HomeMy WebLinkAboutCity Council Resolution 93-031.12
RESOLUTION NO.
93-031.12
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SARATOGA
APPROVING AND CONFIRMING THE REPORT ON THE
REFUNDING OF ITS LIMITED OBLIGATION IMPROVEMENT BONDS
(REASSESSMENT DISTRICT NO. 1993-1)
WHEREAS, the City Council of the city of Saratoga (the
"City"), by proceedings duly had and taken, including
specifically Resolution No. 2473.13 duly adopted on September 21,
1988, duly provided for the issuance of its "Limited obligation
Improvement Bonds, City of Saratoga, Village parking District No.
3" in the aggregate principal amount of $1,866,666.00 (the
"Original Bonds") 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 unmatured portion of
which is now outstanding; and
WHEREAS, the city Council has determined to issue
refunding bonds (the "Refunding Bonds") for the purpose of
refunding the unmatured portion of the original Bonds under and
pursuant to the conditions and terms of the Refunding Act of 1984
for 1915 Improvement Act Bonds, being Division 11.5 of the
California Streets and Highways Code (the "Act"), and to provide
for the levy and collection of reassessments as security for the
Refunding Bonds; and
WHEREAS, the City Council referred the matter of the
refunding of the Original Bonds and the levy and collection of
reassessments as security for the Refunding Bonds to the Public
Works Director, as the qualified person retained by the city in
these proceedings, and directed said engineer 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
WHEREAS, said engineer prepared and filed with the City
Clerk a report in writing containing the matters required by
section 9523 of the California Streets and Highways Code, which
said report was presented by the City Clerk to the city Council
for consideration; and
WHEREAS, said report was carefully considered and
reviewed by the City Council, and the City Council is fully
advised in the premises;
NOW, THEREFORE, The City Council of the City of
Saratoga hereby resolves:
section 1. The foregoing recitals are true and correct
and the city Council so finds and determines.
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determines that, as set forth in said report, (a) each estimated
annual installment of principal and interest on the reassessment
(other than amounts added to such annual installments due to
delinquencies in the payment of the assessments for the Original
Bonds) for the assessment district for which the Original Bonds
were issued is less than the corresponding annual installment of
principal and interest on the portion of the original assessment
being superseded and supplanted by the same percentage for all
subdivisions of land within such assessment district; (b) the
number of years to maturity of the Refunding Bonds allocable to
such assessment district for which the original Bonds were issued
is not more than the number of years to the last maturity of the
Original Bonds for such assessment district; and (c) the
principal amount of the reassessment (other than amounts added to
such principal amount due to delinquencies in the payment of the
assessments for the Original Bonds) on each subdivision of land
within such assessment district for which the Original Bonds were
issued is less than the unpaid principal amount of the portion of
the original assessment being superseded and supplanted by the
same percentage for each subdivision of land within such
assessment district; and accordingly the city Council finds and
determines that all of the conditions in connection with the
issuance of the Refunding Bonds specified in Section 9525 of the
California streets and Highways Code are and have been duly
satisfied.
section 3. Said report is hereby adopted, approved and
confirmed by the city Council, and the reassessments contained
therein in the principal amount of $1,244,900.00 are hereby
confirmed and levied by the City Council, and upon making the
necessary recordings and filings as required by the Act, the
reassessments shall become a lien upon the various parcels of
land reassessed in such assessment district for which the
Original Bonds were issued.
Section 4. The City Clerk is hereby directed to record
the reassessments referred to in Section 2 hereof and the related
reassessment diagram in the office of the Public Works Director
of the City of Saratoga and to record the reassessment diagram
and notices thereof in the office of the County Recorder of the
County of Santa Clara as required by Division 4.5 of the
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California streets and Highways Code and to file a copy of this
resolution with the county Auditor-Controller of Santa Clara
county.
PASSED AND ADOPTED at a regular meeting of the city
Council of the City of Saratoga held on the 7th day of July,
1993, by the following vote:
AYES:· Counc; 1 members Anderson, Burger, Mon; a and Mayor Tucker
NOES: None
ABSENT: Council member Kohler
ABSTAIN: None
ATTEST:
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.-/Mayor
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Cory, Dep}rt.y city Clerk
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