HomeMy WebLinkAboutCC RES 2018-59RESOLUTION NO. 2018- 59
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT
DETERMINING AND DIRECTING SURPLUS FUNDS OF CITY OF PALM
DESERT ASSESSMENT DISTRICTS NOS. 81-1, 83-1, 84-1, 87-1, 92-1, 94-
1, AND 94-2 TO BE USED FOR MAINTENANCE OF FINANCED
IMPROVEMENTS
RECITALS:
WHEREAS, pursuant the Municipal Improvement Act of 1913 (Streets and Highways
Code Section 10000 et seq.) (the "1913 Act"), the City Council has previously formed and
conducted special assessment proceedings for the following assessment districts
(collectively, the "Assessment Districts") to finance certain public capital improvements (the
"Improvements") for the benefit of the land within the corresponding Assessment District: (i)
Assessment District No. 81-1 (Shadow Mountain Drive Area), (ii) Assessment District No. 83-
1, (iii) North Sphere Assessment District No. 84-1, (iv) Assessment District No. 87-1, (v)
Assessment District No. 92-1 (Sierranova), (vi) Assessment District No. 94-1 (Bighorn), and
(vii) Assessment District No. 94-2 (Sunterrace); and
WHEREAS, pursuant to the Improvement Act of 1911 (Streets and Highways Code
Section 5000 et seq.) (the "1911 Act") with respect to Assessment District No. 81-1 (Shadow
Mountain Drive Area) and the Improvement Bond Act of 1915 (Streets and Highways Code
Section 8500 et seq.) (the "1915 Act") with respect to the balance of the Assessment Districts,
the City has previously issued bonds (collectively, the "Original Bonds") to finance the
respective Improvements for each Assessment District; and
WHEREAS, pursuant to the Refunding Act of 1984 for 1915 Improvement Act Bonds
(Streets and Highways Code Section 9500 et seq.) (the "1984 Refunding Act") the City has
previously issued refunding bonds to refinance the respective Original Bonds and
Improvements for Assessment District No. 83-1, North Sphere Assessment District No. 84-1,
Assessment District No. 87-1, Assessment District No. 94-1 (Bighorn), and Assessment
District No. 94-2 (Sunterrace) (collectively, the "Refunding Bonds"); and
WHEREAS, the Improvements for all of the Assessment Districts have been
completed, all of the Original Bonds and the Refunding Bonds have been paid in full, and
accordingly, assessment installments are no longer levied by the City on the parcels within
any of the Assessment Districts; and
WHEREAS, surplus funds for the Assessment Districts remain in the respective
amounts described in Section 1 of this Resolution; and
WHEREAS, pursuant to Section 10427 of the 1913 Act, Section 5132.05 of the 1911
Act, Section 8784 of the 1915 Act, and Section 9518 of the 1984 Refunding Act, as applicable,
such surplus funds may, upon a determination of the City Council, be used by the City for the
maintenance of the respective City Improvements financed by each Assessment District and
the payment of incidental expenses incurred in connection therewith.
RESOLUTION NO. 2018- 59
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT DOES
HEREBY FIND, DETERMINE, RESOLVE AND ORDER AS FOLLOWS:
Section 1. Pursuant to Section 10427 of the 1913 Act, Section 5132.05 of the 1911
Act, Section 8784 of the 1915 Act, and Section 9518 of the 1984 Refunding Act, as applicable,
surplus funds remain for the Assessment Districts in the respective amounts, as of June 27,
2018, as follows (collectively, the "Surplus Funds"), and that the Surplus Funds, and all
interest earnings thereon, shall be used by the City for the maintenance of the respective City
Improvements financed by each Assessment District and the payment of incidental expenses
(as defined in the 1913 Act, the 1911 Act, the 1915 Act, and the 1984 Refunding Act, as
applicable) incurred in connection therewith and this Resolution: (i) $270,664.43 for
Assessment District No. 81-1 (Shadow Mountain Drive Area), (ii) $39,325.07 for Assessment
District No. 83-1, (iii) $533,670.90 for North Sphere Assessment District No. 84-1, (iv)
[$237,468.50] for Assessment District No. 87-1, (v) $123,091.48 for Assessment District No.
92-1 (Sierranova), (vi) $326,693.29 for Assessment District No. 94-1 (Bighorn), and (vii)
$97,129.44 for Assessment District No. 94-2 (Sunterrace).
The Surplus Funds for each Assessment District shall be held in a separate fund for the
corresponding Assessment District and shall be used solely for the maintenance of the
respective City Improvements financed by the applicable Assessment District, including
incidental expenses.
Section 2. The Director of Finance -City Treasurer and all other officers of the City are
hereby authorized and directed, jointly and severally, to do any and all things which they may
deem necessary or advisable in order to carry out, give effect to and comply with the terms
and intent of this Resolution, and all actions heretofore taken by the officers, employees and
agents of the City with respect to this Resolution are hereby approved, confirmed and ratified.
PASSED, APPROVED and ADOPTED this 12th day of July, 2018, by the following
vote to wit:
AYES: KELLY, NESTANDE, and WEBER
NOES: NONE
ABSENT: HARNIR_and JONATHAN
ABSTAIN: NONE
SUSAN MARIE WEBER,. MAYOR PRO TEM
ATTEST:
RA ELL D. KL SE CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
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Funds in matured Palm Desert assessment districts 7-12-18 docx