NS-1599 - Laserfiche WebLink

Home Browse Search

EJC:ar 9/21/81 ORDINANCE NO. NS-1599 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA ANA PROVIDING FOR CONTRIBUTION OF $300,000 FROM THE GENERAL FUND AND A LOAN OF $690,000 FROM FEDERAL REVENUE SHARING FUNDS TOWARD THE COST OF IMPROVEMENTS TO BE CONSTRUCTED WITHIN ASSESSMENT DISTRICT NO. 246 WHEREAS, the City Council of the City of Santa Ana, by Resolution of Intention No. 81-119 heretofore adopted on July 20, 1981, declared its intention to order certain work to be done and certain acquisitions and improve- ments to be made, and to issue improvement bonds to repre- sent unpaid assessments in Assessment District No. 246, all pursuant to the Municipal Improvement Act of 1913 and the Improvement Bond Act of 1915, as described in that resolution; and WHEREAS, the City of Santa Ana intends to contri- bute to the cost of the improvements $300,000 from the general fund of the city, as provided in Section 10205 of the California Streets and Highways Code, and loan the District $690,000 from federal revenue sharing funds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES ORDAIN AS FOLLOWS: appropriates and acquired District No. Santa Ana in The City of Santa Ana hereby contributes and to the cost of the improvements to be constructed pursuant to the assessment proceedings in Assessment 246, funds from the general fund of the City of the amount of $300,00. e disburse the District No. ordinance. The Director of Finance is hereby directed to $300,000 to the Improvement Fund for Assessment 246, on or after the effective date of this 3. The $300,000 so contributed and appropriated to the Improvement Fund shall be deducted from the cost of the improvement, as provided in Section 10204 of the California Streets and Highways Code. 4. The City of Santa Ana hereby loans to Assessment District NO. 246, moneys in the amount of $690,000, from moneys received by the City of Santa Ana from federal revenue sharing funds, interest free, to be disbursed and repaid as hereinafter stated. In the first (lst) year, sufficient funds will be advanced to the bonding company to reduce funds collected from the District to $160,000; in the second (2nd) year, sufficient funds will be advanced to the bonding company to reduce funds collected from the District to $195,000; in the third (3rd) year, sufficient funds will be advanced to the bonding company to reduce funds collected from the District to $195,000; and in the fourth (4th) year the balance remaining, if any, of said $690,000 shall be advanced to the bonding company. 5. The Director of Finance is hereby directed to disburse the loan funds from federal revenue sharing funds to the bonding company for Assessment District No. 246, as per the appropriate bond servicing date as established at the time of the sale of the bonds.