HomeMy WebLinkAboutRES NO 080-12CITY OF BAKERSFIELD
CONSOLIDATED REASSESSMENT DISTRICT NO. 12 -1
RESOLUTION NO. 0-80-12
RESOLUTION APPROVING AND CONFIRMING THE
REPORT ON THE LEVY OF REASSESSMENTS AND THE
REFUNDING OF ITS 1915 ACT LIMITED OBLIGATION
IMPROVEMENT BONDS
WHEREAS, the City Council of the City of Bakersfield (the "City "), by
proceedings duly had and taken, duly provided for the issuance of the following City of
Bakersfield Limited Obligation Improvement Bonds (the "Prior Bonds "), under and pursuant to
the conditions and terms of the Improvement Bond Act of 1915, being Division 10 of the
California Streets and Highways Code (the "1915 Act "), in the following assessment districts
(the "Assessment Districts "):
Brimhall II, Spring Meadows, Fairways, Campus Park, Assessment District No. 96 -1
$3,685,000 principal amount of bonds issued on December 23, 1996, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 96 -1
(Brimhall II/ Spring Meadows/ Fairways/ Campus Park)" of which the unmatured
principal amount of $390,000 remains outstanding;
2. Spring Meadows II, Stockdale Highway Commercial, Assessment District No. 97 -1
$1,520,000 principal amount of bonds issued on May 13, 1998, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 97 -1
(Spring Meadows II/ Stockdale Highway Commercial) ", of which the unmatured
principal amount of $595,000 remains outstanding;
3. Brimhall IV, Stockdale Highway Commercial, Gosford Industrial, Assessment District No.
98 -1
$5,830,000 principal amount of bonds issued on July 2, 1999, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 98 -1
(Brimhall IV/ Stockdale Highway Commercial / Gosford Industrial) ", of which the
unmatured principal amount of $2,420,000 remains outstanding;
4. Polo Greens, River Oaks, Assessment District No. 99 -1
$2,310,000 principal amount of bonds issued on November 3, 1999, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 99 -1 (Polo
Greens / River Oaks) ", of which the unmatured principal amount of $1,070,000 remains
outstanding;
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5. Seven Oaks West, Assessment District No. 99 -2
$4,215,000 principal amount of bonds issued on July 19, 2000, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 99 -2
(Seven Oaks West) ", of which the unmatured principal amount of $1,970,000 remains
outstanding;
6. Ming at Allen, Mountain Vista Drive, Hampton Place, Assessment District No. 01 -1
$2,460,000 principal amount of bonds issued on July 19, 2001, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 0 1 -1 (Ming
at Allen/ Mountain Vista Drive/Hampton Place) ", of which the unmatured principal
amount of $1,360,000 remains outstanding;
7. Seven Oaks West II, River Walk, Southern Oaks, Assessment District No. 01 -2
$7,880,000 principal amount of bonds issued on April 24, 2002, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 01 -2
(Seven Oaks West II/ River Walk/ Southern Oaks) ", of which the unmatured principal
amount of $4,175,000 remains outstanding;
8. Madison Grove, San Lauren, Mountain Vista, Westlake, Assessment District No. 01 -3
$5,060,000 principal amount of bonds issued on August 7, 2002, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 01 -3
(Madison Grove/ San Lauren/ Mountain Vista/ Westlake) ", of which the unmatured
principal amount of $3,035,000 remains outstanding;
9. Avalon, Belsera, Montara, The Woods, Assessment District No. 02 -1
$1,940,000 principal amount of bonds issued on November 14, 2002, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 02 -1
(Avalon/ Belsera/ Montara/ The Woods) ", of which the unmatured principal amount of
$1,205,000 remains outstanding;
10. Brighton Place, Silver Creek II, Assessment District No. 03 -1
$2,895,000 principal amount of bonds issued on June 2, 2004, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 03 -1
(Brighton Place /Silver Creek II) ", of which the unmatured principal amount of
$1,880,000 remains outstanding;
11. Buena Vista Ranch, Belsera II, Montara II, Olive Park II, Assessment District No. 03 -2
$3,045,000 principal amount of bonds issued on October 15, 2003, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 03 -2
(Buena Vista Ranch/ Belsera II/ Montara II/ Olive Park II) ", of which the unmatured
principal amount of $1,825,000 remains outstanding;
12. Seven Oaks West III, Brighton Place II, Fairway Oaks South, Assessment District No. 03 -3
$6,455,000 principal amount of bonds issued on July 8, 2004, designated "City of
Bakersfield, Limited Obligation Improvement Bond, Assessment District No. 03 -3
(Seven Oaks West III/ Brighton Place II/ Fairway Oaks South) ", of which the unmatured
principal amount of $4,155,000 remains outstanding; and
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WHEREAS, this City Council has determined to establish a reassessment district
to be known at the "City of Bakersfield Consolidated Reassessment District No. 12 -1" (the
"Consolidated Reassessment District ") and to issue refunding bonds (the "Refunding Bonds ")
upon the security of the unpaid reassessments for the purpose of refunding the unmatured
portions of the Prior Bonds, all as provided by and pursuant to the conditions and terms of the
Refunding Act of 1984 for 1915 Improvement Act Bonds, being Division 11.5 of the California
Streets and Highways Code (the "1984 Act "), and to provide for the levy and collection of
reassessments as security for the Refunding Bonds; and
WHEREAS, the City Council referred the matter of the refunding of the Prior
Bonds, the establishment of the proposed Consolidated Reassessment District, and the levy and
collection of reassessments as security for the Refunding Bonds the California Statewide
Communities Development Authority (the "Authority ") who referred the matter to NBS, as the
qualified engineer retained by the Authority in these proceedings (the "Reassessment Engineer "),
and directed said firm to prepare and file with the City Clerk a report in writing containing the
matters specified in Section 9523 of the 1984 Act; and
WHEREAS, the Reassessment Engineer has prepared and filed with the City
Clerk a report in writing containing the matters required by Section 9523 of the 1984 Act, which
said report was presented by the City Clerk to this City Council for consideration (the "Report");
and
WHEREAS, the Report has been considered by this City Council, which is fully
advised in the premises;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Bakersfield, as follows:
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Section 1. The foregoing recitals are true and correct, and this City Council so
finds and determines.
