RES 91206 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 91-206 RESOLUTION AUTIiORIZING REFUNDS TOTALLING APPROXIMATELY $7 MILLION AND ADVANCING RETIREMENT OF APPROXIMATELY $1.25 MILLION IN BONDS IN THE NORTH PLEASANTON IMPROVEMENT DISTRICT NO. 2, 1986-87 (NPID NO. 2) WHEREAS, NPID No. 2 bonds were issued in December 1986; and WHEREAS, a total of $5,066,603 was intended to be refunded to property owners as capitalized interest on the 1986-87 and 1987-88 tax rolls; and WHEREAS, these amounts were never refunded; and WHEREAS, Bond Counsel has recommended refunding the money with accrued interest, for a total of $6,991,912, to the property owners of record on the NPID No. 2 lien date, October 16, 1986; and WHEREAS, Bond Counsel also has recommendd, in light of federal and state rules, the calling of approximately $1.25 million in NPID No. 2 bonds to fully expend the interest earnings from the four districts which were refunded by NPID No. 2. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section l: Declares excess funds in the NPID No. 2 special assessment district construction fund and authorizes the refund of $6,991,912 to property owners of record on October 16, 1986. Section 2: Authorizes the advance retirement of approximately $1.25 million in NPID No. 2 bonds. Section 3: Confirms the authority of staff to proceed with the design of the Tassajara Reservoir, advancing funds from the Water Funds or General Fund if necessary, in anticipation of selling NPID No. 2, Series B bonds in the Spring of 1992. Section 4: Confirms the authority of staff to proceed with the sale of NPID No. 2 Series B bonds, which have been previously authorized in the amount of $7,019,000, through the assessment district process.