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HomeMy WebLinkAbout22-11 • • 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 • be given in cash (by check of the Town) to the owner of record of the applicable parcel as of the date of the adoption of this resolution. (ii) For all individual assessments that remain unpaid and are payable in installments, a portion of the Surplus up to $174,715 will be credited against all unpaid installments paid or to be paid with respect to the payment of interest on the Bonds on September 2, 2011 and March 2, 2012; provided, however, that only that portion of the assessments to be applied to the payment of interest on the Bonds on those dates shall be credited toward assessment installments. This amount shall be retained in the Redemption Fund and used to pay the interest portion of debt service on the Bonds on September 2, 2011 and March 2, 2012. (iii) The balance available after giving the credits specified in (i) and (ii) above shall be transferred to the Redemption Fund and used to redeem a portion of the Bonds on September 2, 2011. Section 2. Finance Director Authorized to Credit Assessments. The Finance Director (or designee thereof) of the Town is hereby authorized and directed to cause the credits to be made in accordance with this Resolution, and to cause the Auditor's Records for the Assessment District to be corrected to reflect the credits for assessments which are payable in installments, as provided herein, which corrections may be made on the face thereof or by an amendment thereto. For any delinquent assessments subject to judicial foreclosure proceedings, the Finance Director of this City shall notify foreclosure counsel of the giving of the credits herein specified. Section 3. Effective Date. This resolution shall be effective upon the date of its adoption. PASSED AND ADOPTED at a regular meeting of the City Council of the Town of Los Altos Hills duly held on the 21St day of April, 2011, by the following vote: Ayes: SUMMIT, MORDO, RADFORD, WALDECK Noes: None Abstain: None Absent: LARSEN Ma or ATTEST: - _ ity Ierk