HomeMy WebLinkAbout90-29 - Declaration for Assessment Districts 80-1, 82-1, and 82-2 Surplus FundsRESOLUTION NO. 90-29
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, MAKING DECLARATION
REGARDING SURPLUS IN IMPROVEMENT FUNDS.
WHEREAS, the City Council of the City of Costa Mesa, California, has
conducted proceedings, confirmed assessments, sold bonds and completed con-
struction for certain works of improvement in various assessment districts
pursuant to the terms and provisions of the "Municipal Improvement Act of
1913", being Division 12 of the Streets and Highways Code of the State of
California; said special assessment districts known and designated as
ASSESSMENT DISTRICT NO. 80-1, ASSESSMENT DISTRICT NO. 82-1, and ASSESSMENT
DISTRICT NO. 82-2 (hereinafter referred to as the "Assessment Districts");
and
WHEREAS, after completion of the improvements and payment of all the
claims from the Improvement Funds for said Assessment Districts, there
remains a surplus in the Improvement Funds, and this legislative body is
desirous at this time to make the disposition of said surplus as so pro-
vided by Section 10427 of the Streets and Highways Code of the State of
California;
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the works of improvements, as set forth and described
in the Resolution of Intention for these proceedings, have been completed
to the satisfaction of this legislative body, and all payment has either
been made or set aside for all existing or potential claims, costs and
expenses.
SECTION 3. That all surplus monies, at this time remaining in the
Improvement Fund for the above referenced Assessment Districts shall be
utilized and transferred pursuant to the authority of Streets and Highways
Code Sections 10427 and 10427.1 based upon the following:
A. ASSESSMENT DISTRICT NO. 80-1
(1) $1,000.00 shall be transferred and deposited to the General
Fund;
(2) The balance of the surplus funds shall be prorata applied
back and paid in cash to those who have discharged their
assessments, with the balance then being used to discharge
and call bonds, all as authorized by Section 10427.1.
B. ASSESSMENT DISTRICT NO. 82-1
(1) $1,000.00 shall be transferred and deposited to the General
Fund;
(2) The balance of the surplus funds shall be utilized for the
maintenance of the improvements.
C. ASSESSMENT DISTRICT NO. 82-2
(1) $1,000.00 shall be transferred and deposited to the General
Fund;
(2) Necessary funds shall be apppropriated and designated for
resurfacing and pavement maintenance not to exceed 25% of the
remaining balance;
1
(3) The balance of the surplus funds shall be pro -rata applied
back and paid in cash to those who have discharged their
assessments, with the balance then being used to discharge
and call bonds, all as authorized by Section 10427.1.
SECTION 4. That any future utility refunds collected shall be util-
ized and applied as a call on bonds as authorized by Section. 10427.1, with
the appropriate pro -rata share being distributed to those who have dis-
charged their assessments in cash.
PASSED AND ADOPTED this 16th day of April, 1990.
Mayor of the City of , fta Mesa
ATrEST:
(3�1 A" -A Al
City Clerk of the City of Cos Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 90-29 was duly and regularly passed and adopted by the
City Council at a regular meeting thereof, held on the 16th day of April,
1990.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 17th day of April, 1990.
City Clerk and ex -officio Cler of the
City Council of the City of Citta Mesa
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