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CC RES 1994-084RESOLUTION NO. 94 -84 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES PROPOSING CERTAIN CHANGES IN CONNECTION WITH RANCHO PALOS VERDES IMPROVEMENT DISTRICT NO. 5A, DALADIER DRIVE, ET AL., APPROVING THE REPORT OF THE ENGINEER IN CONNECTION WITH THE LEVY OF A SUPPLEMENTAL ASSESSMENT AND APPOINTING A TIME AND PLACE FOR HEARING PROTESTS THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES HEREBY FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: Section 1. The City Council, by its Resolution No. 89- 31, ordered improvements (the "Improvements ") to be made. within a certain assessment district designated as "Rancho Palos Verdes Improvement District No. 5A, Daladier Drive, et al." (the "District ") pursuant to the Municipal Improvement Act of 1913, Division 12 of the California Streets and Highways Code, commencing with Section 10000 (the "Act "), and confirmed an assessment of the cost of the Improvements upon the several subdivisions of land within the District. Section 2. The City Council hereby proposes to make changes in the Improvements, consisting of minor changes to the plans and specifications for the Improvements. Such changes do not affect the general nature, location or extent of the Improvements. Section 3. The City Council hereby proposes to make changes in the assessment proceedings in connection with the issuance of bonds to represent unpaid assessments for the cost of he Improvements. The City Council proposes to issue bonds under he Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code, rather than under the Improvement Act of 1911, Division 7 of the California Streets and Highways Code. Such onds shall bear interest at the rate of not to exceed 12 percent er annum, or such other maximum rate of interest as may be ermitted by law, payable semiannually, and the last installment Of such bonds shall mature a maximum of 39 years, or such other maximum number of years to maturity as may be permitted by law, rom the second day of September next succeeding 12 months from heir date. Section 4. The City Council hereby makes the following �eterminations: - 1 - a. The City Council hereby determines and declares that the City will not obligate itself to advance available funds from the City Treasury to cure any deficiency which may occur in the bond redemption fund. b. The City Council hereby determines that the principal amount of bonds maturing or becoming subject to mandatory prior redemption each year shall be other than an amount equal to an even annual proportion of the aggregate principal al of the bonds, and that the amount of principal maturing or becoming subject to mandatory prior redemption in each year plus the amount of interest payable in that year shall be an aggregate amount that is substantially equal each year, except for the moneys falling due on the first maturity or mandatory prior redemption date of the bonds which shall be adjusted to reflect the amount of interest earned from the date when the bonds bear interest to the date when the first interest is payable on the bonds. C, With respect to the procedures for collection of assessments and the advance retirement of bonds in connection with the District, the City Council proposes to proceed under the provisions of Part 11.1 of Division 10 of the Streets and Highways Code. d. The City Council hereby provides that a penalty of two percent per month of the total amount of a delinquent installment shall be added to such delinquent installment after the close of business on the delinquency date and an additional penalty of two percent of the amount of the delinquency shall be added at the beginning of business on the tenth day of each succeeding month until such delinquent installment and all penalties - thereon are fully paid. e. The City Council hereby declares that the bonds issued to represent unpaid assessments may be refunded under specified conditions. The City Council hereby declares that such bonds may be refunded upon determination by resolution of the City Council to do so. The City Council may undertake such a refundin g p u n recommendation of a financial advisor that it is i ion the best interests of the City to undertake such a refunding. Such written recommendation shall include the reasons therefor. The maximum interest rate on such refunding bonds shall not exceed 12 percent per annum or such other maximum rate of interest as then may be permitted by law. The maximum number of years to maturity of the refunding bonds shall not exceed 39 years from the second day of September next succeeding twelve months from the date of the refunding bonds, or such other maximum number of years to maturity as then may be permitted by law. Any adjustment to assessments resulting from the refunding will be done on a pro rata basis. 2 - RESOL. NO. 94 -84 Section 5. The City Council hereby proposes to increase the amount of the assessment, which increase results from the following: (i) The lowest responsible contractor's bid for the Improvements exceeds the estimated cost set forth in the engineer's report approved by Resolution No. 89 -31; (ii) The negotiated agreements with Southern California Edison and Times - Mirror Cable Television provide for greater costs and lesser credits than those previously estimated; and (iii) The estimated amount of incidental expenses which will be incurred in constructing the Improvements, obtaining necessary easements for the Improvements, and issuing bonds to assist in financing the Improvements exceeds the previous estimate of such expenses: Staff has calculated that the estimated cost of the Improvements exceeds the cost estimate contained in the engineer's report approved by the City Council in its Resolution No. 89 -31 by $679,955. Section 6. Pursuant to a Resolution of the City Council declaring its intention to order a supplemental assessment against lots and parcels of land within Rancho Palos Verdes Improvement District No. 5A, Daladier Drive, et al., the City Engineer has filed with the City Clerk of the City of Rancho Palos Verdes and the City Clerk has presented to the City Council a report entitled "Engineers Report, Rancho Palos Verdes Improvement District No, 5A, Daladier Drive, et. al." regarding such supplemental assessment (the "Engineer's Report "). This report is on file in the office of the City Clerk, located at City Hall, 39040 Hawthorne Boulevard, Rancho Palos Verdes, and is available for public inspection. Section 7. For a complete description of the proposed changes described above, reference is made to the Engineer's Report on file in the office of the City Clerk, The Engineer's Report shall govern for all details of the proposed changes. Section 8. The Engineer's Report has been considered by the City Council and such report is hereby preliminarily approved. Section 9. The City Council hereby appoints December 6, 1994 at 7:00 P.M., in the Council Chambers, Hesse Park Community Center, 29301 Hawthorne Boulevard, Rancho Palos Verdes, California as the time and place for hearing of protests or objections to the proposed changes described above and the levy of the proposed supplemental assessment. Written objections may 3 - RESOL. NO. 94 -84 be filed with the City Clerk by any interested person at any time not later than the time set for the hearing. At the hearing, any interested person having any objection to the proposed changes or proposed supplemental assessment may appear before the City Council and show cause why the changes should not be made and the supplemental assessment not levied. Section 10, The City Clerk is hereby directed to give notice of such hearing and of the public meeting required by Section 54954.6 of the Government Code in accordance with law. Section 11, The City Council hereby designates the office of the-Department of Public Works, telephone number (310) 541 -6500, to answer inquiries regarding the hearing proceedings. PASSED, APPROVED and ADOPTED this 20th day of September, 1994. 14-00061 MAYOR ATTEST: CITY CLERK State of California County of Los Angeles ) SS City of Rancho Palos Verdes I, JO PURCELL, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above Resolution No. 94 -84 was duly and regularly passed and adopted by the said City Council at a regular meeting thereof held on September 20, 19940 City C�` rk City of Rancho Palos Verdes 4 - RESOL. NO. 94 -84