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HomeMy WebLinkAboutTC Res 2014-06-18 (5)RESOLUTION NO. 21-2014 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF TIBURON DETERMINING SURPLUS AND ORDERING DISPOSITION THEREOF Del Mar Utility Undergrounding Assessment District and Del Mar Utility Undergrounding Supplemental Assessment District RESOLVED, by the Town Council (the "Council ") of the Town of Tiburon (the "Town "), County of Marin (the "County "), State of California, that: WHEREAS, the Town previously conducted proceedings pursuant to Resolution No. 19- 2003 "A Resolution of the Town Council of the Town of Tiburon of Intention to Make Acquisitions and Improvements," adopted by the Council on June 4, 2003, with respect to the Del Mar Valley Utility Undergrounding Assessment District (the "Original District "); WHEREAS, the Town subsequently conducted fiuther proceedings pursuant to Resolution No. 08 -2006, entitled "A Resolution of the Town Council of the Town of Tiburon of Intention to Make Acquisitions and Improvements," adopted by the Council on February 1, 2006, with respect to the Del Mar Valley Utility Undergrounding Supplemental Assessment District (the "Supplemental District "); WHEREAS, assessments were levied and bonds were issued in the principal amount of $4,184,700 (the "Original Bonds ") with respect to the Original District to represent the unpaid assessments levied in the Original District under the Improvement Bond Act of 1915, Division 10 of the California Streets and Highways Code (the "Bond Law "); WHEREAS, assessments were levied and bonds were issued, in a single series, in the principal amount of $1,962,600 (the "Supplemental Bonds ") with respect to the Supplemental District to represent the unpaid assessments levied in the Supplemental District under the Bond Law; WHEREAS, all acquisitions and improvements provided for in the proceedings for the Original District and the Supplemental District required to be made have been made and all costs thereof, together with the expenses incidental thereto, have been accounted for and are scheduled for payment; WHEREAS, an unencumbered balance in an amount not to exceed $728,965.30 remains in the Improvement Fund for the Original District (the "Original District Surplus "), and an unencumbered balance in an amount not to exceed $497,512.05 remains in the Improvement Fund for the Supplemental District (the "Supplemental District Surplus "); and WHEREAS, this Council now wishes to make provision for the determination of surplus funds for their orderly distribution under the Act. Town Council Resolution No. 21 -2014 Adopted June 18, 2014 NOW, THEREFORE, IT IS DETERMINED AND ORDERED as follows: 1. The unencumbered balances in the Improvement Fund for the Original District and in the Improvement Fund for the Supplemental District are hereby determined to be surplus and shall be disposed of as follows: a. The Town shall transfer from the Original District Surplus and the Supplemental District Surplus, on a pro rata basis, a total amount of up to $1,000 to the General Fund of the Town, as permitted by the Bond Law. b. The balance of the Original District Surplus shall be transferred to the Redemption Fund established for the Original District to be applied as a credit upon the assessments within the Original District (in the proportion which the amount of each individual assessment bears to the total amount of all individual assessments), as follows: (i) for any individual assessments for the Original District that have been fully paid and satisfied as of the date of the adoption of this resolution, the credit thereon shall be given in cash (by check of the Town) to the owner of record of the applicable parcel as of the date of the adoption of this resolution; and (ii) for all individual assessments that remain unpaid and are payable in installments, the Original District Surplus amounts apportioned to each parcel will be credited against the next installment or installments unpaid upon that parcel; provided, however, that no credit may be paid or credited until after a period of 2 years after the date the Original Bonds were issued. The balance of the Original District Surplus remaining in the Redemption Fund for the Original District after paying the credit in cash as specified in (i) above shall be retained in the Redemption Fund for the Original District and used to pay debt service on the Original Bonds at the subsequent interest payment date or dates. C. The balance of the Supplemental District Surplus shall be transferred to the Redemption Fund established for the Supplemental District to be applied as a credit upon the assessments within the Supplemental District (in the proportion which the amount of each individual assessment bears to the total amount of all individual assessments), as follows: (i) for any individual assessments for the Supplemental District that have been fully paid and satisfied as of the date of the adoption of this resolution, the credit thereon shall be given in cash (by check of the Town) to the owner of record of the applicable parcel as of the date of the adoption of this resolution; and (ii) for all individual assessments that remain unpaid and are payable in installments, the Supplemental District Surplus amounts apportioned to each parcel will be credited against the next installment or installments unpaid upon that parcel; provided, however, that no credit may be paid or credited until after a period of 2 years after the date the Supplemental Bonds were issued. Town Council Resolution No. 21 -2014 Adopted June 18, 2014 2 The balance of the Supplemental District Surplus remaining in the Redemption Fund for the Supplemental District after paying the credit in cash as specified in (i) above shall be retained in the Redemption Fund for the Supplemental District and used to pay debt service on the Supplemental Bonds at the subsequent interest payment date or dates. The Director of Administrative Services (or designee thereof) of the Town is hereby authorized and directed to cause the credits to be made in accordance with this Resolution. 4. The Auditor's Records for the Original District and the Supplemental District shall be corrected to reflect the credits for assessments which are payable in installments, as provided herein, which corrections may be made on the face thereof or by an amendment thereto. For any delinquent assessments subject to judicial foreclosure proceedings, the Finance Director shall notify foreclosure counsel of the giving of the credits herein specified. 5. This Resolution shall become effective upon the date of its adoption. PASSED AND ADOPTED at the regular meeting of the Town Council of the Town of Tiburon, State of California, on this 18th day of June, 2014, by the following vote: AYES: Councilmembers: NOES: Councilmembers: ABSENT: Councilmembers: Doyle, Fraser, Fredericks, O'Donnell, Tollini None None ALICE FREDERICKS, MAYOR TOWN OF TIBURON ATTEST: DIANE CRANE IACOPI, TOWN CLERK Town Council Resolution No. 21 -2014 Adopted June 18, 2014