RES-8335 Declaration Regarding Surplus in Improvement Fund No. 591RESOLUTION NO. 8335
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ORANGE MAKING DECLARATION REGARDING SURPLUS
IN IMPROVEHENT FUND NUMBER 591
WHEREAS, the CITY COUNCIL of the CITY OF ORANGE, CALIFORNIA, has
conducted proceedings and completed installation for certain works of
improvement in a special assessment district pursusnt 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, eaid epecial
assessment district known and designated as ASSESSMENT DISTRICT NO. 88-
1 I SANTA ROSA SOUTH) I hereinafter referred to ae the "
Aesessment District"),
and,WHEREAS, after completion of the improvements and payment of all
the claims from the Improvernent Fund for said Assessment District,
there remains a surplus in the Improvement Fund, and this legislative body
is desirous at thie time to make the disposition of said eurplus as
eo provided by Section 10427 of the Streets and Highways Code of the
State of
California.NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Orange as
follows:Section
I:That the above recitals are all true and
correct.Section
II:That the works of improvement, as set forth and described in
the Resolution of Intention for these proceedings, have been completed to
the satisfaction of this legislative body, and all payment has either
been made or set aside for all existing or potential claims, costs
and
expenses.Sect ion II
I :Prior to any distribution as eet forth above, the lesser amount
of 1,000 or five percent (5\) of the amounts expended from the
Improvement Fund shall be transferred to the General Fund of the
City.Section
IV:That all funds remaining shall be utilized for the call of
any outstanding bonds, all as authorized by Streets and Highways code
Section 10427.
1.Section
V:The Treasurer is hereby directed to undertake the
following:la) Cause the Reserve Fund to be reduced as necessary pursuant
to Streets and Highways Code Section 8887 to assure that the bonds of
the Assessrnent District will not becorne subject to Federal income
b) Cause any assessment previously paid in cash to receive a
credit in cash pursuant to Streets and Highways Code Section 10427.1(b)
for each such assessment's proportionate .hare of the surplus as
determined pursuant thereto; and
c) Cause the preparation of new Auditor'. records to reflect the
adjusted principal amount of the remaining assessment.
ADOPTED this 10th day of Mny 1994.
GENE BEYER
Mayor of the City of Orange
ATTEST:
BY~~ !l4f4f..U{
ayor P 0 ern
Ci~?;;:::(~t~e' ~;~t t'/ ~~:,;;: ~/
I hereby certify that the foregoing Resolution was duly and
regularly adopted by the City Council of the City of Orange at a regular
meeting thereof held on the 10th day of Mny , 1994, by
the following vote:
AYES:COUNCILMEN: BARRERA, MAYOR BEYER, COONTZ, MURPHY
NOES:COUNCILMEN: NONE
ABSENT:COUNCILMEN: SPURGEON
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