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Home My WebLink AboutRES CC 1993 933 1993 0407RESOLUTION NO. 91- 933 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DETERMINING UNPAID ASSESSMENTS, AUTHORIZING THE ISSUANCE OF BONDS IN CONNECTION WITH CITY OF MOORPARK ASSESSMENT DISTRICT NO. 92 -1 (MISSION BELL PLAZA) IN THE PRINCIPAL AMOUNT OF $2,595,000, APPROVING AN INDENTURE OF TRUST, A PURCHASE CONTRACT AND PRELIMINARY OFFICIAL STATEMENT AND AUTHORIZING AND APPROVING CERTAIN OTHER ACTIONS IN CONNECTION THI.REWITH. WHEREAS, the City Council of the City of Moorpark, California (the "City Council "), on August 19, 1992, adopted Resolution No. 92 -880 (the "Resolution of Intention ") stating its intention to form a Special assessment district under and pursuant to the Municipal Improvement Act of 1913 (the "Improvement Act "), being Division 12 of the California Streets and Highways Code, and to issue bonds related thereto under and pursuant to the Improvement Bond Act of' 1915 (the "Bond Act "), being Division 10, including Part 10.7 of the California Streets and Highways Code, for the financing, acquisition, construction and installation of certain public improvements, the special assessment district to be known as "City of Moorpark Assessment District No. 92 -1 (Mission Bell Plaza)" (the "District "), �;nd WHEREAS, pursuant to the Resolution of Intention, a report (the "Engineer's Report ") containing plans and specifications, an estimate of costs of the work and improvements, a diagram, the proposed assessments according to benefit and other information called for by law and as required by Section 10204 of the Improvement Act and Part 7.5 of Division 4 of the California Streets and Highways Code (commencing with Section 2960), was duly prepared and tiled with the City Clerk of the City of Moorpark, California (the "City "). and presented to the City Council; and WHEREAS, in accordance with the Improvement Act, notice of two (2) public hearings concerning the proposed District, the proposed work and improvements, the proposed assessments, the Engineer's Report and the City Council's intent to issue limited obligation bonds, to be held on January 6. 1993, and January 20, 1993, was duly given by mail to each property owner within the District, and by publication in the Moorpark News - Mirror on December 3, 1992, and December 10, 1992, in the form and manner provided by law and as evidenced tT, o t-davits can rile with the transcript of these proceedings; and 4ui 93.? WHEREAS, at the first public hearing held on January 6, 1993, and the second public hearing opened on January 20, 1993, and continued to February 3, 1993, and further continued to February 17, 1993, on the formation of the District, the levy of assessments and the issuance of bonds, all persons desiring to be heard on all matters pertaining to the proposed District, the proposed work and improvements, the proposed assessments, the Engineer's Report and the City Council's intent to issue limited obligation bonds, were heard and their concerns fully considered, and all matters as to the method and formula of the assessment spread and the determination as to whether or not the properties did receive a benefit and whether the assessments were apportioned in accordance to benefit were heard and fully considered; and WHEREAS, at the conclusion of the continued second public hearing, the owners of at least one -half (1/2) of the area of land within the District, did not file written protests, and the City Council considered and overruled all other protests, and the City Council adopted Resolution No. 93 -918 (the "Resolution of Formation ") which formed the District, approved the final Engineer's Report, confirmed the assessments and the assessment diagram, ordered the levy of such assessments upon the property within the District, ordered District improvements and took other actions related thereto; and WHEREAS, on February 26, 1993. the City Engineer recorded the assessment diagram with the County Recorder of the county cat Ventura; and WHEREAS, the owners of all property within the District were notified of the 30- day cash collection period which ended on March 29, 1993, and the City Clerk has recorded the Notice of Assessment in accordance with the Improvement Act; and WHEREAS, on March 3, 1993, the City Council adopted Resolution No. 93 -922 which approved the distribution of a Preliminary Official Statement in connection with the issuance of limited obligation bonds..vid WHEREAS, it is in the best