2000 RES R-84-00 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Colton, as follows: Section 1. The foregoing recitals are true and correct, and this City Council so finds and determines. Section 2. This City Council hereby preliminarily determines that the public interest and necessity require the refunding of the Prior Bonds under and pursuant to the Refunding Act, subject to further proceedings under the Refunding Act. Section 3. The City Council hereby preliminarily declares that it intends to issue the Refunding Bonds to refund the Prior Bonds and to levy and collect reassessments as security for the Refunding Bonds under and pursuant to the Refunding Act. Section 4. The City Council hereby refers the matter of the proposed refunding of the Prior Bonds and the levy and collection of reassessments as security for the Refunding Bonds to NBS Government Finance Group (the Reassessment Engineer'), as the qualified engineer retained by the City in these proceedings, and hereby directs said Reassessment Engineer to prepare and file with the City Clerk of the City a report in writing containing the following matters as set forth in Section 9523 of the Refunding Act: (a) a schedule setting forth the unpaid principal and interest on the Prior Bonds and the total amounts thereof, (b) the total estimated principal amount of the reassessment and of the Refunding Bonds and the maximum interest rate thereon, together with an estimate of costs of the reassessment and of issuing the Refunding Bonds, including all costs of issuing the Refunding Bonds, and defined by subdivision (a) of Section 9600 of the Refunding Act; (c) the auditor's record kept pursuant to Section 8682 of Bond Law showing the schedule of principal installments and interest on all unpaid original assessments and the total amounts thereof; (d) the estimated amount of each reassessment, identified by reassessment number corresponding to the reassessment number on the reassessment diagram, together with a proposed auditor's record for the reassessment prepared in the manner described in Section 8682 of the Bond Law; and (e) a reassessment diagram showing the Reassessment District and the boundaries and dimensions of the subdivisions of land within the Reassessment District. Each subdivision, including each separate condominium interest as defined in Section 783 of the California Civil Code, shall be given a separate number upon the diagram. Section 5. The City Council hereby determines and notice is hereby given that the Bonds, representing the unpaid reassessments and bearing interest at rates not to exceed the maximum rate permitted by applicable law, will be issued in the manner provided by the Refunding Act and the Bond Law, and the last installment of the Bonds will mature no later than September 2, 2019. Section 6. The City Council hereby determines and notice is hereby given that the City will not obligate itself to advance available funds from the treasury of the City to cure any 2