HomeMy WebLinkAbout81-60 - Assessment District 80-1, Determining Unpaid Assessments197;
RESOLUTION NO. 81-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, DETERMINING UNPAID ASSESS-
MENTS AND ISSUING BONDS UNDER THE "IMPROVEMENT
BOND ACT OF 1915".
WHEREAS, the City Council of the City of Costa Mesa, California
(hereinafter referred to as "Agency"), has heretofore undertaken pro-
ceedings under the "Municipal Improvement Act of 1913", being Division
12 of the Streets and Highways Code of the State of California, and
has confirmed asessments upon the district described in its Resolution
of Intention previously adopted for the construction of certain public
improvements in a special assessment district known and designated as
ASSESSMENT DISTRICT NO. 80-1, SUNFLOWER/MAC ARTHUR INDUSTRIAL AREA,
hereinafter referred to as the "Assessment Disrict"; and
WHEREAS, said proceedings provided for the issuance of bonds pur-
suant to the "Improvement Bond Act of 1915", being Division 10 of the
Streets and Highways Code of the State of California; and
WHEREAS, the assessment and diagram in said proceedings has been
recorded with the Superintendent of Streets pursuant to Section 10600
of the Streets and Highways Code, and a notice of assessment has been
recorded in the Office of the County Recorder, pursuant to Section
3114 of the Streets and Highways Code; and
WHEREAS, following the elapse of thirty (30) days after the date
of recording of said assessment with the Superintendent of Streets, the
Treasurer has prepared a complete list of all paid and unpaid assess-
ments; and
WHEREAS, a copy of said list of paid and unpaid assessments is
on file in the office of said Treasurer, and Agency has duly considered
said list and has determined that the same is an accurate statement
thereof; and
WHEREAS, the aggregate amount of the unpaid assessments on pri-
vately owned land within the Assessment District is $4,267,491.00 and
said paid and unpaid list above referenced is hereby approved and
accepted; and
WHEREAS, Agency desires, pursuant to Secton 8650.1 of Streets and
Highways Code to establish the denominations of the bonds to represent
unpaid assessments on private property and the amount to mature each
year which will be other and different than that as priovided in Sec-
tion 8650 of said Code;
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the assessments in said unpaid list which now re-
main unpaid, and the aggregate thereof, are as shown on said list as on
file in the Office of the Treasurer, and by reference made a part
hereof.
SECTION 3. (a) That in accordance with the proceedings hereto
fore taken, bonds representing unpaid assessments on private property
shall be issued pursuant to said "Improvement Bond Act of 1915". Said
bonds shall be numbered in consecutive numerical order, beginning with
the earliest maturity, and shall be numbered 1 to 854, inclusive,
bearing interest from their date at the rate of not to exceed the cur-
rent legal maximum rate of 10 percent per annum, or the maximum allowed
by law at the time of sale, whichever is higher, and the denominations
of said bonds with their respective numbers and dates of maturity are
as shown on Exhibit "A" attached hereto and made a part hereof.
(b) That said bonds may be redeemed and paid in ad-
vance of maturity upon the 2nd day of January or July in any year by
193
giving notice as provided by law and by paying principal and accrued
interest, together with a premium of five percent (5%) of the principal.
(c) Said bonds shall be issued substantially in the
form as set forth in Section 8652 of the Streets and Highways Code of
the State of California.
SECTION 4. That the bonds shall be signed by the Treasurer. The
bonds and coupons affixed to said bonds may be signed by said Treasurer
by an engraved, printed, or lithographed signature.
SECTION 5. That the proceeds from the sale of the bonds shall be
placed in the fund as created pursuant to Sections 10602 and 10424 of
the Streets and Highways Code, which fund shall be designated by the
name of these proceedings and District, and the monies in said fund
shall be used only for the purposes authorized in said proceedings.
SECTION 6. That said bonds shall be payable at the Office of
Agency, unless a paying agent has been so designated by Agency. The
bonds representing unpaid assessments on private property shall be paid
exclusively from a redemption fund created pursuant to Section 8671 of
the Streets and Highways Code. In all respects not recited herein, the
bonds representing unpaid assessments on private property shall be
governed by the provisions of the "Improvement Bond Act of 1915".
SECTION 7. The Auditor of the County of Orange, which last men-
tioned political subdivision of the State of California is the County
which collects taxes for Agency is hereby requested and directed, in
accordance with the provisions of Section 8682 of the Streets and
Highways Code of the State of California, to enter in his assessment
roll on which taxes will next become due, opposite each lot or parcel
of land affected, in a space marked "public improvement assessment" or
by other suitable designation, the several installments of such assess-
ment coming due during the fiscal year covered by such assessment roll,
and that said entry be made each year during the life of the bonds to
be issued in said proceedings.
SECTION 8. In accordance with the provisions of Section 8685 of
the Streets and Highways Code, if any lot or parcel of land affected
by any assessment is not separately assessed on the tax roll so that
the installment of the assessment to be collected can be conveniently
entered thereon, then the Auditor shall enter on the roll a description
of the lot or parcel affected, with the name of the owners, if known,
but otherwise the owners may be described as "unknown owners", and
extend the proper installment opposite the same.
SECTION 9. Said bonds are to be dated the 9th day of June, 1981.
PASSED AND ADOPTED this 6th day of July, 1981.
ATTEST:
City Clerk of t e ityo Costasa
Mayor of the City of Cto Mesa
1
199
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF COSTA MESA )
I EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and
foregoing Resolution No. 81-60 was duly and regularly passed and adopted
by the said City Council at a regular meeting thereof, held on the 6th
day of July 1981, by the following roll call vote:
AYES: COUNCIL MEMBERS: Schafer, Hall, Hertzog, McFarland,
Johnson
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
Seal of the City of Costa Mesa this 7th day of July, 1981.
. p
Clty Clerk and ex -officio Clerk orfthe
City Council of the -City of Cost Vesa
2o®
CITY OF COSTA MESA
ASSESSMENT DISTRICT NO. 80-1
(SUNFLOWER/MAC ARTHUR INDUSTRIAL AREA)
EXHIBIT "A"
BOND
PRINCIPAL
NUMBERS
MATURITY
MATURING
COUPON
(Inclusive)
YEAR
DENOMINATIONS
JULY 2ND
RATE
1
1982
$2,491
$ 2,491
8-1/4%
2-34
1982
5,000
165,000
8-1/4%
35-74
1983
5,000
200,000
8-1/2%
75-134
1984
5,000
300,000
9%
135-194
1985
5,000
300,000
9-1/4%
195-254
1986
5,000
300,000
9-1/2%
255-314
1987
5,000
300,000
9-3/4%
315-374
1988
5,000
300,000
10%
375-434
1989
5,000
300,000
10%
435-494
1990
5,000
300,000
10%
495-554
1991
5,000
300,000
10%
555-614
1992
5,000
300,000
10%
615-674
1993
5,000
300,000
10%
675-734
1994
5,000
300,000
10%
735-794
1995
5,000
300,000
10%
795-854
1996
5,000
300,000
10%