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