interest of the City to authorize the issuance of bonds pursuant to the Bond Act designated "City of Moorpark Assessment District No. 92 -1 (Mission Bell Plaza) 1915 Act Limited Obligation Improvement Bonds, Series 1993" (the "Bonds "), in the principal amount of $2,595,000 to represent unpaid assessments of the District and to provide funds for the financing, acquisition, improvement, construction and installation of certain public improvements within the District as more fully set forth in the Engineer's Report; and WHEREAS, a list of unpaid assessments has been filed with the City Clerk pursuant to the Bond Act, and is attached hereto as Exhibit "A" and incorporated herein by this reference; and in accordance with the Bond Act, the City Council has established the denomination of the Bonds and the principal amounts to mature during the term of the Bonds; and 3WyS.2 WHEREAS, in order to provide for the issuance, sale and delivery of the Bonds, a form of an Indenture of Trust dated as of April 1, 1993 (the "Indenture "), by and between the City and First Interstate Bank of California (the "Trustee "), has been presented to the City Council for its approval and is incorporated herein by this reference; and WHEREAS, Spelman and Co., Inc., as underwriter (the "Underwriter "), has presented the City Council for its approval a Purchase Contract (the "Purchase Contract ") by and between the City and the Underwriter for the purchase of the Bonds, and has caused to be prepared a Preliminary Official Statement and Official Statement describing the Bonds, and each of these documents are incorporated herein by this reference. NOW, THEREFORE, THE CITY COUNCIL_ OF THE CITY OF MOORPARK, CALIFORNIA, DOES HEREBY RESOLVE, DETERMINE AND DECLARE THAT: Section 1. The above recitals are all true and correct. Section 2. The unpaid assessments which are security for the Bonds are determined to be as set forth on Exhibit "A" attached hereto. Section 3. The City Council hereby determines and finds that it is in the best interest of the City to authorize the issuance of the Bonds pursuant to the Bond Act, in the principal amount of $2,595,000 to represent unpaid assessments of the District and to provide funds for the financing, acquisition, improvement, construction and installation of certain public improvements within the District as more fully set forth in the Engineer's Report. Section 4. The unpaid assessments securing the Bonds shall be payable in the manner provided in Section 8680 et seq. of the Bond Act and shall be payable in the same manner and at the same time and in the same installments as general taxes on real property are payable. Pursuant to Section 8682 of the Bond Act, a certified copy of this Resolution shall be filed with the City Clerk in the Office of the Ventura County Treasurer -Tax Collector. The Ventura County Treasurer -Tax Collector shall enter on the assessment roll on which taxes will next become due the amount coming due during the fiscal year covered by the applicable asses,,ment roll pursuant to Section 8682 of the Bond Act. Section 5. In accordance with the proceedings of the City as described in the recitals hereto, the Bonds in the principal amount of $2,595,000 are hereby authorized to be issued and sold by the City pursuant to the terms and conditions in the Bond Act and as set forth in the Indenture to )rovide funds for the construction of the improvements within the District. 4u, A. Section 6. Pursuant to Section 8887 of the Bond Act, the City hereby provides for the reduction of the amount of moneys in the reserve fund created under the Indenture (the "Reserve Fund ") during the term of the Bonds, by ordering that any moneys in the Reserve Fund in excess of the reserve requirement as defined in the Indenture (the "Reserve Requirement ") shall be transferred to the redemption fund created under the Indenture (the "Redemption Fund ") for advance retirement of the Bonds pursuant the Bond Act. Section 7. The Indenture is hereby approved in substantially the form on file with the City Clerk together with any changes therein or additions thereto approved by the Mayor or the City Manager and subject to Bond Counsel approval. The Mayor, Vice -Mayor or City Manager shall execute and deliver the Indenture on behalf of the City, and the City Clerk shall attest to such signature. Such execution and attestation thereof shall be conclusive evidence of approval of any such changes or additions to the Indenture. Section 8. The Bonds are hereby authorized to be sold to the