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HomeMy WebLinkAbout2011-62 - Improvement Fund Of Assessment District No. 68 - Newport ShoresRESOLUTION NO. 2011 -62 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH DIRECTING DISPOSITION OF BALANCE IN THE IMPROVEMENT FUND OF ASSESSMENT DISTRICT NO. 68 — NEWPORT SHORES 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. 68 Newport Shores hereinafter referred to as (the "Assessment District "); and WHEREAS, interest income was allocated to cash balances 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 which 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, 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, has been 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 3. That prior to determining that portion of the amount remaining in the improvement fund, which represents surplus, the City shall reimburse itself for the interest expense accrued on the funds advanced to the Assessment District. SECTION 4. That an amount equal to the estimated administrative expense of providing for the disbursements directed by this resolution shall be transferred to the City's general fund. SECTION 5. That all surplus monies, at this time remaining in the Improvement Fund, shall be applied as a credit or payment to the 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 currently owning the property for which the assessment or installment has been paid; B. As to those parcels for which the Federal Income Tax Component of Contribution (ITCC) was paid in cash, the proportionate share of the ITCC shall be returned in cash to the person or persons currently owning the property for which the ITCC obligation has been paid; C. As to the balance remaining after disbursement of the cash payment pursuant to Section 5(A), said balance shall be transferred to the redemption fund and applied as follows: To the fullest extent possible, call bonds in a manner consistent with Section 9 of the bond indenture. 2. The remnant remaining in the redemption fund shall then be applied as a credit to the next succeeding assessment installment for each such parcel. ADOPTED this 28" day of June, 2011. � J44� Mayor ATTEST: hvk . City Clerkti„ F I STATE OF CALIFORNIA } COUNTY OF ORANGE } as. 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; that the foregoing resolution, being Resolution No. 2011 -62 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 28th day of June, 2011, and that the same was so passed and adopted by the following vote, to wit: Ayes: Hill, Gardner, Selich, Curry, Daigle, Mayor Henn Noes: None Absent: None Recuse: Rosansky IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the official seal of said City this 29th day of June, 2011. air-- - City Clerk Newport Beach, California (Seal) "-"