71N PARCEL MAP NO. 11.01ª)_L _ . ¡ PORTIONS OF ¡ LOT 21N LOT LINE ADJUSTMENT NO. i K. HOVNANIAN AT ROSEMARY 6 15.3. 1-01045 AND 46'" ,.05-0550 (PORTIONS OF PARCELS. 6" AN.. D I .. LANTANA. LLC i· 1,326.760.95 ¡ __.___' 71N PARCEL MAP NO. 11013) __1_ _un I PORTIONS OF i LOT D IN LOT LINE ADJUSTMENT NO. I -. --- .-~ 7 ~31-010-45.46.AND, 05-1188 (PORTIONS OF PARCELS 3 6 I MOUNTAIN VIEW BRAVO, LLC 1 1.906.956.28 . 47 .i.. AND7INYARCELMAPNO.11Q1lÌ._'J_ ____________: ____ PORTIONS OF i LOT A IN LOT LINE ADJUSTMENT NO. D. R. HORTON LOS ANGELES -r- I I· 8 531-010-39. 1 05-0427 (PORTIONS OF PARCEL 21N HOLDING COMPANY INC 1.048.183.33, PARCEL MAP NO. 11013) 1 ' I ¡-- ._~----~.- 1---------_· ------------... -,..--.,,-- --------..---------- .-------, 9 I 531-010-44 1 PARCEL 51N PARCEL MAP NO. 11013! O·tfó~g~~OtOW~~?I~~ES 2.220,167.80 I I, ' . 1 0 1~~~~~4N;N9J35rok~fs1\~6~~g~~~J~N~~T1 N~D I MOUNTAI~ \1EW B~;~~LLC -l--901,300~~i : PORTIONSOF'[' LOT ~llPL~TCéi~~J~~~~~~ No.T--- ._____.L_____:j 11 I 531-010-29 AND 341 05-1188 (PORTIONS OF PARCEL 4 IN , MOUNTAIN VIEW BRAVO. LLC L 639.383.87: ITOT:~:ME:D~D~A:~ESSME~;~~::~:L~~P~º.jlºm '~L ~._c_. -_____.. ·~95.~~ -------- MAP AND DOCUMENT REFERENCES: 1. PARCEL MAP NO. 11013 RECORDED SEPTEMBER 16, 2004,IN BOOK 53 OF PARCEL MAPS, AT PAGES 130 THROUGH 146, K.C.R. 2. CERTIACATE OF COMPLIANCE FOR lOT LINE ADJUSTMENT NO. 05-0427 RECORDED SEPTEMBER 9. 2005, AS DOCUMENT NO. 0205246719, O.R. 3. CERTIFICATE Of COMPlIANCE FOR LOT UNE ADJUSTMENT NO. 05-0480 RECORDED SEPTEMBER 28. 2005, AS DOCUMENT NO. 0205265792, O. 4. CERTIFICATE OF COMPliANCE FOR LOT LINE ADJUSTMENT NO. Q5.0550 RECORDED OCTOBER 204, 2005, AS DOCUMENT NO. 0205294020, Q.R. 5. CERTIFICATE OF COMPLIANCE FOR LOT LINE ADJUSTMENT NO. 05-1168 RECORDED NOVEMBER 1, 2005, AS DOCUMENT NO. 0205303329, a.R. APPROVED BY: .Q!-VJ _u ÈDwARO-J.WlLSON. R.C.E. 23269 (EXPIRE ~. DATE: \~.::¡- PREPARED BY: WILSON & ASSOCIATES FRESNO. CALIFORNIA 29670AEA A-1 n' .". f' '"'. t.': tI¡:¡.,'I"" 12/0912005' . "'.""1