HomeMy WebLinkAboutResolution - 2057 5
RESOLUTION NO. 2057
1 A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SAN JACINTO APPROVING AND
2 AUTHORIZING EXECUTION OF AN
3 AGREEMENT TO PROVIDE PROCEEDS OR
TITLE FROM A FORECLOSURE ACTION
4 WITHIN ASSESSMENT DISTRICT NO. 87-1 BY
AND BETWEEN THE CITY OF SAN JACINTO
5 AND PALOS VERDES INVESTMENT
6 CORPORATION
7 WHEREAS, the City is a general law city formed and existing under and pursuant to
8 the laws and Constitution of the State of California; and
9 WHEREAS, PVIC is a California Corporation, formed and existing under and pursuant
10 to the Constitution and laws of the State of California; and
11 WHEREAS, on March 17, 1987 the City adopted Resolution No. 1683 which ordered
the construction of certain public works of improvement together with appurtenances and
12 appurtenant work within an assessment district formed and existing under the Municipal
Improvement Act of 1913, being Assessment District No. 87-1 of the City of San Jacinto
13 ("District"); and
14 WHEREAS, assessments against the property benefitted by the work were confirmed
15 by the City on March 17, 1987 and a Notice of Assessment was duly filed in the Office of The
16 County Recorder of the County of Riverside; and
17 WHEREAS, on March 19, 1987, improvement bonds in the total amount of$17450,000
were issued under the Improvement Bond Act of 1915, such bonds being generally known as
18 "Improvement Bonds of the City of San Jacinto, California, Assessment District No. 87-1,
19 Series 1987A, County of Riverside, State of California" ("Bonds"); and
WHEREAS, the improvements financed by the Bonds have been constructed and the
20 work authorized by the City has been performed and warrants to pay the cost of the work were
21 duly given and made, the last such warrant being given and made on March 4, 1992; and
22 WHEREAS, Property Mortgage Company, Incorporated, a California Corporation
("PMC") is currently the record owner of certain real property situated in the District, such
23 property being identified as Riverside County Assessor's Parcel Numbers 433-160-024-1, 433-
24 160-027-4, 433-160-028-5, 433-160-029-6, 433-160-032-8, 433-160-033-9, 433-160-034-0,
433-160-035-1 and 433-160-039-5; and
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WHEREAS, PMCs obligation to make installment payments on the assessments is
26 secured by a lien against the Property in the total amount of$1,004,732.83; and the lien may
be foreclosed by the City in the event of delinquency pursuant to the provisions of California
27 Streets and Highways Code Sections 8830 et seq.; and
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1 be foreclosed by the City in the event of delinquency pursuant to the provisions of California
Streets and Highways Code Sections 8830 et seq.; and
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3 WHEREAS, installments of the special assessments outstanding against the above-
described Property became delinquent on the dates shown in the following table and such
4 delinquencies have not been paid:
5 Date(s) of
6 Delinquency Tax. Year Principal Amounts
December 10 1989 $53,896.90
7 April 10 1990 53,896.90
December 10 1990 54,525.88
8 April 10 1991 54,525.88
December 10 1991 58,364.72
9 April 10 1992 58,364.72
10 TOTAL: $ 333.575 20
11 The amounts set forth above are for the tax years indicated and do not include any of the
12 following:
13 A. Interest, penalties, costs, fees and other charges accruing from the date of
14 delinquency to the date of hearing on the delinquent installment amounts; and
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16 B. The amount, if any, of delinquent installment amounts for tax years or
17 installment due dates following the date of the above-referenced delinquencies, and the interest,
18 penalties, costs, fees and other charges pertaining thereto; and
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20 WHEREAS, the City has ordered that an action be brought in the Superior Court to
21 foreclose the assessment liens against the Property; and
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24 WHEREAS, in furtherance thereof a Summons and Complaint in Foreclosure, a Notice
25 of Pending Action, Certificate of Assignment and Declaration of Service By Mail of the Notice
26 of Pendency of Action was filed in the Superior Court of Riverside County on July 16, 1992
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1 ("Foreclosure Action"); and
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3 WHEREAS, the aforementioned documents were duly served on PMC pursuant to Code
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of Civil Procedure Section 415.20(a) on July 30, 1992; and
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7 WHEREAS, PVIC is interested in acquiring from the City the right to, and assignment
g of, the amounts received in settlement thereof or, in the alternative, title to the above-described
9 Property in the event the Foreclosure Action proceeds to sale; and
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WHEREAS, in consideration thereof, it is the express intention and desire of PVIC to
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13 advance funds to the City in an amount equal to the currently delinquent assessments, fees,
14 interest and penalties due and owing on the Property as of the date that the attached Agreement
15 is executed; and
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17 WHEREAS, both the City and PVIC acknowledge and agree that assessment
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installments on the Property within the District that are not yet currently due, will continue to
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20 come due in the future without being affected by this Agreement, and that the lien of unpaid
21 assessments shall remain on the Property for such installments notwithstanding this Agreement;
22 and
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24 WHEREAS, the City, and in particular the City Council thereof, believe that it is in the
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best interests of the City to enter into this agreement with PVIC in order to more expeditiously
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1 receive the delinquent assessment amounts due and owing and all applicable penalties, interest,
2 fees and costs on said Property.
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5 WHEREAS, the Agreement attached hereto as Exhibit "A" and incorporated herein by
6 this reference has been prepared to effectuate the intentions of the City and PVIC as set forth
7 above.
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9 NOW, THEREFORE, the City Council of the City of San Jacinto hereby finds,
10 determines, and resolves as follows:
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13 Section 1. The "Agreement to Assign and Assignment by and among the City of San
14 Jacinto and Palos Verdes Investment Corporation" attached hereto as Exhibit "A" and
15 incorporated herein by this reference is hereby approved and the appropriate officers of the City
16 are hereby authorized to execute the same on behalf of the City in its current form or as
17 modified pursuant to any modifications which are approved in advance by the City Manager
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and the City Attorney.
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21 PASSED, APPROVED AND ADOPTED this 18 t Iday of August, 1992.
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Mayor of the City of San,<I` into
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26 ATTEST:
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CI` Ierk of the ity of San iacinA
4 APPROVED AS TO FORM:
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7 City Attorney, City of San Jacinto
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1 STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE )Ss
2 CITY OF SAN JACINTO )
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I, City Clerk of the City of San Jacinto, do hereby certify that the
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6 foregoing was duly passed and adopted at a meeting of
7 the City Council of the City of San Jacinto held on the day of 1992.
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13 Vote on the Motion:
14 Ayes: rc�ui;cil.mem},e_s Ford , llaf 1 4_ ter, r,eahv, ^1 ,r,)r SC) n
15 Noes: T\Tr)ne
16 Absent: Counr.i_ -merho_ R ichard.
17 IN WITNESS WHEREOF, I have hereunto set my hand and the Official Seal of the
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City of San Jacinto this day of , 1992.
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21 City Clerk of the City of San Jacinto
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