HomeMy WebLinkAbout1988-05-24; City Council; 9440; Closure of James Drive assessment fundOF CARLSBAD — AGENr ^ BILL
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MTG_ 5-24-88
DEPT. FIN
TITLE:
CLOSURE OF JAMES DRIVE
ASSESSMENT DISTRICT FUND
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CITY MGR^y
RECOMMENDED ACTION:
Adopt Resolution No. flf-/ & 3 approving the closure of the James Drive Assessment
District Fund and the return of remaining balances to property owners.
ITEM EXPLANATION
On March 17, 1986, the City sold 1911 Act Bonds in the amount of $460,942 to
finance the construction of James Drive. This project was completed on September
10, 1986 and accepted by Council on October 7, 1986.
As of April 30, 1988, a balance of $92,912 remains in the Assessment District
fund due to lower than projected construction cost and interest earnings on these
funds. Under the Streets and Highways Code these funds may be returned to the
property owner after a period of two years from the date of the bond sale.
The Code states that upon completion of construction of the public improvements
and payment of all claims from the improvement fund, the legislative body shall
determine the amount of any surplus remaining in the improvement fund, including
interest earned on this fund. The surplus must be used for one or more of the
following purposes:
A. As a credit upon the assessment and any supplemental assessments; or
B. For the maintenance of the improvements; or
C. For transfer to the General Fund of the Agency, provided that the amount
transferred shall not exceed the lesser of $1,000.00 or 5% of the total amount
expended from the Improvement Fund.
Where the legislative body determines to utilize a surplus to credit assessments,
the credit should be applied as follows:
A. Where an individual assessment has been paid in cash, the credit must be
returned in cash to the person or persons paying the assessment upon their
furnishing satisfactory evidence of payment;
B. Where all or part of an individual assessment remains unpaid and is payable in
installments, the amount of credit apportioned to each parcel shall be
credited against the next installment or installments unpaid upon it. Such
credit may be paid until after a period of two (2) years from the date of
receipt of the proceeds of the sale of bonds.
Staff is recommending that Council authorize the return of surplus funds to the
property owners as described above.
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Page Two of AB #
FISCAL IMPACT
The balance of $91,912 currently held in the James Drive Assessment District
will be distributed to the property owners or credited against future payments
due. The amount of $1,000 will be transferred to the General Fund to cover
administrataive costs.
EXHIBITS
Resolution No.
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RESOLUTION NO. 88-163
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, CLOSING THE JAMES
DRIVE ASSESSMENT DISTRICT AND DIRECTING THE
FINANCE DIRECTOR TO DISTRIBUTE REMAINING FUNDS
WHEREAS, the City of Carlsbad formed the James Drive Assessment District
on November 5, 1985, and
ivHEREAS, this project was completed and 1911 Act Bonds were sold on March
17, 1986, and
WHEREAS, the Streets and Highway Code describes the process for accounting
for arid refunding any excess bond proceeds related to a 1911 Act Bond, and
WHEREAS, the City has a balance of $91,912 currently held in the James
Drive Assessment District fund, and
WHEREAS, the City has complied with all requirements of the Streets and
Highway Code related to the James Drive Assessment District and is now prepared
to tefund or return the remaining balance of the James Drive fund as shown in
Exhibit A attached hereto, and
WHEREAS, any refunds will be made in accordance with the requirements of
the Streets and Highway Code.
NOW. THEREFORE, BE IT RESOLVED by the City Council of the City of
Carlsbad, California, that the Finance Director is hereby authorized to proceed
with the refund and/or reimbursement of funds remaining in the James Drive fund
as shown in Exhibit A.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City
Council held on the 24th day of May 1988 by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
ALETHA L. RAUTENKRANZ, City Clerk
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CMUDE A. CEWIS", Mayor
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ATTEST:
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