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Home My WebLink AboutRESO 6304RESOLUTION NO. 6304 A RESOLUTION DETERMINING PROPERTIES ELECTING TO PAY COST OVER A PERIOD OF YEARS, DETERMINING ANO CLASSIFYING UNPAID ASSESSMENTS, ANO FUNDING LOANS TO PROPERTY OWNERS FROM THE ELECTRIC SYSTEM IMPROVEMENT RESERVE UNDERGROUND UTILITIES CONVERSION UNDERllROUND UTILITY ASSESSMENT DISTRICT NO. 24 C r"'l ir'..-••\1 AL ·'· -·"' ~ .. -·. The City Council of the City of Palo Alto, California, does RESOLVE as follows: SECTION I. This Council did on Jaruary 24, 1983, adopt its Ordinance No. 3408, an Ordinance of the Council of the City of Palo Alto amending Section 12.16.020 of Chapter 12.16 of Title 12 of the Palo Alto Municipal Code by Establishing Underground Utility District No. 24. SECTION II. :-ne owners of certain properties have exercised ti1e option offered fn saia Ordinance and in Section 12.16.092 of said Code, to pay the cost over a period of years with such obligation secured by special assessments; and a list of the properties owned by persons who have exercised the option to pay the costs of con'/erting electric service connect ion to ui1derground locations ave; the period of ten years as indicated thereon is attached hereto as Exhibit •A" and her·eby made a part hereof; SECTION Ill. lt appears to this Council that in its proceedings under and pursuant to Resolution of Intention No. 6077 adopted on November 22, 1982 the assessments proposed to be levied should be made to matu r·e over a peri l)o of ten (10) years; SECTION IV.The public convenience and necessity require that the proceedings heretofore taKen with respect to said underground utility district be changed and modified to provide that the rate of interest to be paid by said owners of said properties shall be three quarters of one percent {3/4 of ii) in excess of the rate shown in the New Yon. Bond ~ller Index of Municipal Bond Average Yields for 20 bonds for the ~eek next p;:ece ng the day on which the Undergr.cund District was formed (January 24, 1983.) SECTION V. The assessments now remaining unpaid are as shown on Exhibit •A• attached hereto and by this reference made a part hereof, and that the aggre~ate amount thereof is $151,997 (includes $100 loan processing fee per assessment). This council hereby determines that the owners of the properties shown on Exhibit wA" hereto have elected to pay the cost of converting electric service connect1ons to underground locations over the period of ten years (10) and that saio costs shall represent the unpaid assessments in these proceedings. SECTION VI. By approval of this Council the City intends to advance the entire assessment from available funds without issuance of bonds as provided in Section 13.04.170(1) of Chapter 13.04 of Title 13 of the Palo Alto Municipal Code. The City shall advance all loans to assessed property owners and shall .. succeed to all rights und~the assessment and to all r1gh~whfch would have accrued under the bonds 1f they had been issuerl. Loans for Downtown Palo Alto I will be funded to the assessed property owners from the Electric System lrr~rovement Reserve (SIR). The total principal amount to be funded by the SIR will be $147,497 pending any changes in actual noneys loaned. The principal plus interest and loan processfng fee shall be repaid through the property owners• taxes for a period of ten {10) years. The loans shall bear interest from date issued1 but 1n no event more than ninety (90) days after the date of the co~let1on and acceptance of the underground facilities within said district as stated in Resolution 6077. The rate of interest will be 10.23 percent which is three quarters of one percent (3/4 of ii) iri excess of bonds for the week next preceding the day on which the Underground District was formed. Principal payments will be refunded to the Reserve for Underground Service Connections and interest will be added to the Electric System Improvement Reserve~ SECTION VII. A fee of $100 is added to the principal amount of each loan for Engl neer-i ng estimates of i ndi vi dual property underground conversions and 1 oan processing. I hereby certify that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the Council of the City of Palo