HomeMy WebLinkAboutTC Res 1993-03-31 (7)
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RESOLUTION NO. 2913
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON
OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
GILMARTIN DRIVE REFUNDING DISTRICT NO. 1993-1
The Town Council of the Town of Tiburon resolves:
This Town Council hereby determines that the public interest
or necessity requires the refunding of all outstanding bonds
previously issued as Series No. 1987-3, dated October 20, 1987,
Gilmartin Drive Refunding District No. 1987-3, Town of Tiburon,
Marin County, California. This Town Council hereby declares its
intention to refund said outstanding bonds and to levy
reassessments pursuant to the Refunding Act of 1984 for 1915
Improvement Act Bonds (the "Act") as security for said refunding
bonds.
This Town Council hereby directs I. L. Schwartz Associates
to prepare and file with the Town Clerk of the Town of Tiburon, a
written report containing each of the items specified by section
9523 of the Act.
The reassessment shall include an allowance for the
establishment of a special reserve fund as provided by Section 9620
of the Streets and Highways Code.
This Council intends, pursuant to subparagraph (f) of
Section 10204 of the California streets and Highways Code, to
provide for an annual assessment upon each of the parcels of land
in the proposed reassessment district to pay various costs and
expenses incurred from time to time by the Town and not otherwise
reimbursed to the Town which result from the administration and
collection of reassessment installments or from the administration
~ or registration of the refunding bonds and the various funds and
accounts pertaining thereto.
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Bonds representing unpaid reassessments, and bearing
interest at a rate not to exceed twelve percent (12%) per annum,
will be issued in the manner provided by the Act, and the last
installment of the bonds shall mature not to exceed twenty-four
(24) years from the 2nd day of September next succeeding twelve
(12) months from their date.
The Town will not obligate itself to advance available funds
from the Town Treasury to cure any deficiency which may occur in
the bond redemption fund. A determination not to obligate itself
shall not prevent the Town from, in its sole discre~ion, so
advancing funds.
The procedure for the collection of reassessments and
advance retirement of bonds under the Act shall be as provided in
Part 11.1, Division 10, of the Streets and Highways Code of the
State of California.
The amount of any surplus remaining after completion of the
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refunding shall be transferred to the reserve fund for the
refunding bonds.
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PASSED AND ADOPTED at an adjourned meeting of the Town
'Council of the Town of Tiburon on March 31, 1993, by the following
v~e: .
AYES:
Councilmembers Friedman, Kuhn, Nygren & Thompson
NOES:
None
ABSENT' council.,""., Th~
ALVIN R. KUHN, MAYOR
Town of Tiburon
ATTEST:
By
CLERK
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