HomeMy WebLinkAboutCC Resolution 9769 (Conduct Reassessment Proceedings)RESOLUTION NO. 9769
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
REASSESSMENT DISTRICT NO. 1997-1
The City Council of the City of San Rafael resolves:
This City Council hereby determines that the public interest
or necessity requires the refunding of all outstanding bonds
previously issued as:
(a) Civic Center - Northgate Refunding Assessment District
(b) Kerner Boulevard Refunding Assessment District
(c) Sun Valley Open Space Assessment District
in the City of San Rafael, Marin County, California. This City
Council hereby declares its intention to refund said outstanding
bonds and to levy reassessments pursuant to the Refunding Act of
1984 for 1915 Improvement Act Bonds (the "Act") as security for
said refunding bonds.
This City Council hereby directs MuniFinancial, as
Reassessment Engineer, to prepare and file with the City Clerk of
the City of San Rafael, a written report containing each of the
items specified by Section 9523 of the Act.
Bonds representing unpaid reassessments, and bearing interest
at a rate not to exceed twelve percent (12%) per annum, will be
issued in the manner provided by the Act, and the last installment
of the bonds shall mature no later than September 2, 2011.
The City will not obligate itself to advance available funds
from the City Treasury to cure any deficiency which may occur in
the bond redemption fund. A determination not to obligate itself
shall not prevent the City from, in its sole discretion, so
advancing funds.
The procedure for the collection of reassessments and advance
retirement of bonds under the Act shall be as provided in Part
11.1, Division 10, of the Streets and Highways Code of the State of
California.
The amount of any surplus remaining after completion of the
refunding shall be transferred to the redemption fund for the
refunding bonds.
ORIGINAL
I, JEANNE M. LEONCINI, Clerk of the City of San Rafael,
California, hereby certify that the foregoing resolution was duly
and regularly introduced and adopted at a regular meeting of the
Council of said City held on the 6th day of January, 1997, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Miller, Phillips & Mayor Borq
NOES: COUNCILMEMBERS: None
ABSENT / COUNCILMEMBERS: Cohen & Heller (due to conflict of interest)
DISQUALIFIED:
JEMNE M. LEONCI I, City Clerk
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