HomeMy WebLinkAbout7910 - Proceeds from Sale of Bushard & Hamilton Properties•
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RESOLUTION NO. 7 1
A RESOLUTION OF THE CITY COUNCIL.OF THE CITY
OF NEWPORT BEACH DECLARING ITS INTENTION TO
DEPOSIT THE PROCEEDS FROM THE SALE OF THE
BUSHARD AND HAMILTON PROPERTY INTO THE CAPITAL
IMPROVEMENT FUND
WHEREAS, the City of Newport Beach proposes to sell
certain surplus real property located at the intersection of
Bushard and Hamilton Streets in the City of Huntington Beach; and
WHEREAS, said property was acquired by the City some
time in the early 1900s and there is no record of the source of
the purchase revenues; and
WHEREAS, the property taxes on said property have been
paid out of the Water Fund; and
WHEREAS, certain funds were advanced from the Unappro-
priated Contingency Reserve Fund for the purpose of obtaining a
quitclaim deed to an oil and gas lease located on said property;
and
WHEREAS, the City Council has adopted a policy to place
proceeds from the sale of City property into the Capital Improvement
Fund; and
WHEREAS, because the source of the revenue to purchase the
subject property is uncertain, the City Council believes that it
would be in the best interests of the community to deposit said
proceeds into the Capital Improvement Fund after appropriate reim-
bursements to the Water Fund for previously paid property taxes and
to the Unappropriated Contingency Reserve Fund for the quitclaim
deed of the oil and gas lease;
NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Newport Beach hereby declares its intention to deposit
the proceeds from the sale of the Bushard and Hamilton Streets
property into the Capital Improvement Fund, less the amount
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necessary to reimburse the Water Fund for previously paid real
property taxes, and to reimburse the Unappropriated Contingency
Reserve Fund for the purchase of the oil and gas lease on the
property.
ADOPTED this 22nd day of January , 19 73.
ATTEST:
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TIFIED AST E GINAL
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CITY CLERK OF THE CITY OP hEW' '.IT e.fACH
DATE. j-8 2 4_1913..- ---- .....-- ..__..
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1/17/73