HomeMy WebLinkAbout2015-59 - Directing Disposition of Balance in the Improvement Fund of Assessment District No. 100 RESOLUTION NO. 2015-59
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH, CALIFORNIA, DIRECTING
DISPOSITION OF BALANCE IN THE IMPROVEMENT
FUND OF ASSESSMENT DISTRICT NO. 100
WHEREAS, the City Council of the City of Newport Beach has conducted
proceedings and completed construction for certain works of improvement in a certain
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 is respectively known and
designated as Assessment District No. 100 ("Assessment District');
WHEREAS, interest income was allocated to the cash balance associated with
the Assessment District, interest expense also accrued to the Improvement Fund while
the City of Newport Beach advanced funds to the Assessment District during the design
phase of the project improvements; 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 of the Assessment District that includes apportioned interest income
net of interest expenses, 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, the City Council of the City of Newport Beach resolves as
follows:
Section 1: That the work of improvement, as set forth and described in the
Resolution of Intentions for these proceedings, has been substantially completed to the
satisfaction of this legislative body, and all payments have either been made or set
aside for all existing or potential claims, costs and expenses.
Section 2: That prior to determining that portion of the amount remaining in the
Improvement Funds, which represents surplus, the City shall reimburse itself for the
interest expense accrued on the funds advanced to each Assessment District.
Section 3: That surplus monies, in the Improvement Fund (in the amount of
$528,105 for Assessment District No. 100), shall be applied as a credit or payment to
the property owners within the boundaries of the Assessment District to which such
Improvement Fund relates 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 currently owning
the property for which the assessment or installment has been paid;
Resolution No. 2015-59
Page 2 of 2
B. As to the balance remaining after disbursement of the cash
payment pursuant to Section 3(A), said balance shall be transferred
to the redemption fund and applied to call bonds in a manner
consistent with the bond indentures for such Assessment Districts.
Section 4: The recitals provided in this resolution are true and correct and are
hereby incorporated into the substantive portion of this resolution.
Section 5: This resolution shall take effect immediately upon its adoption by
the City Council, and the City Clerk shall certify the vote adopting this resolution.
ADOPTED this 23th day of June, 2015.
Edward D. Selich
Mayor
ATTEST:
Leilani I. Brown
City Clerk
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STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
1, Leilani 1. Brown, 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. 2015-59 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 23rd day of June, 2015, and that the same
was so passed and adopted by the following vote, to wit:
AYES: Council Member Peotter, Council Member Petros, Council Member Curry,
Council Member Muldoon, Mayor Pro Tem Dixon, Mayor Selich
NAYS: None
ABSENT: Council Member Duffield
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the official seal of
said City this 241"day of June, 2015.
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