Res 177RESOLUTION NO. 177
RESOLUTION OF THE CITY COUNCIL DETERMINING
UNPAID ASSESSMENTS AND ISSUING BONDS UNDER
THE "IMPROVEMENT BOND ACT OF 1915".
WHEREAS, the CITY couNCIL of the CITY OF POWAY, CALIFORNIA (hereinafter
referred to as "Agency"), has heretofore undertaken proceedings under the
"Municipal Improvement Act of 1913", being Division 12 of the Streets and
Highways Code of the State of California, and has confirmed assessments upon
the district described in its Resolution of Intention previously adopted for
the construction of certain public improvements in a special assessment
district known and designated as
ASSESSMENT DISTRICT NO. 79-1
(hereinafter referred to as the "Assessment District"); and,
WHEREAS, said proceedings provided for the issuance of bonds pursuant to
the "Improvement Bond Act of 1915", being Division lO of the Streets and
Highways Code of the State of California; and,
WHEREAS, the assessment and diagram in said proceedings has been recorded with
the Superintendent of Streets pursuant to Section 10600 of the Streets and
Highways Code, and a notice of assessment has .been recorded in the Office of
the County Recorder, pursuant to Section 3114 of the Streets and Highways Code;
and,
WHEREAS, following the elapse of thirty {30) days after the date of recording
of said assessment with the Superintendent of Streets, the Treasurer has
prepared a complete list of all paid and unpaid assessments; and,
WHEREAS, a copy of said list of paid and unpaid assessments is on file in the
Office of said Treasurer, and Agency has duly considered said list and has
determined that the same is an accurate statement thereof; and,
WHEREAS, the aggregate amount of the unpaid assessments on privately owned
land within the Assessment District is S1,814,210.00 and said paid and unpaid
list above referenced is hereby approved and accepted; and,
WHEREAS, Agency desires, pursuant to Section 8650.1 of the Streets and
Hiohways Code to establish the denominations of the bonds to represent unpaid
assessments on private property and the amount to mature each year which will
be other and different than that as provided in Section 8650 of said Code.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1.
That the above recitals are all true and correct.
Page Two
Resolution No. 177
SECTION 2.
That the assessments in said unpaid list which now remain unpaid,
and the aggregate thereof, are as shown on said list as on file in
the Office of the Treasurer, and by reference made a part hereof.
SECTION 3. (a)
SECTION 4.
(b)
(c)
That in accordance with the proceedings heretofore taken,
bonds representing unpaid assessments on private property
shall be issued pursuant to said "Improvement Bond Act of
1915". Said bonds shall be' numbered in consecutive numerical
order, beginning with the earliest maturity, and shall be
numbered 1 to 363, inclusive, bearing interest from their date
at the rate of 10% per annum, and the denominations of said
bonds with their respective numbers and dates of maturity are
as shown on Exhibit "A" attached hereto and made a part
hereof.
That said bonds may be redeemed and paid in advance of
maturity upon the 2nd dry of January or July in any year by
giving notice as provided by law and by paying principal and
accrued interest, toqether with a premium of five percent (5%)
of the principal.
Said bonds shall be issued substantially in the form as set
forth in Section 8652 of the Streets and Highways Code of the
State of California.
That the bonds shall be signed by the Treasurer. The bonds and
coupons affixed to said bonds may be signed by said Treasurer by
an engraved, printed, or lithographed signature.
SECTION. 5.
That the proceeds from the sale of the bonds shall be placed in
the fund as created pursuant to Sections 10602 and 10424 of the
Streets and Hiqhways Code, which fund shall be designated by the '
name of these proceedings and District, and the monies in said
fund shall be used only for the purposes authorized in said
proceedings.
SECTION 6.
That said bonds shall be payable at the Office of Agency, unless a
paying agent has been so designated by Agency. The bonds
representing unpaid assessments on private property shall be paid
exclusively from a redemption fund created pursuant to Section
8671 of the Streets and Highways Code. In all respects not
recited herein, the bonds representing unpaid assessments on
private property shall be governed by the provisions of the
"Improvement Bond Act of 1915".
Page Three
Resolution No. 177
SECTION 7.
The Auditor of the County of San Diego, which last mentioned
political subdivision of the State of California is the County
which collects taxes for Agency is hereby requested and directed,
in accordance with the provisions of Section 8682 of the Streets
and Highways Cgde of the State of California, to enter in his
assessment roll on which taxes will next become due, opposite each
lot or parcel of land affected, in a space marked "public
improvement assessment" or by other suitable designation, the
several installments of such assessment coming due during the
fiscal year covered by such assessment roll, and that said entry be
made each year during the life of the bonds to be issued in said
proceedings.
SECTION 8.
In accordance with the provisions of Section 8685 of the Streets
and Highways Code, if any lot or parcel of land affected by any
assessment is not separately assessed on the tax roll so that the
installment of the assessment to be collected can be conveniently
entered thereon, then the Auditor shall enter on the roll a
description of the lot or parcel affected, with the name of the
owners, if known, but otherwise the owners may be described as
"unknown owners", and extend the proper installment opposite the
same.
SECTION 9. Said bonds are to be dated the 27th day of October, 1981.
APPROVED and ADOPTED this 3rd
day of November, 1981
STATE OF CALIFORNIA
ATTEST:
BOND
NUMBERS
(inclusive)
1
2-12
13-25
26-39
40-55
56-72
73-91
92-111
112-133
134-157
158-184
185-213
214-246
247-281
282-320
321-363
CITY OF POWAY
ASSESSMENT DISTRICT NO.
EXHIBIT "A"
MATURITY
YEAR
1983
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
DENOMINATIONS
$ 4,210.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000,00
5,000.00
5,000.00
5,0OO.O0
5,000.00
5,000.00
5,000.00
79-1
PRINCIPAL
MATURING
JULY 2ND
4,210.00
55,000.00
65,0O0.00
70,000.00
80,000.00
85,000.00
95,000.00
lO0,O00.O0
llO,O00.O0
120,000.00
135,000.00
145,000.00
165,000.00
175,000.00
195,000.00
215,000.00
Resolution No. 177
COUPON
RATE
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
1 O%