HomeMy WebLinkAboutReso 29-1995 Resolution No. 29-95
A RESOLUTION DETERMINING SURPLUS AND ORDERING
DISPOSITION THEREOF
Gellert Boulevard Extension Assessment District
RESOLVED, by the City Council (the "Council") of the City of South San Francisco (the
"City"), County of San Mateo, State of California, that
WHEREAS, in proceedings conducted by this Council pursuant to Resolution No. 52-77,
A Resolution of Intention to Make Acquisitions and Improvements, adopted on May 4, 1977,
assessments were levied and bonds were issued to represent the unpaid assessments in and for
the City's Gellert Boulevard Extension Assessment District (the "District");
WHEREAS, all acquisitions and improvements provided for In said proceedings have
been made and all costs thereof, together with the expenses incidental thereto, have been paid;
WHEREAS, there remains In the Improvement Fund created In and for the District the
sum of $457,160.73 which represents surplus funds, which funds may subjected to dispostion
by the Council and the Council now wishes to close the improvement fund and provide for the
dispostion of such surplus.
NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows:
1 The unencumbered balance of $457,160.73 in the Improvement Fund is declared
to be surplus and shall be disposed of as hereinafter set forth..
2. $114,162.00 shall be transferred to a special fund for, and to be applied to, the
maIntenance of the improvements acquired and/or constructed in and for the Assessment
District;
3. $342,998.73 shall be applied as a credit upon said assessment as follows: such
amount shall be placed in a subaccount of the Redemption Fund for the District and invested at
such rate or rates of interest as do not exceed the yield of the bonds. When the amount in such
subaccount equals the amount required to redeem all of the then-outstanding bonds (including
prepayment penalties, interest and costs of call), the City shall notify all of the owners of the
real property within the District which real property is then subject to the lien of any of the
unpaid assessments of the District. Unless requested by all of the owners in writing within 30
calendar days of the date of the City's notice not to cause the redemption of the bonds, the City
shall cause the bonds to be redeemed and the District to be dosed. Otherwise, the subaccount
shall be retained until the final maturity of the bonds is paid as scheduled and then be
distributed to the then owners of the property in the District in the proportion which the
amount of each individual assessment bears to the total amount of all individual assessments,
4. If, during the time the subaccount mentioned in Section 3 above is held by the
City, any assessment installment is not paid when due and which becomes delinquent, the City
shall have the right to use any or all of the amount in the subaccount to pay the delinquent
amount and any penalties and costs after written notice of its intention to do so to the owner of
the property or properties affected. The subaccount may be replenished from the proceeds of
foreclosure or redemption, provided that the City shall be under no obligation to accomplish
such replenishment, in whole or in part if the owners of the property elect under Section 3 to
continue the subaccount to the end of the scheduled maturity of the bonds and the default or
delinquency occurs, after such election.
5. There shall be transferred to the General Fund of the City (i) any portion of the
surplus which shall not have been paid to or claimed by the persons entitled thereto within four
years after the due date of the last installment upon the bonds or of the last principal coupon
attached thereto, and (ii) any interest earned from the investment of any moneys constituting all
or any part of the surplus.
I hereby certify that the within Resolution was regularly introduced and adopted by the
City Council of the City of South San Frandsco at a re qu. 1 ~ r meeting held on
the 101:h day of Ma,,v ,1995, by the following vote:
AYES: Cou nci 1 members
Penna, Roberta
NOES: None
ABSTAIN: None
ABSENT: None
Jack Drago, Joseph A. Fernekes, John R.
Cerri Teglia and Mayor Robert Yee
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