HomeMy WebLinkAbout92-67 - Special Assessment District 63 - Newport Island•
RESOLUTION NO. 92- 67
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH APPROVING APPROPRIATION FROM
THE GENERAL FUND AS A SHORT -TERM LOAN TO
ASSESSMENT DISTRICT NO. 63 (NEWPORT ISLAND).
WHEREAS, the City Council of the City of Newport Beach has,
pursuant to the provisions of the "Municipal Improvement Act of
193011, being Division 12 of the Streets and Highways Code of the
State of California, by adoption of its resolution of intention,
declared its intent to order the installation of certain works of
improvement, together with appurtenances, in a special assessment
district known and designated as Assessment District No. 63
(Newport Island) ( "Assessment District "); and
WHEREAS, on June 22, 1992, the City Council of the City of
Newport Beach adopted a Resolution confirming the assessment
ordering improvements made and approving the engineers report for
the Assessment District; and
WHEREAS, on June 22, 1992, the City Council of the City of
Newport Beach adopted a Resolution awarding the construction
contract; and
WHEREAS, the Assessment District requires the sum of up to
Four Hundred Thirty Thousand Dollars ($430,000.00) as a short -term
loan to the Assessment District to allow the construction and
improvements to proceed immediately. The short -term loan is to be
repaid with reasonable interest once the proceeds from the thirty
(30) day cash collection period and bond sale are received.
NOW, THEREFORE, BE IT RESOLVED that up to Four Hundred Thirty
Thousand Dollars ($430,000.00) is hereby appropriated from the
General Fund to be drawn as needed to pay construction costs for
Assessment District No. 63 as a short -term loan prior to issuance
bonds.
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HE IT FURTHER RESOLVED that the short -term loan shall be
repaid with reasonable interest to the General Fund upon receipt by
Assessment District No. 63 of proceeds from the thirty (30) day
cash collection period and the bond sale.
• ADOPTED, this 22nd day of June , 1992.
MAYOR j
ATTEST:
CITY CLERK
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