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HomeMy WebLinkAboutRES NO 123-82RESOLUTION NO. 123-82 RESOLUTION OF THE CITY COUNCIL DETERMINING UNPAID ASSESSMENTS AND ISSUING BONDS UNDER THE "IMPROVEMENT BOND ACT OF 1915". WHEREAS, the CITY COUNCIL of the CITY OF BAKERSFIELD, CALIFORNIA, has heretofore undertaken proceedings under the "Municipal Improvement Act of 1913", being Divi- sion 12 of the Streets and Highways Code of the State of California, and has confirmed assessments upon the district described in its Resolution of Intention previously adopted for the construction of certain public improvements in a spe- cial assessment district known and designated as ASSESSMENT DISTRICT NO. 81-1 (hereinafter referred to as the "Assessment District"); and, WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Bond Act of 1915", being Division lO of the Streets and Highways Code of the State of California; and, WHEREAS, the assessment and diagram in said proceedings has been recorded with the Superintendent of Streets pursuant to Section 10600 of the Streets and High- ways Code, and a notice of assessment has been recorded in the Office of the County Recorder, pursuant to Section 3114 of the Streets and Highways Code; and, WHEREAS, following the elapse of thirty (30) days after the date of recording of said assessment with the Superintendent of Streets, the Treasurer has prepared a complete list of all paid and unpaid assessments; and, WHEREAS, a copy of said list of paid and unpaid assessments is on file in the Office of said Treasurer, and this City Council has duly considered said list and has determined that the same is an accurate statement thereof; and, WHEREAS, the aggregate amount of the unpaid assessments on privately owned land within the Assessment District is $815,730.12 and said paid and unpaid list above referenced is hereby approved and accepted; and, WHEREAS, it is desired, pursuant to Section 8650.1 of the Streets and Highways Code, to establish the denominations of the bonds to represent unpaid assessments on private property and the amount to mature each year which will be other and different than that as provided in Section 8650 of said Code. NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That the assessments in said unpaid list which now remain unpaid, and the aggregate thereof, are as shown on said list as on file in the Office of the Treasurer, and by reference made a part hereof. SECTION 3. (a) (b) (c) That in accordance with the proceedings heretofore taken, bonds representing unpaid assessments on private property shall be issued pursuant to said "Improvement Bond Act of 1915". Said bonds shall be numbered in consecutive numerical order, beginn- ing with the earliest maturity, and shall be numbered 1 to 163, -inclusive, bearing interest from their date at the rate of 12% per annum, and the denominations of said bonds with their respective numbers and dates of maturity are as shown on Exhibit "A" attached hereto and made a part hereof. That said bonds may be redeemed and paid in advance of maturity upon the 2nd day of January or July in any year by giving notice as provided by law and by paying principal and accrued interest, together with a premium of five percent (5%) of the principal. Said bonds shall be issued substantially in the form as set forth in Section 8652 of the Streets and Highways Code of the State of California. SECTION 4. That the bonds shall be signed by the Assistant City Manager, Finance ("Treasurer"), and the City Clerk and Ex-Officio Clerk of the Council of the City of Bakersfield. The bonds and coupons affixed to said bonds may be signed by said Treasurer by an engraved, printed, or lithographed signature. SECTION 5. That all proceeds to pay the costs and expenses of the improvement and incidental expenses from the sale of the bonds shall be placed in the fund as created pursuant to Sections 10602 and 10424 of the Streets and Highways Code, which fund shall be designated by the name of these proceedings and District, and the monies in said fund shall be used only for the purposes authorized in said proceedings. SECTION 6. That the balance of the proceeds from the sale of bonds, as set forth to be a part of the Special Reserve Fund, shall be set aside in a special fund as authorized pursuant to Section 8880, and said monies shall be used in the manner and form as authorized pursuant to Part 16 of the "Improvement Bond Act of 1915", commencing with said Sec- tion 8880. SECTION 7. That said bonds shall be payable at the Office of the Treasurer, un- less a paying agent has been designated. The bonds representing unpaid assessments on private property shall be paid exclusively from a redemption fund created pursuant to Section 8671 of the Streets and Highways Code. In all respects not recited herein, the bonds repre- senting unpaid assessments on private property shall be governed by the provisions of the "Improvement Bond Act of 1915". SECTION 8. SECTION 9. SECTION 10. SECTION 11. SECTION 12. A temporary bond or bonds may be issued pending the preparation of definitive bonds for these proceedings and this Assessment District. Until such exchange, the temporary bond or bonds shall, in all re- spects, be entitled to the same benefits and be secured in the same manner as the definitive bonds. Said temporary bond or bonds shall be signed in the same manner and form as the definitive bonds. The Auditor of the County of Kern, which last mentioned political subdivision of the State of California is the County which collects taxes, is hereby requested and directed, in accordance with the provisions of Section 8682 of the Streets and Highways Code of the State of California, to enter in his assessment roll on which taxes will next become due, opposite each lot or parcel of land affected, in a space marked "public improvement assessment" or by other suitable designation, the several installments of such assessment coming due during the fiscal year covered by such assessment roll, and that said entry be made each year during the life of the bonds to be issued in said proceedings. In accordance with the provisions of Section 8685 of the Streets and Highways Code, if any lot or parcel of land affected by any assess- ment is not separately assessed on the tax roll so that the install- ment of the assessment to be collected can be conveniently entered thereon, then the Auditor shall enter on the roll a description of the lot or parcel affected, with the name of the owners, if known, but otherwise the owners may be described as "unknown owners", and extend the proper installment opposite the same. In the event of any delinquency in the payment of any installment of an unpaid assessment, the City Council covenants with the holder of bonds that it will cause to be commenced and thereafter dili- gently prosecuted, court foreclosure proceedings upon any delinquent unpaid assessments. This City Council further declares that all judicial foreclosure proceedings shall be commenced immediately following one hundred twenty (200) days after any delinquency, and that within sixty (60) days of any tax due date, this City Council will initiate an investigation to determine all tax delinquencies on all properties within the boundaries of the Assessment District. Said bonds are to be dated the 2ND day of OCTOBER, 1982. Council of the City of Bakersfield at a regular meeting held h day of OetolOer , 1982, by the following vote: COUNCIL OF THE CITY OF BAKERSFIELD APPR this 27th day of ~.ob~,r_~,]~. 1982 CiT~'~'~- AP'PRO,VE~-AS TO FORM~/zc CI A ~- AYES: COUNCILMEN: BARTON, CI IR:~Tt:N'SEN, ~ PAYNI~, PATTY, I~OCKOF"P-, STRONC~ ~OES: COUNCILMEN: ABSTAINING: COUNCILMEN= ,~ f CITY OF BAKERSFIELD ASSESSMENT DISTRICT NO. 81-1 EXHIBIT "A" BOND NUMBERS (inclusive) 1 2 - 3 4 - 8 9-13 14 - 19 20 - 26 27 - 34 35 - 43 44 - 53 54 - 64 65 - 76 77 - 90 91 - 105 106 - 122 123 - 14l 142 - 1 63 MATURITY YEAR 1984 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 DENOMINATIONS $ 5,730.12] 5,000.00] 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 PRINCIPAL MATURING JULY 2ND 15,730.12 25,000.00 25,000.00 30,000.00 35,000.00 40,000.00 45,000.00 50,000.00 55,000.00 60,000.00 70,000.00 75,000.00 85,000.00 95,000.00 10,000.00 COUPON RATE 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%