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HomeMy WebLinkAbout92-67 - Special Assessment District 63 - Newport Island• RESOLUTION NO. 92- 67 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH APPROVING APPROPRIATION FROM THE GENERAL FUND AS A SHORT -TERM LOAN TO ASSESSMENT DISTRICT NO. 63 (NEWPORT ISLAND). WHEREAS, the City Council of the City of Newport Beach has, pursuant to the provisions of the "Municipal Improvement Act of 193011, being Division 12 of the Streets and Highways Code of the State of California, by adoption of its resolution of intention, declared its intent to order the installation of certain works of improvement, together with appurtenances, in a special assessment district known and designated as Assessment District No. 63 (Newport Island) ( "Assessment District "); and WHEREAS, on June 22, 1992, the City Council of the City of Newport Beach adopted a Resolution confirming the assessment ordering improvements made and approving the engineers report for the Assessment District; and WHEREAS, on June 22, 1992, the City Council of the City of Newport Beach adopted a Resolution awarding the construction contract; and WHEREAS, the Assessment District requires the sum of up to Four Hundred Thirty Thousand Dollars ($430,000.00) as a short -term loan to the Assessment District to allow the construction and improvements to proceed immediately. The short -term loan is to be repaid with reasonable interest once the proceeds from the thirty (30) day cash collection period and bond sale are received. NOW, THEREFORE, BE IT RESOLVED that up to Four Hundred Thirty Thousand Dollars ($430,000.00) is hereby appropriated from the General Fund to be drawn as needed to pay construction costs for Assessment District No. 63 as a short -term loan prior to issuance bonds. -1- HE IT FURTHER RESOLVED that the short -term loan shall be repaid with reasonable interest to the General Fund upon receipt by Assessment District No. 63 of proceeds from the thirty (30) day cash collection period and the bond sale. • ADOPTED, this 22nd day of June , 1992. MAYOR j ATTEST: CITY CLERK gr /resoL /nuprtisL.res —2—