HomeMy WebLinkAbout2011-63 - Improvement Fund Of Assessment District No. 69 - West NewportRESOLUTION NO. 2011 -63
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
DIRECTING DISPOSITION OF BALANCE IN THE IMPROVEMENT FUND OF ASSESSMENT
DISTRICT NO. 69 —WEST NEWPORT
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. 69 West Newport
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 281h day of June, 2011.
Mayor
ATTEST:
4 ~ D I wt'_
City Clerk
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; that the foregoing resolution,
being Resolution No. 2011 -63 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.
( r 0 �Xw
City Clerk
Newport Beach, California
(Seal) *s,
� as