HomeMy WebLinkAboutReso 1992-16706 RESOLUTION NO. 16706
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING VARIOUS APPROPRIATIONS OF FUNDS FOR
ASSESSMENT DISTRICT NO. 90-2 (OTAY VALLEY ROAD)
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista hereby:
1. Contribute previously appropriated funds of $2,512,253 from 996-9960-
ST123, 996-9960-ST123A, OVO01 and RD0205.
2. For traffic signal at 1-805 contribute previously appropriated funds of
$89,300 from 600-6005 TF220 (RDA); $77,247 from 600-6005 TF 220 (TSF) and
contribute previously appropriated funds of $22,753 from 600-6005-TF208.
3. Authorize the allocation of SDG&E "20A" funds to pay for the Phase I
undergrounding estimated at $962,226.
4. Loan $420,000 from Trunk Sewer Capital Reserve Fund 222 to Transportation
DIF Fund 621 for appropriation to Account 621-6210-ST123. The loan is to
be repaid from future Transportation Development Impact Fees collected
from the Otay Ranch area.
5. Advance $1,161,000 from Trunk Sewer Capital Reserve Fund 222 to Fund 600-
6008-ST123 to be reimbursed by State S8 300 funds upon completion of the
project.
6. Authorizing an advance of a maximum of $422,500 from 996-9960-ST123 to be
repaid upon issuance of the Series B bonds.
7. Obligate a maximum aggregate amount of $717,059 of General funds to be
advanced to cure any deficiency or delinquency which may occur in the
Redemption Fund by failure of property owners to pay annual assessments.
Amounts so advanced will be repaid to the General Fund from proceeds
derived from redemption or foreclosure of property with respect to which
an assessment is unpaid and from payments of the delinquent assessments.
8. Authorize payment of assessment No. 7 during the thirty (30) days cash
collection period in an amount not to exceed $20,262 (less financing
costs) from 996-9960-ST123.
Resolution No. 16706
Page 2
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this 30th day of June, 1992, by the following vote:
YES: Councilmembers: Grasser Horton, Malcolm, Moore,
Rindone, Nader
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss,
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Resolution No. 16706 was duly passed, approved,
and adopted by the City Council held on the 30th day of June, 1992.
Executed this 30th day of June, 1992.
Beverly A./Authelet, City Clerk