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HomeMy WebLinkAboutAgenda Statement 1986/06/17 Item 12a,b COUNCIL AGENDA STATEMENT Item 12 Meeting Date 6/17/86 ITEM TITLE: a) Resolution / 5 3%? authorizing and providing for the issuance of bonds pursuant to the "Improvement Bond Act of 1915" for Assessment District No. 85-2. b) Resolution determining unpaid assessments in Special Assessment District No. 85-2. SUBMITTED BY: Director of Public Works/City Engineer REVIEWED BY: City Manager jty 4/5ths Vote Yes No X ) These are the final resolutions for the EASTLAKE Assessment District No. 85-2 proceedings. They make a final determination of the amount of unpaid assess- ments following the 30-day cash collection period and provide for the issuance of bonds to finance the improvements. RECOMMENDATION: Adopt the resolutions. BOARDS/COMMISSIONS RECOMMENDATION: Not applicable DISCUSSION: On May 13, 1986 Council confirmed assessments on lands within Special Assess- ment District No. 85-2, awarded the construction contracts, and made an award for the sale of bonds. The Streets and Highways Code requires a 30-day cash collection period follow- ing the confirmation of assessments during which any assessment may be paid in cash. The 30-day cash collection period has passed and the "Unpaid List" is in the amount of $7,680,623.85. Bonds will be issued in this amount to provide funds for the improvements included in the District. Summary of Council Actions 1. Determined the unpaid assessments in 85-2. 2. Authorized the issuance of $7,680,623.85 of bonds for improvements in 85-2. FISCAL IMPACT: None to the City. The Assessment District provides for all b he City Council of Chula Vista, California Dated 6 COUNCIL AGENDA STATEMENT Item 12 Meeting Date 6/17/86 ITEM TITLE: a) Resolution authorizing and providing for the issuance of bonds pursuant to the "Improvement Bond Act of 1915" for Assessment District No. 85-2. b) Resolution / J © determining unpaid assessments in Special Assessment District No. 85-2. ,, / SUBMITTED BY: Director of Public Works/City Engineer e/// REVIEWED BY: City Manager 4/5ths Vote Yes No X ) These are the final resolutions for the EASTLAKE Assessment District No. 85-2 proceedings. They make a final determination of the amount of unpaid assess- ments following the 30-day cash collection period and provide for the issuance of bonds to finance the improvements. RECOMMENDATION: Adopt the resolutions. BOARDS/COMMISSIONS RECOMMENDATION: Not applicable DISCUSSION: On May 13, 1986 Council confirmed assessments on lands within Special Assess- ment District No. 85-2, awarded the construction contracts, and made an award for the sale of bonds. The Streets and Highways Code requires a 30-day cash collection period follow- ing the confirmation of assessments during which any assessment may be paid in cash. The 30-day cash collection period has passed and the "Unpaid List" is in the amount of $7,680,623.85. Bonds will be issued in this amount to provide funds for the improvements included in the District. Summary of Council Actions 1. Determined the unpaid assessments in 85-2. 2. Authorized the issuance of $7,680,623.85 of bonds for improvements in 85-2. FISCAL IMPACT: None to the City. The Assessment District provides for all necessary funding.