RES 90059 - Laserfiche WebLink

conclusions is contained in Appendix B herein entitled, "CERTIFICATION OF APPRAISAL". A complete copy of the Appraisal is available for inspection at the City. Under the provisions of the Bond Law, installments of principal and interest sufficient to meet annual debt service on the Bonds are to be included on the regular County tax bills sent to owners of property against which there are unpaid reassessments. These annual installments are to be paid into a redemption fund (the "Redemption Fund"), on the Bonds as they become due. The installments billed against each property each year represent a pro rata share of the total principal and interest coming due that year, based on the percentage which the unpaid reassessment against that property bears to the total of unpaid assessments levied in connection with the Improvement Project. The City has not obligated itself to advance available funds from the City treasury to cure any deficiency which may occur in the Bond Redemption Fund. A determination not to obligate itself shall not prevent the City, from in its sole discretion, so advancing funds. Therefore, if a delinquency occurs in the payments of any reassessment installment, the City, at the end of the fiscal year of delinquency, has a duty to transfer into the Redemption Fund the amount of the delinquency out of available funds of the City. Available funds consist of the balance in the Reserve Fund only. This duty of the City is continuing during the period of delinquency, until reinstatement, redemption or sale of the delinquent property. There is no assurance that funds will be available for this purpose and if, during the period of delinquency, there are insufficient available funds, a delay may occur in payments to the owners of the Bonds. A Reserve Fund consisting of a cash fund equal to $62,400 will be established from Bond Proceeds. The Reserve Fund will be a source of available funds to advance to the Redemption Fund in the event of delinquent reassessment installments Additionally, the City covenants with the owners of the Bonds that, not later than October 1 in any year, the City shall file an action in Superior Court to foreclose the lien of each delinquent reassessment if the sum of uncured reassessment delinquencies for the preceding fiscal year exceeds five percent (5%) of the reassessment installments posted to the tax roll for that fiscal year, and if the amount of the Reserve Fund is less than the Reserve Requirement. THE BONDS Authority for Issuance The Bonds are being issued pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds in compliance with provisions of the Improvement Bond Act of 1915 and a resolution adopted by the City Council of the City entitled "Resolution No. Authorizing Issuance of Refunding Bonds Dublin Canyon Road Reassessment District ~ 1990-1 (the "Bond Resolution"). Description of the Bonds The $1,560,000 principal amount of Bonds are dated April 5, 1990. The Bonds are serial Bonds and mature in various amounts on each September 2, commenc!ng September 2, 1991, and ending September 2, 1998. Interest is payable commencing on March 2, 1991, and semiannually thereafter on March 2 and September 2 of each fiscal year until maturity. The Bonds are issued only as fully registered Bonds in denominations of $5,000 or any integral multiple thereof. Principal of, interest at maturity or upon earlier redemption, as applicable, and premiums, if any, on the Bonds are payabl,e,, at the corporate trust office of Bank of America National Trust and Savings Association (the 'Paying Agent", "Registrar" and "Transfer Agent"). Interest shall be paid by check or draft of the