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RESOLUTION NO. 2000 -105 <br />RESOLUTION DECLARING INTENTION TO ORDER THE CONSTRUCTION OF <br />CERTAIN IMPROVEMENTS IN PROPOSED ASSESSMENT DISTRICT NO. 79, <br />DECLARING THE IMPROVEMENTS TO BE OF SPECIAL BENEFIT, DESCRIBING <br />THE DISTRICT TO BE ASSESSED TO PAY THE COSTS AND EXPENSES <br />THEREOF, AND PROVIDING FOR THE ISSUANCE OF BONDS <br />WHEREAS, this legislative body has instituted proceedings for the formation of a special <br />assessment district designated as ASSESSMENT DISTRICT NO. 79 (BEACON BAY) (hereinafter <br />referred to as the "Assessment District') to provide for street improvements including resurfacing, curbs, <br />°utters, and storm drains and for the conversion of certain overhead electrical and communication <br />facilities to underground locations, together with appurtenances and appurtenant work in connection <br />therewith, pursuant to the terms and provisions of Ordinance No. 2000 -17 (the "Ordinance ") and the <br />"Municipal Improvement Act of 1913 ", being Division 12 of the Streets and Highways Code of the State <br />of California (the "Act'), as said Act is modified and supplemented by the Ordinance; <br />WHEREAS, the street improvements including resurfacing, curbs, gutters, and storm drains and <br />the conversion of the overhead electrical and communication facilities to underground locations, together <br />with appurtenances and appurtenant work in connection therewith, is to be done to further public safety <br />and to improve community aesthetics; <br />WHEREAS, the City of Newport Beach (the "City") holds the right, title, and interest in and to <br />the area know as Beacon Bay, which area is encompassed by the Assessment District; <br />WHEREAS, the City divided the entirety of the area of Beacon Bay into lots and, pursuant to the <br />approval of the majority of electors voting in elections held on November 3, 1987 and November 3, 1992, <br />the City leased the lots for residential use or common use for periods of fifty years (which leasehold <br />interests are herein referred to as the "Possessory Interests "); <br />WHEREAS, the assessment proceedings for the Assessment District were initiated by owners of <br />the Possessory Interests; <br />NOW THEREFORE, Be it Determined, Resolved, and Ordered by the City Council of the City <br />of Newport Beach (the "City ") as follows: <br />DECLARATION OF INTENTION <br />SECTION 1. The public interest and convenience require, and it is the intention of this <br />legislative body to order, pursuant to the Ordinance and the Act, the construction of the public <br />improvements hereinafter described in and for the Assessment District and to assess the cost thereof <br />against the Possessory Interests specially benefited thereby. <br />DESCRIPTION OF IMPROVEMENTS <br />SECTION 2. The public improvements to be constructed and the manner of the construction <br />are generally described as follows: <br />