Resolution 14457CITY OF ALAMEDA RESOLUTION NO.14 4 5 7
INTENTION TO LEVY REASSESSMENTS AND TO ISSUE REFUNDING
BONDS UPON THE SECURITY THEREOF RELATING TO THE CITY OF
ALAMEDA MARINA VILLAGE ASSESSMENT DISTRICT 89-1
WHEREAS, this City Council has heretofore conducted special
assessment proceedings pursuant to Resolution of Intention No. 11822,
adopted on September 6, 1989, and in said proceedings this City Council
confirmed unpaid assessments upon the parcels in the City of Alameda Marina
Village Assessment District 89 -1 (the "Assessment District "), and special
assessment bonds, entitled "Limited Obligation Improvement Bonds, City of
Alameda, Marina Village Assessment District 89 -1, Series 89 -1," in the initial
aggregate principal amount of $36,168,180 (the "Prior Bonds ") were issued and
delivered, and the outstanding Prior Bonds are secured by the unpaid
assessments; and
WHEREAS, in order to reduce the future assessment levies on the
parcels of property in the Assessment District the public interest requires the
refunding of the Prior Bonds and this City Council intends to accomplish said
refunding through the levy of reassessments and the issuance of refunding
bonds upon the security thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ALAMEDA as follows:
Section 1. Proceedings for the levy and collection of reassessments as
security for the issuance and payment of refunding bonds shall be conducted
for the Assessment District pursuant to the Refunding Act of 1984 for 1915
Improvement Act Bonds, Division 11.6 (commencing with Section 9500) of the
California Streets and Highways Code (the "Act ").
Section 2. The contemplated reassessment and refunding, in the
opinion of this City Council, is of more than local or ordinary public benefit, and
the costs and expenses thereof are made chargeable upon the City of Alameda
Marina Village Reassessment District No 10 -1 (the "Reassessment District "),
the exterior boundaries of which are shown on a map thereof heretofore filed in
the office of the City Clerk, to which map reference is hereby made for further
particulars. The map indicates by a boundary line the extent of the territory
included in the Reassessment District and shall govern for all details as to the
extent thereof.
Section 3. The reassessment and refunding is hereby referred to NBS
Government Finance Group, a qualified firm employed by the City for the
purpose of the reassessment proceedings, and said firm is hereby directed to
make and file with the City Clerk a report for the Reassessment District in
writing, presenting the following:
(a) A schedule setting forth the unpaid principal and
interest on the Prior Bonds and the total amounts thereof.
(b) The total estimated principal amount of the
reassessment and of the refunding bonds and the maximum interest rate
thereon, together with an estimate of cost of the reassessment and of
issuing the refunding bonds, including all costs of issuing the refunding
bonds, as contemplated by subdivision (a) of Section 9600 of the Act.
(c) The auditor's record kept pursuant to Section 8682 of
the California Streets and Highways Code showing the schedule of
principal installments and interest on all unpaid original assessments
and the total amounts thereof.
(d) For the Reassessment District, the estimated amount
of each reassessment, identified by reassessment number
corresponding to the reassessment number on the reassessment
diagram, together with a proposed auditor's record for the reassessment
prepared in the manner described in said Section 8682.
(e) A reassessment diagram showing the Reassessment
District and the boundaries and dimensions of the subdivisions of land
within the Reassessment District. Each subdivision, including each
separate condominium interest as defined in Section 783 of the Civil
Code, shall be given a separate number upon the diagrams.
When any portion or percentage of the costs and expenses of the
refunding and reassessment is to be paid from sources other than
reassessments, the amount of such portion or percentage shall first be
deducted from the total estimated cost and expenses of the refunding and
reassessment, and the reassessments shall include only the remainder of the
estimated cost and expenses.
Section 4. If any excess shall be realized from the reassessments it
shall be used in such amounts as this City Council may determine, in
accordance with the provisions of applicable law, and in a manner to be
provided in these reassessment proceedings.
Section 5. Notice is hereby given that serial and/or term bonds to
represent reassessments for the Reassessment District, and to bear interest at
the rate of not to exceed twelve percent (12°/x) per annum, will be issued in the
manner provided by the Act, the last installment of which bonds shall mature on
September 2, 2014.
Section 6. The provisions of Part 11.1 of Division 10 of the Streets and
Highways Code, providing for an alternative procedure for the advance
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payment of assessments and the calling of bonds, shall apply to the refunding
bonds to be issued pursuant to the reassessment proceedings.
Section 7. It is the intention of this Council to create a special reserve
fund pursuant to and as authorized by Part 16 of Division 10 of the California
Streets and Highways Code with respect to the refunding bonds.
Section 8. This Resolution shall take effect upon its adoption by this City
Council.
1, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda during the Regular
Meeting of the City Council on the 15th ay of June, 2010, by the following vote to wit:
Y g
AYES: Councilmembers deHaan, Gilmore, Matarrese, Tam
and Mayor Johnson - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, 1 have hereunto set my hand and affixed the official seat of
said City this 16th day of June, 2010.
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Lara Weisiger, City Clerk
City of Alameda