Loading...
HomeMy WebLinkAbout1988-05-24; City Council; 9440; Closure of James Drive assessment fundOF CARLSBAD — AGENr ^ BILL s Og ABtt ?V</0 MTG_ 5-24-88 DEPT. FIN TITLE: CLOSURE OF JAMES DRIVE ASSESSMENT DISTRICT FUND ' * "^ nFPT MOVT^-- 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. O OO 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. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 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 1 2 3 4 5 6 7 8 CMUDE A. CEWIS", Mayor 9" 10 i ATTEST: 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 88-163 /»•t '-". •f:- ' *. i ~\ .. , • •:>• 1 "• ' ,' : '.' -i ':::• '.'. 0 ,.. ., •' " .C, "> '::~ 26 27 28 29 30 •..':• i. ;'•':. '/ "'. "/ '! 2!O •. '"•' •.;'. :' •: <-'":>'-' ! :; '; : V.'1 i=i ••»;.;=) ;. '.:'• 3 c:> -i 7 '•}• r i: 1 5 "< :' ?. : •:" 4 4.;-, 27 E- 1- 20 03'3 20 063 25 212 V5 .2<'-2 ';. o .1.3 436 1S,3<?9 16,838 16 ,,877 17,073 16,945 16,918 16,859 16,96';) •-• 2 '. 6 3 '• ' :'.. -.'.' •I') --: "• •: '" . .•::.-•{ 3 4 1 2 G.J, 1 .'JO ^ 2'.f.' t -" •' :\. / 1 •_• 33 :• 5 :. 4 r> ' ~; •"? 00 0 00 0 '.- 7 ". 6 * :„ o K: "^ -^r . •i •"; .t l. ^ tvr rj ..., j.. ., 32 3 1 3 :?7 W 7 P:,;. >.^ -.!.'• 34 1-2 91 •-.'= •' J 9 :!. 81 81 7 9 9O 00 00 rr ,-• 30 21 2 '' 2 ';T .:.! 2. 2 .1 2O '".^ 'T* '., ; ".• , ...' :'•••:„ --' : i, '"'•• = 667 , 30 •i .... ;; ' ' . • f '•' ' I •••• ' ' •'••'-' '. 2,754,,-, a j:.. , • :•-.:' •'• •• ..: ' ' 1 '4 / ' |:<;i _ " :'": / "}_ f. 7 4 ^ '. « -, - I . i" " i- «' . •"" ! f. ••'•*• , j j ,:: , ::": " '"' j '""' ' '' w ••• '• •' t "*• C" •"• •! "".-!•'"; :, '•:• , 4 : .':• 2 ., 3 '? ', 2, 'i 6 3.^3 -; ;•;;••; ', O.OC' ;. 3,31::-, '-3 -' < - - -•' •• " ••' ,- -••-. ,-'li~ ,--j T/f, " "• ? .../- -J ~. -- .:. 5 . •,....-• .. -..••.-• '• 2,2- / ,. :. ;:; ', 2, :-?'3v. <-•'* r. 2. .: '?'30: ., ' "'3 •; r.,74:.:9 < 2 » 92^-' ,. ^v7