HomeMy WebLinkAboutCC RES 09-62RESOLUTION NO. 09-62
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
CITY OF PALM DESERT HIGHLANDS UNDERGROUNDING DISTRICT
NO. 04-01
RECITALS:
A. Pursuant to its Resolution No. 06-49, adopted on April 13, 2006
(the "Resolution of Intention"), the City Council declared its intention to order certain
improvements (the "Improvements") and to form the Highlands Utility Undergrounding
Assessment District No. 04-01(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. 06-86,
adopted on June 8, 2006, the City Council ordered the formation of the Assessment
District and the Improvements and confirmed the assessments. Pursuant to its
Resolution No. 06-114, adopted on July 13, 2006, the City Council issued bonds (the
"Bonds") to finance the Improvements and the City Treasurer invested in and purchased
the Bonds from the City.
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 Manager has filed with the City
Treasurer 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 Sections 10427 and 10427.1 provide
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 $1,107,910. The City's Director of Finance shall
determine the exact amount of the surplus remaining in the Improvement Fund.
G:\Finance\Niamh Ortega\Staff Reports\RES - Surplus Improvement Funds Highlands 082709.docx
Resolution No. 09-62
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 transfer the amount in the Improvement Fund in
accordance with this Resolution, and the Improvement Fund shall thereafter be closed.
PASSED, APPROVED and ADOPTED this 27th day of August, 2009, by
the following vote:
AYES: BENSON, FERGUSON, KELLY, and FINERTY
NOES: NONE
ABSENT: SPIEGEL
ABSTAIN: NONE
C NDY FI i' , MAYOR PRO l' ORE
ATTEST:
Rachelle D. Klassen, City Clerk
City of Palm Desert, California
2
G:\Finance\Niamh Ortega\Staff Reports\RES - Surplus Improvement Funds Highlands 082709.docx
RESOLUTION NO. 09-62
TO: City Treasurer
City of Palm Desert
Certificate of the City Manager
Highlands Utility Undergrounding Assessment District No. 04-01
Limited Obligation Improvement Bonds
Series 2006
I, John M. Wohlmuth, HEREBY CERTIFY as follows:
1. I am the City Manager of the City of Palm Desert ("City").
2. The project described in Section 1 of Resolution No. 06-114, adopted by the City
Council of the City on July 13, 2006 (the "Resolution") has been completed and
all costs of that project have been paid or are not required to be paid from the
Improvement Fund created by Section 4.1 of the Resolution.
IN WITNESS WHEREOF, I have hereunder set my hand this day of
M. Wohlmuth
Manager
ity of Palm Desert
, 2009.
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