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Proposed Assessment District No. 116 -Area Bounded by Channel, east of River Ave / <br />38th St / Balboa Blvd and 44th St <br />January 12, 2016 <br />Page 2 <br />i) Adopt Resolution No. 2016-6, A Resolution of the City Council of the City <br />of Newport Beach, California, Making Determinations, Confirming <br />Assessments and Proceedings and Designating the Superintendent of <br />Streets to Collect and Receive Assessments and to Establish a Special <br />Fund for City of Newport Beach Assessment District No. 116, overruling <br />protests, approving final engineer's report, levying assessments without <br />modification, approving and ordering the work and improvements for the <br />utility underground project, and authorizing and directing related actions <br />with respect to Assessment District No. 116; and <br />ii) Approve Budget Amendment No. 16BA-023 authorizing an advance from <br />the General Fund in the amount of $141,270 to Assessment District No. <br />116 and appropriating $85,000 to Account No. 65902-941027 for electrical <br />utility design by SCE, $21,270 to Account No. 65902-941005 for phone <br />system design by AT&T and an additional $35,000 to Account No. 65902- <br />941006 for assessment engineering services; and transferring expenses <br />from Account No. 65002-941006 to 65902-941006 in the amount of <br />$36,255.00 for assessment engineering services paid to date. Funds <br />remaining in this fiscal year will be carried forward to future annual <br />budgets per Council Policy F-3; OR <br />f) If desired not to form the District, adopt Resolution No. 2016-6, A Resolution of <br />the City Council of the City of Newport Beach, California, Declaring <br />Abandonment of Proceedings for City of Newport Beach Assessment District <br />No. 116. <br />FUNDING REQUIREMENTS: <br />$1,925,000 in funding will be provided by property owner contributions and/or bond <br />proceeds if the assessment district is approved. The funds for the City expenditures will <br />be requested in the future when the assessment district nears construction and bonds <br />are sold. <br />Upon approval of the Council directed Budget Amendment, sufficient funds would be <br />available in the following accounts: <br />Account Description <br />AD 116 Electrical Design (SCE) <br />AD 116 Phone Design (AT&T) <br />AD 116 Assessment Engineering <br />Account Number <br />Amount <br />65902-941027 <br />$85,000.00 <br />65902-941005 <br />21,270.00 <br />65902-941006 <br />75,000.00* <br />Total <br />$181,270.00 <br />$40,000 was appropriated by City Council action on 7/14/15 <br />17-2 <br />