HomeMy WebLinkAboutResolutions - No. 81-174RESOLUTION NO. 81-174
BEFORE THE CITY COUNCIL OF THE CITY OF
LODI, CALIFORNIA
TURNER ROAD AND CLUFF AVENUE ASSESSMENT DISTRICT NO. 1
A RESOLUTION DETERMINING UNPAID ASSESSMENTS
AND PROVIDING FOR ISSUANCE OF BONDS
RESOLVED, by the City Council of the City of Lodi, California,
that
WHEREAS, said Council did on April 15, 1981, adopt its Resolution
No. 81-39, a Resolution of Intention to Acquire and/or Construct
Improvements, relating to the acquisition and/or construction of public
improvements in said City under and pursuant to the provisions of the
Municipal Improvement Act of 1913, and amendments thereto, and did
therein provide that serial bonds would be issued pursuant to the
provisions of the Improvement Bond Act of 1915, as amended, reference
to said Resolution hereby being expressly made for further particulars;
WHEREAS, notice of the recordation of the assessment and of the
time within which assessments may be paid in cash has been duly published
and mailed in the manner provided by law, and the time so provided for
receiving the payment of assessments in cash has been waived by all
owners of property assessed in said district, and the Director of Finance
has signed and filed in his office a list of all assessments which now
remain unpaid; and
WHEREAS, said Council has duly considered said list and has
determined that the same is an accurate statement thereof;
NOW, THEREFORE, IT IS ORDERED as follows:
1. That the assessments in said unpaid list which now remain
unpaid, and the aggregate thereof, are as shown in Exhibit A, hereto
attached, and by reference made a part hereof.
2. That for a particular description of the lots and parcels
of land bearing the respective assessment numbers set forth in said
unpaid list and upon which assessments remain unpaid, severally and
respectively, reference is hereby made to the assessment and to the
diagram recorded in the office of the Superintendent of Streets (Director
of Public Works) of said City after confirmation by said Council, the
several lots or parcels of land represented by said assessment r:.7mbers
being so numbered and designated upon said diagram and assessment as so
confirmed and recorded, severally and respectively.
3. The unpaid list is in the amount of $1,588,000.00 and bonds
shall be issued upon the security of said unpaid assessments in said
amount in accordance with the provisions of the Improvement Bond Act
of 1915, and under and pursuant to the provisions of said Resolution
81-174
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No. 81-39 and the proceedings thereunder duly had and taken; that said
bonds shall be 318 in number, shall be dated December 23, 1981, and the
denomination of said bonds with their respective numbers, interest rate
and dates of maturity are as shown in Exhibit B hereto attached and made
a part hereof by reference.
4. Said bonds shall be issued in series, and the unpaid assess-
ments as shown on said list filed with the Director of Finance of said
City and determined by said Council, together with the interest thereon,
shall remain and constitute a trust fund for the redemption and payment
of said bonds and of the interest which may be due thereon, which
unpaid assessments shall be payable in annual series corresponding in
number to the number of series of bonds issued, and an annual proportion
of each assessment shall be payable in each year preceding the date of
maturity for each of the several bonds issued, and such proportion of
each assessment coming due in any year, together with the annual interest
thereon, shall in turn be payable in installments as the general taxes
of said City on real property are taxable, and shall become delinquent
at the same time and in the same proportionate amounts and bear the
same proportionate penalties for delinquency.
5. The Director of Finance shall establish a special reserve
fund as additional security for the payment of the bonds as provided in
Part 16 of the Improvement Bond Act of 1915 in the amounts and in
accordance with the terms of the offer to purchase said bonds dated
November 17, 1981 by Wulff, Hansen & Co., the purchaser of said bonds.
6. Said bonds shall be signed by the Clerk and Director of
Finance of the City or bear the engraved, printed or lithographed
signature of the Director of Finance and the official seal of said City
may be affixed to the bonds by printed, lithographed or other repro-
duction thereof. The interest coupons affixed thereto shall be signed
by said Director of Finance or bear his engraved, printed or lithographed
signature; and such signing and sealing of said bonds by said officers
and signing of said coupons by.said Director of Finance shall constitute
and be a sufficient and binding execution of each and every one of said
bonds and all of the coupons thereof respectively. Said bonds shall be
registrable and subsequently de -registrable in accordance with applicable
laws of the State of California, and shall be substantially in the form
set forth in the Improvement Bond Act of 1915 and are payable at the
office of the paying agent of said City. Said Director of Finance and
City Clerk are hereby authorized and directed to sign said bonds.
