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Home My WebLink About20 - Assessment District Surplus & Refinancing - CorrespondenceStradling Yocca Carlson & Rauth J6—d() 61141I2 RESOLUTION NO. A RESOLUTION OF THE COUNCIL OF THE CITY OF NEWPORT BEACH ADOPTING REASSESSMENT REPORT, CONFIRMIING AND ORDERING THE REASSESSMENT BY SUMMARY PROCEEDINGS AND AUTHORIZING AND DIRECTING RELATED ACTIONS WHEREAS, the City Council (the "Council') of the City of Newport Beach (the "City ") has previously adopted its Resolutions of Intention with respect to Assessment Districts 68, 69, 70, 74, 75, 78, 79, 82, 86, 92, 99 -2, 100, 101 and 103 pursuant to the Municipal Improvement Act of 1913, (Division 12 of the Streets and Highways Code of California (the "Districts "); and WHEREAS, by the Resolutions of Intention, the Council pr issued thereunder pursuant to the provisions of the Improvement Bond the Streets and Highways Code of California and reference to the Reso expressly made for further particulars; and A WHEREAS, special assessment bonds were issued (the "Prior Bonds "); and WHEREAS, the outstanding Prior Bonds properties in the Districts; and WHEREAS, the public interest Council intends to accomplish the refun( refunding bonds upon the security thereof WHEREAS, the City desi District pursuant to the Refunding the Streets and Highways Code of Prior Bonds; and � bonds would be Vivision 10 of tq> ion is hereby for eachof the Districts assessments on Prior Bonds and this City sments and the issuance of refunding bonds (the "Refunding Bonds ") for the for 191}5 Improvement Act Bonds, Division 11.5 of he ';A "ct"), which Refunding Bonds shall refund the WHEREAS, on Jurie 26,-2012`1111's Council adopted its "Resolution of the Council of the City of Newport Beach be "g itsResolution of Intention to Levy Reassessments and to Issue Refunding Bonds" (the "Resolunou �f Intention to Levy Reassessments ") in and for the City of Newport Beach Reassessmerft District No. 2012 (the "Reassessment District ") which encompasses the boundaries of all of the Districts, and therein directed the making and filing of a reassessment report (the "Report") in writing, all in accordance with and pursuant to the Act; and WHEREAS, the Report was duly made and filed, and duly considered by this Council with the aid of City staff and found to be sufficient in every particular, and the Report shall stand for all subsequent proceedings under and pursuant to the Resolution of Intention. NOW, THEREFORE, the Council of the City of Newport Beach does hereby RESOLVE, as follows: 1. Conditions Satisfied. Pursuant to Section 9525 of the Act, and based upon the Report this Council finds that all of the following conditions are satisfied that: DOCSOC/ 1563353 v4 /022459 -0022 Stradling Yocca Carlson & Rauth 6114/12 RESOLUTION NO. RESOLUTION OF THE COUNCIL OF THE CITY OF NEWPORT BEACH DECLARING ITS INTENTION TO LEVY REASSESSMENTS AND TO ISSUE REFUNDING BONDS WHEREAS, the City Council (the "Council ") of the City of Newport Beach (the "City ") has previously adopted its Resolutions of Intention with respect to Assessment Districts 68, 69, 70, 74, 75, 78, 79, 82, 86, 92, 99 -2, 100, 101 and 103 pursuant to the Municipal Improvement Act of 1913, (Division 12 of the Streets and Highways Code of California (the "Districts "); and WHEREAS, by the Resolutions of Intention, the Council provided that bonds would be issued thereunder pursuant to the provisions of the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of California and reference to the Resolutions of Intention is hereby expressly made for further particulars; and WHEREAS, special assessment bonds were issued and delivered for each A the Districts (the "Prior Bonds "); and / , 1� V WHEREAS, the outstanding Prior Bonds are secur4 by the unpaidvassessments on properties in the Districts; and �\ WHEREAS, the public interest requires the, refinding of1he Prior Bonds and this City Council intends to accomplish the refunding through the levv of reassessments and the issuance of N1, refunding bonds upon the security thereof, r� ® N I NOW, THEREFORE, the CounciPof the City of 15ewport Beach does hereby RESOLVE, as follows: 41 1. Proceedings Authorizd�This