Underwriter pursuant to the terms of the Purchase Contract in substantially the form on file with the City Clerk together with any changes therein or additions thereto approved by the Mayor or the City Manager and subject to Bond Counsel approval. The Mayor, Vice -Mayor or City Manager shall execute and deliver the Purchase Contract in the name and on behalf of the City. Such execution of the Purchase Contract shall be conclusive evidence of approval of any such changes or additions. The Purchase Contract is hereby approved, provided the interest rate on the Bonds is at the most favorable market rate and does not exceed 8.5% and the Underwriter's discount does not exceed 1.35 %. Section 9. The City hereby approves the Preliminary Official Statement describing the Bonds, in substantially the form submitted by the Underwriter and on file with the City Clerk. The City reconfirms authorization of the distribution of the Preliminary Official Statement and hereby authorizes the distribution of the final Official Statement by the Underwriter to the purchasers of the Bonds. The Mayor or the City Manager is hereby authorized and directed to approve any such changes in or additions to a final form of the Official Statement, subject to Bond Counsel approval. The Mayor or City Manager shall execute and deliver the final Official Statement on behalf of the City. Such execution of the Official Statement shall be conclusive evidence of approval of any such changes or additions. Section 10. The Mayor, City Manager, City Treasurer and City Clerk and other officers, employees and agents of the City are authorized and directed to execute, attest and authenticate such certificates, agreements and other documents to perform or cause to be performed any and all acts and things necessary to consummate the transactions contemplated by this Resolution including, without limitation, the execution and delivery of the Bonds to the purchasers thereof and the execution of the final Official Statement and delivery thereof to the Underwriter. 4UoO.2 4 Section 11. The City Clerk shall certify to the adoption of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. PASSED, APPROVED AND ADOPTFID this 7th day of APRIL 1 1993. Paul W. i-awrason Jr., M or ATTEST: Lillian E. Hare, City Clerk (SE x 40193.2 5 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Moorpark, California at a regular meeting thereof, held on the 7th day of APRIL , 1993, by the following vote of the Council: AYES: COUNCILMEMBERS NOES: COUNCILMEMBERS ABSENT: COUNCILMEMBERS ABSTAIN: COUNCILMEMBI:RS Lillian E. Hare, City Clerk aW».z 6 EXHIBIT A LIST OF UNPAID ASSESSMENTS ASSESSMENT PROPERTY AS CONFIRMED NUMBER DESCRIPTION AND RECORDED 511 -0- 080 -195 511 -08 -019 $162,376.90 511 -0- 080 -205 511 -08 -020 $178,614.60 511 -0- 080 -215 511 -08 -021 $455,020.71 511 -0- 080 -245 511 -08 -024 $ 33,600.72 511 -0- 080 -255 511 -08 -025 $ 23,576.86 511 -0- 080 -265 511 -08 -026 $134,629.23 511 -0- 080 -315 511 -08 -031 $ 70,283.88 511 -0- 080 -375 511 -08 -037 $1,243,484.45 TOTAL $4,104,104.37 40jy3.2 April 2, 1993 c: \wp51 \cc.RF.POH'1S \U.A MOORPARK 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) SS. CITY OF MOORPARK ) I, Lillian E. Hare, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. __93 -933 _ was adopted by the City Council of the City of Moo:-park at a meeting held on the 7th day of _ APRIL , 1 99'l , and that the same was adopted by the followinq v.)tf,: AYES: COUNCILMEMBERS HUNTER, MONTGOMERY, PEREZ AND ;MAYOR LAWRASON NOES: NONE ABSENT: COUNCILMEMBER WOZNIAK ABSTAIN: NONE WITNESS my hand and the official seal of said City this 8th day of APRI1 _ _ 1993. 'L-i11 ian E. Hare City Clerk PAUL W LAWRASON JR SCOTT MONTGOMERY PA1 RICK i IJN7[ R PLRNARDC M PF, ;EI UHN E. WOZNIAn Maya Mayor Pro Tem •mrx.• irn rn t, Lin atrr ermn •r oad MOORPARK 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) SS. CITY OF MOORPARK ) I, Lillian E. Hare, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. __93 -933 _ was adopted by the City Council of the City of Moo:-park at a meeting held on the 7th day of _ APRIL , 1 99'l , and that the same was adopted by the followinq v.)tf,: AYES: COUNCILMEMBERS HUNTER, MONTGOMERY, PEREZ AND ;MAYOR LAWRASON NOES: NONE ABSENT: COUNCILMEMBER WOZNIAK ABSTAIN: NONE WITNESS my hand and the official seal of said City this 8th day of APRI1 _ _ 1993. 'L-i11 ian E. Hare City Clerk PAUL W LAWRASON JR SCOTT MONTGOMERY PA1 RICK i IJN7[ R PLRNARDC M PF, ;EI UHN E. WOZNIAn Maya Mayor Pro Tem •mrx.• irn rn t, Lin atrr ermn •r