Section 2. This City Council hereby finds and determines that, as set forth in the
Report, (a) each estimated annual installment of principal and interest on each unpaid
reassessment is less than the corresponding annual installment of principal and interest on the
portion of the original assessment being superseded and supplanted by the same percentage for
all subdivisions of land within the Consolidated Reassessment District; except as permitted by
the 1984 Act with respect to delinquent installments on any parcel; (b) the number of years to
maturity of the Refunding Bonds is not more than the number of years to the last maturity of the
Prior Bonds; and (c) the principal amount of the reassessment on each subdivision of land within
the Consolidated Reassessment District is less than the unpaid principal amount of the portion of
the original assessment being superseded and supplanted, and said reduction is by the same
percentage for each subdivision of land within such Consolidated Reassessment District, except
as otherwise permitted by the 1984 Act respecting delinquent installments on any parcel.
Accordingly, this City Council finds and determines that all of the conditions in connection with
the levy of reassessments and the issuance of the Refunding Bonds specified in Section 9525 of
the 1984 Act are and have been duly satisfied and that this City Council may therefore take
action upon the Report without notice and hearing.
Section 3. The Report is hereby approved and confirmed by this City Council,
and the reassessments contained therein are hereby confirmed and levied by this City Council, as
finally adjusted pursuant to this Section 2, and upon making the necessary recordings and filings
as required by the 1984 Act, the reassessments shall become a lien upon the various parcels of
land reassessed in such Assessment Districts for which the Prior Bonds were issued. The Report
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may be amended to remove Seven Oaks West I11, Brighton Place II, Fairway Oaks South,
Assessment District No. 03 -3 without further approval of this City Council if the Finance
Director determines that it will be in the best interest of the City to leave outstanding the
principal amount of the "City of Bakersfield, Limited Obligation Improvement Bond,
Assessment District No. 03 -3 (Seven Oaks West III/ Brighton Place II/ Fairway Oaks South) ".
The final amount of the reassessments and the installments thereof shall be determined by the
Finance Director upon sale of the Refunding Bonds; provided, that the Reassessment Engineer
shall deliver a certificate to the Finance Director to the effect that the final amount of the
reassessments and the installments thereon show compliance with the requirements specified in
Section 9525 of the 1984 Act as described in Section 2 hereof.
Section 4. The City Clerk is hereby directed to (1) record the reassessments
referred to in Section 3 hereof and the related reassessment diagram in the office of the
Superintendent of Streets of the City of Bakersfield, (2) to record the reassessment diagram and
notice thereof as required by Division 4.5 of the California Streets and Highways Code, and (3)
to file copies of this resolution with the County Auditor of the County of Kern to facilitate
collection of installments on account of unpaid reassessments on the secured property tax roll of
the County.
Section 5. The Refunding Bonds to be issued upon the security of the
reassessments hereby levied and hereafter to be recorded shall (a) bear interest at an average
interest rate not to exceed the average interest rate which assures compliance with the
requirement that annual debt service on the Refunding Bonds shall be less than the annual debt
services on the outstanding Prior Bonds, (b) have a final maturity not later than the final maturity
on the remaining outstanding Prior Bonds, and (c) be issued in an aggregate principal amount
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less than the aggregate principal amount of the remaining outstanding Prior Bonds. No
Refunding Bonds shall be issued unless the certificate of the Reassessment Engineer is delivered
pursuant to Section 3 hereof .
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Section 6. This resolution shall take effect immediately.
PASSED AND ADOPTED this 18th day of July, 2012, by the following vote:
AYE �a1c�S WQ -``mot C.oUCV\-, Su \1 Vox\ , SohnSty
NOES: N6rQ
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ABSTAINED: WO"-
(SEAL)
ATTEST:
City Clerk of
the City of Bakersfield
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APPROVED: JUL 1 8 2012
APPROVED AS TO FORM:
VIRGINIA GENNARO, CITY ATTORNEY
By
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CLERK'S CERTIFICATE
I, Roberta Gafford, City Clerk of the City of Bakersfield, do hereby certify as
follows:
The foregoing resolution is a full, true and correct copy of a resolution duly
adopted at a regular meeting of the City Council of said City duly and regularly held at the
regular meeting place thereof on the 18`" day of July, 2012, of which meeting all of the members
of said City Council had due notice and at which a majority thereof were present; and that at said
meeting said resolution was adopted by the following vote:
AYES: SALiS, WEIR, COUCH, SULLIVAN, JOHNSON
NOES: NONE
ABSENT: BENHAM, HANSON
ABSTAINED: NONE
An agenda of said meeting was posted at least 72 hours before said meeting at
1600 Truxtun Avenue, Bakersfield, California 93301, a location freely accessible to members of
the public, and a brief description of said resolution appeared on said agenda.
I have carefully compared the foregoing with the original minutes of said meeting
on file and of record in my office, and the foregoing is a full, true and correct copy of the original
resolution adopted at said meeting and entered in said minutes.
Said resolution has not been amended, modified or rescinded since the date of its
adoption and the same is now in full force and effect.
Dated: 7�;-La\\..1 �D , 2012
City Clerk
the City of Bakersfield
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