HomeMy WebLinkAboutReso 2004-350
RESOLUTION NO. 2004-350
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZING THE DIRECTOR OF
FINANCE TO CLOSE THE IMPROVEMENT FUNDS OF
ASSESSMENT DISTRICTS 87-1 AND 88-2, AND TRANSFER
THE REMAINING BALANCES TO THE RESPECTIVE
REDEMPTION FUNDS TO CALL AND REDEEM BONDS
WHEREAS, the City established Assessment Districts 87-1 and 88-2 to finance
infrastructure pursuant to the Municipal Improvement Act of 1913 (the "Improvement Act"); and
WHEREAS, the work has now been completed, payments of all claims are completed,
and surplus funds remain in the improvement funds for each assessment district; and
WHEREAS, the provisions of the Improvement Act require the City Council to declare
such funds as surplus and to authorize the use of such funds for one or more of the purposes set
forth in Streets and Highways Code Section 10427.1; and
WHEREAS, pursuant to the terms and provisions of the Improvement Act, the City
Council desires that all surplus monies remaining in the improvement funds at this time shall be
used to call and redeem bonds.
NOW THEREFORE, BE IT RESOLVED, the City Council of the City of Chula Vista
does hereby declare approximately $127,648 for Assessment District 87-1 and $96,599 for
Assessment District 88-2 as surplus and authorize the Director of Finance to transfer the
remaining surplus of funds from each respective improvement fund to each respective
redemption fund in order to call and redeem bonds pursuant to State law or to provide a cash
credit to the owners ofthose properties for which the assessment has been prepaid.
Presented by
Approved as to form by
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Ann Moore
City Attorney
Resolution 2004-350
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 2nd day of November, 2004, by the following vote:
AYES:
Councilmembers:
Davis, McCann, Rindone, Salas and Padilla
NAYS:
Councilmembers:
None
ABSENT:
Councilmembers:
None
ATTEST:
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Susan Bigelow, MMC, Cit lerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA)
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2004-350 was duly passed, approved, and adopted by the City Council at a
regular meeting ofthe Chula Vista City Council held on the 2nd day of November, 2004.
Executed this 2nd day of November, 2004.
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Susan Bigelow, MMC, City Clerk