2015-030 - Assessmnet District No. 2015-01

Home Browse Search

F. A proposed maximum annual assessment upon each of the several subdivisions of land in the district to pay the costs incurred by the City and not otherwise reimbursed which result from the administration and collection of assessments or from the administration or registration of any associated bonds and reserve or other related funds. When any portion or percentage of the assessable costs and expenses of the construction of the Improvements is to be paid from sources other than assessments, the amount of such portion or percentage shall first be deducted from the total estimated costs and expenses of such construction, and such assessment shall include only the remainder of the estimated costs and expenses. Section 5. Financing of the Improvements. NOTICE IS HEREBY GIVEN that the City proposes to finance the cost of the Improvements, including the cost of the incidental expenses, in connection therewith through the issuance of bonds (the "Improvement Bonds ") pursuant to the "Improvement Bond Act of 1915" (the 'Bond Act'), Division 10 of the Streets and Highways Code of the State of California. The payment of the debt service on the Improvement Bonds shall be secured by the unpaid assessments within the District or the Benefit Area for which such series of the Improvement Bonds have been issued pursuant to the provisions of the Improvement Act and the Bond Act. The provisions of Part 11.1 of the Bond Act, providing an alternative procedure for the advance payment of assessments and the calling of bonds shall apply to the Improvement Bonds. The principal amount of each series of the Improvement Bonds maturing each year shall be other than an amount equal to an even annual proportion of the aggregate principal of such series, and the amount of principal maturing in each year, plus the amount of interest payable in that year, will be generally an aggregate amount that is equal each year, except for the first year's adjustment. Pursuant to the provisions of the Improvement Act and specifically Streets and Highways Code Section 10603, the Treasurer is hereby designated as the officer to collect and receive the assessments during the cash collection period. Section 6. Assessment Law. Except as may otherwise be provided for in the issuance of the Improvement Bonds described above, all of the Improvements shall be constructed pursuant to the provisions of the Assessment Law. Section 7. Surplus Funds. If any excess shall be realized form the assessment, it shall be used in such amounts as the legislative body may determine, in accordance with the provisions of law for one or more of the following purposes: A. Transfer to the General Fund, provided that the amount of any such transfer shall not exceed the lesser of One Thousand Dollars ($1,000.00) or five percent (5 %) of the total from the Improvement Fund; Resolution No. 2015 -030 Page 3 of 8