HomeMy WebLinkAboutCC Resolution 8442 (Northgate Refunding Assessment District)RESOLUTION NO. 8442
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
PURSUANT TO THE REFUNDING ACT OF 1984 FOR
1915 IMPROVEMENT ACT BONDS, WITHOUT NOTICE OR HEARING,
IN CIVIC CENTER - NORTHGATE REFUNDING ASSESSMENT DISTRICT
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 Series No. 1985-2, dated December 30, 1985,
Civic Center - Northgate Assessment District, 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 David Bernardi, Public
Works Director, as Engineer of Work, 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.
The reassessment shall include an allowance for the
establishment of a special reserve fund as provided by Section
9620 of the Streets and Highways Code.
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 nineteen (19) years from
the 2nd day of September next succeeding twelve (12) months from
their date.
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.
gadt!ill
The amount of any surplus remaining after completion of the
refunding shall be transferred to the City for administrative
costs not to exceed a total of one-half percent (1\2%) of the
amount of the bond issue over and above the amount set forth in
the cost estimate of the Reassessment Report, and thereafter any
balance remaining shall be transferred to the Redemption Fund.
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 17th day of June, 1991, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Boro, Breiner, Shippey, Thayer & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
JEANN M. LEONCINI, tipty Clerk
2