HomeMy WebLinkAboutCC Res 4830 2000-08-14
RESOLlmON NUMBER 74lrBdJ
RESOLUTlON OF THE CITY COUNCIL OF THE CITY OF
SEAL BEACH APPROVING AND CONFIRMING THE
REPORT ON THE LEVY OF REASSESSMENTS AND THE
REFUNDlNG OF ITS 1915 ACT IMPROVEMENT BONDS
(Surlside Colony Reassessment District No. 2000-1)
WHEREAS, the City COllncil of the City of Seal Beach (the "City"), by proceedings duly had I
and taken, duly provided for the issuance of Limited Obligation Improvement
Bonds (the "Original Bonds") of its Assessment Distl;ct No 94-1 (Surfside
Colony) (the "Prior Assessment District"), 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 "19 I 5 Act"), the unmatured portion of
which is now outstanding; and
WHEREAS, this City Council has determined to establish a reassessment district to be known
as thc "Surfsidc Colony Reassessment District No. 2000-1" and to issue limited
obligation refunding bonds (the "Local Obligations") upon the security of the
unpaid reassessments for the purpose of refunding the remaining outstanding
Original Bonds, aU as provided by and pursuant to the condItions and terms ofthc
Refunding Act of 1984 for 19 I 5 Improvement Act Bonds, being Division II 5 of
the California Streets and Highways Code (the" 1984 Act"), and to provide for the
levy and collection of reassessments in said reassessment district as security for
the Local Obligations, and
WHEREAS, the City Council referred the matter of the refunding ofthe Original Bonds, the
establishmcnt of the proposed reassessment district, and the levy and collection of
reassessments as security for the Local Obligations to MuniFinancial as the
qualified 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 directed MuniFinancial I
to prepare and file said report, and
WHEREAS, MuniFinancial has prepared and filed with the City Clerk a report in writing,
entitled "Reassessment Report, Surfside Colony Reassessment District No. 2000-
I" (the "Reassessment Report"), containing the matters required by Section 9523
of the 1984 Act, which said Reassessment Report has been presented by the City
Clerk to this City Council for consideration; and
WHEREAS, the Reassessment Report is accompanied by a certificate of Orrick, Herrington &
Sutcliffe LLP, the City's bond counsel for the proposed refunding, and Sutro &
Co. Incorporated, the City's underwriter for the proposed refunding program,
certifying to this City Council that the Reassessment Report demonstrates
satisfaction of the conditions prescribed by Section 9525 of the 1984 Act to
authorizc this City Council to act upon said Reassessment Report without notice
and hearing as otherwise required by the 1984 Act,
NOW, THEREFORE, BE IT RESOLVED by the City Council ofthc City of Seal Bcach, as
follows
Section 1. The forcgoing recitals are true and correct, and this City Council so
finds and determines
. Section 2 This City Council finds and determines that, as set forth in said report,
(a) each estimated annual installment of principal and interest on each unpaid reassessment is
less than the corrcsponding annllal installment of principal and interest on the portion of the
original assessment being superseded and sllpplanted by the same percentage for all subdivisions
of land within the Rcassessment 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 Local
Obligations is not more than the number of years to the last maturity of the Original Bonds, and
(c) the principal amount of the reassessment on each subdivision ofland within the Reassessment
District is less than the unpaid principal amount of the portion of the original assessment being
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Resolution Number ~.;'~
superseded and supplanted, and said reduction is by the same percentage for each subdivision of
land within such Reassessment District, except as otherwise permitted by the 1984 Act.
respecting delinquent installments on any parcel. Accordingly, this City Council finds and
determincs that, when the limitations upon the terms of the Local Obligations are observed as
required by Section 5 of this resolution, all of the conditions specified in Section 9525 of the
I 984-Act are and have been duly satisfied, and that this City Council may therefore take action
upon the Reassessment Report without notice to the property owners and hearing.
Section 3. The Reassessment Report is hereby approved and confirmed, and the
reassessments contained therein are hereby confirmed and levied, and upon making the
necessary recordings and filings as required by the 1984 Act, the reassessments shall become a
lien upon the various parcels ofland reassessed in the Reassessment District.
Section 4. The City Clerk is hereby directed to (I) record or cause to bc recorded
a notice ofthe reassessments referred to in Section 3 hereof and the related reassessment diagram
in the office of the City Engineer of the City, (2) to record or cause to be recorded the
reassessment diagram and notice thereof as required by Division 4.5 of the California Streets and
Highways Code, and (3) to file or cause to be filed a certified copy of this resolution with the
County Auditor of the County of Orange to facilitate collection of installments on account of
unpaid reassessments on the secured property tax roll of the County
Section 5 The Local Obligations, to be issued upon the security of the
reassessments hereby levied and hereafter to be recorded, shall (a) be structured to assure
compliance with the requirement that annual debt service on the Local Obligations shall be less
than the annual debt service on the remaining outstanding Original Bonds, (b) have a final
maturity not later than the final maturity on the remaining outstanding Original Bonds, and (c) be
issued in an aggregate principal amount less than the aggregate principal amount of the
remaining outstanding Original Bonds
Section 6. This resolution shall take effect immediately.
PASSED, APPROVED AND ADOPTED on this / t/ ~ day of
by the following vote:
AYES'
,2000
Councihnembers
NOES'
Councilmembers
ABSENT
Councilmembers
'-AtJ;;"..~
May r Pa n . C pbell
ECOfB..UFORNlA)
UNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
1, Joan?e~. Y eo, ~~ty Clerk of Seal Be~ch, califOrni+l.:i;eby ce~ify that the foregoing
resolutIOn IS the ongmal copy of Resolution Number on me m the office of the City
Clerk, passed, approved, and adopte? ~jlte City Council ofth . of Seal Be ch, at a regular
meeting thereof held on the ~ day of ,2000.
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