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HomeMy WebLinkAbout84-34 - Determining Unpaid Assessments in Special Assessment DistrictRESOLUTION NO. 84-34 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, DETERMINING UNPAID ASSESSMENTS IN A SPECIAL ASSESSMENT DISTRICT. WHEREAS, the City Council of the City of Costa Mesa, California, has heretofore undertaken proceedings pursuant to the "Municipal Improvement Act of 1913", being Division 12 of the Streets and Highways Code of the State of California, and has confirmed assessments upon lands within a special assessment district described in a Resolution of Intention previ- ously adopted for said improvements, said special assessment district known and designated as ASSESSMENT DISTRICT NO. 82-2, SOUTH COAST METRO CENTER, (hereinafter referred to as the "Assessment District"); and WHEREAS, said proceedings provided for the issuance of bonds pursuant to the "Improvement Bond Act of 1915", being Division 10 of the Streets and Highways Code of the State of California, and it is necessary to establish terms and provisions of such issuance; and WHEREAS, notice of the recordation of the assessment and of the time within which assessments may be paid in cash has been duly published and mailed in the manner provided by law, and the time so provided for receiv- ing payment of assessments in cash has expired, and there has been filed a list of all assessments which now remain unpaid; and WHEREAS, following the elapse of thirty (30) days after the date of recording of said assessment, a canplete list of paid and unpaid assess- ments has been prepared and filed with the Treasurer; and WHEREAS, it is desired, pursuant to Section 8650.1 of the Streets and Highways Code, to establish the amounts to mature on 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 provided in Section 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. Unpaid Assessments. That the assessments now remaining unpaid, and the aggregate thereof, are as shown on a list entitled "Paid and Unpaid Assessments", referenced by the name of this Assessment Dis- trict, a copy of which is on file in the office of the Treasurer and by reference made a part hereof. SECTION 3. Parcel Descriptions. That for a particular description of the lots or parcels of land bearing the respective assessment numbers set forth in said Unpaid List and upon which assessments remain unpaid, reference is hereby made to the assessment and to the diagram recorded in the Office of the Superintendent of Streets. SECTION 4. Issuance of Bonds. The Unpaid List is in the amount of $7,051,713.46, and bonds shall be issued in said amount and upon the security of said unpaid assessments in accordance with the provisions of the "Improvement Bond Act of 1915", and under and pursuant to the provi- sions of said Resolution of Intention and Resolution Authorizing the Issuance of Bonds, and all other proceedings thereunder duly had and taken. SECTION 5. Maturity. The bonds shall be issued in serial fonn with annual maturities on July 2nd of every year succeeding the first ten (10) months after their date, until the whole is paid. The amount maturing each year shall be such as to result in approximately equal annual debt service during the tern of the issue as reflected by the interest rates and princi- pal aanounts maturing in years of maturity as follows: PRINCIPAL MATURITY MATURING INTEREST YEAR JULY 2ND RA'E 1985 $261,713.46 6.50% 1986 275,000.00 7.00% 1987 295,000.00 7.50% 1988 315,000.00 7.75% 1989 340,000.00 8.00% 1990 370,000.00 8.25% 1991 400,000.00 8.50% 1992 430,000.00 8.75% 1993 470,000.00 9.00% 1994 515,000.00 9.20% 1995 560,000.00 9.40% 1996 610,000.00 9.50% 1997 670,000.00 9.60% 1998 735,000.00 9.60% 1999 805,000.00 9.60% SECTION 6. Terms and Conditions of Bonds. For all other particulars relating to the terms and conditions of said bonds, reference is hereby made to the previously adopted Resolution Authorizing and Providing for the Issuance of Bonds, a copy of which is on file with the transcript of these proceedings, and open to public inspection. PASSED AND ADOPTED this 19th day of March984.� Mayor of the C ty of Costa Mesa ATTEST: p City Clerk of the City of Cost Mesa 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 fore- going Resolution No. 84-34 was duly and regularly passed and adopted by said City Council at a regular meeting thereof held on the 19th day of March, 1984, by the following roll call vote: AYES: Council Members: Hall, Hertzog, Schafer NOES: Council Members: None ABSENT: Council Members: Johnson, McFarland IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 20th day of March, 1984. O y Clerk and ex -officio Clerk 4f the City Council of the City of COSY Mesa C'RRTTPTrATF. OF PAID AND UNPAID ASSESSMENTS WHEREAS, an assessment and diagram was recorded in the Office of the Superintendent of Streets of the CITY OF COSTA MESA California, (hereinafter referred to as the "City") on the 7th day of February, 1984, for the work, improvements, appurtenances and acquisitions, where necessary, in a special assessment district known and designated as ASSESSMENT DISTRICT NO. 82-2 in the City; and WHEREAS, notice of the recordation of said assessment and of the time and place where and within which said assessments were to be paid has been duly given in the time and form provided by law, and certain of said assessments have been paid in whole or in part. NOW, THEREFORE, I, the undersigned CITY TREASURER of said City, as collection officer, do hereby certify that the lists hereinafter set forth are true, correct and cccnplete lists of all assess- ments paid and unpaid upon said assessment, and are hereby made and filed by me according to law, and said lists, with respective assessment and diagram numbers of the lots or parcels of land assessed, and the amounts paid or unpaid thereon, are as set forth on the attached list, marked Exhibit "A", and by reference incorporated herein. The total or aggregate amount of assessments which are unpaid is the sum of $7,051,713.46. I, the undersigned, hereby CERTIFY that the list of paid and unpaid assessments attached hereto, marked Exhibit "A" and by reference incorpor- ated herein, was filed in my Office on the eighth day of March, 1984. DATED this eighth day of March, 1984. CITY TREASURER CITY OF COSTA MESA STATE OF CALIFORNIA Attachment for Resolution No. 84-34 ASSESSMENT DISTRICT 82-2 LIST OF PAID AND UNPAID ASSESSMENTS ASSESSMENT NO. AMOUNT OF ASSESSMENT AMOUNT PAID BALANCE TO BOND 1 $1,983,686.66 2 890,993.66 3 174,351.24 4 407,575.03 5 89,037.31 6 127,755.05 7 44,977.33 8 166,310.90 9 77,705.29 10 179,693.48 11 545,361.02 12 206,353.55 13 545,361.02 14 1,612,551.92 15 16 Exhibit "A' Resolution No. 84-34 -0- $1,983,686.66 -0- 890,993.66 -0- 174,351.24 -0- 407,575.03 -0- 89,037.31 -0- 127,755.05 -0- 44,977.33 -0- 166,310.90 -0- 77,705.29 -0- 179,693.48 -0- 545,361.02 -0- 206,353.55 -0- 545,361.02 -0- 1,612,551.92 -0- -0-