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HomeMy WebLinkAboutTC Res 2016-07-20RESOLUTION NO. 19-2016 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON OF INTENTION TO LEVY REASSESSMENTS AND TO ISSUE REFUNDING BONDS UPON THE SECURITY THEREOF WHEREAS, this Town Council has heretofore conducted special assessment proceedings pursuant to Resolution of Intention Nos. 15-2003, 03-2006, 14-2001, 3326, 19-2003, and 30-2010, adopted on May 21, 2003, January 4, 2006, March 21, 2001, April 7, 1999, June 4, 2003, and June 2, 2010, respectively, and in said proceedings this Town Council confirmed unpaid assessments upon the parcels in 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 "Prior Districts"), and special assessment bonds, entitled Town of Tiburon Limited Obligation Improvement Bonds, Lyford Cove Utility Undergrounding Assessment District, Town of Tiburon Limited Obligation Improvement Bonds, Lyford Cove Utility Undergrounding Assessment District, Series 2005-2, Town of Tiburon Limited Obligation Improvement Bonds, Lyford Cove Utility Undergrounding Supplemental Assessment District, Town of Tiburon Limited Obligation Improvement Bonds, Stewart Drive Undergrounding Assessment District, Town of Tiburon Limited Obligation Improvement Bonds, Main Street Assessment District, Town of Tiburon Limited Obligation Improvement Bonds, Del Mar Valley Utility Undergrounding Assessment District, and Town of Tiburon Subordinate Lien Limited Obligation Improvement Bonds, Del Mar Valley 2010 Supplemental Utility Undergrounding Assessment District (collectively, the "Prior Assessment Bonds") were issued and delivered and portions of which Prior Assessment Bonds are now outstanding and are secured by said unpaid assessments; and WHEREAS, the public interest requires the refunding of the Prior Assessment Bonds and this Town Council intends to accomplish said refunding through the formation of a consolidated reassessment district, and the levy of reassessments and the issuance of refunding bonds upon the security thereof, the purpose of which refunding bonds will be to refund the Prior Assessment Bonds. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Tiburon as follows: 1. The proceedings for the levy and collection of reassessments as security for the issuance and payment of refunding bonds shall be conducted for the Prior Districts pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds, Division 11.5 (commencing with section 9500) of the California Streets and Highways Code (the "Act"). It is intended that the six Prior Districts be consolidated into a single Town of Tiburon 2016 Consolidated Reassessment District (the "Reassessment District"), as permitted by the Act. 2. Said contemplated reassessment and refunding, in the opinion of this Town Council, is of more than local or ordinary public benefit, and the costs and expenses thereof are made chargeable upon the Reassessment District, the exterior boundaries of which are shown on the reassessment diagram referred to in clause (e) of Section 4 below. 3. This Town Council declares that all public streets, highways, lanes and alleys within the Reassessment District are 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 NBS Government Finance Group, Temecula, California, a qualified firm employed by this Town for the purpose hereof, and said firm is hereby directed to make and file with the Town Clerk a report for the Reassessment District in writing, presenting the following: (a) A schedule setting forth the unpaid principal and interest on the Prior Assessment 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 cost of the respective reassessment and of issuing the refunding bonds, including all costs of issuing the refunding bonds, as defined by subdivision (a) of section 9600 of the Act. (c) The applicable 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 applicable 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 said section 8682. (e) A reassessment diagram showing the Reassessment District and the boundaries and dimensions of the subdivisions of land within the Reassessment District. Each subdivision shall be given a separate number upon the diagrams. When 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 reassessments it shall be used, in such amounts as this Town Council may determine, in accordance with the provisions of law, in a manner or manners to be provided in these proceedings. -2- 6. Notice is hereby given that serial and/ or term bonds to represent reassessments relating to the Reassessment District, and bear interest at the rate of not to exceed twelve percent (12%) per annum, will be issued in the manner provided by the Act, the last installment of which bonds shall mature not to exceed September 2, 2040. 7. 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 the refunding bonds issued pursuant to proceedings under this Resolution. S. Reference is hereby made to the proceedings heretofore had pursuant to Division 4 of the Streets and Highways Code with respect to the Prior Districts and the Prior Assessment Bonds, which are on file in the office of the Town Clerk. 9. It is the intention of this Council not to create a separate special reserve fund pursuant to and as authorized by Part 16 of Division 10 of the California Streets and Highways Code with respect to the refunding bonds. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Tiburon on July 20th, 2016, by the following vote: AYES: COUNCILMEMBERS: Doyle, Fraser, Fredericks, O'Donnell, Tollini NOES: COUNCILMEMBERS: None ATTEST: Diane Crane acopi, Town Clerk 20034.01:J14103 7/12/16 -3- Erin Tollini, Mayor