HomeMy WebLinkAboutReso 1987-13006 RESOLUTION NO. 13006
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROPRIATING $162,156.82 FOR THE
RESERVE FUND AS PROVIDED IN THE ISSUANCE OF
BONDS PURSUANT TO THE "IMPROVEMENT ACT OF
1915" FOR SPECIAL ASSESSMENT DISTRICT KNOWN
AND DESIGNATED AS ASSESSMENT DISTRICT NO. 85-1
(LAS FLORES DRIVE)
The City Council of the City of Chula Vista does hereby
resolve as follows:
WHEREAS, the City Council at its meeting of April 14,
1987 formed Assessment District No. 85-1 (Las Flores Drive), and
WHEREAS, it is necessary to appropriate $162,156.82,
which amounts to 10% of the confirmed assessment, for the reserve
fund, and
WHEREAS, monies in the City funded reserve fund shall be
utilized and applied as follows:
a. Amounts in said reserve fund shall be transferred
to the redemption fund for the bonds if as a result
of delinquencies in the payment of assessments
there are insufficient monies in said redemption
fund to pay principal of and interest on the
bonds. Amounts so transferred shall be repaid to
the reserve fund from proceeds from the redemption
or foreclosure of property with respect to which an
assessment is unpaid and from payments of the
delinquent assessments.
b. Interest earned on monies in the reserve fund shall
accrue to the reserve fund only to the extent that
the amount of interest credited thereto shall not
result in the bonds becoming "arbitrage bonds" as
defined in Section 148 of the Internal Revenue Code
of 1986 (the "Code") and the regulations
promulgated thereunder, and any excess amount shall
be credited back to the General Fund of the City.
c. Upon the discharge of all assessments and bond
obligations, the monies in the reserve funds shall
return to and become part of the General Fund of
the City and said monies are not to be utilized to
assist in the discharge of assessments but are
strictly set aside as a loan to assist in the
purchase of properties resulting from delinquencies
in the payment of the assessments.
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NOW, THEREFORE, BE IT RESOLVED that the City Council of
the City of Chula Vista does appropriate ~162,156.82 from the
unappropriated balance of the General Fund to Reserve Fund No.
544 (Las Flores Drive Assessment District 85-1 Special Reserve
Fund) as provided in the issuance of bonds pursuant to the
"Improvement Act of 1915" for special assessment district known
and designated as Assessment District No. 85-1 (Las Flores).
Presented by Approved as to form by
J~hn P. Lip~itt, birector of ~ T'homas J//~arron, City Attorney
P~blic Works/City Engineer ~ .
2811a ','
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, CALIFORNIA, Ibis 2~th day of A?'i]
19 , s7 , by the following vote, to-wit:
AYES: Councilmembers Halcolm, HcCandliss, Cox, Hoar% Nader
NAYE$: Councilmembers None
ABSTAIN: Counci lmembers None
ABSENT: Counci ]members None
Mayor~of t~e City of -'~l~;'la Vista
ATTEST ~-~-City ~lerk .z ~---~-~y
~ CATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Chula Vista, CaNfornio,
DO HEREBY CERTIFY that the above and foregoing is o full, true and correct copy of
RESOLUTION NO. 13006
,and that the same has not been amended or repealed.
DATED_
City Clerk
criY OF
CHUIA VISTA
CC-660