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HomeMy WebLinkAboutReso 212-1985RESOLUTION NO. 212-85 A RESOLUTION OF INTENTION TO ISSUE REFUNDING BONDS AND LEVY REASSESSMENTS FOR THE SECURITY THEREOF THE GATEWAY ASSESSMENT DISTRICT NO. ST-82-2 (Reassessment of Series 86-A Bonds) RESOLVED, by the City Council of the City of South San Francisco, County of San Mateo, California, that the public interest, convenience and necessity require, and that it intends to order the refunding of the fully registered coupon bonds, }n the aggregate principal amount of $15,805,190, designated "Improvement Bonds, City of South San Francisco, The Gateway Assessment Distr~ct, No. ST-82-2, Series 86-A" (the "Series 86-A Bonds"), dated December 2, 1982 and ~ssued on December 27, 1982 pursuant to Resolution of Intent}on No. 74-82, adopted on July 7, 1982, and to levy reassessments as security for said refunding bonds. 1. The proceedings for the levy and collection of reassessments to pay the refunding bonds and for the ~ssuance of refunding bonds shall be conducted pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division ll.5 (commencing w~th Section 9500) of the California Streets and H~ghways Code. 2. Sa~d contemplated refunding and reassessments, ~n the opinion of this Council, are of more than local or ordinary public benefit, and the costs and expenses thereof are made chargeable upon The Gateway Assessment D~strict No. ST-82-2, the exterior boundaries of which are shown on a map thereof entitled "Proposed Boundaries of The Gateway Assessment D~strict No. ST-82-2" filed on July 7, 1982 in the office of the C~ty Clerk, and on December 2, 1982 in the office of the County Recorder of the County of San Mateo in Book 5 of Maps of Assessment Districts at page 127, to which reference is hereby made for further particulars. Said map indicates by a boundary line the extent of the territory included in said assessment district and shall govern for all details as to the extent thereof. 3. This Council declares that all public streets, highways, lanes and alleys within said assessment district in use in the performance of a public function, and all lands owned by any public entity, including the United States and the State of California, or any departments thereof, shall be omitted from the reassessment hereafter to be made to cover the costs and expenses of said refunding. 4. Said reassessment and refunding are hereby referred to Bartle Wells Associates, Municipal Financing Consultants, 1636 Bush Street, San Francisco, California, a competent firm employed by this City for the purpose hereof, and said firm is hereby directed to make and file with said Clerk a report in writing, presenting the following: a) A schedule setting forth the unpaid principal and interest on the Series 86-A Bonds to be refunded and the total amounts thereof. b) The total estimated principal amount of the reassessment and of the refunding bonds and the maximum interest thereon, together with an estimate of cost of the reassessment and of issuing the refunding bonds, including all Costs of issuing the refunding bonds (as defined by Section 9600 of the California Streets and Highways Code). c) The auditor's record kept pursuant to Section 8682 of the California Streets and Highways Code showing the schedule of principal installments and interest on all assessments and the total amounts thereof. d) The estimated amount of each reassessment, identified by unpaid original reassessment number corresponding to the reassessment number of the reassessment diagram, together with a proposed auditor's record for the reassessment prepared in the manner described in said Section 8682. e) A reassessment diagram showing the assessment district and the boundaries and dimensions of the subdivisions of land within the district. Each subdivision, including each separate condominium interest as defined in Section 783 of the Civil Code, shall be given a separate number upon the diagram. Nhen any portion or percentage of the costs and expenses of said refunding and reassessment is to be paid from sources other than reassessments, the amount of such portion or percentage shall first be deducted from the' total estimated cost and expenses of said refunding and reassessment, and said reassessments shall include only the remainder of the estimated cost and expenses. 5. If any excess shall be realized from the reassessment it shall be used, in such amounts as this Council may determine, in accordance w~th the provisions of law, for one or more of the following purposes: (a) Transfer to the general fund of this City, provided that the amount of any such transfer shall not exceed the lesser of $1,000 or 5% of the total amount expended from the improvement fund; (b) As a credit upon the reassessment and any supplemental reassessment; or (c) For the maintenance of the improvements. 6. Mark Lewis, Deputy C~ty Manager of the C~ty of South San Francisco, is hereby des}gnated as the person to answer ~nqu~ries regard}ng any protest proceedings to be had here~n, and may be contacted during regular office hours at C~ty Hall, 400 Grand Avenue, P. O. Box 711, South San Francisco, California, 94083, or by calling (415) 877-8500. 7. Notice is hereby g~ven that serial bonds to represent said reassessments, and bear ~nterest (~ncluding ~nterest represented by the below-described Supplemental Interest Certificates) at the rate of not to exceed twelve percent (12%) per annum, or such h~gher rate of interest as may be authorized by applicable law at the t~me of sale of such bonds, w~ll be issued hereunder in the manner provided by the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division ll.5 of the Streets and Highways Code, the last ~nstallment of which bonds shall mature not to exceed nineteen (19) years from the second day of September next succeeding twelve (12) months from their date. 8. At the discretion of this Council interest payable w~th respect to each bond may in part be represented by a ser~es of detachable fully registered interest certificates which may be designated "Supplemental Interest Certificates" Any such Supplemental Interest Certificates shall represent interest on each bond at the rate per annum to be determined by this Council prior to issuance of the bonds. Such Supplemental Interest Certificates shall be made redeemable upQn advance retirement of bonds only upon payment to the registered owner of such certificates, in addition to accrued interest and all other amounts provided by applicable law, of the then present value of the total ~nterest, from such date of advance retirement of bonds, which would become due ~n respect of such certificates ~f such bonds were pa~d upon their regular maturity dates. 4 9. The provisions of Part 11.1 of Division 10 of the Streets and Highways Code, providing for an alternative procedure for the advance payment of assessments and the calling of bonds, shall apply to bonds issued pursuant to paragraph 7 above; provided, however that, in the event Supplemental Interest Certificates are ~ssued, Part 11, and not Part 11.1, of sa~d D~v~s~on l0 shall apply to the advance payment of assessments and the payment of ~nterest with respect to any such Supplemental Interest Certificates upon advancement retirement of bonds. 10. Reference ~s hereby made to proceedings heretofore had pursuant to D~vis~on 4 of the Streets and Highways Code which are on file in the off~ce of sa~d Clerk. ll. It Js the intention of this Council to create a special reserve fund pursuant to and as authorized by Part 16 of Division l0 of the Streets and H~ghways Code of the State of California. 12. The firm of Jones Hall H~ll & ~hite, a professional law corporation, San Francisco, California, is hereby appointed as bond counsel for the purpose of said reassessment and refunding. The fee of sa~d Jaw firm shall be fixed in sa~d proceedings and shall be pa~d only upon the successful completion of said proposed refunding and reassessment. 13. Pursuant to this Council's evaluation of the proposals received in response to the City's requests for proposal, the f~rm of Dean Witter Reynolds Inc. ~s hereby designated managing underwr}ter for purposes of the proposed refunding. I HEREBY certify that the foregoing resolution was regularly ~ntroduced and adopted by the C~ty Council of the C}ty of South San Francisco at a regular meeting held on th~s 25th day of September , 1985, by the following vote' AYES' NOES' Councilmembers Mark N. Addiego, Emanuele N. Damonte, Richard A. Haffey, Gus Nicolopulos; and Roberta Cerri Teglia None ABSENT: None ATTEST' South San Francisco