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Home My WebLink About2/16/2005 - STAFF REPORTS (32) DATE: February 16, 2005 TO: City Council FROM: Director of Finance & Treasurer RE: Trust &Agency Fund Dormant Accounts RECOMMENDATION: It is recommended that the City Council approve a resolution declaring as surplus 26 dormant accounts held in the Trust & Agency Fund totaling $123,732.82. SUMMARY AND BACKGROUND: The Trust & Agency Fund is the repository of various types of deposits that are generally refundable, such as bid bonds or dust control deposits. Hundreds of deposits are received and refunded every year. However, over the years, some of these deposits have become dormant. Staff has been unable to locate the companies or individuals who paid in these deposits. All of the deposits were received at least 3 years ago. Under State law, the City Council must first declare these deposits as surplus, publish a notice in a newspaper and allow 45 days for claims to be filed. At the expiration of the claims period, any remaining unclaimed accounts will be transferred to the City's General Fund. Submitted by Approved by ___�G<<i2�Zrr�P,a, `f�f'�, �r%P%w2��r't-' � ,__..��:',•!`" '-'aa. ""rcr�'�j Thomas M. Kanarr David H. Ready '" Director of Finance & Treasurer City Manager Attachments: List of deposits Resolution T & A DEPOSITS *AMERICAN OPEN AIR MARKETS TR 38475 2-9-94 Farmer's Market deposit $800.00 AYA INVESTMENTS TR 84226 8-6-87 Street improvement cash bond $4,124.82 southeast corner of Palm Carryon & Camino Monte Vista *THE BANK OF CALIFORNIA TR 47213 1-13-95 Completion of parking lot $5,000.00 improvements, landscaping, building& signage "BERGHEER CALIFORNIA TR 97223 7-27-99 El Mirador—TTM 29075 $10,000.00 *CAESARS WORLD (Last transaction 10-23-03) $71.35 EIR deposit COMMUNITY RESOURCE PROGRAM (Last transaction 9-7-99) $10,950.00 P. S. Energy Services agreement DESERT STARS RESORT TR 10717 9-22-99 Escrow deposit $3,000.00 *DUCHOWNY, ROGER TR 1039 9-30-99 Performance bond $500.00 GOLDEN STATE ENTERPRISES TR 9275 4-5-00 Restriping/Retuning—Ramon @ El Cielo $1,740.00 "GLEN IVY CORP. TR 14365 4-5-90 Bond for landscaping and access $7,000.00 equipment *H J H CONSTRUCTION TR 33739 11-1-01 Improvement bond—plaster wall $2,500.00 HOLLYWOOD STAR'S DINER TR 56715 11-6-95 Ensure completion of landscaping $500.00 marquis sign LAKE, JOHN, DDS TR 8632 3-23-00 Performance bond $500.00 LUSARDI CONSTRUCTION CO. TR 67734 10-11-96 Ensure completion of landscaping $7,040.00 *P.S. CENTER LTD. (Last transaction 7-18-97) $5,000.00 Dust control bond, 1717 E. Vista Chino PSI PROTECTION SERVICES TR 52176 6-7-95 INDUSTRIES, L.P. $1,291.20 Bid bond security, RFP 6-95 *PALM CANYON ASSOCIATES TR 57070 3-13-84 Blowsand control guarantee $1,500.00 "'PALM CANYON PLAZA ASSOCIATES TR 78416 12-31-86 172 N. Palm Canyon Drive $3,000.00 `kPALM SPRINGS MARKET FAIR (Last transaction 12-11-02) $1,250.00 Dust control bond PALOS VERDES VILLAS (Last transaction 2-7-96) $16,881.45 Dust control bond PAROCELA GROUP LLC TR 12416 6-15-00 $3,000.00 SPECIALTY RESTAURANTS CORP. TR 88358 9-23-98 Construction bond, 445 Via Allamira $1,500.00 STARKEY COMPANY TR 53523 7-27-95 Dust control bond, Jasmine Tract $11,740.00 STREBE TRUST EXCHANGE TR 13282 7-6-00 Dust control bond $10,000.00 *TUMANJAN & TUMANJAN TR 75888 9-26-86 INTESTMENTS, INC. $5,000.00 (Faithful performance bond—TR 14416) WINTEC LTD. (Last transaction 3-5-99) $9,844.00 Environmental fees TOTAL $123,732.82 "Deposits previously released but returned due to.lack of current address. Prepared by Sharon Ainsworth 2-1-05 PROOF OF PUBLICATION This is apace for County Clerk's riling stan,u. t, (2015.5. s STATE OF CALIFORNIA No.1231 County of Riverside CITY OF PALM SPRINGS NOTICE OF UNCDI sIMED MONIES IN TRUUS -ar AGENCY-FUH6-- i, Thomas M. Kanarr, Director of Finance and Treasurer for the City of Palm Springs, State of California, hereby certify that the following mon- ies,which are not the property of the City of Pain Springs, have remained on deposit in the Trust & Agency Fund for a period exceeding three years without having been claimed, and that, in accor- dance with the 'rovlslons of Section 50050 et. seq., California Government Code, it Is proposed and declared that said monles shall become the inn a citizen of the