HomeMy WebLinkAboutRESOLUTIONS - 07111989 - 89-467 RESOLUTION NO. 89/467
RESOLUTION OF INTENTION TO CONDUCT REASSESSMENT PROCEEDINGS
IN ASSESSMENT DISTRICT NO. 1989-2
DEERWOOD DRIVE EXTENSION-WEST REFUNDING
(REFUND A.D. NO. 1982-1)
The Board of Supervisors of the County of Contra Costa
resolves:
Section 1•
This Board of Supervisors hereby determines that the
public interest or necessity requires the refunding of all
outstanding bonds previously issued as Series No. 1982-1, dated
June 15, 1982, Assessment District No. 1982-1, County of Contra
Costa, State of California. This Board of Supervisors 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.
Section 2 •
This Board of Supervisors hereby directs Nystrom
Engineering to prepare and file with the Clerk of the Board of
Supervisors of the County of Contra Costa a written report
containing each 'of the items specified by Section 9523 of the
Act.
Section 3 •
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.
Section 4 •
Serial bonds representing unpaid reassessments, and
bearing interest at a rate not to exceed twelve percent (12%) per
RESOLUTION NO. 89/467
annum, will be issued in the manner provided by the Act, and the
last installment of the bonds shall mature September 2, 1997.
Section 5:
The County will not obligate itself to advance
available funds from the County Treasury to cure any deficiency
which may occur in the bond redemption fund. A determination not
to obligate itself shall not prevent the County from, in its sole
discretion, so advancing funds.
Section 6•
A County processing fee shall be charged as a bond
service charge in the amount allocated in the Reassessment
Report.
Section 7 •
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.
Section 8•
The amount of any surplus remaining after completion of
the refunding shall be transferred to the reserve fund for the
refunding bonds.
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RESOLUTION NO. 89/467
I HEREBY CERTIFY that the foregoing resolution was duly
and regularly adopted by the Board of Supervisors of the County
of Contra Costa, State of California, at regular meeting thereof,
held on the 11th day of July, 1989.
ATTEST:
PHIL BATCHELOR, Clerk of the
Board of Supervisors and
County Administrator
BY
A. Josep DejQty Clerk
cc: Public Works Director
County Counsel
County Auditor Controller
County Treasurer/Tax Collector
Engineer of Work
Bond Counsel (2)
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RESOLUTION NO. 89/467