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• • RESOLUTION NO. 22-11 A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS A RESOLUTION DETERMINING SURPLUS AND ORDERING DISPOSITION THEREOF West Loyola Sewer Assessment District No. 1 RESOLVED, by the City Council (the "Council") of the Town of Los Altos Hills (the "Town"), County of Santa Clara (the "County"), State of California, as follows: WHEREAS, on August 28, 2008, this Council adopted its Resolution of the City Council of the Town of Los Altos Hills of Intention to Make Acquisitions and Improvements, (the "Resolution of Intention") under the Municipal Improvement Act of 1913, Division 12 of the Streets and Highways Code of California, (the "Act") to initiate proceedings under the Act in and for the Town's West Loyola Sewer Assessment District No. 1 (the "Assessment District") for the making of certain public improvements (the "Improvements") as described in the Resolution of Intention. WHEREAS, pursuant to the Resolution of Intention, this Council has levied assessments in the total amount of $3,143,363.98 and provided for the issuance of improvement bonds secured thereby pursuant to the Improvement Bond Act of 1915, Division 10 of the Streets and Highways Code of the State of California (the"Bond Law"). c WHEREAS, all acquisitions and improvements provided for in the proceedings for the Assessment District required to be made have been made and all costs thereof, together with the expenses incidental thereto, have been paid. WHEREAS, an unencumbered balance of $1,402,336.18 remains in the Improvement Fund for the Assessment District. WHEREAS, this Council now wishes to make provision for the determination of surplus funds for their orderly distribution under the Act. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: Section 1. Determination and Disposition of Surplus. The unencumbered balance of $1,402,336.18 in the Improvement Fund is determined to be surplus (the "Surplus") and shall be disposed of as follows: (a) $15,250 shall be applied to the cost incurred by the Town in determining the surplus and the making of the credits hereinafter specified. (b) the balance of the Surplus shall be transferred to the Redemption Fund held for the Assessment District to be applied as a credit upon the assessment in the proportion which the amount of each individual assessment bears to the total amount of all individual assessments, as follows: (i) For any individual assessments that have been fully paid and satisfied as of the date of the adoption of this resolution, the credit thereon shall