United States and a resident of sole and final property of the City of Palm Springs an April 15, 200 unless a valid and accepte lle the County aforesaid; I am over the age of eighteen claim Is filed on or before that date, with: years,and not a party to or interested in the City of Palm Springs above-entitled matter.I am the principal clerk of a Director off FFiinance 2n431�reasurer Boxprinter of the, DESERT SUN PUBLISHING Palm Springs, CA 92263 COMPANY a newspaper of general circulation, If rejected by the Director of Finance and Treasur- rinted'and published in the city of Palm Springs, ve fie petty who submitted ekinto the violin may fdes- 1 1 tYverified complaint seeking to recover all,or a des- County of Riverside,and which newspaper has been ignated part, of the money in a court of compe- tent Iurisdimion within the County of Riverside A adjudged a newspaper of general circulation by the Dopy of the complaint and summons issued thereon must be served to the Director of Finance Superior Court of the County of Riverside,State of and Treasurer within thirty days of the notice of California under the date of March 24, 1988.Case selection. wit Director of easeFma of and onion Treasurer r shall then withhold the release of the portion eof r Number 191236;that the notice,of which the unclaimed money for which the court action has been filed, pending final decision of the court. I annexed i9 a printed copy(set in type not smaller LISTING OF UNCLAIMED MONIES than non pariel,has been published in each regular or and entire issue of said newspaper and not in Date 1 Iper any Deposit Receipt B supplement thereof on the following dates,to wit• Deser02/09I�4 on Amount American Open Air Markets $800.00 08/06/87 84226 February 26"i,March 6u' AYA Investments $4,124.82 __________________________________________ Th.B 95 47200 13 -------------------- The Bank of California '��5,000.23 Bel h 99 97223 Bel California $10,000.00 __________________________________________ Caesars 39635 Caesars World $71.39 All in the year 2005 Ducho99 1000 D/0b/00 y,Roger $50275 04/OG/00 9275 1 certify(or declare)under penalty of perjury that the Golden state Enterprises $1,740.00 04/05/90 14365 foregoing is trice and correct. Glen lvyy Corporation $7,000.00 l iAr/01 33739 Y 15 H J IT Construction $2,500 00 ___ o H e, 11/06/95 58700 Dated at Palm Springs,California this----14 day yy 'd stair's Dinar $s0o.32 03/23/o0 8632' Lake,John DES $500.00 of------March---------,2005 10/11/96 67734 Lusardi Construction Co. $7,040.00 ' 09/08/95 54835' P S Center LTD $5.000.00 06/07/95 52176 Ind _____________ Protection Services Industries,L.P. 51,29 070 Signature Palm a 57000 r Palm Canyon Associates $1,500A6 �`' Palm Ca 78400 ,; Palm Canyon Plaza Associates $3,000.0o 04/29/94 00 Palm Springs Market Fair $1,250,50,00 06/09/92 18643 Palos Verdes Villas $16,881.45 06/15/00 12416 u; Parocela Group LLC $3,000.00 r 09/23/98 88358 P, Specialty Restaurants CorpPoration $7,500.00 09/26/86 75888 Tumanlan &Tumanlan Investments, Inc. $6,000.00 12/28/93 34954 Winces,LTD $9,844.00 PUB' Fe6niary March 6. '4 RESOLUTION NO. OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, DECLARING 36 DORMANT DEPOSITS IN THE CITY'S TRUST AND AGENCY FUND AS SURPLUS, ESTABLISHING PROCEDURE FOR CLAIMING SAID DEPOSITS AND AUTHORIZING THE TRANSFER TO THE CITY'S GENERAL FUND OF ANY ACCOUNTS REMAINING UNCLAIMED AFTER THE EXPIRATION OF THE CLAIM PERIOD. WHEREAS, the City accepts deposits for a variety of reasons into its Trust and Agency Fund; and WHEREAS, several of those deposits are dormant and have had no activity for at least three years; and WHEREAS, the City has not been able to locate the owners of the deposits; and WHEREAS, State law prescribes the procedures for declaring these deposits as surplus. NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs, to declare the deposits to be surplus, direct the Director of Finance to follow the prescriptions of State law regarding the posting of notices for the filing of claims, and, 45 days after the first publication of the notice, authorize any unclaimed deposits to be transferred to the City's General Fund. ADOPTED this day of 2005. AYES: NOES: ABSENT: ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By City Clerk City Manager REVIEWED &APPROVED AS TO FORM