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1 <br /> <br />2 <br /> <br />3 <br /> <br />4 <br /> <br />5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br /> 10 <br /> <br /> 11 <br /> <br />12 <br /> <br /> 13 <br /> <br />14 <br /> <br /> 15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />2O <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br />24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br />28 <br /> <br />RESOLUTION NO. 20592 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />RIVERSIDE APPROVING AND CONFIRMING REPORT <br />AND REASSESSMENT FOR THE REFUNDING OF THE <br />OUTSTANDING BONDS FOR CANYON SPRINGS <br />ASSESSMENT DISTRICT <br /> <br /> WHEREAS, on December 2, 2003, the City Council (the "City Council") of the <br />City of Riverside (the "City") adopted Resolution No. 20579 (the "Resolution of Intention") <br />determining that the public interest requires the refunding of the outstanding bonds issued for the <br />Canyon Springs Assessment District (the "Assessment District"), and declaring its intention to <br />refund such bonds (the "Outstanding Bonds"), to levy reassessments on parcels of property within <br />such Assessment District as security for the refunding bonds, and continuing the lien of the <br />original reassessments on certain parcels of property in that Assessment District, all pursuant to <br />Division 11.5 (commencing with Section 9500) of the Streets and Highway Code of the State of <br />California, the "Refunding Act of 1984 for 1915 Improvement Act Bonds;" and <br /> <br /> WHEREAS, pursuant to the Resolution of Intention and Section 9523 of thc <br />Streets and Highways Code of the State of California (the "Code"), the Reassessment Consultant <br />identified in the Resolution of Intention has prepared and filed with the City Clerk a report <br />containing the matters required by said Section 9523, and such report (the "Report") has been <br />presented to the City Council for consideration; and <br /> <br /> WHEREAS, the City Council has considered the Report and has determined that <br />the Report contains all of the matters required to be included therein by Section 9523 of the Code <br />and that the Report demonstrates that all of the conditions specified in Section 9525 of the Code <br />will be satisfied, and the City Council may therefore proceed to approve the Report and confirm <br />the Reassessment contained therein; and <br /> <br /> WHEREAS, by the Resolution of Intention the City Council determined that the <br />reassessments which are security for the payment of the principal of and interest on the <br />Outstanding Bonds (the "Existing Reassessments") shall continue as security for the collection of <br />the unpaid installments of such reassessments which have been posted to and are to be collected <br /> <br />RVPUB~RTA\662691.1 <br /> <br /> <br />