Loading...
HomeMy WebLinkAbout23753 RESOLUTION NO. 23753 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. 161 (MOUNTAIN GATE) 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. 20817 adopted on January 21, 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. 161 (Mountain Gate) (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. 161 (Mountain Gate) and issued in the aggregate principal amount of $4,752,500 (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 $62,677.52; 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 either been made or set aside for all existing or potential claims, costs and expenses relating to said improvements. Resolution No. 23753 Page 2 SECTION 2. The surplus amounts remaining in the Acquisition and Construction Fund in the amount of$62,677.52 (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. 23753 Page 3 ADOPTED THIS 21 ST DAY OF JANUARY, 2015. DAVID H. READY, YNANAGER ATTEST: AMES 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. 23753 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 21st day of January, 2015, by the following vote: AYES: Councilmember Foat, Councilmember Hutcheson, Councilmember Mills, Mayor Pro Tern Lewin, and Mayor Pougnet. NOES: None. ABSENT: None. ABSTAIN: None. MES THOMPSON, CITY CLERK City of Palm Springs, California ot1o4-1zoj 5