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Public Hearing on Proposed Assessment District No. 114 and 114b — Area Bounded by <br />Riverside Avenue, 15th Street, Irvine Avenue & Cliff Drive <br />September 27, 2016 <br />Page 2 <br />1) Adopt Resolution No. 2016-113, A Resolution of the City Council of the City of <br />Newport Beach, California, Making Determinations, Confirming Assessments <br />and Proceedings and Designating the Superintendent of Streets to Collect <br />and Receive Assessments and to Establish a Special Fund for City of <br />Newport Beach Assessment District No. 114 and 114b, overruling protests, <br />approving final engineer's report, levying assessments without modification, <br />approving and ordering the work and improvements for the utility underground <br />project, and authorizing and directing related actions with respect to <br />Assessment District No. 114 and 114b; and <br />2) Approve Budget Amendment No. 17BA-011 authorizing an advance from the <br />General Fund in the amount of $400,000 to Assessment District <br />No. 114 and 114b and appropriating $350,000 to Account No. 66402-941027 <br />for electrical utility design by SCE and $50,000 to Account <br />No. 66402-941005 for phone system design by AT&T; and transferring <br />$50,000 from 66502-941006 to 66402-941006 to merge funding for <br />engineering services; OR <br />f-2) If desired, adopt Resolution No. 2016-113, A Resolution of the City Council of the <br />City of Newport Beach, California, Declaring Abandonment of Proceedings for City <br />of Newport Beach Assessment District No. 114 and 114b, to abandon the <br />proceedings. <br />FUNDING REQUIREMENTS: <br />Funds of $6,420,000 will be provided by property owner contributions and/or bond <br />proceeds if the assessment district is approved. The funds for the City expenditures will <br />be requested in the future when the assessment district nears construction and bonds <br />are sold. <br />Upon approval of the Council directed Budget Amendment, sufficient funds would be <br />available in the following accounts: <br />Account Description <br />AD 114/114b Electrical Design (SCE) <br />AD 114/114b Phone Design (AT&T) <br />DISCUSSION: <br />Account Number Amount <br />66402-941027 $350,000 <br />66402-941005 50,000 <br />Total $400,000 <br />Owners of property located in Proposed Assessment District Nos. 114 and 114b <br />submitted petitions to the City in early 2016, requesting the formation of a special <br />assessment district to underground overhead utilities. On May 24, 2016, the <br />assessment engineer certified that owners representing more than 50 percent of the <br />assessable property area within Proposed Assessment Districts had signed petitions for <br />15-2 <br />