2001/11/27 City Council Resolution (12)RESOLUTION NO. 01- 253
RESOLUTION DECLARING INTENTION TO UNDERTAKE
REASSESSMENT PROCEEDINGS AND TO ISSUE LIMITED
OBLIGATION REFUNDING BONDS BY SUMMARY
PROCEEDINGS WITHOUT NOTICE AND HEARING
2001 CONSOLIDATED REASSESSMENT DISTRICT
WHEREAS, progress of development of the land within the City of Rohnert Park
1993 Consolidated Refunding District (the "Prior District "), together with an overall reduction in
tax - exempt bond market interest rates, makes advantageous the refunding of the remaining
outstanding limited obligation refunding bonds of said Prior District (the "Prior Bonds "), issued by
the City of Rohnert Park (the "City "), said refunding to be based upon reassessment proceedings
taken pursuant to the Refunding Bond Act of 1984 for 1915 Improvement Act Bonds (Sections
9500 and following, California Streets and Highways Code)(the "1984 Act "); and
WHEREAS, Section 9525 of the 1984 Act authorizes this City Council, as the
legislative body of the City, to undertake proceedings for the levy of reassessments and for the
issuance, sale and delivery of limited obligation refunding bonds (the "Refunding Bonds ") upon the
security of the unpaid reassessments, without notice to or public hearing for the affected property
owners of the property encumbered by the reassessments, upon satisfaction of three conditions
specified by said Section 9525; and
WHEREAS, this City Council is advised by Orrick, Herrington & Sutcliffe LLP, its
bond counsel for this proposed refunding, and IBIS Securities, LLC, its underwriter for this
proposed refunding, that the conditions prescribed by Section 9525 can be satisfied and that the
proposed Refunding Bonds can be issued and sold, based upon the present bond market conditions,
on terms and conditions which assure compliance with said Section 9525; and
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WHEREAS, in order to provide the benefits of such refunding to the affected
property owners in Prior District, this City Council has determined that it is in the public interest
generally and in the economic interest of the property owners in the Prior District specifically to
provide for the refunding at reduced interest rates of the remaining outstanding Prior Bonds under
and pursuant to and subject to satisfaction of the conditions prescribed by the 1984 Act in general
and Section 9525 in particular;
NOW, THEREFORE; BE IT RESOLVED by the City Council of the City of
Rohnert Park, as follows:
Section 1. The foregoing recitals are true and correct, and this City Council so
finds and determines.
Section 2. This City Council hereby preliminarily determines that the public
interest and necessity justify the refunding of the Prior Bonds under and pursuant to the 1984 Act,
subject to further proceedings under the 1984 Act for the establishment of a reassessment district to
be known as the "City of Rohnert Park 2001 Consolidated Reassessment District."
Section 3. This City Council hereby preliminarily declares that it intends to
issue the Refunding Bonds to refund the Prior Bonds and to levy and collect reassessments as
security for the Refunding Bonds under and pursuant to the 1984 Act.
Section 4. This City Council hereby refers the matter of the proposed refunding
of the Prior Bonds and the levy and collection of reassessments as security for the Refunding Bonds
to Harris & Associates as the person qualified to prepare and file with the City Clerk a report in
writing containing the matters specified in Section 9523 of the California Streets and Highways
Code, and directs Harris & Associates to prepare such report, and upon completion, to file it with
the City Clerk.
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Section 5. When the report provided for in Section 4 hereof is filed with the
City Clerk, the City Clerk is directed to present said report to this City Council for consideration
pursuant to Sections 9524 and 9525 of the 1984 Act.
I HEREBY CERTIFY that the foregoing is a full, true and correct copy of a
resolution duly passed and adopted by the City Council of the City of Rohnert Park, Sonoma
County, California, at a meeting thereof, held on the 27th day of November, 2001, by the
following vote of the members thereof:
AYES: (4) Councilmembers Flores, Reilly, Vidak Martinekl & Mayor MacWenNie
NOES: (0) Councilmembers
ABSENT: (1) Councilmembers Spiro
ABSTAIN: (0) Councilmembers
ATTEST:
APPROVED:
JAKE MACKENZIE, MAYOR
Z er Res lution No. 2001 -253 adopted by the
hner Park City Council on November 27, 2001
RM
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