HomeMy WebLinkAboutReso 2020-172RESOLUTION NO. 2020-172
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA DECLARING A SURPLUS IN THE
IMPROVEMENT FUND (FUND 512), REDEMPTION FUND
(FUND 811) AND RESERVE FUND (FUND 812) FOR THE
CITY OF CHULA VISTA ASSESSMENT DISTRICT NO. 94-1
(EASTLAKE GREENS II)
WHEREAS, the City Council of the City of Chula Vista (the “City”), has conducted
proceedings under the provisions of the “Municipal Improvement Act of 1913” (Division 12 of
the California Streets and Highways Code) for the formation of special assessment district known
and designated as Assessment District No. 94-1 (Eastlake Greens II), hereinafter referred to as (the
“Assessment District”); and
WHEREAS, the City Council of the City, issued Limited Obligation Improvement Bonds
(1915 Act) Assessment District No. 94-1 (Eastlake Greens – Phase II) (the “Bonds”) pursuant to
“The Improvement Bond Act of 1915” (Division 10 of the California Streets and Highways Code)
for the Assessment District; and
WHEREAS, after completion of the approved facilities and payment of all the claims from
the Improvement Fund for said Assessment District, there remains a surplus of $2,616.33 in the
Improvement Fund after close-out expenses as determined in a Close Out and Findings Report
prepared by Willdan Financial Services dated June 30, 2020; and
WHEREAS, the City is desirous to transfer $61.20 in the Assessment District Improvement
Fund and $27,566.27 in the Assessment District Redemption and Reserve Funds to the General
Fund for administrative expenses related to the disposition; and
WHEREAS, after all Bonds and interest have been paid for said Assessment District, there
remains surpluses in the Redemption and Reserve Funds for the Bonds of $1,178,420.88 after
close-out expenses as determined in a Close Out and Findings Report prepared by Willdan
Financial Services dated June 30, 2020; and
WHEREAS, the City is desirous to make the disposition of said Improvement Fund surplus
as provided by Section 10427(c) of the California Streets and Highways Code; and
WHEREAS, the City is desirous at this time to make the disposition of said Redemption
and Reserve Fund surpluses to eligible property owners as provided for in Section 8784 and
Section 8885 of the California Streets and Highways Code.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
as follows:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the work of improvement, as set forth and described in the resolution
of intention for these proceedings, have been completed to the satisfaction
of the City, and all payment has either been made or set aside for all existing
or potential claims, costs and expenses.
SECTION 3. That $61.20 be transferred from the Assessment District Improvement
Fund to the General Fund and $27,566.27 be transferred from the
Assessment District Redemption and Reserve Funds to the General Fund
for administrative expenses relating to the disposition.
SECTION 4. That surplus monies of $2,616.33 remaining in the Assessment District
Improvement Fund shall be utilized for maintenance of the improvements
within the Assessment District pursuant to Section 10427 (C) of the
California Streets and Highways Code.
DocuSign Envelope ID: 6258DF95-8BEB-433D-928F-8845C3F13184
Resolution No. 2020-172
Page No. 2
SECTION 5. That surplus monies of $1,178,420.88 remaining in the Assessment
District Redemption and Reserve Funds shall be refunded to eligible
property owners within the boundaries of the Assessment District on a
pro-rata basis pursuant to Sections 8784 and 8885 and of the California
Streets and Highways Code.
SECTION 6. This resolution shall be effective upon its adoption.
Presented by Approved as to form by
David Bilby, MSBA,CPFO Glen R. Googins
Director of Finance/Treasurer City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 28th day of July 2020 by the following vote:
AYES: Councilmembers: Diaz, Galvez, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary Casillas Salas, Mayor
ATTEST:
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2020-172 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 28th day of July 2020.
Executed this 28th day of July 2020.
Kerry K. Bigelow, MMC, City Clerk
DocuSign Envelope ID: 6258DF95-8BEB-433D-928F-8845C3F13184