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HomeMy WebLinkAbout2006-70 - Surplus AD 79 Beacon BayRESOLUTION NO. 2006 -70 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH DECLARATION REGARDING SURPLUS IN IMPROVEMENT FUND WHEREAS, the City Council of the City of Newport Beach, has conducted proceedings and completed construction for certain works of improvement in a special assessment district 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 district known and designated as Assessment District No. 79 Beacon Bay hereinafter referred to as (the "Assessment District'); and, WHEREAS, after completion of the improvements and payment of all the claims from the Improvement Fund for said Assessment District, there remains a surplus in the Improvement Fund, and this legislative body is desirous at this time to make the disposition of said surplus as so provided 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 work of improvement, 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, shall be applied as a credit or payment to property owners within the boundaries of the Assessment District on a pro -rata basis generally determined as follows: A. To those who paid in cash, the proportionate share of the surplus shall be returned in cash to the person or persons owning the property for which the assessment or installment has been paid; B. Where any part of an individual assessment remains unpaid and is payable in installments, the amount apportioned to each parcel shall be refunded in cash and /or used to reduce the original assessment filed at the County of Orange. SECTION 4. That a portion of the surplus monies, at this time remaining in the Improvement Fund, shall be applied towards a bond call in the Assessment District. SECTION 5. That a portion of the surplus monies, at this time remaining in the Improvement Fund, shall be transferred to a special Department of Public Works Maintenance Account to be used for maintenance projects within the Assessment District. SECTION 6. Prior to any distribution as set forth above, the lesser amount of $1,000 or five percent (5 %) of the amounts expended from the Improvement Fund shall be transferred to the General Fund of the City. Adopted this 25`h day of July, 2006. (z (t2a MAYOR ATTEST: 100AD iA.. STATE OF CALIFORNIA } COUNTY OF ORANGE } ss. CITY OF NEWPORT BEACH I, LaVonne M. Harkless, City Clerk of the City of Newport Beach, California, do hereby certify that the whole number of members of the City Council is seven; that the foregoing resolution, being Resolution No. 2006 -70 was duly and regularly introduced before and adopted by the City Council of said City at a regular meeting of said Council, duly and regularly held on the 25th day of July 2006, and that the same was so passed and adopted by the following vote, to wit: Ayes: Curry, Selich, Rosansky, Ridgeway, Daigle, Nichols, Mayor Webb Noes: None Absent: None Abstain: None IN WITNESS WHEREOF, I have hereunto subscribed my name and aff"ied the official seal of said City this 26th day of July 2006. (Seal) City Clerk Newport Beach, California