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HomeMy WebLinkAboutCC Res 4829 2000-08-14 RESOLUTION NUMBER #..2 f RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH DECLARlNG INTENTION TO UNDERTAKE REASSESSMENT PROCEEDINGS AND TO ISSUE LIMITED OBLIGATION REFUNDING BONDS BY SUMMARY PROCEEDINGS WITHOUT NOTICE AND HEARING (Surfside Colony Reassessment District No. 2000-1) I WHEREAS, prevailing interest rates in the tax-exempt municipal bond market makes advantagcous the refunding of the remaining outstanding limited obligation improvement bonds (the "Original Bonds") of Assessment District No 94-1 (Surfsidc Colony) (the "Prior Assessmcnt District") of the City of Seal Beach (the "City"), said refunding to be based upon reassessment proceedings taken pursuant to the Refunding Bond Act of 1984 for 1915 Improvement Act Bonds (Sections 9500 and following, California Streets and Highways Code) (the "1984 Act"), and WHEREAS, Section 9525 of the 1984 Act ("Section 9525") authorizes this City Council, as the legislative body of the City, to undertake procccdings for the levy of reassessments and for the issuance, sale and delivery oflimited obligation refunding bonds (the "Local Obligations") upon the security of the unpaid reassessments, without notice to or public hearing for the affected property owners of the propelty encumbered by the reassessments, upon satisfaction of three conditions specified by Section 9525, and WHEREAS, this City Council is advised by Orrick, Herrington & Sutcliffe LLP, its bond counsel for this proposed refunding, and by Sutro & Co. Incorporated, its underwritcr for the refunding program, that the conditions prescribed by Section 9525 can be satisfied and that the proposed Local Obligations can be issued and sold, based upon the present bond market conditions, on terms and conditions which assure compliance with said Section 9525; and I WHEREAS, in order to provide the benefits of such refunding to the affected property owners in the Prior Assessment District, this City Council has determined that it is in the public interest generally and in the economic interest of the Prior Assessment District property owners specifically to provide for the refunding at reduced intcrest rates of the remaining outstanding Original Bonds under and pursuant to and subject to satisfaction of the conditions prescribed by the 1984 Act in general and Section 9525 in particular, NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Seal Beach, as follows Section I The foregoing recitals are true and correcl, and this City Council so finds and determines Section 2. This City Council hereby preliminarily determines that the public intercst and necessity justifY the refunding ofthc Original Bonds under and pursuant to the 1984 Act, subject to furthcr proceedings under the 1984 Act for the establishment of a reassessment district to be known as the "Surfside Colony Reassessment District No. 2000-1 " I Section 3. This City Council hereby preliminarily declares that it intends to issue the Local Obligations to refund the Original Bonds and to levy and collect reassessments as security for the Local Obligations under and pursuant to the 1984 Act. I I I Resolution Number ~7 Section 4 This City Council hereby refers the matter of the proposed refunding of the Original Bonds and the levy and collection of reassessments as security for the Local Obligations to MuniFinancial, as the person qualified to prepare and file with the City Clerk a report in writing containing the matters specified in Section 9523 of the California Streets and Highways Code, and directs MuniFinancial to prepare such report, and upon completion, to file it with the City Clerk. Section 5 When the report provided for in Section 4 hereof is filed with the City Clerk, the City Clerk is directed to present said report to this City Council for consideration pursuant to Sections 9524 and 9525 of the 1984 Act. Section 6 This resolution shall take effect immediately AYES PASSED, APPROVED AND ADOPTED on this by the following vote: Ii/V}. day of Councilmembe 9r NOES' Councilmembers ABSENT Councilmembers ~r' nu ~ STFIFOImIAl cd NTY OF ORANGE ) SS CITY OF SEAL BEACH ) 'fJdkidaJd ~ Mayor PatAcla pbell I. Joanne M Yeo, City Clerk of Seal Beach, California, do hereby certifY that the foregoing resolution is the original copy of Resolution Number~n file in the office of the City Clerk, passed, approved, and adoPt~!'the City Council City of ~ Beach, at a regular meeting :hereofheld on the /. ~ day of 2!:f/LA ,2000 )