HomeMy WebLinkAboutReso 4672-1967 RESOLUTION NO. 4672
A RESOLUTION AUTHORIZING APPLICATION OF SURPLUS
AS A CREDIT TO ASSESSMENT
BUTLER ROAD IMPROVFJ~ENT PROJECT
RESOLVED, by the City Council of the City of South San Francisco,
Caiifornia, that
WHEREAS, said CounciI, pursuant to ResoIution of Intention No. 3943,
adopted May 18, i964, provided for the acquisition and constrdction of certain
pubIic improvements and for the Ievy of assessments to pay the costs thereof,
ail as therein particuIarIy described~
WHEREAS, assessments in the totaI sum of $227,722.i0 were ievied,
of which a portion was paid in cash, and bonds were issued to represent the
unpaid assessments, and the City contributed the amount of $I7,251.I3~
WHEREAS, assessments Ievied against the Iands of the City of South
San Francisco a~d against the Ian~s of the United States Government, were
paid by the City in cash in addition to the amount of said City contribution~
WHEREAS, upon completion of said project and the payment of aiI
costs of con, ruction and acquisition and of aii incidentaI expenses in
connection therewith, a baIance of $31,527.88 remains in the Construction
Fund for said projectl and
WHEREAS, this Council desires that said baIance remaining in said
Construction Fund be appiied in accordance with iaw, as hereinafter provided~
NOW, THEREFORE, IT IS HEREBY FOUND, DETEPJ~INED AND ORDERED, as follows~
1. That the balance remaining in the Construction Fund for said
project, in the sum of $31,527.88 is surplus.
2. That $l,000.00 of said balance shall be transferred to the
Genera[ Fund of the City pursuant to subdivision (a) of Section 10427 of the
Streets and Highways Code.
3. That the remaining $30,527.88 shall be applied as a credit upon
the assessment in the propostion in which each individual assessment bears to
the total of all individual assessments, and as provided in Section 10427.1 of
the Streets and Highways Code, to wits
a) Where an individual assessment or any installment of the principal
thereof has been paid in cash, the credit shall be returned in cash to the
person or persons paying the same upon their furnishing satisfactory evidence
of such payment;
h) Where all or any part of an individual assessment remains unpaid
and is payable in installments, said creetit shall he pro rated by dividing
said credit by the number of principal installments remaining unpaid upon
said individual assessment and a portion of such credit so pro rated shall
be applied against any principal and interest installments thereafter due
in the year such credit is ordered and in each year thereafter;
c) 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 from the date of recordation
of the assessment and any supplemental assessment, or in the event bonds shall
have been issued, within four years after the due date of the last installment
upon said 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.
4. That the pro rata portion of said credit which is payable to
the City of South San Francisco hy virtue of its payment of assessments levied
against property of said City and of the United States Government, shall he
transferred to the General Fund of the City of South San Francisco.
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 heId this 5th day of June, 1967, by the following vote:
AYES, COUNCILMEN
NOES, "
ABSENT, "
Frank J. Bertucelli, Emilio Cortesi, Andrew
Rocca and Guido J. Rozzi
None.
Patrick E. Ahern
ATTEST~
City Clerk