RES 95135 - Laserfiche WebLink

Resolution No. 95-135 Page Two - Section 2: Except for the surplus to which the Prudential Insurance Company is enti~ed, the mount of $1,726,911, plus accrued interest, shall be applied as a credit upon the assessment levied in NPID No. 1, Assessment District No. 1982-4, in the manner provided in Section 10427.1 of Streets and Highways Code; as to the Prudential parcels, said surplus shall be retained by the City for future traffic improvements or for other capital projects, including park facilities. Section 3: If there is surplus remaining in the District after the improvements (which currently are not completed) are completed and/or if those improvements (or some pan thereof) are not constructed, the District will be closed and to the extent permitted by law, the funds remaining shall not be repaid or returned to property owners then or now within the boundaries of NPID No. 1, and shall be transferred to the City's Capital Improvement Program for other traffic improvements within the District or for other capital purposes which the Council, in its sole discretion, deems appropriate. Section 4: The City Clerk is directed to provide a certified copy of this resolution to the City Finance office for its use in making the credit to each assessment. Section 5: This resolution shall become effective immediately upon its passage and adoption.