RES 93096 - Laserfiche WebLink

CITY COUNCIL OF THE CITY OF PLEASANTON ALAMEDA COUNTY, CALIFORNIA RESOLUTION NO. 93-96 RESOLUTION PROVIDING FOR PARTIAL DISTRIBUTION OF SURPLUS, ASSESSMENT DISTRICT NO. 1986-9, NORTH PLEASANTON IMPROVEMENT DISTRICT NO. 3 WHEREAS, the City Council has heretofore levied assessments and provided for the construction of improvements in Assessment District No. 1986-9, North Pleasanton Improvement District No. 3, City of Pleasanton, Alameda County, California; and WHEREAS, the work of improvement is nearing completion, and it has been determined that upon completion of the improvements a substantial surplus in the improvement fund will be available for distribution in accordance with Section 10427.1 of the Streets and Highways Code; and WHEREAS, certain owners of assessed land have requested that the City Council make a partial distribution of the surplus funds now, retaining a sufficient amount in the improvement fund to insure the completion of the improvements; and WHEREAS, the remaining surplus funds, as they are declared surplus, are intended to be distributed either as credits or used to pay down bond principal. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLEASANTON RESOLVES AS FOLLOWS: Section 1: The Finance Director is hereby authorized and directed to distribute the sum of up to $1,000,000 from the improvement fund for Assessment District No. 1986-9, North Pleasanton Improvement District No. 3, as a partial distribution of surplus, in accordance with the provisions of the Municipal Improvement Act of 1913. Section 2: Authorizes the City Manager to make the determination whether to include the $1 million surplus as a source of funds in the refinancing (refunding) of the NPID No. 3 special assessment debt. Section 3: The remaining surplus funds, as they are declared surplus, will be distributed either as credits on the tax roll or will be used to pay down bond principal. Section 4: This resolution shall become effective immediately upon its passage and adoption.