HomeMy WebLinkAboutReso 2017-126RESOLUTION NO. 2017-126
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA DECLARING THE REMAINING FUNDS IN
REASSESSMENT DISTRICT NO. 2005-01 AS SURPLUS,
ORDERING THE DISPOSITION OF SURPLUS AMOUNTS,
APPROVING THE ASSESSMENT DISTRICT CLOSEOUT
ANALYSIS AND FINDINGS REPORT PREPARED BY NBS
FOR REASSESSMENT DISTRICT NO. 2005-1, APPROVING
THE DISTRIBUTION OF $533,079 OF REASSESSMENT
DISTRICT NO. 2005-01 FUNDS FOR REFUNDING TO
ELIGIBLE PROPERTY OWNERS, AMENDING THE FISCAL
YEAR 2017/2018 OPERATING AND CIP BUDGET AND
ESTABLISHING A NEW CIP PROJECT "RANCHO DEL REY
PAVEMENT REHABILITATION (STL429)", AND
APPROPRIATING $306,950.OF ASSESSMENT DISTRICT NO.
87-1/ASSESSMENT DISTRICT NO. 88-2 IMPROVEMENT
FUNDS TO CIP STL429
WHEREAS, the City Council of the City of Chula Vista (the "City") has, by previous
resolution and related actions, undertaken proceedings pursuant to the Municipal Improvement
Act of 1913 to form and confirm assessments in two special assessment districts known and
designated as Assessment District No. 87-1 and Assessment District No. 88-2 (the "Assessment
Districts"); and
WHEREAS, improvement bonds (the "Original Bonds") representing the unpaid
assessments within the Assessment Districts were issued and sold in the manner provided in the
Improvement Bond Act of 1915; and
WHEREAS, the City authorized the consolidation and reassessment of the Assessment
Districts as Reassessment District No. 2005-1 (the "Reassessment District"), and authorized the
refunding of the Original Bonds by the issuance of $3,525,000 Reassessment District No. 2005-
1, 2005 Limited- Obligation Refunding Bonds (the "Refunding Bonds") for the Reassessment
District, pursuant to the Refunding Act of 1984 for 1915 Act Improvement Bonds; and
WHEREAS, the payment of all principal and interest due on the Refunding Bonds has
been satisfied, and surplus funds exist; and
WHEREAS, staff is recommending a transfer from the 95 Assessment Bond Refin
Redemption Fund (Fund 816) to the AD 88-2 Reassessment Dist 05-1 Fund (Fund 849) in the
amount of $15,464 due to unrecovered City Administrative Expenses; and
WHEREAS, staff is recommending a transfer from the 95 Assessment Bond Refin
Redemption Fund (Fund 816) to the East H St. AD87-1 Improvement Fund (Fund 503) in the
amount of $36,183 and to the Otay Lakes Rd AD88-2 Improvement Fund (Fund 501) in the
amount of $48,005 due to fund eligibility for Maintenance of the Improvements; and
Resolution No. 2017-126
Page No. 2
WHEREAS, staff is recommending $16,500 be appropriated from the 95 Assessment
Bond Refin Redemption Fund (Fund 816) Supplies and Services for Closeout Report Fee,
Printing & Mailing Fees; and
WHEREAS, staff is recommending $533,079 be distributed from the 95 Assessment
Bond Refin Redemption Fund (Fund 816) Other Expenses for refunding to Eligible Property
Owners; and
WHEREAS, staff recommends creating a new capital improvement project "Rancho Del
Rey Pavement Rehabilitation (STL429)" for purposes of maintaining improvements completed
in the benefited area until funds are exhausted; and
WHEREAS, staff recommends appropriating $163,021 from Assessment District No. 87-
1 Improvement Fund to capital improvement project "Rancho Del Rey Pavement- Rehabilitation
(STL429)"; and -
WHEREAS, staff recommends appropriating $143,929 from Assessment District No. 88-
2 Improvement Fund to capital improvement project "Rancho Del Rey Pavement Rehabilitation
(STL429)"; and
WHEREAS, if capital improvement project "Rancho Del Rey Pavement Rehabilitation
(STL429)" costs less than the appropriated amount of $306,950, the remaining funds shall be
transferred to the General Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
as follows:
Section 1. The above recitals are true and correct.
Section 2. The City Council hereby declares the Reassessment District fund balances,
as noted above, to be surplus.
Section 3. The City Council hereby approves the Assessment District Closeout
Analysis and Findings Report, prepared for the Reassessment District by NBS.
Section 4. The City Council hereby orders the disposition of said surplus funds in the
manner described in the Assessment District Closeout Analysis and Findings Report, and as
noted herein.
Section 5. The City Council hereby approves the disposition and distribution of
$533,079 from the Reassessment District funds for refunding to Eligible Property Owners as
detailed in the Assessment District Closeout Analysis and Findings Report.
Resolution No. 2017-126
Page No. 3
Section 6. The City Council hereby authorizes the City Manager, or his designee, to
contract with Rainy Day Printing (Checkissuing) for the printing and mailing expenses
associated with providing refunds to eligible property owners within the Reassessment District,
as detailed in the Assessment District Closeout Analysis and Findings Report, and as approved
by the City Attorney.
Section 7. The City Council hereby approves establishing a new CIP project "Rancho
Del Rey Pavement Rehabilitation (STL429)" and appropriating $306,950 of Assessment District
No. 87-1/Assessment District No. 88-2 Improvement Funds to CIP STL429, with $163,021 from
Assessment District No. 87-1 and $143.929 from Assessment District No. 88-2.
Section 8. The City Council hereby approves amending the fiscal year 2017-18
Operating and CIP budget for the following:
AMW �T-.
v
• .55.5 I% }illi : '^.f. a.1. i .. �1 !lrl<iii ,.`i i'-.� �I.� _ 1.3 't��i J.2a
`�- • - Y --
OTHER FUNDS
I
�..
I
95 Assessment Bond Refin Redemption
AD 88-2 Reassessment Dist 05-1
$ 16,500
$ 533,079
_� __
$ 99,652 649,231
0
_
15,464
$649,231
$ (15,464)_
East H St. AD87-1 Improvement Fund
$ 163,021
_
163,021
36,183
5 126,838
Otay lakes Rd AD 88-2 Improvement Fund
_
$ 143,929
143,929
48,005
$ 95,924
TOTAL OTHER FUNDS
16 00
533 79
306 50
99 52 956 81
$ 99 52
$ 856,529
TOTAL BUDC£'LAMENOMENT -- �- -A
'.�-'16 00
' '- - -- -533" 79-
. .=-f06 SO
:C-'49 52 -956 1
- . '99 2>
_ 4-856529
Presented by
William S. Valle
Director of Engineering & Capital Projects
Approved as to form by
len R. Googins
Attorne
Resolution No. 2017-126
Page No. 4
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 11th day of July 2017 by the following vote:
AYES: Councilmembers: Diaz, McCann, Padilla, and Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: Aguilar
-
SWas, Mayor
ATTEST:
Kerry K. igelow, AMC, Acting City Clerk
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
I, Kerry K. Bigelow, Acting City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 2017-126 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 11th day of July 2017.
Executed this 11th day of July 2017.
Kerry K. i elow, QMC, Acting City Clerk