4
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81-174
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7. The interest coupons attached to each of said bonds and
evidencing the interest to accrue thereon shall be numbered consecutively
and be substantially in the following form, to wit:
Coupon No. $
CITY OF LODI
On the Second day of , 19 , will pay to the bearer
hereof at the principar--office of the paying agent, Bank
of America, National Trust & Savings Association, San
Francisco, California, the sum shown hereon, being the
interest due on Improvement Bond dated December 23, 1981.
Turner Road and Cluff Avenue
Assessment District No. 1,
Bond Series 1981-1
Director of Finance
8. The City Council covenants with the holders of said bonds to
be issued herein that it will, within one hundred twenty (120) days
following the due date of any delinquent installment of assessment
securing the bonds, commence and thereafter diligently prosecute to
completion a foreclosure action regarding such delinquent installment
of assessment, upon written demand of the bondholder therefor.
9. That the City Clerk shall forward to the Director of Finance
and County Auditor a certified copy of this Resolution.
DATED: December 16, 1981.
I, ALICE M. REIMCHE, City Clerk of the City of Lodi, do hereby
certify that Resolution No. 81-174 was passed and adopted at a regular
meeting of the City Council of the City of Lodi, held December 16, 1981,
by the following vote:
AYES: Councilmen - Hughes, Pinkerton, Katnich
and McCarty
NOES: Councilmen - None
ABSENT: Councilmen - Murphy
ABSTENTIONS: Councilmen - None
ALICE M. RE'MCH City Clerk
81-174
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EXHIBITA.
LIST OF UNPAID ASSESSMENTS
TURNER
ROAD AND CLUFF AVENUE ASSESSMENT DISTRICT
NO. 1
LODI, CALIFORNIA
Assessment No.
Description
Amount
(County Assessor's Parcel No.)
1
Parcel 1 of map filed 1/9/81 in Bk.
9 of
Parcel Maps, page 216, San Joaquin
County
Records, and also a portion of Assessor's
Parcel No. 049-020-15
$ 32,917.26
2
Parcel 2 of map filed 1/9/81 in Bk.
9 of
Parcel Mpas, page 216, San Joaquin
County
Records, and also Assessor's Parcel
No.
049-020-18
16,550.02
3
Parcel 3 of map filed 1/9/81 in Bk.
9 of
Parcel Maps, page 216, San Joaquin
County
Records, and also a portion of Assessor's
Parcel No. 049-020-15
287,744.02
4
Parcel 4 of map filed 1/9/81 in Bk.
9 of
Parcel Maps, page 216, San Joaquin
County
Records, and also Assessor's Parcel
No.
049-020-14
62,582.62
5
049-080-26
18,618.74
6
049-080-25
18,618.74
7
049-080-45
165,319.78
8
049-080-44
236,026.64
9
049-080-29
95,032.60
10
049-080-30
65,202.94
11
049-080-41
97,540.24
12
049-080-42
86,585.30
13
-049-080-35 (Portion)
37,565.68
14
049-080-35 (Portion)
17,912.64
15
049-030-02 (Portion)
139,744.66
16
049-040-35
210,038.12
TOTAL
$1,588,000.00
EXHIBITA.
BOND MATURITY SCHEDULE
TURNER ROAD AND CLUFF AVENUE ASSESSMENT DISTRICT NO. I
BOND SERIES 1981-1, INTEREST RATE 107
Bond Nos. Denomination Annual Amount Maturity Date
1
2 - 21
22 - 48
49 - 75
76 - 102
103 - 129
130 - 156
157 - 183
184 - 210
211 - 237
238 - 264
265 - 291
292 - 318
$3,000.00)
5,000.00)
$103,000.00
July
2,
1983
5,000.00
135,000.00
July
2,
1984
5,000.00
135,000.00
July
2,
1985
5,000.00
135,000.00
July
2,
1986
5,000.00
135,000.00
July
2,
1987
5,000.00
135,000.00
July
2,
1988
5,000.00
135,000.00
July
2,
1989
5,000.00
135,000.00
July
2,
1990
5,000.00
135,000.00
July
2,
1991
5,000.00
135,000.00
July
2,
1992
5,000.00
135,000.00
July
2,
1993
5,000.00
135,000.00
July
2,
1994
ICHIBIT T3