HomeMy WebLinkAbout2011-70 - Redemption Fund of Assessment District No. 59 - Mcfadden SquareRESOLUTION NO. 2011 -70
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
DIRECTING DISPOSITION OF BALANCE IN THE REDEMPTION FUND OF
ASSESSMENT DISTRICT NO. 59 — MCFADDEN SQUARE
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. 59 (McFadden
Square), 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 28t' day of June, 2011.
r_116r:&IM
City Clerk
li[:11 -I M- 1
STATE OF CALIFORNIA }
COUNTY OF ORANGE
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 -70 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.
aaAo 6�r
City Clerk
Newport Beach, California
(Seal)