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HomeMy WebLinkAboutReso 4646-1967 RESOLUTION NO. 4646 A RESOLUTION AUTHORIZING TRANSFER OF FUNDS CABOT, CABOT & FORBES INDUSTRIAL PARK UNIT NO. 2 CABOT, CABOT & FORBES INDUSTRIAL PARK UNIT NO. 2-A RESOLVED, by the City Council of the City of South San Francisco, California, that WHEREAS, a portion of the assessment district formed pursuant to Resolution of Intention No. 4236, adopted by the City Council on June 28, 1965, Cabot, Cabot & Forbes Industrial Park Unit No. 2 (herein referred to as the "Unit No. 2 proceedings"), has been duly excluded from said district and duly formed into a new assessment district in proceedings being conducted pursuant to Reso- lution of ~ntention No. 461~, adopted January 16, 1967, Cabot, Cabot & Forbes Industrial Park Unit No. 2-A (herein referred to as the "Unit N°. 2-A proceedings"); WHEREAS, the proceedings for the exclusion of said territory from the Unit No. 2 District and for the forma- tion of the Unit No. 2-A District, each provided that one- half of the total cost of the total acquisitions and improvements described in each of said proceedings, would be'paid from each of said districts, and that such contri' butlons and transfers of funds as are necessary to divide said costs equally shall be made; · WHEREAS, bonds in'the total principal amount of $?00,000 have been issued and sold in the Unit No. 2 pro- ceedings, all of which have been expended for project purposes, and $700,000 of bonds have now been issued and sold in the Unit No. 2-A proceedings, and it is necessary that the Unit No. 2 proceedings be reimbursed one-half of the amounts heretofore expended therefrom in order to make it possible to divide and assess said costs equally between the two districts as provided in said proceedings; F II I NOW, TP~EFORE, IT IS ORDERED, as follows: 1. That the City Auditor shall adjust his books and accounts for the Unit No. 2 Construction Fund, by showing a transfer of one-half of the proceeds of the first sale of bonds, to-wit: $350,000, from the Unit No. 2 Construc- tion Fund to the Unit No. 2-A Construction Fund, and that he shall charge one-half of each of the expenditures here- tofore made from said proceeds of the first sale of Unit No. 2 bonds to identical items in the Unit No. 2-A Con- struction Fund, to the end that each of said construction funds, before accounting for any proceeds of sale of Unit No. 2-A bonds, shall show a net cash balance of zero. 2. That one-half of the cash proceeds of the first sale of bonds in the Unit No. 2-A proceedings, or a total of $343,700, be, and it is hereby ordered transferred from the Unit No. 2-A Construction Fund to the Unit No. 2 Construction Fund, to the end that the net cash balance in each of said construction £u'nds shall be $343,700. 2 I hereby certify that the foregoing resolution was regularly intro- duced and adopted by the City Council of the City of South San Francisco at a regular meeting held this 3rd day of April, 1967, by the following vote: AYES, COUNCILMEN NOES, " ABSENT, " Frank J. Bertucelli, Patrick E. Ahem, Emilio Cortesi, Andrew Rocca and Guido J. Rozzi None None ATTSST: