HomeMy WebLinkAbout2006-69 - Surplus AD 70 Bay ShoresRESOLUTION NO. 2006 -69
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF NEWPORT BEACH
DECLARATION REGARDING SURPLUS IN IMPROVEMENT FUND
WHEREAS, the City Council of the City of Newport Beach, has conducted proceedings
and completed construction for certain works of improvement in a 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 known and designated as Assessment District No. 70 Bay Shores
hereinafter referred to as (the "Assessment District'); 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, 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, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the work of improvement, as set forth and described in the
Resolution of Intention for these proceedings, have been completed to
the satisfaction of this legislative body, and all payment has either been
made or set aside for all existing or potential claims, costs and expenses.
SECTION 3. That all surplus monies, at this time remaining in the Improvement Fund,
shall be applied as a credit or payment to property owners within the
boundaries of the Assessment District 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 owning the
property for which the assessment or installment has been paid;
B. Where any part of an individual assessment remains unpaid and is
payable in installments, the amount apportioned to each parcel shall
be refunded in cash and /or used to reduce the original assessment
filed at the County of Orange.
SECTION 4. That a portion of the surplus monies, at this time remaining in the
Improvement Fund, shall be applied towards a bond call in the
Assessment District.
SECTION 5. That a portion of the surplus monies, at this time remaining in the
Improvement Fund, shall be transferred to a special Department of Public
Works Maintenance Account to be used for maintenance projects within
the Assessment District.
SECTION 6. Prior to any distribution as set forth above, the lesser amount of $1,000
or five percent (5 %) of the amounts expended from the Improvement
Fund shall be transferred to the General Fund of the City.
Adopted this 25`h day of July, 2006. mil/ C;
ATTEST:
MAYOR
I
ON FA
/
STATE OF CALIFORNIA }
COUNTY OF ORANGE } ss.
CITY OF NEWPORT BEACH }
1, LaVonne M. Harkless, 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. 2006 -69 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
25th day of July 2006, and that the same was so passed and adopted by the following vote, to wit:
Ayes: Curry, Selich, Rosansky, Ridgeway, Daigle, Nichols, Mayor Webb
Noes: None
Absent: None
Abstain: None
IN WITNESS WHEREOF, I have hereunto subscribed my name and affied the
official seal of said City this 26th day of July 2006.
(Seal)
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City Clerk
Newport Beach, California