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HomeMy WebLinkAbout2011-69 - Redemption Fund of Assessment District No. 58 - Cannery VillageRESOLUTION NO. 2011 -69 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH DIRECTING DISPOSITION OF BALANCE IN THE REDEMPTION FUND OF ASSESSMENT DISTRICT NO. 58 — CANNERY VILLAGE WHEREAS, the City Council of the City of Newport Beach (the "City') 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. 58 (Cannery Village), hereinafter referred to as the "Assessment District;" and WHEREAS, limited obligation improvement bonds (the "Bonds ") were issued pursuant to the Improvement Bonds Act of 1915 upon the security of the unpaid assessments levied in the Assessment District, and annual installments were billed on the secured property tax bill for each parcel having an unpaid assessment; and WHEREAS, proceeds of the annual installments were deposited into a redemption fund for the Bonds (the "Redemption Fund "), from which moneys were disbursed to pay the principal of and the interest on the Bonds; and WHEREAS, the principal of and the interest on the Bonds has been paid in full, and there remains a balance in the Redemption Fund which is not needed for the payment of any obligation on the Bonds, and by this resolution this City Council wishes to direct the disbursement of said balance and the closure of the Redemption Fund, NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1. That the above recitals are all true and correct. SECTION 2. That an amount equal to the estimated administrative expense of providing for the disbursements directed by this resolution shall be transferred from the Redemption Fund to the City's general fund. SECTION 3. That, as to each parcel for which an installment was billed on the secured property tax roll for the last fiscal year in which such installments were so billed, the proportionate share of the balance remaining in the Redemption Fund after the transfer directed by the foregoing Section 2 of this resolution shall be disbursed in cash to the person or persons currently owning said parcel, with the proportionate shares to be determined in the same proportions as the last billed installments bear to one another. SECTION 4. That, following the disbursements directed by the foregoing Sections 2 and 3 of this resolution, the Redemption Fund shall be closed. ADOPTED this 28`h day of June, 2011 46't'� Mayor ATTEST: D 6 p7y� City Clerk a i 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 -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 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. City Clerk Newport Beach, California (Seal)