HomeMy WebLinkAboutReso 040-93 SR Rd SP ADBondsRESOLUTION NO. 40 - 93
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING NOTICE OF ADVANCED MATURITY SAN RAMON ROAD SPECIFIC PLAN IMPROVEMENT
ASSESSMENT DISTRICT BONDS
WHEREAS, on August 15, 1985 the City of Dublin issued Improvement Bonds for
the San Ramon Road Specific Plan Improvement District; and
WHEREAS, the bonds were used to finance the construction of public
improvements including roadway construction and widening, traffic signal
modifications, utility relocation and extension and other related improvements; and
WHEREAS, the repayment of the bonds was undertaken through an Assessment
District; and
WHEREAS, the properties within said District paid assessments based upon the
extent of benefit from the improvements; and
WHEREAS, the City has analyzed the funds projected to be available as of July
1, 1993; and
WHEREAS, it is projected that the City will have adequate funds available on
July 1, 1993 to call all outstanding bonds; and
WHEREAS, once all bonds have been called and retired, all assessments within
the District will cease; and
WHEREAS, the calling of the bonds shall be undertaken by the City in
accordance with Street and Highway Code Section 10427 and the recommendation of
special legal counsel.
NOW, THEREFORE, BE IT RESOLVED that the City Council does hereby direct Staff
to distribute, in accordance with applicable laws, a "Notice of Advanced Maturity,"
which shall be largely in the form shown in Exhibit "A," attached hereto and by
reference made a part of.
BE IT FURTHER RESOLVED that Staff shall take all administrative actions
necessary to implement the retirement of all related assessments and calling of the
outstanding bonds.
PASSED, APPROVED AND ADOPTED this 26th day of April, 1993.
AYES:
Councilmembers Burton, Houston, Howard, Moffatt and Mayor Snyder.
NOES: None
ABSENT: None
ABSTAIN: None
M~or
a:416Bonds.ag#12
NOTICE OF ADVANCED MATURITY
IMPROVEMENT BONDS
CITY OF DUBLIN
SAN RAMON ROAD SPECIFIC PLAN IMPROVEMENT
ASSESSMENT DISTRICT
DATED AUGUST 15, 1985
TO WHOM IT MAY CONCERN, holders or owners of the Bonds
shown above, the City of Dublin has advanced the maturity to and
will redeem all of the outstanding Bonds on July 2, 1993 (the
"Redemption Date").'
The Bonds will be redeemed at the principal amount
thereof and a premium of 5% of said principal amount, together with
interest accrued to the Redemption Date. Interest on the Bonds
redeemed shall cease to accrue on and from the Redemption Date.
If the Bonds are not surrendered on the Redemption Date,
there will be set aside to credit of holders or owners, the amounts
as aforesaid. The amounts so set aside will be paid to the holders
or owners of the Bonds upon demand and upon surrender and
cancellation of the Bonds.
For payment of the principal being redeemed, the Bonds
must be surrendered:
By Mail To:
City of Dublin Finance Department
P. O. Box 2340
Dublin, CA 94568
Telephone: (510) 833-6640
IMPORTANT: Federal Tax Law requires individual holders of
municipal bonds to submit their Taxpayer Identification Number
(Social Security Number) with each bond presented for payment,
whether by sale, maturity or early redemption. It is requested
that a form W-9 be submitted at the time the bonds are presented
for payment. FAILURE to comply with the Tax Law will subject the
payment of principal to Backup Withholding Provisions of the Tax
Law which requires the withholding of 31% of the principal as tax.
CITY OF DUBLIN
Dated: April 28, 1993