HomeMy WebLinkAbout23754 RESOLUTION NO. 23754
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, DETERMINING SURPLUS
IN IMPROVEMENT FUND RELATING TO OUTSTANDING
ASSESSMENT BONDS FOR ASSESSMENT DISTRICT
NO. 162 (THE VILLAS IN OLD PALM SPRINGS AND 48 @
BARISTO) AND ORDERING THE DISPOSITION
THEREOF.
WHEREAS, in proceedings conducted by this City Council of the City of Palm
Springs (the "City") pursuant to Resolution No. 21130 adopted on November 3, 2004,
under the Municipal Improvement Act of 1913, Division 12 of the California Streets and
Highways Code (the "Act'), in and for Assessment District No. 162 (The Villas in Old
Palm Springs and 48 @ Baristo) (the "Assessment District'), the City provided for the
levy of assessments (the "Assessments") and the issuance, delivery and sale of
improvement bonds and making of certain acquisitions and improvements, all as therein
described; and
WHEREAS, the City issued limited obligation improvement bonds secured by the
Assessments, designated the City of Palm Springs 2005 Limited Obligation
Improvement Bonds Assessment District No. 162 (The Villas in Old Palm Springs and
48 @ Baristo) and issued in the aggregate principal amount of$1,300,000 (the "Bonds")
under the Improvement Bond Act of 1915, Division 10 of the Streets and Highways
Code of California (the "1915 Act'), in order to finance the costs of the acquisitions and
improvements; and
WHEREAS, all acquisitions and improvements provided for in the proceedings
for the Assessment District required to be made have been made and all costs thereof,
together with the expenses incidental thereto, have been paid; and
WHEREAS, as of November 30, 2014, an unencumbered balance remains in the
Acquisition and Construction Fund for the Assessment District in the amount of
$61,813.86; and
WHEREAS, this Council now wishes to make provision for the determination of
surplus funds for their orderly distribution under Section 10427 of the 1915 Act.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA HEREBY RESOLVES, AS FOLLOWS:
SECTION 1. The City Council hereby determines that the work of improvement,
as set forth in the proceedings relating to the Assessment District, has been
substantially completed to the satisfaction of the City Council and all payments have
Resolution No. 23754
Page 2
either been made or set aside for all existing or potential claims, costs and expenses
relating to said improvements.
SECTION 2. The surplus amounts remaining in the Acquisition and Construction
Fund in the amount of$61,813.86 (the "Surplus") shall be applied as follows:
(a) $1,000 shall be transferred to the General Fund of the City and applied to
the cost incurred by the City in determining the surplus and making the
credits hereinafter specified;
(b) the balance of the Surplus shall be transferred to the Redemption Fund
held for the Assessment District to be applied as a credit upon the
assessment in the proportion which the amount of each individual
assessment bears to the total amount of all individual assessments, as
follows:
(i) for any individual assessments which have been fully paid and
satisfied as of the date of the adoption of this Resolution, the credit
thereon shall be given in cash (by check of the City) to the owner of
record of the applicable parcel as of the date of the adoption of this
Resolution; and
(ii) the balance available after giving the credits specified in (i) above
shall be transferred to the Redemption Fund established for the
Bonds and used to redeem a portion of the Bonds at the next
interest payment date of the Bonds for which notice of redemption
can be timely given in accordance with the documents authorizing
the issuance of the Bonds; and
(c) any additional amounts remaining on deposit in the Acquisition and
Construction Fund following the redemption of Bonds under the foregoing
provisions of this Resolution shall be transferred to the Redemption Fund
for the Bonds.
SECTION 3. The Finance Director (or designee thereof) is hereby authorized
and directed to cause the credits (if any) to be made in accordance with this Resolution.
SECTION 4. For any delinquent assessments subject to judicial foreclosure
proceedings, the Finance Director shall notify foreclosure counsel of the giving of the
credits herein specified.
Resolution No. 23754
Page 3
ADOPTED THIS 21st DAY OF JANUARY, 2015.
DAVID H. READ MANAGER
ATTEST:
MES THOMPSON, CITY CLERK
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. 23754 is a full, true and correct copy, and was duly adopted at a regular
meeting of the City Council of the City of Palm Springs on the 21s` of January, 2015, by the
following vote:
AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills,
Mayor Pro Tem Lewin, and Mayor Pougnet.
NOES: None.
ABSENT: None.
ABSTAIN: None.
ES THOMPSON, CITY CLERK
ity of Palm Springs, California
CZ/a�tor