HomeMy WebLinkAboutReso 25-1996 RESOLUTION NO. 25-96
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING BUDGET AMENDMENT 96-10 TO
THE 1995-1996 OPERATING BUDGET TO ADD APPRAISALi
SERVICES REQUIRED FOR THE RESTRUCTURING OF
ASSESSMENT DISTRICT BONDS
WHEREAS, as part of the assessment district bond restr~[cturing
process, the Legal counsel for the underwriter has requized that
appraisals of the property within the assessment districts must be
done; and
WHEREAS, i the City must bear the expense which ~;ill be
reimbursed to[the assessment fund when the new bond is sol.d; and
WHEREAS, ~urrently the city is in the process of obtai]~ing the
necessary quotes and estimate cost in an amount not to exceed
$40,000
·
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of South San Francisco as follows:
1. It hereby authorizes the transfer of funds from the
Gateway Assessment District fund (62) to the current operating
budget of the Finance Department in an estimated amount of $$40,000
(BA-10) to cover the cost of appraisal services for the assessment
district bond restructuring process currently underway.
2. It hereby authorizes the City Manager to contract with
the selected appraisal company.
I hereby certify that the foregoing Resolution was rggularly
introduced and adopted by the City Council of the City of S,uth San
Francisco at a regu]ar meeting held on the?Rrb i day of
February , 1996 by the following vote:
AYES: Councilmembers Joseph A. Fernekes, Eugene R. Mullin, Joh~ R.
Pen~a, Robert Yee and Mayor Jack Drago
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
City Clerk
BA-IO.App