HomeMy WebLinkAbout2012-53 - Directing Disposition of Balance for AD 92, 99-2, 101RESOLUTION NO. 2012-53
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
DIRECTING DISPOSITION OF BALANCE IN THE IMPROVEMENT FUND OF
ASSESSMENT DISTRICT NOS. 92,99-2 AND 101
WHEREAS, the City Council of the City of Newport Beach has conducted proceedings and
completed construction for certain works of improvement in certain special assessment districts
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 districts are
respectively known and designated as Assessment District No. 92, Assessment District No. 99 -2 and
Assessment District No. 101 (collectively, the "Assessment Districts," or individually each an
"Assessment District "); and
WHEREAS, interest income was allocated to cash balances associated with each of the
Assessment Districts, interest expense also accrued to the Improvement Funds while the City of
Newport Beach advanced funds to the Assessment Districts during the design phase of the project
improvements; and
WHEREAS, after completion of the improvements and payment of all the claims from the
Improvement Funds for said Assessment Districts, there remains a surplus in the Improvement Funds
for each of the Assessment Districts 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, THE COUNCIL OF THE CITY OF NEWPORT BEACH DOES
RESOLVE 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
Intentions for these proceedings, has been substantially 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
Funds, which represents surplus, the City shall reimburse itself for the interest
expense accrued on the funds advanced to each of the Assessment Districts.
SECTION 4. That surplus monies, in the Improvement Funds (in the amounts of $218,472 for
Assessment District No. 92, $261,912 for Assessment District No. 99 -2 and $354,461
for Assessment District No. 101), shall be applied as a credit or payment to the
property owners within the boundaries of the Assessment District to which such
Improvement Fund relates 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 the balance remaining after disbursement of the cash payment pursuant
to Section 4(A), said balance shall be transferred to the redemption fund and
applied to call bonds in a manner consistent with the bond indentures for such
Assessment Districts.
ADOPTED, SIGNED AND APPROVED this 26th dayof —June 012.
Mayor of tl>� of Newport Beach
ATTEST:
City Clerk of the City of Newport Beach
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. 2012 -53 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 26th day of June, 2012, and that the same
was so passed and adopted by the following vote, to wit:
Ayes: Curry, Selich, Daigle, Mayor Gardner
Noes: None
Recused: Hill, Rosansky, Henn
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the official seal of
said City this 271h day of June, 2012.
Newport Beach, California
(Seal)