Council, hereby declares its intention to refund the Prior Bonds and to levy reassessments a` security foreefunding bonds as hereinafter provided. The IV proceedings for the levy and colection t sss ssments as security for the issuance and payment of refunding bonds shall be conductedcpursuanhto the Refunding Act of 1984 for 1915 Improvement Act Bonds Division 11�St. ommen\c\ing wjth Section 9500) of the Streets and Highways Code of California (the "Act'). �� : 2. Reassessment;Diagram. The contemplated reassessments and refunding, in the opinion of this Council, are ofamore than local or ordinary public benefit, and the costs and expenses thereof are made chargeable upon the Districts, the exterior boundaries of which are shown on a reassessment diagram thereof heretofore filed in the office of the City Clerk, and to be filed in the office of the County Recorder of the County of Orange, to which reassessment diagram reference is hereby made for further particulars and which shall hereafter be called "City of Newport Beach Reassessment District No. 2012 (the "Reassessment District'). The reassessment diagram 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. 3. Reassessment Consultant; Report. The reassessment and refunding are hereby referred to Willdan Financial Services, a qualified firm 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: DOCSOC/ 1563357v4/022459 -0022 Stradling Yocca Carlson & Rauth 6/15/12 RESOLUTION NO. RESOLUTION OF THE COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE ISSUANCE OF REFUNDING BONDS AND APPROVING AND AUTHORIZING RELATED DOCUMENTS AND ACTIONS WHEREAS, the City Council (the "Council ") of the City of Newport Beach (the "City ") has previously adopted its Resolutions of Intention with respect to Assessment Districts 68, 69, 70, 74, 75, 78, 79, 82, 86, 92, 99 -2, 100, 101 and 103 pursuant to the Municipal Improvements Act of 1913, (Division 12 of the Streets and Highways Code of California (the "Districts "); and WHEREAS, by the Resolutions of Intention, the Council provided that bonds would be issued thereunder pursuant to the provisions of the Improvement Bond Ac 1913�Division 10 of the Streets and Highways Code of California and reference to the Resol Vol guns of Intention is hereby expressly made for further particulars; and WHEREAS, special assessment bonds were previously issuedrand deliveredfor each of the Districts (the "Prior Bonds "); and �� .9 WHEREAS, the outstanding Prior Bonds are securedNby the unpaid assessments on properties in the Districts; and a \ V WHEREAS, the public interest requires the refunding of the Prior Bonds and this City Council intends to accomplish the refunding t i ugh -th, lei; of�y assessments and the issuance of refunding bonds upon the security thereof; WHEREAS, on June 26 201 z the Council adopted a "Resolution of Intention to Levy Reassessments and to Issue Refunding�,, Bonds" (the "Resolution of Intention to Levy Reassessments "), in and for the City N`ctport B� ch Reassessment District No. 2012, whose boundaries include all of th"istricts, - -dhas�tl(eereafter conducted proceedings pursuant to the Refunding Act of 1984 for 1915 mpr vemeru 9ct Bonds, Division 11.5 of the Streets and Highways Code of California (the "•'Aet_'); and�� WHEREAS, the 1Toce&hg$+ under the Act and the Resolution of Intention to Levy Reassessments are now cXpleted, a list of unpaid reassessments (the "List of Unpaid Reassessments ") is on file with the City Clerk, and this Council wishes to provide for the issuance of refunding improvement bondshereinafter described and defined as the "Refunding Bonds" on the security of such unpaid reassessments pursuant to the Act; and WHEREAS, the purpose of the issuance of the Refunding Bonds shall be to refund and redeem the Prior Bonds; and WHEREAS, there has been submitted to this Council an agreement (the "Fiscal Agent Agreement ") providing for the issuance of the Refunding Bonds by the City for the District, and the City Council, with the aid of City staff, has reviewed the Fiscal Agent Agreement and found it to be in proper order, and now desires to approve the Fiscal Agent Agreement and the issuance of the Refunding Bonds; and DOCSO C/ 1563355 v6 /022459 -0022