HomeMy WebLinkAboutTC Res 2016-06-15 (3)RESOLUTION NO. 17-2016
A RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF TIBURON
DIRECTING COMMENCEMENT OF PROCEEDINGS
FOR THE ISSUANCE OF REASSESSMENT BONDS,
DESIGNATING A CONSULTANT AND
AUTHORIZING AND DIRECTING RELATED ACTIONS
WHEREAS, the Town of Tiburon (the "Town") has formed various assessment districts,
including the Lyford Cove Utility Undergrounding Assessment District, the Lyford Cove Utility
Undergrounding Supplemental Assessment District, the Stewart Drive Undergrounding
Assessment District, the Main Street Assessment District, the Del Mar Valley Utility
Undergrounding Assessment District and the Del Mar Valley 2010 Supplemental Utility
Undergrounding Assessment District (collectively, the "Assessment Districts"), and has issued
seven different series of limited obligation improvement bonds (collectively, the "Assessment
Bonds") payable from annual assessments levied on properties in the Assessment Districts; and
WHEREAS, due to prevailing financial market conditions, the Town has determined that it
could be advantageous for the Town to form a reassessment district (the "Reassessment
District") to include the properties now being assessed in the Assessment Districts, to issue
reassessment bonds (the "Reassessment Bonds") payable from reassessments levied on
properties in the Reassessment District, the proceeds of which Reassessment Bonds will be used
to refund the Assessment Bonds, all with the purpose of lowering the future annual assessment
payments to be made by the owners of the properties in the Assessment Districts; and
WHEREAS, it is expected that the Reassessment Bonds will be purchased by the Tiburon
Public Financing Authority (the "Authority") with proceeds of the issuance of refunding revenue
bonds to be issued by the Authority; and
WHEREAS, the Town Council now desires to direct the commencement of proceedings
necessary for the formation of the Reassessment District, the issuance and sale of the
Reassessment Bonds to the Authority and the refunding of the Assessment Bonds and, in
connection therewith, to appoint a reassessment engineer for the Reassessment District.
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Tiburon as
follows:
1. Direction to Proceed With Refunding. Officers and officials of the Town are hereby directed
to proceed with the preparation of documents necessary to provide for the formation of the
Reassessment District, the issuance of the Reassessment Bonds, the refunding of the Assessment
Bonds and the sale of the Reassessment Bonds to the Authority. All primary legal documents to
which the Town will be a party related to the Reassessment Bonds shall be subject to the final
approval thereof by the Town Council at a subsequent meeting of the Town Council.
2. Designation of Consultant. NBS Government Finance Group is hereby designated as
reassessment engineer in connection with the formation of the Reassessment District. The Town
Manager is hereby authorized and directed to execute an agreement with such firm for its
services with respect to the Reassessment District in the form on file with the Town Clerk.
3. Effective. This Resolution shall become effective upon its adoption.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Tiburon
on June 15, 2016, by the following vote:
AYES: COUNCILMEMBERS: Doyle, Fraser, Fredericks, O'Donnell, Tallith
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ATTEST:
Diane Crane Iacopi, Town Clerk
ERIN TOLLINI, MAYOR
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