HomeMy WebLinkAboutResolution - RDA92-2 RESOLUTION NO. RDA 92-2
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 , 1992 . The
amount of the deficiency required to make such payment is
$ 21, 400. 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 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, 400. 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, 1992 .
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 7th day of April, 1992, by the
following vote:
AYES:
NOES:
ABSENT:
Mayor
Maurice Armster, City Clerk
By: y
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