HomeMy WebLinkAboutResolution - 99-43 RESOLUTION NO. 99-43
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A RESOLUTION OF THE, CITY COUNCIL OF THE CITY OF SAN JACINTO,
CALIFORNIA, APPROVING THE ANNUAL SPECIAL ASSESSMENT
FOR ASSESSMENT DISTRICT NO. 87-1
WHEREAS,the City Council of the CITY OF SAN JACINTO,CALIFORNIA, (hereinafter
referred to as the"Legislative Body"), has initiated and conducted proceedings,under the terms and
provisions of the Municipal Improvement Act of 1913 (the"Act"),being Division 12, (commencing
with section 100000) the Strects and Highways Code of the State of California, for the acquisition
and construction of certain public works of improvements, together with appurtenances and
appurtentant work in a special assessment district designated as ASSESSMENT DISTRICT NO. 87-
1 (hereinafter referred to as the"District")
WHEREAS, this Legislative Body, by resolution it was determined and declared that the
bonds should be issued under the provisions of the Improvement Bond Act of 1915,being Division
10 (commencing with Section 8500) of the Streets and Highways Code of the State of California-,
and
WHEREAS, all assessments in the District were levied without regard to property valuation
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
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SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the amount of the assessments to be collected to pay for the costs and
expenses for fiscal year(1999/2000) for the referenced District is hereby determined and established
as set forth in the attached, referenced and incorporated Exhibit"A".
SECTION 3. That the amounts asset forth above does not exceed the amount as previously
authorized by resolution of this Legislative Body.
SECTION 4. That the proceeds of the levy shall be used to pay, in whole or in part, the
costs and expenses associated with the issuance of the bonds. The proceeds of the assessments shall
be used as set forth and shall not be used for any other purpose.
SECTION 5. The assessments shall be collected in the same manner as ordinary ad valorem
property taxes are collected, and shall be subject to the same penalties and same procedure and sale
in cases of any delinquency for ad valorem taxes, and the Tax Collector is hereby authorized to
deduct reasonable administrative costs incurred in collecting any said special tax.
SECTION 6. All monies above collected shall be paid into the funds and accounts
established pursuant to the governing documents of the District.
QAS1 AC rNT01191519900R01AA7-i R F.S.HOC
SECTION 7. The Auditor of the County is hereby directed to enter in the next County
assessment roll on which taxes will bccornc due, opposite each lot or parcel of land effected in a
space marked "public improvement, special assessment" or by any other suitable designation, the
installment of the special assessment, and for the exact rate and amount of said assessment, reference
is made to the attached Exhibit "B".
SECTIONS. The County Auditor shall then, at the close of the tax collection period,
promptly render to the City a detail report showing the amount and/or amounts of such special
assessment installments, interest, penalties and percentages so collected and form what property
collected, and also provide a statement of any percentages retained for the expense of making any
such collection.
MOVED, PASSED and ADOPTED at a special meeting of the City Council on the 5th day
of August, 1999 by the following vote:
AYES: Council Members Conner, Good, Williams and Mayor Cornett
NOES: Nune
ABSTAIN: None
ABSENT: Council member Smediey
Mayor
State of California
County of Riverside
ATTEST: 1, PAMELA L. LEE City Clerk of the City of
San Jacinto, do hereby certify that the above
Pamela L. Lee, City Clerk and foregoing is a full, true and correct copy
of RESOLUTION NO. 99- 43 of said City
Council, and that the same has not been
amended or repealed.
City Clerk Dated: August 5, 1999
City Clerk
Q:iSJACINT011915',9900ROL'-I87-1 RLS.DOC
Exhibit A
Assessment District No. 87-1
Calculation of Annual Assessments
The annual assessment amount for each unpaid parcel within AD 87-1 is based on a repayment
schedule which shows the amounts to be collected each year to pay off the parcel's share of the
bonded debt. To determine net assessment amounts for each parcel, the following steps are taken:
• The parcel's principal and interest payment for the year is taken from its original repayment
schedule.
• Subtract a pro rata share of the interest earnings credited toward the assessments, if any.
• Add the parcel's pro rate share of paying agent, City staff and other costs of managing the
assessment district per 48682.1 of the California Streets arLd Highways Code.
Add the parcel's administration fee per§8682 of the California Streets and Highways Code,
which is equal to the lesser of$16.00 or 5%of principal plus interest.
The amount of installments for all parcels is totaled to arrive at the aggregate assessment levy.
Debt Service Requirements
The actual amounts due from active parcels during the 1999/2000 tax year are shown below.
Interest due March 2, 2000 $32,937.50
Principal due September 2, 2000 83,000.00
Interest due September 2, 2000 32.937.50
Total Debt Service $150,875,00
Administrative Cost Recovery
Costs for Fiscal Year 199912000 administration have been estimated and will be recovered through
the annual levy in accordance with §8682 and §8682,1 of the California Streets arid Highways Code.
Paying Agent Fees $2,600.00
Administrative Consultant 1,548.00
Expense Budget 250.00
Delinquency Collection Fees 0.00
City Staff Fees 1,000.0
Total City Costs $5,398m
County Fees (deducted from proceeds) 51.92
Total Administration Costs $5,449.92
Total Fiscal Year 1999/2000 Assessment
The total Fiscal Year 1999/2000 Assessment is as follows:
Total Debt Service $150,875.00
Total Administration Costs 5.449.92
Total Assessment $156,324.92
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EXHIBIT B
CITY OF SAN JACINTO
Preliminary Assessment Report
Assessment District No. 87-1
Fiscal Year 1999/2000
Assessor's Installment Installment Administrative Rounding FY 1999/2000
Parcel No. Principal Interest Costs Adjustment Assessment
433-160-024-1 $3,502,64 $2,714.54 $234.86 $0.00 $6,452.04
433-160-027-4 4,477.60 3,470.14 294.57 -0.01 8,242.30
433-160-028-5 3,502.64 2,714.54 234.86 0.00 6,452,04
433-160-029-6 -1,592.91 2,784.51 240.39 -0,01 6,617.80
433-160-032-8 4,477,59 3,470.14 294.57 0.00 8,242.30
433-160-033-9 10,182.93 7,891.77 644.00 0.00 18,718.70
433-160-034-0 3,592.91 2,784.5I 240.39 -0.01 6,617.80
433-160-035-1 12,801.40 9,921.13 804.38 -0.01 23,526.96
433-160-036-2 8,065.66 6,250.88 514.33 -0.01 14,830.86
433-160-037-3 7,810.73 6,053.32 498.71 0.00 14,362.76
433-160-038-4 8,768.63 6,795.69 557.38 0.00 16,121.70
433-160-039-5 14,224.30 11,023.83 991,53 0.00 26,139.66
Totals: $85,000.00 $65,875.00 $5,449.97 40.05 $156,324.92
Total Parcels: 12
Prepared by NHS Government Finance Group Page I of I August 5, 1999