HomeMy WebLinkAboutResolution - 2063 RESOLUTION NO. 2063
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JACINTO, 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
September 2, 1992. The amount of the deficiency required to make such payment is $97,560.00;
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
WHEREAS, 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 CITY COUNCIL OF THE
CITY OF SAN JACINTO 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$97,560.00
to the Bond Redemption Fund for Assessment District No. 87-1 for the purpose of paying the
bond principal and interest payment which was due on September 2, 1992.
3. The advanced amount shall be repaid to the City of San Jacinto upon redemption or
sale of the real property. The City of San Jacinto 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 1st day of September, 1992, by the following vote:
AYES:
NOES:
ABSENT: -?
Mayor _
Maurice Armster, City Clerk
Deputy City Clerk