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Home My WebLink AboutRESO 6315.. RESOLUTION NO. 6 315 A RESOLUTION UETERMINING PROPERTIES ELECTil'{l TO PAY COST 0VER A PERIOD OF YEARS, DETER~INI~ ANP. CLASSIFYING UNPAID ASSESSMENTS, AND FUNDlttl LOANS TO PROPERTY OWNERS FROM THE ELECTRIC SYSTEM IMPROVEMENT RESERVE UNDERGROUND UTILITIES CONVERSION UNDERGROUND UTILITY ASSESSMENT DISTRICT NO. 25 The City Council of the City of Palo Alto, California, does RESOLVE as follows: SECTION I. This Council did on September 15. 1983, adopt its Ordinance No. 3464, an Ordinance of the Co~ncil 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 Nry. 25. SECTION II. The owners of certain properties have exercised the option offered in said Ordinance and in Section 12.ln.092 of said Code, to pay the cost ov~r a period of years with such obligation secured by special assessments; and a list of the properties owned by per·sons who have exercised the option to pay the costs of converting electric service connection to unde. ground lfications over the period of ten Jears as indicated thereon is attached her~to as Exhibit "A" and hereby made a part hereof; SECTION I I I. It appears to this Council that in its proceedings under Jnd pursuant to Resolution of Intention No. 6077 adopted on November 22. 1982 the assessments proposed to be levied should be made to mature over a period 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 o~ners of said properti~s shall b2 three quarters of one perc&~t (3/4 of 1%) in excess of the rate shown in the New York Bond Buyer Index of Municipal Bond Average Yields for 20 bonds for the week next preceding the day on which the Underground District was formed {September 15. 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 aggrP.gate amount thereof is $9,000 (includes $50 loan processing fee per assessment). This council hereby determines that the owners of the properties shown on Exhibit "A" h~reto have elected to pay the cost of converting electric service connections to underground locations over the period of ten years (10} and that ~a1d 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(i) 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 under the assessment and to all rights which would have accrued under the bonds if they had been issued. Loans for Orme Street will be funded to the assessed property owners from the Electric System Improvement Reserve (SIR). The total principal amount to be funded by the SIR wi11 be $8,550 pending any changes in actual moneys loaned. The pr1ncipal plus interest and loan processing fee shall be amortized and ;epaid through the property owners' taxes for a period of ten (10) years. The loans shall bear interest from date issued, but in no event more than ninety {90) days after the date of the completion and acceptance of the underground facilities within said district as stated in ~esolution 6077. The rate of interest wiil be 10.60 percent which is three quarters of one percent (3/4 of 1%) in P.xcess of bonds for the week next precedinr 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 $50 is added to the principal amount of each loan for loan processing. I hereoy certify that the foregoing is a full, true and correct copy of a resolution du1y passed and adopted by the Council of the City of Palo Alto, California, at a meetir'lg thereof held on the 1st day of October , 1984, by the following vote of members thereof: AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Renzel j Sutorius, Woolley NOES: None ."BSENT: Witherspoon APPROV~ !£ Mayor ' ' / APPROVED AS TO FORM: By ;! ~4,,uttt, . J ~ t· :' 1 ty tforney -• I . . • • . ,.,. I, /_ ~-.,. . / . ;._ Director of Finance ' . ~ I' r~·A , '*f ...... ~,..illlt::i~· ... · .... .....;"'----Oi rector of Uti 1 it i e':/ , ATTACHMENT "A'' LIST OF UNPAID ASSESSMENTS CITY OF PALO ALTO ORME STREET UNDERGROUND CONVERSION PROJECT UNDERGROUND UTILITY DISTRICT NO. 25 Owner Parcel No. Address ---------------··---~-- Robert J. & Silvia S. Mazawa 137-20-26 4016 Orme Street Mr. & Mrs. Allan Berman 137-20-29 4032 Orme Street Mr. & Mrs. Daniel Keehn 137-20-34 4076 Or111e Street Mr. & Mrs. Raymond Tomliason 137-20-61 4087 Orme Street Mr. & Mrs. Elmer Sagat 137-20-39 4075 Orme Street Hugo & Lieve Moortgat 137-20-40 4055 Orme Street John Marion Thompson 137-20-44 4025 Orme Street Thomas & Virginia Hanson 137-20-45 4015 Orme Street David Holosan 137-20-38 4085 Orme Street TOTAL P.r:_i~c..:!.P~ $1.000 $1,000 $1,000 $1.000 $1,000 $1,000 $1,000 $1,000 $1,000 ·s-9:-000