|
<br />11261
<br />RESOLUTION NO.
<br />
<br />A RESOLUTION AUTHORIZING ISSUANCE OF REFUNDING BONDS
<br />
<br />CITY OF REDWOOD CITY
<br />Seaport Boulevard Assessment District
<br />(Reassessment and Refunding of 1990)
<br />
<br />RESOLVED, by the City Council (the "Council") of the City of Redwood City (the
<br />"City"), County of San Mateo, State of California, that
<br />
<br />WHEREAS, on February 5, 1985, this Council passed and adopted its Resolution
<br />of Intention (the "Resolution of Intention") relating to the acquisition and/or construction
<br />of public improvements under and pursuant to the provisions of the Municipal
<br />Improvement Act of 1913 Division 12 of the Streets and Highways Code of California for
<br />the Seaport Boulevard Assessment District. By the Resolution of Intention, the Council
<br />provided that serial bonds would be issued thereunder pursuant to the provisions of the
<br />Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of
<br />California and reference to the Resolution of Intention is hereby expressly made for
<br />further particulars;
<br />
<br />WHEREAS, in proceedings taken pursuant to the Resolution of Intention, the
<br />Council, on May 20, 1985, adopted Resolution No. 9885 providing for the issuance of
<br />bonds, under which bonds designated "City of Redwood City, Seaport Boulevard
<br />Assessment District, Series A Improvement Bonds", in the principal amount of
<br />$4,603,992.99 (the "Series A Bonds"), were issued, sold and delivered, and further,
<br />pursuant to the Resolution of Intention, the Council, on November 18, 1985, adopted
<br />Resolution No. 10070 providing for the issuance of bonds, under which bonds designated
<br />"City of Redwood City, Seaport Boulevard Assessment District, Series B Improvement
<br />Bonds", in the principal amount of $1,608,193.65 (the "Series B Bonds"), were issued,
<br />sold and delivered;
<br />
<br />WHEREAS, with respect to the Series A Bonds, there currently remains an unpaid
<br />principal balance of $4,470,000; with respect to the Series B Bonds, there currently
<br />remains an unpaid principal balance of $1,560,000;
<br />
<br />WHEREAS, pursuant to a Resolution of Intention to Levy Reassessments and to
<br />Issue Refunding Bonds Upon the Security Thereof, Seaport Boulevard Assessment
<br />District (Reassessment and Refunding of 1990) adopted by the Council on April 9, 1990,
<br />the Council has conducted proceedings for the reassessment and refunding of the Series
<br />A Bonds and the Series B Bonds (collectively, the "Prior Bonds") of the Seaport
<br />Boulevard Assessment District pursuant to the provisions of the Refunding Act of 1984
<br />for 1915 Improvement Act Bonds, Division 11.5 of the Streets and Highways Code of
<br />California (the "Act") for the purposes of the refunding, through reassessment, of the
<br />outstanding principal amount of the Prior Bonds, all as specified in said proceedings and
<br />to which reference is hereby made for further particulars; and
<br />
<br />WHEREAS, the Treasurer has filed with the City a list of all reassessments which
<br />remain unpaid;
<br />
<br />NOW, THEREFORE, IT IS ORDERED as follows:
<br />
<br />-1-
<br />
<br />.. ~~61
<br />
|