The URL can be used to link to this page

Home My WebLink AboutRESO 595751378 .. .ORIGINAL RESOLUTION NO. 5957 RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO AftENOING RESOLUTION NO. 5928 TO PROVIDE TH!'.T AFFECTED PROPERTY OWNERS MAY PAY Fat THE If4>ROVEMENTS OVER A PERIOD OF FIVE (5) OR TEN {10) YEARS UNDERGROUND UTILITY DISTRICT NO. 23 WHEREAS 7 the Council of the City of Palo Alto adopted Resolution No. ~q~p a.t 1ts mP.eti11g at ,·1·1m.: 22, 1981; ".!'Jn • .: · :i Rf~·~· ~e::·;( A:-0·1:··· ic.:t Nv :.S?R provhl..:. 1:h1 · -:,,;y t.·ifec:1-1: ~w•11.~· ht..· .·,:. · ~~ ;(•., o[· 1.;\\ i;·!s, tti£> .:;o~,-i-; ·:_. -:onverting ;1·'~ ser11~u. c~·;111ecti ... ·n tc '.mdt·;::roL;1d ·~,;u;;·~:ons over a )erioct \if f·;ve (5) years; anti WHEREAS~ it has been deter·rnined by the City Council that aHecteli property owners should have the or·· ion of paying such costs over a period of five (5) or ten (10) years~ at the 1..ption of the affected property owr.er; NOWt TrtEREFClRE, the Counc-1 nf the City of Pa~o Alto does RESl:L"!E as follows: :;Er.TION l, lh at para gr apt• lO of Rf? so 1 u ti on No, 5928 !Je amended t.. reaci o.S ff' i l u.•:_ 10. ·1hat the City Clerk is hereby aut11ori!ed and directed to include in said noth.e '· statement to tht. efte1..-; that. any affected o\lltler has the option of paying the t.u~ L o~ converting his ~erv ice connection to underground "i ocat ions over a period of five (5) or ten (10) years 9 at the ~rti~r of the affected property owner, with interest to be computed ilt :1 r .::t.e equa 1 to three-quarters of one percent ( 3/4 of 1%) in excess ot the rate shown in the New York Bond Buye~ Index of Municipal Bond Average Yielc1s for 20 bonds for t~e wee next preceding tht: day on which the underground utility district is ordered and formed. INTRODUCED AND PASSED: September 14, 1981 AYES: Bechtel, Fazzino, Fletcher, Henderson, Klein, Levy, Renzel NOES: None ABSTENTIONS: Witherspoon ABSENT: Eyerly ATT/2 _(_~~ City C le~k-------------- APPROVED: APPROVED: Mayor 1 ... NOTICE AS ro OPTIONAL FORM OF PAYMENT FOR CONVERSION OF SERVICE CONNECTION UNDE~GROUNO UTILITY DISTRICT NO. 23 On August 10, 1981, there was held a public hearing by the Counci 1 of the City of Palo Alto as to whether to require conversion of overhead utility f aci lit ies to underground locations within the proposed underground utility district described in Resolution No. 5928 adopted by the City Council on June 22, 1981. Please take notice that the City Council ordered the formation of said underground utility ·-cflstrict on August 24~ 1981~ and it is now the responsibility of each affected owner to cal'SP. the clect.:-·it:al servk~ connect·ion on his property to be converted to a.r1 um.ter9rotmc~ ·1ot·ation i\t h ::- expense. Please also take notice that each affected owner has the option of arranging his own financing for the cost of conversion or financing throuf:ih the City over a period of either five (5) or ten (10) years, at the option of the property owner, with interest to be computed at a rate equa 1 to three quarters of one percent (3/4 of 1%) in excess of 12.49%, the rate ~howr. in th~ New York Bond Buyer Index of Municipal Bond Average Yields for 20 bonds for the week next preceding the day on which the underground utility district. W?.s ordered formed. Assessor's Parcel No. Street Address The estimated base cost of converting your service connection is $ -------- The incidental expense of financing the base cost over a period of years is $ ------- The principal amount which would have to be repaid, with interest, if the option to pay over a period of years is exercised {special assessment) is $ ----- If you pref er to make your own financing arrangements your only responsibility is to accomplish the conversion work within the required time limits. If you prefer the time payment option please complete and sign the accompanying option form and return it to Chief Electrical Engineer City Hall Palo Alto, California 94303 prior to October 16, 1981. If the option to pay ovei' a period of years is exercised. upon completion of the underqround construction work on your property b.Y.f you, byou may file with the City Controller a verified claim for tlie aroount o 'the ~ co~t set forth above. This amount will be paid to you when the claim has been duly audited and approved. Concurrently with such payment by the City, a lien in the amount of the sRecial assessment set forth above will be established against your property, w 1ch wilTTemain in effect until you have repaid the amount thereof in full, with interest. The principal amount is repayable in equal annual amounts, and interest is computed on the reducing balance of principal. The installment payment amounts will appear on your regular property tax bills. Dated: ________ , 1981 City Clerk OPTION TO PAY ELECTRICAL SERVICE CONNECTION COST OVER A PERIOD OF EITHER FIVE (5) OR TEN (10) YEARS UNDERGROUND UTILITY DISTRICT NO. 23 The undersigned owner{s) of the property hereinafter described hereby elect(s) to pay the cost of converting the electrical service connect ion on said property over a period of either 5 years Q, or 10 years n (please check one box), with interest, as provided .in Sections 1?..16.09~""to. 12.16.097~ i nc 1 us i v e, of the Pal o A 1 to Municipal Code, I (we) understand that the base cost of accomplishing said conversion in th.a amount of S wi 11 be paid to me (us) in cash when I {we) have completed the convers1on work to the satisfaction of the ·:ity. and that a special assessment wi 11 thereupon be established against said property in the principal amount of S which will constitute a. 1 ien on said property until r~paid in full, with fnterest. I (we) consent and agree to the establishment of said lien, petition for said work, and waive the taking of proceedings under Division 4 of the Streets and Highways Code ir. connection therewith. Dated , 1981. -------- Assessor 1 s Parcel No. Street Address Please sign and mail the above option fonn to: Chief Electrical Engineer City Ha 11 Palo Alto. California 94303 0-wner(s)