HomeMy WebLinkAboutCity Council Resolution 93-021
RESOLUTION NO. 93-021
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
CREATING A REVOLVING FUND - LEONARD ROAD IMPROVEMENT DISTRICT
WHEREAS, the City of Saratoga is considering initiation of proceedings
for doing work and making public improvements for the project
designated as Leonard Road Improvement District pursuant to the
Municipal Improvement Act of 1913, Division 12 of the streets and
Highways Code of the state of California, with bonds to be issued upon
the unpaid assessments pursuant to the Improvement Bond Act of 1915,
Division 10 of said streets and Highways Code;
WHEREAS, Section 10210 of said Municipal Improvement Act of 1913
provides that this Council, to expedite the conduct of proceedings and
the making of any acquisition or improvement, may at any time advance
out of any money in any available fund such sums as it deems necessary
and that any sums so transferred are a loan and shall be repaid out of
the proceeds of any assessment levied;
WHEREAS, Title 4, Division 4, Chapter 3, Article 2 of the Government
Code of the State of California provides for the creation of revolving
funds in connection with proceedings had for the purposes therein set
forth; and
WHEREAS, the public convenience and necessity will be served by
creating a revolving fund in connection with said proceedings;
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. A revolving fund, to be known as the City of Saratoga Leonard
Road Improvement District Revolving Fund, is hereby created
and shall be maintained.
2. The sum of $5,000, and such other sums as the Council may
hereafter order, shall be transferred from the general fund
or from other available funds of the City to said revolving
fund.
3. The monies in said revolving fund shall be expended for the
cost of acquisition and improvements, including the costs and
expenses incidental thereto, of the said Leonard Road
Improvement District, as the funds are required therefor.
4. Said revolving fund shall be reimbursed, together with
interest at the rate of seven percent (7%) per annum, from
the assessments to be collected and the proceeds of the bonds
to be issued and sold in said proposed assessment proceedings
and from such other sources as the City shall hereafter
determine.
5. When the purposes for which said revolving fund is created
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 said revolving fund, and
said revolving fund shall then be discontinued.
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6. A certified copy of this resolution shall be filed in the
office of the City Treasurer.
The above and foregoing resolution was passed and adopted by the City
council of the city of Saratoga, California, at a meeting thereof held
on the 2nd day of June, 1993, by the following vote of the members
thereof:
AYES:
Councilmembers Burger, Kohler, Mania, Tucker and Mayor Anderson
NOES:
None
ABSENT: None
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ATTEST:
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