HomeMy WebLinkAboutRESOLUTIONS - 01012001 - 2001-216 RESOLUTION NO. 2001/216
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
CONTRA COSTA DECLARING ITS INTENTION TO LEVY REASSESSMENTS
AND TO ISSUE REFUNDING BONDS UPON THE SECURITY THEREOF
Reassessment District of 2001
WHEREAS, the County of Contra Costa (the "County") has heretofore conducted
special assessment or reassessment proceedings for certain assessment and reassessment
districts (collectively, the "Prior Districts") and issued four series of improvement and
reassessment bonds of the County, all as described in Exhibit A attached hereto and hereby
made a part hereof, and reference is hereby expressly made to Exhibit A for further particulars,
including the numbers and dates of authorizing resolutions, and the amounts of said
improvement and reassessment bonds;and
WHEREAS, the public interest requires the refunding of the bonds set forth in said
Exhibit A (the "Prior Bonds"), and this Board intends to accomplish said refunding through the
levy of reassessments in and for the County's proposed Reassessment District of 2001 (the
"District") and the issuance of refunding bonds upon the security thereof, the proceeds of which
refunding bonds shall be used to refund the Prior Bonds;and
WHEREAS, this Board intends that the unpaid assessments securing the payment of the
Prior Bonds be superseded and supplanted by the reassessments, except as otherwise provided
in these proceedings;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of
Contra Costa as follows:
1. Proceedings Authorized. This Board hereby declares its intention to refund the
Prior Bonds and to levy reassessments as security for refunding bonds as hereinafter provided.
The proceedings for the levy and collection of reassessments as security for the issuance and
payment of refunding bonds shall be conducted pursuant to the Refunding Act of 1984 for 1915
Improvement Act Bonds, Division 11.5 (commencing with Section 9500) of the Streets and
Highways Code of California (the "Act") and, to the extent applicable, pursuant to the
provisions of the Improvement Bond Act of 1915, Division 10 of the Streets and Highways
Code of the State of California.
2. Boundary Map. The District benefited by the reassessment and to be reassessed
to pay the costs and expenses thereof, and the exterior boundaries thereof, are as shown by the
reassessment diagram thereof on file in the office of the Clerk of this Board, which diagram is
made a part hereof by reference thereto.
3. Reassessment Consultant; Report. The reassessment and refunding are hereby
referred to MuniFinancial,a qualified firm employed by the County for the purposes hereof (the
"Reassessment Consultant"), and the Reassessment Consultant 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
Prior Bonds to be refunded and the total amounts thereof and the unpaid
assessment being continued;
(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 subdivision (a) of Section 9600 of
the Act;
(c) The auditor's record kept pursuant to Section 8682 of the Streets
and Highways Code of California showing the schedule of principal installments
and interest on all unpaid original assessments and the total amounts thereof;
(d) The estimated amount of each reassessment, identified by
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; and
(e) A reassessment diagram showing the 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.
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. If any excess shall be realized from the reassessment it shall be
used,in such amounts as the County may determine, in accordance with the provisions of law,
in a manner or manners not inconsistent with these proceedings.
4. Refunding Bonds. Notice is hereby given that serial or term bonds, or both, to
represent said reassessments, and bear interest at the rate of not to exceed ten percent (10%)
per annum,or such higher rate of interest as may be authorized by applicable law at the time of
sale of such bonds, will be issued hereunder in the manner provided by the Act, the last
installment of which bonds shall mature not to exceed thirty (30) years from the second day of
September next succeeding twelve (12)months from their date. It is the intention of the Board
that the Board will not obligate itself to advance available funds from the treasury of the Board
to cure any deficiency in the redemption fund to be created with respect to said bonds;
provided,however, that a determination not to obligate itself shall not prevent the Board from,
in its sole discretion, so advancing the funds.
5. Bond Call Procedures. The provisions of Part 11.1 of Division 10 of the Streets
and Highways Code of California, providing for an alternative procedure for the advance
payment of reassessments and the calling of bonds, shall apply to refunding bonds issued
pursuant to proceedings under this resolution. The premium for the prepayment of any
reassessment shall not exceed three percent (3%) of the assessment being prepaid.
6. Division 4. Reference is hereby made to proceedings heretofore had pursuant to
the applicable provisions the Streets and Highways Code of California with respect to the Prior
Bonds which are on file in the office of the Clerk of the Board.
7. Effective Date. This Resolution shall take effect upon the date of its adoption.
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The foregoing Resolution was adopted by the Board of Supervisors of the County of
Contra Costa on the 22nd day of May,2001, on the following vote:
AYES: SUPERVISORS: GIOIA, GERBER, DeSAULNM- , GLOVER and UILKEMA
NOES: SUPERVISORS: NONE
ABSENT: SUPERVISORS: NONE
ABSTAIN: SUPERVISORS: NONE
Cha
ATTEST:
John Sweeten,County Administrator and
Clerk of the Board of Supervisors
1-
By: �-
Deputy Clerk
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