HomeMy WebLinkAboutReso 084-94 AD91-1 DubBlExtRESOLUTION NO. 84 - 94
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
Authorizing Distribution of Excess Construction Funds From Assessment District 91-1 Dublin
Blvd. Extension District (FUND #315) In Accordance With Street & Highway Code Section
10427
WHEREAS, The City has completed the construction of the Dublin Boulevard Extension
District improvements as described in financing documents related to Assessment District
91-1; and
WHEREAS, The improvements were accepted by the City of Dublin on December 13, 1993
and it is now appropriate to close out any remaining construction funds; and
WHEREAS, Street and Highways Code Section 10427 describes the methods available for
the distribution of any excess funds; and
WHEREAS, The funds may be applied as a credit to the assessment under Section
10427.1 of the Street and Highways Code; and
WHEREAS, The Bond Counsel has calculated the spread of $12,900 in excess funds
among the participating properties; and
WHEREAS, Section 10427(a) allows for the transfer of up to $1,000 of excess funds
to the City General Fund; and
WHEREAS, Staff estimates that once a total credit of $12,900 is applied to the
properties that less than $1,000 will remain in the Construction Fund.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby authorize the following actions in accordance with the Street & Highways Code:
A total of $12,900 (Twelve thousand and nine hundred dollars) in excess Dublin
Blvd Assessment District construction funds (Fund #315), shall be applied to
the 1994/95 property tax assessments in the manner allowed under Section
10427.1.
Any remaining funds remaining following the application of the credit
described in Section A above, shall be transferred to the General Fund.
Except that such a transfer shall not exceed $1,000 (One thousand dollars) as
allowed by Section 10427(a).
Staff shall be authorized to take all actions necessary to close Fund #315 in
the City's financial records as of June 30, 1994.
PASSED, APPROVED AND ADOPTED this 22nd day of August, 1994o
AYES: Councilmembers Burton, Houston, Howard, Moffatt and Mayor Snyder
NOES: None
ABSENT: None