2016-015 - Determining Assessment Fund Surplus & ordering dispostion thereofRESOLUTION 2016 -015
RESOLUTION OF THE TOWN COUNCIL
OF THE TOWN OF LOS GATOS
DETERMINING ASSESSMENT FUND SURPLUS AND
ORDERING DISPOSITION THEREOF
WHEREAS, in proceedings conducted by this Council Under the Municipal
Improvement Act of 1913 (the Improvement Act), Division 12, California Streets and Highways
Code, for the Downtown Parking Assessment District 88 -1, the Town previously provided the
levy of assessments and issuance, delivery and sale of improvement bonds and making certain
improvements, all as therein described; and
WHEREAS, on November 21, 1988 the Town issued limited obligation
improvement bonds secured by the assessments made upon designated parcels in the Downtown
Parking Assessment District 88 -1 under the Municipal Improvement Bond Act of 1915 (the
Bond Act) in order to finance the costs of the improvements, and all of the bonds have been paid
in full and retired (whether at maturity or by early prepayment and redemption) in accordance
with the 1915 Act; and
WHEREAS, all improvements provided for in the proceedings have been made; all
costs thereof, together with expenses incidental thereto, have been paid; and all proceeds of the
bonds deposited in the improvement funds have been spent; and
WHEREAS, the amount of $179,204.18 remains in the assessment district reserve
fund account and is available for distribution to property owners; and
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS
GATOS DOES HEREBY RESOLVE:
I. The amount of $179,204.18 held in the Downtown Parking Assessment District
(88 -1) Fund reserve account be declared surplus.
2. The amount of $179,204.18 shall be transferred from the Downtown Parking
Assessment District to the Town of Los Gatos General Fund "pass through"
deposit account from which pro -rata distributions of the entire $179,204.18
balance to property owners shall be made.
3. Approval of a FY 2015/16 expenditure budget adjustment in the amount of
$179,204 in the Downtown Parking Assessment District 88 -1 Fund, source of
funding is from said surplus reserve account balances.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town
of Los Gatos held on the 5a' day of April 2016 by the following vote:
COUNCIL MEMBERS:
AYES: Marcia Jensen, Rob Rennie, Marico Sayoc, Mayor Barbara Spector
NAYS:
ABSENT: Steve Leonardis
ABSTAIN:
-SIGNED.
Ixe�e
MAYOR OF T E TOWN OF LOS GATOS
LOS GATOS, AL;FORNIA
DATE:
ATTEST:
CLERK ADMINISTRATOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
DATE: 7 I
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Resolution 2016 -015 April 5, 2016