Resolution 13053CITY OF ALAMEDA RESOLUTION NO. 13053
RESOLUTION OF INTENTION TO LEVY REASSESSMENTS AND TO ISSUE
REFUNDING BONDS
CITY OF ALAMEDA
Harbor Bay Business Park Assessment District 92 -1
(Reassessment and Refunding of 1998)
RESOLVED, by the City Council (the "Council ") of the City of Alameda
(the "City "), County of Alameda, State of California, that
WHEREAS, on February 5, 1992, this Council adopted its Resolution
of Intention No. 12197 (the "Resolution of Intention ") relating to there
acquisition and /or construction of public improvements under and pursuant
to the provisions of the Municipal Improvement Act of 1913 Division 12
of the Streets and Highways Code of California for the City's Harbor Bay
Business Park Assessment District 92 -1 (the "District "). By the
Resolution of Intention, the Council provided that bonds would be issued
thereunder pursuant to the Improvement Bond Act of 1915, Division 10 of
E the Streets and Highways Code of California (the "Bond Law ") and
reference to. the Resolution of Intention is hereby expressly made for
O
W. In further particulars;
-� Z
'r CC WHEREAS, in proceedings taken pursuant to the Resolution of
p. Intention, the Council, on April 21, 1992, adopted Resolution No. 12235
pursuant to which bonds designated "Limited Obligation Improvement Bonds,
CD City of Alameda, Harbor Bay Business Park Assessment District 92 -1,
ZO H Series 1992," dated April 30, 1992 in the principal amount of $29,288,000
V (the "Prior Bonds ") were issued, sold and delivered; and
WHEREAS, the public interest requires the refunding of the Prior
Bonds and this Council intends to accomplish such refunding through the
levy of reassessments and the issuance of refunding .bonds upon the
security thereof, the proceeds of which refunding bonds shall be used to
refund the Prior Bonds and pay the costs of such refunding.
NOW, THEREFORE, IT IS ORDERED, as follows:
1. Proceedings Authorized. This Council hereby declares its
intention to refund the Prior Bonds and to levy reassessments as security
for refunding bonds are hereinafter provided, and it is also the
intention of this Council to issue additional bonds on the basis of the
original, unpaid portion of the assessments levied under the Resolution
of Intention and upon the security of which unpaid assessments no bonds
have yet been issued. The proceedings for the levy and collection of
reassessments as security for the issuance and payment of refunding bonds
shall be conducted pursuant to the City of Alameda Refunding Improvement
Bond Law, enacted by City of Alameda Ordinance No. 2774(the "Ordinance ").
2. Boundary Map. The contemplated reassessments and refunding, in
the opinion of this Council, are of more than local or ordinary public
benefit, and the costs and expenses thereof are made chargeable upon the
District, the exterior boundaries of which are shown on a map thereof
heretofore filed in the office of the City Clerk, and in the office of
the County Recorder of the County of Alameda, to which map reference is
hereby made for further particulars. Said map indicates by a boundary
line the extent of the territory included in the District and shall
govern for all details as to the extent thereof.
3. Public Property Omitted: -This Council declares that all public
streets, highways, lanes and alleys within the District. in use in the
performance of a public function, and all lands owned by any public
entity, including the United States and the State of California, or any
departments thereof, shall be omitted from the reassessment hereafter to
be made to cover the costs and expenses of said refunding.
4. Reassessment Consultant; Report. Pursuant to Section 9 of the
Ordinance, the reassessment and refunding are hereby referred to NBS
Government Finance Group, Temecula, California, a qualified person
employed by this City for the purpose hereof (the "Reassessment
Consultant "), and the Reassessment Consultant is hereby directed to make
and file with the City Clerk a report in writing, presenting the
following:
(a) A schedule setting forth the unpaid principal and
interest on the Prior Bonds to be refunded and the total amounts
thereof and the unpaid assessment being continued;
(b) The total estimated principal amount of the reassessment
and of the refunding bonds and the maximum interest 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 defined by subdivision (a) of Section 10 of the Ordinance;
(c) The auditor's record kept pursuant to Section 8682 of the
Streets and Highways Code of California showing the schedule of
principal installments and interest on all unpaid original
assessments and the total amounts thereof;
(d) The estimated amount of each reassessment, identified by
reassessment number corresponding to the reassessment number of 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 assessment district
and the boundaries and dimensions of the subdivisions of land within
the 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 diagram; and
(f) The proposed disposition of amounts remaining on deposit
in the improvement fund and the reserve fund established for the
Prior Bonds.
When any portion or percentage of the costs and expenses of said
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 said refunding and
reassessment, and said reassessments shall include only the remainder of
the estimated cost and expenses. If any excess shall be realized from the
reassessment it shall be used, in such amounts as this Council may
determine, in accordance with the provisions of law, in a manner or
manners to be provided in these proceedings.
5. Refunding Bonds.. Notice is hereby given that refunding serial
and or term refunding improvement bonds to represent said reassessments,
and bear interest at the rate of not to exceed eight percent (8 %) per
annum, or such higher rate of interest as may be authorized by applicable
law at the time of sale of such bonds, will be issued hereunder in the
manner provided by the Ordinance, the last installment of which bonds
shall mature not later than September 2, 2015. It is the intention of the
City that the City will not obligate itself to advance available funds
from the treasury of the City to cure any deficiency in the redemption
fund to be created with respect to such bonds; provided, however, that .
a determination not to obligate itself shall not prevent the City from,
in its sole discretion, so advancing the funds.
6. Bond Call Procedures. The provisions of Part 11.1 the Bond
Law, providing for an alternative procedure for the advance payment of
reassessments and the calling of bonds, shall apply to refunding bonds
issued pursuant to proceedings under this resolution.
7. Division 4. Reference is hereby made to proceedings heretofore
had pursuant to Division 4 of the Streets and Highways Code of California
with respect to the Prior Bonds which are on file in the office of the
Clerk.
8. Reserve Fund. It is the intention of this Council to create a
special reserve fund pursuant to and as authorized by Section 16 of the
Ordinance with respect to the refunding bonds and that the amount of said
fund shall be included in the reassessment.
9. Bond Counsel. The firm of Jones Hall, A Professional Law
Corporation, San Francisco, California, is hereby appointed as bond
counsel for the purpose of the reassessment and refunding and related
revenue bond proceedings. The fee of bond counsel shall be fixed in such
proceedings and shall be paid only upon the successful completion of said
proposed reassessment and refunding and from the proceeds of the
refunding bonds. The City Attorney is hereby authorized and directed to
enter into an agreement for the services of bond counsel.
10. Effective Date. This resolution shall take effect from and
after the date of its adoption.
I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly
adopted and passed by the Council of the City of Alameda in regular meeting assembled on
the 20th day of October , 1998, by the following vote to wit:
AYES: Councilmembers Daysog, DeWitt, Kerr, Lucas
and President Appezzato - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City
this 21st day of October , 1998.
City of Alameda