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%