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HomeMy WebLinkAbout21057 - RESOLUTIONS - 7/21/2004 RESOLUTION NO. 21057 ' OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, SETTING FORTH TERMS AND CONDITIONS UNDER WHICH THE CITY WILL COMMENCE PROCEEDINGS FOR CREATION OF AN ASSESSMENT DISTRICT WITHIN SAID CITY; CREATING A SEPARATE FUND INTO WHICH SHALL BE DEPOSITED MONEYS ADVANCED BY OWNERS OF PROPERTY WITHIN THE PROPOSED ASSESSMENT DISTRICT; PROVIDING FOR THE USE AND INVESTMENT OF SUCH FUNDS; PROVIDING FOR THE REIMBURSEMENT OF SUCH FUNDS FROM FUTURE BOND PROCEEDS; AND MAKING CERTAIN FINDINGS AND DETERMINATIONS IN CONNECTION THEREWITH, FOR 'THE VILLAS" (TRACT 29077) AND "48 @ BARISTO" (TRACT 30941), ASSESSMENT DISTRICT NO. 162 WHEREAS, this City Council of the City of Palm Springs (the "City") has been requested by the owners of certain property within the City to form an Assessment District ("Assessment District 162") for the purpose of acquiring and constructing certain public improvements benefiting those owners; and WHEREAS, this City Council has retained the services of bond counsel for the purpose of assisting in the formation of Assessment District 162 and the financing thereof; and WHEREAS, the Engineer of Work has prepared certain preliminary maps, estimates and other documents required for the formation of the proposed Assessment District; and WHEREAS, such owners have requested that further proceedings be taken by this City Council for the formation of Assessment District 162; and WHEREAS, said Engineer of Work has informed the City that the initial design engineering, mapping, and other services required in connection with the formation of such Assessment District will require the City to have funds available in the amount of $54,247.12; and WHEREAS, the City is unwilling to put existing City funds at risk to pay such costs; and WHEREAS, said owners have expressed a willingness to advance $54,247.12 (the "Initial Deposit") to the City under the terms and conditions hereinafter set forth for the purpose of making such funds available for said initial engineering services and certain other costs and expenses related to formation of Assessment District 162 and ' the issuance of bonds to fund the acquisition and construction of the public improvements; Resolution 21057 Page 2 NOW, THEREFORE, BE IT RESOLVED, as follows: , Section 1. That the recitals set forth hereinabove are true and correct in all respects. Section 2. That this City Council hereby creates a fund to be known as "City of Palm Springs, Assessment District No. 162 Preliminary Expense Fund," into which fund there shall be deposited moneys advanced by owners of property within proposed Assessment District No. 162 in the amounts set forth on Exhibit "A" attached hereto. Section 3. That the amounts to be advanced to the City are set forth on said Exhibit "A" and that upon receipt of all such sums set forth thereon, the City shall direct the Engineer of Work to prepare plans and specifications, detailed cost estimates, and a preliminary assessment diagram and assessment roll for the purpose of meeting the requirements of the Municipal Improvement Act of 1913, as such requirements apply to the preparation of the Engineer's Report. Section 4. That moneys held in said fund may be invested by the City in the manner in which other City funds are invested. Section 5. That in the event that Assessment District No. 162 is formed and bonds are sold to provide funding for the improvements to be acquired and constructed in connection with said proceedings, moneys advanced by such owners shall be reimbursed from the proceeds of the bonds to such owners in the amount of the Initial Deposit, together with such interest as may have been earned on the investment of such funds by the City. Such interest to the extent earned shall be prorated in accordance with the advances of funds made by those owners set forth on Exhibit "A". Such reimbursed funds shall not include any owner contribution to the project. Section 6. That in the event that Assessment District No. 162 is not formed, the City will reimburse any funds remaining in said fund to such property owners pro rata, together with interest as may have been earned thereon; provided that nothing herein contained shall require the City to reimburse or refund any moneys other than those advanced by such property owners. ADOPTED this 21 sc day of July, 2004. AYES: Members Foat, McCulloch and Mills NOES: Mayor Oden ABSENT: Member Pougnet ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By City Clerk City Manager REVIEWED & APPROVED AS TO FORM: , Resolution 21057 Page 3 EXHIBIT "A" PALM SPRINGS MODERN HOMES II, LLC; "The Villas", (Tract 29077) in the amount of $54,247.12 on behalf of themselves and PALM SPRINGS MODERN HOMES V, LLC; "48 @ Baristo" (Tract 30941). 1