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HomeMy WebLinkAbout95-25 - Special Assessment District 72 - Balboa Coves• • RESOLUTION NO. 95 -25 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, DECLARING INTENTION AND COVERING PRELIMINARY DETERMINATION TO ORDER THE INSTALLATION OF CERTAIN IMPROVEMENTS IN A PROPOSED ASSESSMENT DISTRICT; ORDERING THE PRE- PARATION OF A REPORT DESCRIBING THE DISTRICT TO BE ASSESSED TO PAY THE COSTS AND EXPENSES THEREOF; AND PROVIDING FOR THE ISSUANCE OF BONDS THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The public interest and convenience require, and it is the intention of this body, pursuant to the provisions of Division 12 of the Streets and Highways Code of the State of California (the "Municipal Improvement Act 1913 "), to order the installation of certain public improvements, together with appurtenances and appurtenant work, in a special assessment district known and designated as ASSESSMENT DISTRICT NO. 72 (BALBOA COVES) (hereinafter referred to as the "Assessment District "). DESCRIPTION OF IMPROVEMENTS A. The financing of certain public improvements described as the conversion of existing overhead electrical and communication facilities to under- ground locations to serve and benefit properties within the boundaries of the i Assessment District. B. Said streets, rights -of -way and easements shall be shown upon the plans herein referred to and to be filed with these proceedings. C. All of said work and improvements are to be installed at the places and in the particular locations, of the forms, sizes, dimensions and materials, and at the lines, grades and elevations as shown and delineated upon the plans, profiles and specifications to be made therefor, as hereinafter provided. D. The description of the improvements contained in this Resolu- tion is general in nature, and the plans and profiles of the work as contained in the Engineer's "Report" shall be controlling as to the correct and detailed description thereof. DESCRIPTION OF ASSESSMENT DISTRICT SECTION 2. That said improvements are of direct benefit to the properties and land within the Assessment District, and this legislative body hereby makes the expenses of said work and improvement chargeable upon a district, which is described as follows: All that certain territory in the District included within the exterior boundary lines shown on the plat exhibiting the property benefited and to be assessed to pay the costs and expenses of said work and improvements in the Assessment District, said map titled "PROPOSED BOUNDARIES OF ASSESSMENT DISTRICT NO. 72 'BALBOA COVES] ", and which map was heretofore approved and which said map is on • file with the transcript of these proceedings, EXCEPTING therefrom the area shown within the area of all public streets, easements or public rights -of -way. For all particulars as to the boundaries of the Assessment District, reference is hereby made to said previously approved boundary map. REPORT OF ENGINEER SECTION 3. That this proposed improvement is hereby referred to BERRYMAN & HENIGAR [formerly BSI Consultants, Inc.], who is hereby directed to make and file a combined report as authorized by Section 2961 of the Streets and Highways Code of the State of California, said report to be in writing and contain the following; A. Plans and specifications of the proposed improvements; B. An estimate of the cost of the proposed works of improvement, including the cost of the incidental expenses in connection therewith; C. A diagram showing the Assessment District above referred to, which shall also show the boundaries and dimensions of the respective subdivisions of land within said Assessment District, as the same existed at the time of the passage of the Resolution of Intention, each of which subdivisions shall be given a separate number upon said Diagram; D. A proposed assessment of the total amount of the assessable costs and expenses of the proposed improvement upon the several divisions of land in proportion to the estimated benefits to be received by such subdivisions, respec- tively, from said improvement. Said assessment shall refer to such subdivisions upon said diagram by the respective numbers thereof; E. The description of the works of improvement to be installed under these proceedings, and acquisition, where necessary. F. The total amount, as near as may be determined, of the princi- pal sum of any unpaid special assessments previously levied or pending, other than those contemplated in these proceedings. G. The true value of the parcels of land and improvements which are proposed to be assessed. Said true value may be estimated as the full cash value of the parcels as shown upon the last equalized assessment roll of the County. When any portion or percentage of the cost and expenses of the improvements is to be paid from sources other than assessments, the amount of such portion or percentage shall first be deducted from the total estimated costs and expenses of said work and improvements, and said assessment shall include only the remainder of the estimated costs and expenses. Said assessment shall refer to said subdivisions by their respective numbers as assigned pursuant to Subsection D. of this Section. BONDS SECTION 4. Notice is hereby given that bonds to represent the unpaid assess- ments, and bear interest at the rate of not to exceed the current legal maximum rate of 12% per annum, will be issued hereunder in the manner provided in the "Improve- ment Bond Act of 191511, being Division 10 of the Streets and Highways Code of the State of California, which bonds shall be issued not to exceed the legal maximum term as authorized by law, THIRTY -NINE (39) YEARS from the second day of September next succeeding twelve (12) months from their date. The provisions of Part 11.1 of said Act, providing an alternative procedure for the advance payment of assessments and the calling of bonds shall apply. The principal amount of the bonds maturing each year shall be other than an amount equal to an even annual