HomeMy WebLinkAbout091-90RESOLUTION NO. 91-90
A RESOLUTION CREATING A REVOLVING FUND
ASSESSMENT DISTRICT NO. 89-1
RESOLVED, by the Town Council of the Town of Danville,
California as follows:
WHEREAS, the Town proposes to undertake proceedings for the
acquisition and construction of public improvements for this
Assessment District pursuant to the Municipal Improvement Act
of 1913, with bonds to be issued upon the security of the
unpaid assessments pursuant to the Improvement Bond Act of 1915;
WHEREAS, Section 10210 of the Municipal Improvement Act of
1913 provides that this Council, to expedite the conduct of
such proceedings and the making of any acquisition or improve-
ment, may, at any time, advance out of any available fund of
the City such sums as it deems necessary, and that any sums so
advanced are a loan and shall be repaid out of the proceeds of
assessments and/or the proceeds of tax-exempt bonds issued upon
the security of the unpaid assessments;
WHEREAS, Article 2, Chapter 3, Division 4 of Title 4
(commencing at Section 43420) of the California Government Code
provides for the creation of a revolving fund in conjunction
with special assessment and assessment bond proceedings of the
type herein contemplated;
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WHEREAS, the public convenience and necessity will be
served by creating a revolving fund in connection with said
proceedings.
NOW, THEREFORE, IT IS ORDERED, as follows:
1. A revolving fund, to be known as the Assessment
District No. 89-1 Revolving Fund, is hereby created and shall
be maintained.
2. The sum of $]50,000 Dollars ($150,000 ), and such
other sums as this Council may hereafter order, shall be trans-
ferred from the general fund or from other available funds of
the City to the revolving fund.
3. The monies in the revolving fund shall be expended for
the cost of acquiring and constructing public improvements,
including expenses incidental thereto, for Assessment District
No. 89-1 as the funds are required therefor, and the payment of
such expenditures with such monies shall constitute a temporary
advance by the City.
4. The revolving fund shall be reimbursed from the assess-
ments to be collected and the proceeds of the tax-exempt bonds
to be issued and sold in the proposed assessment proceedings,
and from such other sources as this Council shall hereafter
determine.
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5. When the purposes for which the revolving fund have
been fully accomplished, all monies remaining therein shall be
returned to the general fund or to such other funds from which
transfers were made to the revolving fund, and the revolving
fund shall then be discontinued.
6. A certified copy of this resolution shall be filed in
the office of the Finance Director.
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I hereby certify that the foregoing is a full, true and
correct copy of a resolution duly passed and adopted by the
Town Council of the Town of Danville, California, at a meeting
thereof held on the 17th day of April , 1989 by the
following vote:
AYES, and in favor thereof, Councilmembers: GREENBERG, LANE
RITCHEY, SCHLENDORF
NOES, Councilmembers:
ABSENT, Councilmembers: NONE
ABSTAIN, SHIMANSKY
ATTEST:
~~i er~k~j
Mayo r
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