HomeMy WebLinkAboutCC Res 1433 1966-05-02
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RESOLUTION NO. 1'166-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SEAL BEACH PROVIDING FOR THE REPAYMENT OF
LOANS MADE TO THE ACQUISITION AND CONSTRUCTION
FUND FOR PARKING DISTRICT NO.1 OF SAID CITY.
~REAS, by Ordinance No. 632 adopted September 23, 1963, the'
City Council of the City of Seal Beach, acting pursuant to the
Parking Distr~ct Law of 1951, declared, formed, and established the
boundaries of Parking District No. 1 of the City of Seal Beach; and
WHEREAS, pursuant to the authority granted by Section 35108.5
of the Streets and Highways Code, this City Council heretofore trans-
ferred from the General Fund, the Water Fund, and the Park and
Boulevard Fund to an acquisition and construction fund for said
district the total sum of $91,969.59, as a loAn to such special fund,
and said monies have been used to make ~he~acquisitions and improve-
ments contemplated by Resolution No. 1251, adopted July 16, 1963, and
ordered by said Ordinance No. 632, and incidental expenses in connec-
tion therewith; and
WHEREAS, this City Council has determined that bonds shall not
be'issued for the purpose of repaying such advances and accordingly
determines that such advances shall be repaid under the alternate
method specified in said Section 35108.5;
NOW, THEREFORE, the City Council of the City of Seal Beach,
California, does hereby resolve, determine, and order as follows:,
Section 1. That said sum of $91,969.59 shall be repaid as
follows:
(1) The sum of $8,400 for the fiscal year 1965-66;
(2) The sum of $8,900, including interest at the
rate of 4 per cent on the unpaid balance, for
each fiscal year beginning with the fiscal
year 1966-67 as follows:
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(a) During each fiscal year the net revenues
derived during that year from the operation of
the parking places acquired for the benefit of
the district shall be credited to said advance;
(b) During each fiscal year the net revenues
deriv.ed during that year from parking meters
maintained on public ways within said district
as specified in said Resolution No. 1251 shall
be credited to said advance;
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Resolution Number
(c) When in any fiscal year the total credits
made pursuant to (a) and (b) above is less than
$8,900, the City Council shall, in the manner
provided in said Parking District Law of 1951,
levy and collect in the next fiscal year
ad valorem assessments upon the taxable real
property in the district, as contemplated by
Section 9 of said Resolution No. 1251, sufficient
to cover any rematfting unpaid deficiency for any
previous fiscal year; provided, that the ad valorem
assessment levied in any fiscal year shall not
exceed 75C per $100 of assessed valuation and
ad valorem assessments shall not be levied for any
period exceeding 30 years from the date this
resolution is adopted.
(d) To the extent that for any fiscal year the
credits made pursuant to (a) and (b) above, plus
subsequent ad valorem assessments levied and collected
pursuant to (a) and (b) above, plus subsequent ad
valorem assessments levied and collected pursuant to
(c) above to cover the deficiency for that year, do
not equal at least $8,900, a city contribution shall
be credited to such advance, as contemplated by
Section 7 of said Resolution No. 1251, in an amount
equal to the remaining net deficiency for such year;
provided that the city contribution for any year shall
not exceed $1,200.
PASSED, APPROVED, AND ADOPTED by the City Council of the City
of Seal Beach at a meeting thereof held on the ~.I.Jr I) ~ /'#6
by the following vote: ~ ~
AYES: COUNCILMEN ~, ~~V..u<~
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NOES: COUNCILMEN
ABSENT: COUNCILMEN
/>>e- Jf/4~~~
~or
A'ITEST:
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City Clerk
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