HomeMy WebLinkAboutRES NO 73-99A RESOLUTION DETERMINING A SURPLUS IN THE CITY
OF BAKERSFIELD ASSESSMENT DISTRICT 93-3
(CALIFORNIA-OAK) IMPROVEMENT FUND AND
DIRECTING DISPOSITION THEREOF PURSUANT TO
STREETS AND HIGHWAYS CODE SECTION 10427
WHEREAS, on October 6, 1993, the City Council adopted Resolution No. 159-93,
a Resolution Determining to Undertake Proceedings Pursuant to Special Assessment and
Assessment Bond Act for the Construction and Acquisition of Improvements, whereby the
Council approved proceeding with the formation of an Assessment District pursuant to the
Municipal Improvement Act of 1913, and
WHEREAS, on May 4, 1994, the City Council adopted Resolution No. 1115, a
Resolution of Intention, whereby the Council stated its intention to form Assessment
District 93-3, and
WHEREAS, on June 29, 1994, the City Council adopted Resolution No. 99-94, a
Resolution Adopting the Engineer's Report; Confirming the Assessment; and Ordering the
Construction and/or Acquisition of the Improvements, whereby the Council formed
Assessment District 93-3 and directed the levy of the assessments therefor, and
WHEREAS, on November 16, 1994, the City Council Adopted Resolution No. 180-
94, a Resolution Determining Unpaid Assessments and Providing for Issuance of Bonds,
and Resolution 181-94, a Resolution for Approving Purchase of Bonds and Awarding Sale
of Bonds, whereby the Council provided for the funding of Assessment District 93-3
pursuant to the Improvement Bond Act of 1915, and
WHEREAS, on February 14, 1995, the City of Bakersfield entered into a Bond
Purchase Contract with Sutro & Co. for the purchase of bonds in the aggregate amount of
$1,490,000, and
WHEREAS, on February 28, 1995, Sutro & Co. purchased $1,490,000 of
Assessment District 93-3 Limited Obligation Improvement Bonds, the proceeds of which
were received by the City and distributed as set forth in the Receipt for Bond Proceeds and
Disbursement Memorandum executed on even date by the City's Finance Director, and
WHEREAS, $1,126,828.98 of the bond proceeds were deposited in the Assessment
District 93-3 Improvement Fund for the construction and/or acquisition of the Assessment
District 93-3 Improvements as defined in the foregoing Resolutions and the documents and
reports identified therein, and
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WHEREAS, the construction and/or acquisition of the Assessment District 93-3
Improvements has progressed to the point where the City Council can appropriately
determine that there exists a surplus in the Assessment District 93-3 Improvement Fund,
and
WHEREAS, the City Finance Director has determined that the surplus in the
Assessment District 93-3 Improvement Fund is approximately $380,000, and
WHEREAS, Council has determined that it would be appropriate to use the surplus
in the Assessment District 93-3 Improvement Fund, pursuant to Streets and Highways
Code section 10427, to call bonds and for the maintenance of the Improvements, and
WHEREAS, Council has determined that it would be appropriate to reserve $31,421
of the surplus against the Judgment entered on May 13, 1999, in the matter entitled Caloak
Development Properties, L.P. v. City of Bakersfield, Kern County Superior Court, Case No.
235614-AEW,
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
BAKERSFIELD AS FOLLOWS:
1. That the City Finance Director shall use a minimum of $315,000.00 of surplus
funds for a bond call on September 2, 1999.
2. That the City Finance Director shall use a minimum of $9,450.00 of surplus
funds for the bond call premium for the aforesaid bond call.
3. That the City Finance Director shall set aside $31,421.00, representing the
amount of the Assessment District funds attributable to the relocation of the PG&E lines
as set forth in the Judgment entered in the matter entitled Caloak Development Properties,
L.P.v. City of Bakersfield, Kern County Superior Court, Case No. 235614-AEW, in a
separate interest bearing account pending the resolution of the Judgment by appeal, or
otherwise.
4. That the City Finance Director shall leave the remaining surplus in the
Improvement Fund for defraying the costs of maintaining of the Improvements, including,
but not limited to, the repair of the sump.
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by the
Council of the City of Bakersfield at a regular meeting thereof held on June 16, 1999, by
the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
COUNCILMEMBER CARSON, DEMOND, MAGGARD, COUCH, ROWLES, SULLIVAN, SALVAGGIO
COUNCILMEMBER NO I,,5 E
COUNCILMEMBER kSc~f4E._
COUNCILMEMBER ~<3L~E-
APPROVED JUN ~[ 6 1999
MAYOR of Bakersfield
APPROVED as to form:
OFFICE OF THE CITY ATTORNEY
By:
City Attorney
WHP:ALJ
S:\COUNCIL\Resos\Surplus AD 93-3.wpd
May 26, 1999
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