HomeMy WebLinkAboutResolution No. 6295 (Bond Reserve Fund Francisco Blvd East)RESOLUTION NO. 6295
RESOLUTION ESTABLISHING BOND RESERVE FUND
Francisco Boulevard East Assessment District
The City Council of the City of San Rafael resolves:
1. There is hereby created a special fund to be
designated Special Reserve Fund, Francisco Boulevard East
Assessment District, City of San Rafael, Marin County,
California.
2. Out of the proceeds of the sale of improvement
bonds to represent unpaid assessments in Francisco Boulevard
East Assessment District, there shall be deposited in the
special reserve fund the amount designated for this purpose in
the report required by Section 10204 of the Streets and Highways
Code and approved by this City Council, reduced by an amount
which bears the same ratio to the amount set forth in the report
as the amount of assessments paid in cash bears to the total
amount of assessments.
3. During the term of the improvement bonds, the
money in the special reserve fund shall be available for
transfer into the redemption fund for the bonds pursuant to
Section 8808 of the Streets and Highways Code. The amount so
advanced shall be reimbursed to the special reserve fund from
the proceeds of redemption or sale of the parcel for which
payment of delinquent assessment installments was made from the
special reserve fund.
4. If any assessment is prepaid prior to the final
maturity of the bonds, the amount of principal which the
assessee is required to prepay shall be reduced by an amount
which is in the same ratio to the original amount of the special
reserve fund, together with accrued interest, as the original
amount of the prepaid assessment bears to the total amount of
assessments originally levied in Francisco Boulevard East
Assessment District. The reduction in the amount of principal
prepaid shall be compensated for by a transfer from the special
reserve fund to the redemption fund for the bonds of a like
amount.
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RESOLUTION NO. 6295
5. In order to prevent the reserve fund from exceeding
the reserve limitations set by federal statute and regulation, the
City Treasurer is hereby authorized and directed to make transfers
of accrued interest from the reserve fund to the bond redemption
fund from time to time, and to establish pro rata credits against
annual installments of assessment principal and interest in a like
amount in the year following the year of transfer.
6. When the amount in the special reserve fund equals or
exceeds the amount required to retire the remaining unmatured bonds
(whether by advance retirement or otherwise), the amount of the
special reserve fund shall be transferred to the redemption fund
for the bonds, and the remaining installments of principal and
interest not yet due from assessed property owners shall be can-
celled without payment.
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 3rd day of May, 1982, by the
following vote, to wit:
AYES: COUNCILMEMBERS: Breiner, Frugoli, Jensen & Mayor Mulryan
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: Miskimen
J LEONCINI,'City Clerk
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