2001/11/27 City Council Resolution (19)RESOLUTION NO. 01- 254
RESOLUTION APPROVING AND CONFIRMING THE
REPORT ON THE LEVY OF REASSESSMENTS AND THE
REFUNDING OF ITS 1984 ACT REFUNDING BONDS
2001 CONSOLIDATED REASSESSMENT DISTRICT
WHEREAS, the City Council of the City of Rohnert Park (the "City "), by
proceedings duly had and taken, duly provided for the issuance of the Limited Obligation
Refunding Bonds (the "Prior Bonds ") of its City of Rohnert Park 1993 Consolidated Refunding
District (the "Prior District ") under and pursuant to the conditions and terms of the Refunding
Bond Act of 1984 for 1915 Improvement Act Bonds (Sections 9500 and following, California
Streets and Highways Code)(the "1984 Act "); the unmatured portion of which is now outstanding;
and
WHEREAS, this City Council has determined to establish a reassessment district to
be known as the "2001 Consolidated Reassessment District" and to issue refunding bonds (the
"Refunding Bonds ") upon the security of the unpaid reassessments for the purpose of refunding the
remaining outstanding Prior Bonds, all as provided by and pursuant to the conditions and terms of
the Refunding Act of 1984 for 1915 Improvement Act Bonds, being Division 11.5 of the California
Streets and Highways Code (the "1984 Act "), and to provide for the levy and collection of
reassessments in said reassessment district as security for the Refunding Bonds; and
WHEREAS, the City Council referred the matter of the refunding of the Prior
Bonds, the establishment of the proposed reassessment district, and the levy and collection of
reassessments as security for the Refunding Bonds to Harris & Associates as the qualified person to
prepare and file with the City Clerk a report in writing containing the matters specified in Section
9523 of the 1984 Act, and directed Harris & Associates to prepare and file said report; and
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WHEREAS, Harris & Associates has prepared and filed with the City Clerk a report
in writing, entitled "Reassessment Report, City of Rohnert Park 2001 Consolidated Reassessment
District" (the "Reassessment Report"), containing the matters required by Section 9523 of the 1984
Act, which said Reassessment Report has been presented by the City Clerk to this City Council for
consideration; and
WHEREAS, the Reassessment Report is accompanied by a certificate of Orrick,
Herrington & Sutcliffe LLP, the City's bond counsel for the proposed refunding, and IBIS
Securities, LLC, as the underwriter of the Refunding Bonds, certifying to this City Council that the
Reassessment Report demonstrates satisfaction of the conditions prescribed by Section 9525 of the
1984 Act to authorize this City Council to act upon said Reassessment Report without notice and
hearing as otherwise required by the 1984 Act and Section 53753 of the California Government
Code; and
WHEREAS, this Council now desires to proceed with the confirmation of the
reassessments in accordance with the Reassessment Report;
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 finds and determines that, as set forth in said
report, (a) each estimated annual installment of principal and interest on each unpaid reassessment
is less than the corresponding annual installment of principal and interest on the portion of the
original assessment being superseded and supplanted by the same percentage for all subdivisions of
land within the Reassessment District, except as permitted by the 1984 Act with respect to
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delinquent installments on any parcel; (b) the number of years to maturity of the Refunding Bonds
is not more than the number of years to the last maturity of the Prior Bonds; and (c) the principal
amount of the reassessment on each subdivision of land within the Reassessment District is less
than the unpaid principal amount of the portion of the original assessment being superseded and
supplanted, and said reduction is by the same percentage for each subdivision of land within such
Reassessment District, except as otherwise permitted by the 1984 Act respecting delinquent
installments on any parcel.
Accordingly, this City Council finds and determines that all of the conditions in
connection with the levy of reassessments and the issuance of the Refunding Bonds specified in
Section 9525 of the 1984 Act are and have been duly satisfied, and that this City Council may
therefore take action upon the Reassessment Report without notice to the property owners and
hearing.
Section 3. The Reassessment Report is hereby approved and confirmed by this
City Council, and the reassessments contained therein are hereby confirmed and levied by this City
Council, and upon making the necessary recordings and filings as required by the 1984 Act, the
reassessments shall become a lien upon the various parcels of land reassessed in the Reassessment
District.
Section 4. Pursuant to the 1984 Act, this City Council orders that the lien of the
existing unpaid reassessments upon the parcels within the Reassessment District shall continue to
the extent necessary to enable the City to enforce payment of the installment presently posted to the
2001 -02 property tax roll on account of each existing unpaid reassessment.
Section 5. The City Clerk is hereby directed to (1) record or cause to be
recorded the reassessments referred to in Section 3 hereof and the related reassessment diagram in
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the office of the Director of Public Works of the City of Rohnert Park, (2) to record or cause to be
recorded the reassessment diagram and notice of reassessment as required by Division 4.5 of the
California Streets and Highways Code, and (3) to file or cause to be filed a certified copy of this
resolution with the County Auditor of the County of Sonoma to facilitate collection of installments
on account of unpaid reassessments on the secured property tax roll of the County.
Section 6. The Refunding Bonds, to be issued upon the security of the
reassessments hereby levied and hereafter to be recorded, shall (a) bear interest at an average
interest rate not to exceed the average interest rate on each individual series of the remaining
outstanding Prior Bonds, so as to assure compliance with the requirement that annual debt service
on the Refunding Bonds shall be less than the annual debt service on the remaining outstanding
Prior Bonds, (b) have a final maturity not later than the final maturity on the remaining outstanding
Prior Bonds, and (c) be issued in an aggregate principal amount less than the aggregate principal
amount of the remaining outstanding Prior Bonds.
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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- Martinez, & Mayor Mackenzie
NOES: (0) Councilmembers
ABSENT: (1) Councilmembers Spiro
ABSTAIN: (0) Councilmembers
JAKE MACKENZIE, MAYOR
dl
Z rRes lution No. 2001- adopted by the
Per
Park City Council on November 27, 2001
ATTEST:
JOSEPH D. NETTER, CITY CLERK CITY
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