HomeMy WebLinkAboutCity Council Resolution 91-41.2 RESOLUTION NO. 91-41.2
A RESOLUTION ESTABLISHING REVOLVING FUND FOR PURPOSE
OF LENDING MONIES TO THE CITY OF SARATOGA ON
LANDSCAPING AND LIGHTING DISTRICT LLA-1,
ANNEXATION NO. 1991-2
RESOLVED, by the City Council of the City of Saratoga,
California as follows:
WHEREAS, pursuant to the Landscaping and Lighting Act of
1972, on the first day of May 1991, said Council did adopt its
Resolution No. 91-41, "A Resolution Determining to Undertake
Proceedings for the Annexation of Territory to an Existing
Landscaping and Lighting District Known as City of Saratoga
Landscaping and Lighting District LLA-I", said annexation
hereinafter referred to as "Annexation No. 1991-2";
WHEREAS, the improvements to be acquired within the
territory comprising Annexation No. 1991-2 include acquisition of
certain lands described in Resolution No. 91-41, for parks,
recreational and open space purposes ("proposed improvements");
WHEREAS, the estimated cost of acquiring the proposed
improvements described in Resolution No. 91-41 is greater than
can be conveniently raised from a single annual assessment and
therefore must be raised by an assessment levied and collected in
installments over a period not to exceed thirty (30) years;
WHEREAS, said Council's intent is to provide a temporary
advance from the General Fund of the City to the Landscaping and
Lighting District LLA-1, Annexation 1991-2 of the sum necessary
to pay the cost of acquisition of the proposed improvements and
to have a portion of said advance repaid to the General Fund from
the annual installments levied and collected during each fiscal
year of the thirty (30) year period, with the remaining portion
of said advance constituting a direct contribution from the
General Fund toward the cost of acquisition of the proposed
improvements;
WHEREAS, it is the desire of said Council that in the event
a Special Fund is created by vote of the electorate or by other
lawful means, for the purpose of financing open space acquisition
within the corporate limits of the City of Saratoga, the proceeds
from said fund may be used to repay the General Fund the amount
temporarily advanced to the Landscaping and Lighting District
LLA-1, Annexation No. 1991-2.
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NOW, THEREFORE, it is hereby found, determined and ordered,
as follows:
1. That the City shall provide a temporary advance from
the General Fund of the City to Landscaping and Lighting District
LLA-1, Annexation No. 1991-2 in the amount of $330,000,
representing the sum necessary to pay the cost of acquisition of
that certain land described as a portion of Assessor's Parcel
403-23-062 in the County of Santa Clara, City of Saratoga, for
parks, recreational and open space purposes.
2. There is hereby established within the General Fund of
the City a Revolving Fund to which the City shall transfer the
sum of $330,000 for the purpose of providing said temporary
advance to the Landscaping and Lighting District LLA-1,
Annexation No. 1991-2, to pay the cost of acquisition of said
proposed improvements.
3. That 25% of $330,000 ($82,500) shall represent a direct
contribution from the General Fund of the City toward the
acquisition costs of said land.
4. That the Landscaping and Lighting District LLA-1,
Annexation No. 1991-2 shall repay the Revolving Fund of the
General Fund the principal sum of 75% of $330,000 ($247,500),
which sum is greater than can be conveniently raised from a
single annual assessment and therefore said sum shall be raised
by an assessment levied and collected in installments over a
period not to exceed thirty (30) years.
5. That should there be created by vote of the electorate
or by other lawful means a Special Fund for the purpose of
financing the acquisition of land within the corporate limits of
the City of Saratoga for open space purposes, it is the intent of
this Council that as proceeds from said funds become available,
such proceeds may be used to reimburse the Revolving Fund of the
General Fund the amount then remaining unpaid of the $247,500
owing to said Revolving Fund by Landscaping and Lighting District
LLA-1, Annexation No. 1991-2.
Passed and adopted by the City Council of the City of
Saratoga, California, at a meeting thereof held on the 15th
day of May, 1991 by the following vote of the members thereof:
AYES: Councilmembers Anderson, Clevenger, Kohler, Monia, and Mayor Stutzman
NOES: None
ABSENT: None
City Clerk
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