Alto, California. at a meeting thereof held on the 27th day of August , 1984, by the following vote of members thereof: AYES: Bechtel, Cobb, Fletcher, Klein, Levy 1 Renzel, Sutoriu5, Witherspoon, Woolley NOES: None ABSENT: None APPRO~~-;, /%: Mayori =z:, ~ e C1ty of Palo X1to APPROVED AS TO FORM: BY: JONES HALL HILL & WHITE A Professiona!.J-:,aw Corporation By~t/df~ on o .. . I • I • e LIST OF UNPAID ASSESSMENTS UNOERGROUNU UTILITIES CONVERSION U~DERGROUNO UTILITY ASSESSMENT DISTRICT NO. 24 I, ti,e understgned Director of Finance. cert1fy that the attached list of assessments represents the cost of individual service conversions of proper~, owners who have elected to financ~ the cost of underground conversion over a period of years in lieu of paying in cash. By virtue of this election the owners have agreed to pay the conversion cost over ten years with interest, secured by a lien on their property. I further certify that the list attached he1eto as Exhibit MA" is a true, correct and complete list of all assessments unpaid and is hereby made and filed in f!lY office according to law. The total er aggregate amount of assessments unpaid is $151,997. Dated as of July 23, 1984. .. . . . . EXHIBIT A LIST OF UNPAID ASSESSMENTS CITY OF PALO ALTO OOWNYOWN PALO ALTO I UNDE~GROUND CONVERSION PROJECT UNDERGROUND UTILITY DISTRICT NO. 24 Owner Parcel No. Address Palo Alto Improvement Company 120-03-30 500 University JLS Associates II 120-03-33 544-46 University Eloise Smith and Raymond Bier 120-03-35 550 University George and Barbara M. Rugtiv; John and Carol OePoos 120-03-37 570 University Dale and Nancy S. Denson; Tonmie and Betty N. Plennons 120-03-68 533 Co11per E.A. Maas; Hare, Brewer & Kelley, Inc., et al 120-26-06 225 Lytton Jack L. Eng and Julia May Eng, et al 120-26-13 418-20 Ramona Robert H. and Sallie P. Ha~tz 120-26-20 209 University Sob and Maureen Collins 120-26-23 437 Emerson L1 and Jenn1e Wang, lrustees 120-26-25 420 Emerson Edgar and Gloria Sutro; Howard Naify 120-26-26 430 Emerson Neal Hoffacker, et al 120-26-29 1 71 University George and Paula Pappin 120-26-30 165 University Robert w. By1bee 120-26-34 411-415-419 High Robert ~. Tennyson 120-26-42 116 University John Arrillaga, Trustee et al 120-26-47 170 Unviersity Tho1ts Bros.p Inc.; Palo Alto I~rovement Company 120-26-•rB 172 Uni vers 1 ty Crocker National Bank 120-25-~6 250 University Charles and Martha Nagy 120-26-60 278 University Alhouse~Hamilton 120-26-65 551 Ramona Lyon-Morton Properties, Ltd. 120-26-69 520-26 Ramontt Frank and Eugenia Crist, Trustees 120-26-70 530 Ramona Norman and Jennie Helwig 120-26-7'1 532-534-536 Ramona Da rre 11 Duk.es 120-26-72 538 Ramona Sjarne B. Dahl 120-26-73 235 Hamilton Ruth A. Schmidt; Ruth s. Sullivan 120-26w75 545 Emerson H.A. Sinnot~ et al; Maude s. Arnold, Trustee 120-26-79 530 Emerson Dan Epstein 120-2~-82 540 Emerson Peter Leung, et al; James C. Leung 120-26-83 544 Emerson Charles J. Kennan III 120-26-92 529 Alma Principal $ 5,031 .oo 2,023.00 2,667.00 2,508.00 2t979.00 2,980.00 2,470.00 6,420.00 3,400.00 3,310.00 1,780.00 3,278.00 1,730.00 3,370.00 2,830.00 9.470.00 5,710.00 1,284.00 3,270.00 7,380.00 1,690.00 4.217.00 2,495.00 1,760.00 3,670.00 2,570.00 1,680.00 1t770 .oo 3,090 .. 00 3,040.00 . ... . ~ Page 2 Owner Richard Perry, et al Milton and Nellie Iverson, et al; Clayton and Carol Del Secco E.A. Maas Thoits Bros., Inc.; Palo Alto I~rovement Company Leland Stanford Univ. Board Los Altos Rancho Market Sheil a M. BarnPs Robe'"t Mann; Ku r·t A. Richter Cardinal Cleaners. Inc.; Don and E111na Casey Alexander A. and Martha L. Tseng Thoi~s Bros., Inc. Edgar D. Sutro, et al David Lawrence Ellisons Body Shop; Earl Ellison, Jr. Sa111J e 1 Smidt; Marlene J. Tru Parcel No. 120-26-97 120-26-98 120-27-06 120-27-08 120-27-09 120-27-12 120-27-13 120-27-14 120-27-18 121"1-~7-19 120-27-24 120-27-26 120-27-36 120-27-45 120-27-84 Address Principal 180 University $ 11, 930 .oo 210 Uni vers i ty 4,090.00 164 Hamilton 2,840.00 200 Hamilton 2,410.00 234 Ha mi l ton l,190.00 616 Ramona 1,080.00 630 Ramona 3,000.00 636 Ramona 1,510.00 203 forest 1,860.00 647 Emerson 1,280.00 611 Emerson 1,480.00 624 Emerson 7,860.00 617 High 1,160.00 705 Alma 6,880.00 666· 668 High and 3,555.00 137-139-145 Forest TOTAL $151, 997 .oo