HomeMy WebLinkAbout1997-03-25; City Council; 14099; La Costa Downs / AD 92-01 fund closureASSESSMENT DISTRICT NO. 92-1
dTG. 3-25-97 (LA COSTA DOWNS)
CLOSURE OF FUND IEPT. ENG
RECOMMENDED ACTION:
Adopt Resolution No. 97-40'7 approving the closure of the Assessment District No. 92-1
(La Costa Downs) Fund and the return of remaining balance to the property owners.
ITEM EXPLANATION:
On September 5, 1995 the City Council held a public hearing and approved Assessment District
No. 92-1 and authorized the sale of bonds. The City sold 1911 Act bonds in the amount of
$814,299 and three owners paid $66,712 in cash to finance the construction of three local streets:
Descanso Boulevard (now Island Way), Ponto Drive (now Surfside Lane), and Franciscan Road.
This project was completed and the Notice of Completion was approved by the City Council on
August 6, 1996.
Currently, a balance of approximately $1 54,000 remains in the Assessment District fund due to
lower than projected construction cost and interest earnings on these funds. 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 City, provided that the amount transferred shall not
exceed the lesser of $1,000 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 owning the property 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.
Staff is recommending that Council authorize the return of surplus funds to the property owners as
described above after $1,000 is transferred to the City General Fund to cover administrative costs.
Page 2 of Agenda Bill No. yj Oq 9
FISCAL IMPACT:
The balance of approximately $154,000 currently held in the Assessment District No. 92-1 fund 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 administrative costs.
EXHIBITS:
1. Location Map.
2. Resolution No. 5 3 - 0 3 approving the closure of the Assessment District No. 92-1
(La Costa Downs) Fund and the return of remaining balance to the property owners.
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CITY OF CARLSBAD-LA COSTA DOWNS1 EXHIBIT I
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RESOLUTION NO. 97-407
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, MAKING DECLARATION
RFGAR DING SUR PLUS IN IMPROVFMENT FUND.
WHEREAS, the City Council of the City of Carlsbad, California, has conducted
xoceedings and completed construction for certain works of improvement in a special
assessment district pursuant to the terms and provisions of the “Municipal Improvement Act of
191 3”, being Division 12 of the Streets and Highways Code of the State of California; said special
assessment district known and designated as ASSESSMENT DISTRICT NO. 92-1 (LA COSTA
DOWNS) (hereinafter referred to as the “Assessment District”); and,
WHEREAS, after completion of the improvements and payment of all the claims from the
Improvement Fund for said Assessment District, there remains a surplus in the Improvement
%nd, and this legislative body is desirous at this time to make the disposition of said surplus as
50 provided by Section 10427 of the Streets and Highways Code of the State of California.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad,
Zalifornia, as follows:
SECTION 1. That the above recitals are all true and correct.
SECTION 2. That the works of improvement, as set forth and described in the
?esolution of Intention for these proceedings, have been completed to the satisfaction of this
egislative body, and all payment has either been made or set aside for all existing or potential
:laims, costs and expenses.
SECTION 3. That all surplus monies, at this time remaining in the Improvement Fund,
;hall be applied as a credit or payment to property owners within the boundaries of the
Assessment District on a pro-rata basis generally determined as follows:
A. To those who paid cash, the proportionate share of the surplus shall be
.eturned in cash to the person or persons owning the property for which the payment has been
)aid upon their furnishing satisfactory evidence of payment;
B. Where any part of an individual assessment remains unpaid and is payable
n installments, the amount apportioned to each parcel shall be credited against the next
nstallment or installments unpaid.
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SECTION 5. That the Treasurer shall determine the pro-rata amount each assessment
is entitled to receive based on the remaining surplus in the Improvement Fund.
SECTION 6. Prior to any distribution as set forth above, the lesser amount of $1,000 Or
five percent (5%) of the amounts expended from the Improvement Fund shall be transferred to
the General Fund of the City.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Carlsbad City Council
held on the 25th day of March , 1997 by the following vote, to wit:
AYES: Council Members Lewis, Finnila and Hall
NOES: None
ABSENT: Council Members Nygaard an
ATTEST:
ALETHA L. RAUT (SEAL)