HomeMy WebLinkAboutResolution - RDA NO.93-1 RESOLUTION NO. PDA Nn . 93-1,
RESOLUTION OF THE EXECUTIVE BOARD OF THE CITY OF
SAN JACINTO REDEVELOPMENT AGENCY, CALIFORNIA,
AUTHORIZING ADVANCEMENT OF FUNDS TO SPECIAL
ASSESSMENT DISTRICT NO. 87-1
WHEREAS, on January 19, 1989, Instrument No. 17780 was recorded in the records of
Riverside County, a Special Tax Lien upon certain real property known as Assessment District
87-1, said special tax assessment lien was imposed to finance certain improvements pursuant to
Section 3114.5 of the Streets and Highways Code and Section 53328.3 of the Government Code;
and
WHEREAS, the property owner has defaulted in the payment of the assessment due on
said parcels; and
WHEREAS, demands have been made to the property owner for payment of such
defaulted assessments and legal proceedings have been commenced for collection of the defaulted
assessments through foreclosure of the property so assessed. The property owner has instituted
bankruptcy proceedings which has delayed the collection of the defaulted payments; and
WHEREAS, as the result of the defaults of the property owner, insufficient funds
remained in the bond redemption fund for full payment of the bond interest payment due on
March 2, 1993. The amount of the deficiency required to make such payment is $21,900.00; and
WHEREAS, pursuant to the bond documents, the City of San Jacinto has no obligation
to advance available funds; from City Treasury to cure any deficiency which may occur in the
Redemption Fund; however, the City may, in its sole discretion, advance such funds; and
WHERF,AS, upon foreclosure or sale of such property, or upon earlier payment of the
defaulted payments by the property owner, such payments will bear annual interest in the same
amounts as provided by law upon the default of ad valorem real property taxes.
NOW, THEREFORE,BE IT RESOLVED BY THE EXECUTIVE BOARD OF THE
CITY OF SAN JACINTO REDEVELOPMENT AGENCY AS FOLLOWS:
1. The above facts are found to be true and correct.
2. The City Finance Director is authorized and directed to advance the sum of$21,900.00
to the Bond Redemption Fund for Assessment District No. 87-1 for the purpose of paying the
bond interest payment which was due on March 2, 1993.
3. The advanced amount shall be repaid to the City of San Jacinto Redevelopment
Agency upon redemption or sale of the real property. The City of San Jacinto Redevelopment
Agency shall be entitled to interest on such amount advanced until the date of collection in an
mount equal to the statutory interest applied to delinquent ad valorem real property taxes.
PASSES AND ADOPTED this 2nd day of March, 1993, by the following vote:
AYES: Counci_lmembers curd , Leahy, Sol.orio , T,, i_lliams
Mayor Hafl_iger
NOES: None
ABSENT: done
Mayor
Pamela Lee, Deputy City Clerk
Deputy City Clerk fir._