HomeMy WebLinkAboutCC RES 05-077RESOLUTION NO. 05-77
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF PALM DESERT DECLARING AND PROVIDING FOR
THE DISPOSITION OF SURPLUS IN THE IMPROVEMENT
FUND IN CONNECTION WITH THE SILVER SPUR RANCH
UTILITY UNDERGROUNDING DISTRICT NO. 01-01
RECITALS:
A. Pursuant to its Resolution No. 03-17, adopted on
February 13, 2003 (the Resolution of Intention), the City Council
declared its intention to order certain improvements(the
"Improvements") and to form the Silver Spur Ranch Utility
Undergrounding Assessment District No. 01-01(the "Assessment
District") pursuant to the Municipal Improvement Act of 1913
(Streets and Highways Code Section 10000 et seq,.)(the "Act").
B. The City Council conducted special assessment
proceedings in accordance with its Resolution of Intention and
pursuant to its Resolution No. 03-42, adopted on April 10, 2003,
the City Council ordered the formation of the Assessment District
and the Improvements and confirmed the assessments. Pursuant to
its Resolution No. 03-70, adopted on May 22, 2003, the City
Council issued bonds (the "Bonds") to finance the Improvements.
C. The Improvements have been completed and the payment of
all claims from the Improvement Fund established for the
Assessment District (the "Improvement Fund") have been made and
the City Engineer has filed with the Fiscal Agent for the Bonds a
certificate stating that the Improvements have been completed and
that all costs of the Improvements have been paid or are not
required to be paid from the Improvement Fund. Surplus funds
remain in the Improvement Fund.
D. Streets and Highways Code Section 10427.1 provides that
surplus funds remaining in the Improvement Fund by reason of the
assessments may be used to call the Bonds.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM
DESERT DOES HEREBY FIND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
Section 1. The City Council hereby finds that the
Improvements have been completed and that the payment of all
claims from the Improvement Fund has been made or are not
required to be paid from the Improvement Fund and hereby
determines that the amount of surplus remaining in the
Improvement Fund by reason of the assessments is approximately
$86,034.00. The City's Director of Finance shall determine the
exact amount of the surplus remaining in the Improvement Fund.
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RESOLUTION NO. 05-77
Section 2. Subject to any requirement to rebate amounts to the
United States, the City Council hereby declares that the surplus
remaining in the Improvement Fund shall be used to call
outstanding Bonds prior to maturity in accordance with Sections
10427 and 10427.1 of the Streets and Highways Code and the City
Council hereby directs the City Treasurer to provide written
instructions to the Fiscal Agent to transfer the amount remaining
in the Improvement Fund to the City.
PASSED, APPROVED and ADOPTED this 22nd day of
September, 2005, by the following vote:
AYES: BENSON, FERGUSON, KELLY, SPIEGEL, and CRITES
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
BUFORD A. CRITES, MAYOR
ATTEST:
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LE D. KLASSEN, CI'A'Y CLERK
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