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Reso 2010-007
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Reso 2010-007
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2/8/2010 10:16:51 AM
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2/8/2010 10:16:50 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
2/1/2010
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PERM
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3A Public Hearing 2010 0201
(Reference)
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\City Clerk\City Council\Agenda Packets\2010\Packet 2010 0201
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of Part 11.1 of the Improvement Bond Act of 1915 shall apply to the calling of the bonds. It is <br />the intention of California Communities to create a special reserve fund for the bonds under <br />Part 16 of the Improvement Bond Act of 1915. California Communities will not advance <br />available surplus funds from its treasury to cure any deficiency in the redemption fund to be <br />created with respect to the bonds; provided, however, that this determination shall not prevent <br />California Communities from, in its sole discretion, so advancing funds. The bonds may be <br />refunded under Division 11.5 of the California Streets and Highways Code or other applicable <br />laws permitting refunding of the bonds, upon the conditions specified by and at the <br />determination of California Communities. <br />California Communities hereby authorizes the Program Manager, upon consultation <br />with bond counsel and the CaliforniaFIRST Program underwriter, to provide for the issuance <br />of bonds payable from contractual assessments. <br />In connection with the issuance of bonds payable from contractual assessments, <br />California Communities expects to obligate itself, through a covenant with the owners of the <br />bonds, to exercise its foreclosure rights with respect to delinquent contractual assessment <br />installments under specified circumstances. <br />Section 6. Public Hearing. Pursuant to the Act, California Communities hereby orders that <br />a public hearing be held before this Commission, at , on , 2010 at <br />a.m., for the purposes of allowing interested persons to object to or inquire about the <br />proposed program or any of its particulars. The public hearing may be continued from time to time <br />as determined by the Commission for a time not exceeding a total of 180 days. <br />At the time of the hearing, the Report described in Section 7 below shall be summarized <br />and the Commission shall afford all persons who are present an opportunity to comment upon, <br />object to, or present evidence with regard to the proposed contractual assessment program, the <br />extent of the area proposed to be included within the program, the terms and conditions of the <br />draft Contract described in Section 7 below, or the proposed financing provisions. Following the <br />public hearing, California Communities may adopt a resolution confirming the Report (the <br />"Resolution Confirming Report") or may direct the Report's modification in any respect, or may <br />abandon the proceedings. <br />The Commission hereby orders the Secretary to publish a notice of public hearing once a <br />week for two successive weeks. Two publications in a newspaper published once a week or <br />more often, with at least five days intervening between the respective publication dates not <br />counting such publication dates, are sufficient. The period of notice will commence upon the first <br />day of publication and terminate at the end of the fourteenth day. The first publication shall occur <br />not later than 20 days before the date of the public hearing. <br />Section 7. Repont. The Commission hereby directs the Program Manager for the <br />CaliforniaFIRST Program to prepare and file with the Commission a report (the "Report") at or <br />before the time of the public hearing described in Section 6 above containing all of the following: <br />(a) A map showing the boundaries of the territory within which contractual <br />assessments are proposed to be offered, as set forth in Section 4 above. <br />(b) A draft contract (the "Contract") specifying the terms and conditions that would be <br />agreed to by California Communities and a property owner within the County. The Contract may <br />allow property owners to purchase directly the related equipment and materials for the <br />
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