HomeMy WebLinkAbout2018-21 - Authorizing the Payment of Extra Monies Held in Connection with Special Improvement District No. 95-1 to Property Owners Located ThereinRESOLUTION NO. 2018-21
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH, CALIFORNIA, AUTHORIZING THE
PAYMENT OF EXTRA MONIES HELD IN CONNECTION
WITH SPECIAL IMPROVEMENT DISTRICT NO. 95-1 TO
PROPERTY OWNERS LOCATED THEREIN
WHEREAS, the City Council of the City of Newport Beach ("City") formed Special
Improvement District No. 95-1 ("CIOSA") ("District") on June 12, 1995, pursuant to the
City's Special Improvement District Financing Code for the purpose of financing certain
facilities for the benefit of the District ("Facilities");
WHEREAS, between 1995 and 2001, the City issued three series of bonds
(collectively, "Bonds") on behalf of the District to finance the Facilities, which Bonds were
secured by the levy of a special tax against certain taxable parcels in the District ("Special
Tax");
WHEREAS, the City levied the Special Tax in each Fiscal Year through Fiscal
Year 2015-16 for the purpose of paying off the Bonds and paying certain administrative
expenses;
WHEREAS, the City made a final payment and defeased the outstanding Bonds
in September 2017; and
WHEREAS, because the Special Tax levy, when combined with existing funds
held in connection with the Bonds, produced an amount of money greater than what was
needed to defease the Bonds, the City now desires to make the surplus monies available
for refund to the property owners within the District who paid the Special Taxes on a
proportional basis;
NOW, THEREFORE, the City Council of the City of Newport Beach resolves as
follows:
Section 1: The City Council does hereby determine that the property owners
within the District who paid the Special Tax shall be entitled to a refund of a portion of the
surplus monies, net of any costs incurred by the City in connection with making such
refund, pro rata based on each such property owner's proportional share of the Special
Tax collected by the City for those fiscal years determined by City staff to have been
levied in excess of the amounts required to pay debt service and administrative costs of
the District.
Section 2: The City Council hereby authorizes City staff to determine the best
method for making such refund available to the District's property owners in furtherance
of the intentions expressed in this resolution. The City Council hereby further authorizes
City staff to take any and all actions necessary to effect such refunds and all actions taken
to date by City staff in connection therewith are hereby ratified and confirmed.
Resolution No. 2018-21
Page 2 of 2
Section 3: The recitals provided in this resolution are true and correct and are
incorporated into the operative part of this resolution.
Section 4: If any section, subsection, sentence, clause or phrase of this
resolution is, for any reason, held to be invalid or unconstitutional, such decision shall not
affect the validity or constitutionality of the remaining portions of this resolution. The City
Council hereby declares that it would have passed this resolution, and each section,
subsection, sentence, clause or phrase hereof, irrespective of the fact that any one or
more sections, subsections, sentences, clauses or phrases be declared invalid or
unconstitutional.
Section 5: The City Council finds the adoption of this resolution is not subject to
the California Environmental Quality Act ("CEQA") pursuant to Sections 15060(c)(2) (the
activity will not result in a direct or reasonably foreseeable indirect physical change in the
environment) and 15060(c)(3) (the activity is not a project as defined in Section 15378)
of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because it
has no potential for resulting in physical change to the environment, directly or indirectly.
Section 6: This resolution shall take effect immediately upon its adoption by the
City Council, and the City Clerk shall certify the vote adopting the resolution.
ADOPTED this 10th day of April, 2018.
4Marshaluffy" Duffield
Mayor
A'
Leilani I. Brown
City Clerk
APPROVED AS TO FORM:
CITY ATTORNEY'S OFFICE
Aaron C. Harp
City Attorney
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
I, Leilani I. 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; the foregoing resolution, being Resolution
No. 2018-21 was duly introduced before and adopted by the City Council of said City at a regular meeting
of said Council held on the 101h day of April, 2018; and the same was so passed and adopted by the
following vote, to wit:
AYES: Council Member Herdman, Council Member Kevin Muldoon, Council Member Diane
Dixon, Council Member Scott Peotter, Council Member Brad Avery, Mayor Pro Tem Will
O'Neill, Mayor Duffy Duffield
NAYS: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the official seal of
said City this 11th day of April, 2018.
V lAvfkA
Leilani I. Brown
City Clerk
Newport Beach, California