Res99 13626 - Laserfiche WebLink

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WItEREAS, this City 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 as follows: Section 1. The foregoing recitals are tree and correct, and this City Council so finds and determihes. Section 2. This City Council finds and determines that, as set forth in the Reassessment 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than the corresponding annual installment of principal and interest on the portion of the original assessment being superseded and supplanted by the same percentage for all subdivisions of land within the Reassessment District, except as permitted by the 1984 Act with respect to 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the Reassessment District is less than the unpaid principal amount of the portion of the original assessment being superseded and supplanted, and said reduction is by the same percentage for each subdivision of land within such Reassessment District, except as otherwise permitted by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 heating. 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. 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 the office of the City Engineer of the City; (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 San Mateo to facilitate collection of installments on account of unpaid reassessments on the secured property tax roll of the County of San Mateo. Section 5. 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 13626