HomeMy WebLinkAboutResolution - 1953 RESOLUTION NO. 1953
1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN
2 JACINTO, CALIFORNIA, TO AUTHORIZE ADVANCE AND
INVESTMENT OF FUNDS TO SPECIAL ASSESSMENT DISTRICT
3 NO. 87-1
4 Recitals
5 WHEREAS, on January 19 , 1989 , there was recorded as
Instrument No. 17780 records of Riverside County, a special
6 tax lien upon certain real property known as Assessment District
87-1, said special tax assessment lien was imposed to finance
7 certain improvements pursuant to Section 3114 . 5 of the Streets
and Highways Code and Section 53328 . 3 of the Government Code;
8 and
9 WHEREAS, the property owner has defaulted in the payment
of the assessment due on said parcels ; and
10
WHEREAS, demands have been made to the property owner for
11 payment of such defaulted assessments and legal proceedings
have been commenced for collection of the defaulted assessments
12 through foreclosure of the property so assessed. The property
owner has instituted bankruptcy proceedings which has delayed
13 the collection of the defaulted payments ; and
14 WHEREAS, as the result of the defaults of the property owner,
insufficient funds remained in the bond redemption fund for
15 full payment of the bond interest payment due on March 2 , 1991 .
The amount of the deficiency required to make such payment is
16 $48 , 482 . 737 and
17 WHEREAS, pursuant to the bond documents , the City of San
Jacinto has no obligation to advance available funds from the
18 City Treasury to cure anv deficiency which may occur in the
Redemption Fund; however, the city mav, in its sole discretion ,
19 advance such funds ; and
20 WHEREAS, upon foreclosure of such property, or upon earlier
payment of the defaulted payments by the property owner, such
21 payments will bear annual interest in the same amounts as
provided by law upon the default of ad valorem real property
22 taxes .
23 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SAN JACINTO AS FOLLOWS:
24
1. The above facts are found to be true and correct .
251.
2 . The City Finance Director is authorized and directed
26 to advance the sum of $48 , 482 . 73 to the Bond Redemption Fund
for Assessment District No. 87-1 for the purpose of paying the
27 bond in teres L payment which was due on March 2 , 1991 .
28 3 . The advanced amount shall be repaid to the City of San
Jacinto upon redemption or sale of the real property. The City
29 of San Jacinto shall be entitled to interest on such amount
advanced until the date of collection in an amount equal to
30 the statutory interest applied to delinquent ad valorem real
property taxes .
31
321
1 PASSED AND ADOPTED this 16th day of April, 1991, by the
2 following vote :
3 AYES: Councilmen Boykin , Ford, Hafliger, Leahy and Rose
4 NOES: None
5 ABSENT: None
6
7 Mayor
8 Maurice Armster, City Clerk
9 By:
10 Deputy
11 CERTIFICATE
12 The foregoing is certified to be a true copy of a
13 Resolution adopted by the City Council for the City of
San Jacinto on the date therein set forth.
14
15 Maurice Armster, City Clerk
16
By:
17 Deputy
18
19
20
22
23
24
25
26
27
28
29
30
31
32