proportion of the aggregate principal of the bonds, and the amount of principal maturing in each year, plus the amount of interest payable in that year, will be generally an aggregate amount that is equal each year, except for the first year's adjustment. Pursuant to the provisions of the Streets and Highways Code of the State of California, specifically Section 10603, the Treasurer is hereby designated as the officer to collect and receive the assessments during the cash collection period. Said bonds further shall be serviced by the Treasurer or designated Paying Agent. Refunding Any bonds issued pursuant to these proceedings and Division (a) may be refunded, (b) the interest rate on said bonds shall not exceed the maximum • interest rate as authorized for these proceedings, and the number of years to maturity shall not exceed the maximum number as authorized for these bonds unless a public hearing is expressly held as authorized pursuant to said Division 11.5, and (c) any adjustments in assessments resulting from any refundings will be done on a pro -rata basis. Any authorized refunding shall be pursuant to the above conditions, and pursuant to the provisions and restrictions of Division 11.5 of the Streets and Highways Code of the State of California, commencing with Section 9500, and all further conditions shall be set forth in the Bond Indenture to be approved prior to • any issuance of bonds. "MUNICIPAL IMPROVEMENT ACT OF 1913" SECTION 5. That except as herein otherwise provided for the issuance of bonds, all of said improvements shall be made and ordered pursuant to the provisions of the "Municipal Improvement Act of 1913 ", being Division 12 of the Streets and Highways Code of the State of California. SURPLUS FUNDS SECTION 6. That if any excess shall be realized from the assessment, it shall be used, in such amounts as the legislative body may determine, in accordance with the provisions of law for one or more of the following purposes: A. Transfer to the general fund; provided that the amount of any such transfer shall not exceed the lesser of One Thousand Dollars ($1,000.00) or five percent (5%) of the total from the Improvement Fund; B. As a credit upon the assessment and any supplemental assessment; C. For the maintenance of the improvement; or D. To call bonds. SPECIAL FUND SECTION 7. The legislative body hereby establishes a special improvement fund identified and designated by the name of this Assessment District, and into said Fund monies may be transferred at any time to expedite the making of the improve- ments herein authorized, and any such advancement of funds is a loan and shall be repaid out of the proceeds of the sale of bonds as authorized by law. PRIVATE CONTRACT SECTION 8. Notice is hereby given that the public interest will not be served by allowing the property owners to take the contract for the installation of the improvements, and that, as authorized by law, no notice of award of contract shall be published. GRADES SECTION 9. That notice is hereby given that the grade to which the work shall be done is to be shown on the plans and profiles therefor, which grade may vary from the existing grades. The work herein contemplated shall be done to the grades as indicated on the plans and specifications, to which reference is made for a description of the grade at which the work is to be done. Any objections or protests to the proposed grade shall be made at the public hearing to be conducted • under these proceedings. PROCEEDINGS INQUIRIES SECTION 10. For any and all information relating to these proceedings, including information relating to protest procedure, your attention is directed to the person designated below: RICHARD HOFFSTADT ENGINEERING DEPARTMENT CITY OF NEWPORT BEACH 3300 NEWPORT BLVD. NEWPORT BEACH, CA 92660 TELEPHONE: (714) 644 -3311 PUBLIC PROPERTY SECTION 11. All public property in the use and performance of a public function shall be omitted from assessment in these proceedings unless expressly provided and listed herein. NO CITY LIABILITY SECTION 12. This legislative body hereby further declares not to obligate itself to advance available funds from the Treasury to cure any deficiency which may occur in the bond redemption fund. This determination is made pursuant to the authority of Section 8769(b) of the Streets and Highways Code of the State of California, and said determination shall further be set forth in the text of the bonds issued pursuant to the "Improvement Bond Act of 1915 ". PETITIONS SECTION 13. That petitions signed by property owners representing more than 60% in area of the property subject to assessment for said improvement have been signed and filed with the legislative body, and no further proceedings or actions are required under Division 4 of the Streets and Highways Code of the State of California, the "Special Assessment Investigation, Limitation and Majority Protest • Act of 1931 ". ANNUAL ADMINISTRATIVE ASSESSMENT SECTION 14. It is hereby declared that this legislative body proposes to levy an annual assessment pursuant to Section 10204 of the Streets and Highways Code of the State of California, said annual assessment to pay costs incurred by the 0 and not otherwise reimbursed which result from the administration and collection of assessments or from the administration or registration of any associated bonds and reserve of other related funds. UTILITY IMPROVEMENTS SECTION 15. It is the intention of this legislative body to enter into agreements with certain public utility companies where facilities to be assessed will be owned, managed and controlled by a utility other than this legislative body. • For particulars, reference is made to said Agreements which shall be on file and open for public inspection, which said Agreements will be approved prior to the ordering of any work. All Agreements are authorized by and shall be consistent with the provisions of Streets and Highways Code Section 10110. APPROVED and ADOPTED this 13th day of February 1995. MAYOR ATTEST: z� z� e�FyS/P ®�T CITY CLERK •