HomeMy WebLinkAbout2017-06-13; City Council; Resolution 2017-115EXHIBIT 13
RESOLUTION NO. 2017-115
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA ("CITY"), DECLARING THE IMPROVEMENT AND REDEMPTION
FUNDS AS SURPLUS, ORDERING THE DISPOSITION OF SURPLUS AMOUNTS,
APPROVING THE REASSESSMENT DISTRICT CLOSEOUT ANALYSIS AND
FINDINGS REPORT PREPARED BY NBS FOR REASSESSMENT DISTRICT NO.
97-1 (ALGA ROAD AND COLLEGE BOULEVARD), AND AUTHORIZING THE
TRANSFER AND APPROPRIATION OF FUNDS.
WHEREAS, the City Council for the City of Carlsbad (the "City Council") has, by previous
resolution and related actions, undertaken proceedings to establish Assessment District No. 88-1 (Alga
Road) (the "Original District"); and
WHEREAS, City of Carlsbad Limited Obligation Improvement Bonds, Assessment District
No. 88-1 (Alga Road) were issued on September 26, 1990 to finance public improvements as described
in the formation Engineer's Report for the Original District; and
WHEREAS, the City Council refunded the Original District and Assessment District No.
85-2 (College Boulevard) with Reassessment District No. 97-1 (Alga Road and College Boulevard) (the
"Reassessment District"); and
WHEREAS, City of Carlsbad Limited Obligation Refunding Improvement Bonds,
Reassessment District No. 97-1 (Alga Road and College Boulevard) (the "Refunding Bonds") were issued
on December 19, 1997 to refund the outstanding City of Carlsbad Limited Obligation Improvement
Bonds, Assessment District No. 88-1 (Alga Road) and City of Carlsbad Limited Obligation Improvement
Bonds, Assessment District No. 85-2 (College Road); and
WHEREAS, on September 2, 2005, the City called the outstanding Refunding Bonds
attributable to Assessment District No. 85-2 (College Road); and
WHEREAS, on September 2, 2009, the City called all remaining outstanding Refunding
Bonds; and
WHEREAS, the public improvements authorized in the formation Engineer's Report for
the Original District have been completed; and
WHEREAS, the Public Works Director has filed with the City Council a Notice of
Completion of Public Improvements (Doc#: 1991-0383069); and
WHEREAS, the City Council is satisfied that the public improvements have been
completed; and,
WHEREAS, the payment of all principal and interest due on the Refunding Bonds has
been completed, and Reassessment District surplus funds exist in the following amounts:
Fund Balance as of March 31, 2017
Improvement Fund $316,747.29
Redemption Fund $100,804.68
NOW, THEREFORE, IT IS AGREED by the City Council of the City of Carlsbad, California as
follows:
1. The above recitals are true and correct.
2. The Notice of Completion of Public Improvements was filed as Document No.
1991-0383069.
3. The City Council declares the balance of the Reassessment District's
Improvement and Redemption Funds to be surplus.
4. The City Council approves the Closeout Analysis and Findings Report prepared
by NBS for the City on file with the City Clerk.
5. The City Council orders surplus in the Improvement Fund and Redemption Fund
to be used for the purpose of ongoing maintenance of the improvements, as identified within the
Closeout Analysis and Findings Report.
6. The City Council authorizes the Administrative Services Director to transfer
$1,500 from the Reassessment District Improvement Fund and Redemption Fund to the General Fund
for reimbursement of administrative costs.
7. The City Council authorizes the Administrative Services Director to transfer all
remaining balances in the Reassessment District Improvement Fund and Redemption Fund to the
General Capital Construction Fund and appropriate said funds for the purposes described above.
8. The City Council orders the closure of the Improvement Fund and Redemption
Fund following such transfers and appropriations.
PASSED, APPROVED AND ADOPTED at a Joint Special Meeting of the Carlsbad City Council,
Carlsbad Municipal Water District Board of Directors, Carlsbad Public Financing Authority Board of
Directors, Community Development Commission, and City of Carlsbad as Successor Agency to the
Redevelopment Agency, held on the 13th day of June, 2017, by the following vote to wit:
AYES:
NOES:
ABSENT:
M. Hall, K. Blackburn, M. Schumacher, C. Schumacher, M. Packard
None.
None. M~
ATIEST: