HomeMy WebLinkAboutRESO 6449• • e ORIGINAL
RESOLUTION NO. 6449
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
DETERMINING PROPERTIES ELECTING TO PAY COST OVER
A PERIOD OF ~EARS, DETERMINING AND CLASSIFYING
UNPAID ASSESSMENTS, AND FUNDING LOANS TO PROPERTY
OWNERS FROM THE ELECTRIC SYSTEM IMPROVEMENT RESERVE
UNDERGROUND UTILITIES CONVERSION
UNDF.:RGROUND UTILITY ASSESSMENT DISTRICTS NOS. 26, 27, & 28
The Council of the City of Palo Alto does RESOLVE as follows:
SECTION 1. The Council of the City of Palo Alto amended
Section 12.16.020 of Chapter 12.16 of Title 12 of the Palo Alto
Municipal Code by Establiehing Underground Utility Districts No.
26 on March 11, 1985, Ordinance No. 36051 No. 27 on May 6, 1985,
Ord inane~ No. 3616: and No. 28 on May 20, 1985, Ordinance No.
3619.
SECTION 2. The owners of certain properties have exercised
the option offered in said Ordinances and in Section 12.16.092 of
said Code, to pay the cost over a period of years with such obli-
gation secured by special assessments; and lists of the properties
owned by persons who have exercised the option to pay the costs of
converting electric service connection to underground locations
over the period of ten {10) years as indicated thereon is attached
hereto as Exhibits •Am, •ga and •c• hereby made a part hereof;
SECTION 3. It appears to this Council that in its proceed-
ings under and pursuant to Resolutions of Intention to form said
Districts, being, respectively, Resolution No. 6340, adopted on
January 14, 1985, Resolution No. 6347, adopted February 11, 1985,
and Resolution No. 6356, adopted March 4, 1985, the assessments
proposed to be levied should be made to mature over a period of
ten {10) years;
SECTION 4. The public convenience and necessity require that
the proceedings heretofore taken with respect to said underground
utility districts 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 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 Districts were formed.
SECTION 5. The assessments now remaining unpaid are as shown
on Exhibits •x•, •a• and •c• attached hereto and by this reference
made a part hereof, and that the aggregate amount thereof is
$190, 34 7. 40 ( $99, 8 32. 31 Local Benefit Assessment and $90, 515. 09
General Benefit Assessment; includes $50 loan processing fee per
assessment). This council hereby determines that the owners of
the properties shown on Exhibits •A•, •s• and •c• hereto have
electPd to pay the cost of converting electric service connections
to underground locations over. the period of ten ( 10) years and
that said costs shall represent the unpaid assessments in these
proceedings.
SECTION 6. The City shall advance all loans to assessed
property owners from available funds, and shall succeed to all
rights under the assessment and to all rights which would have ac-
crued if bonds had been provided as in Sect ion 13. 04 .170 ( i) of
Chapter 13.04 of Title 13 of the Palo Alto Municipal Code. Loans
for the Underground Districts will be funded to the assessed prop-
erty owners from the Electric System Improvement Reserve (SIR).
The total estimated principal amount to be funded by the SIR will
be ($90,015.09) pending any changes in actual moneys loaned. The
principal plus interest and loan proces&ing fee shall be amortized
and repaid 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 (SO) days after the date of the completion
and acceptance of the underground facilities within said dis-
tricts. The rate of interest ~ill be 10.50% Underground District
No. 26, 10.12% Underground District No. 27, and 9.61% Underground
District No. 28. Principal payments will b~ refunded to.the Re-
serve for Underground Service Connections and interest will be
added to the Electric System Improvement Reserve.
SECTION 7. A fee of $50 is added to the principal amount of
each loan for loan processing.
INTRODUCED AND PASSED: November 25, 1985
AYES: Bechtel, Cobb, Fletcher, Klein, Levy, Patitucci, Renzel, Sutorius, Woolley
NOES: None
ABSTENTIONS: None
ABS ENT: None
:T=~ _,....,/.._·~· ...... ~~-=--Ci~~
APPROVE AS TO FORM: e
Attorney
of Finance
~ ~
Director of Ut1fitfer7
APPROVED:
~cha~ Mayor
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" ' t' ~ ~ Ir.' . ! . . .
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L1ST Uf UN~AIU A::iSESSMENTS EXtlJBII 111~11
C1iY Of PALO ALTU
~AM~ IKJUL~VAMO UM>EMiaaUUNU CONVtK~10N PKUJ,CT UNDEKGRUUHU UTILITY Ul~TMlCT NU, ~ij
ESTIMATEU
2:,s PRINCIPAL TUT AL
UWNEM .. ANCEL NJ. AUOWESS ASS£SSMt:NT LUAHS ASS~S~NT
Larr1 Sle1zer ET AL 124·2!1·Ul2 2t>Ol P•rk $ it .:>2b .ttll $ $ 2,~2b.tSU
P4rk ~u11a1nyJM1ku li~11'' 124·2Y·Ull ~~bb ~•rk :$1 Y~.14 ~.~~~.uu U,dlU,.14 e Anthon.t c. ~resutt1 124·2~·013 l2l Sher111c1n 7b1.3~ 2,attu.uu J.un .~i
Llo1a s. I Muth H. ~1bo ET AL 124·2~-ozu l~U urand 3 .~~.bd ..... :.t,:MSb.~
~059ph A, LilZ•ro 132 .. 31 .. uu:) :lb~t» P•ri 3.4b4,til •• b7t».W cs.u~~ .61
Court House Plaz• ll2·ll-,Hl iJO Snerwan tSW.~U •• UU.tU
C°"'rt tiOUStl PlAli U2-3l·Ol l 22li Shttnun h7.J~ ... 7b7,3b
Court tt'"'se ~laza 13~·31-uO'J 2600 Pirk 1':JJ .72 J ,ijC>!».UU 4 ,etca2 .n
Court ttousft Pl•z• lli·Jl·UlO 204 Shenaan t>.101.1u b,~Ju.uo ll ,IJ31.lU
Pic1f1c ~••d1·M1x lnc. l3l-l1•U4l 2/tit> "7tJ/ .-c1rk • 1.:»::.S1 .22 11,J~ ... w us,-&,4!2
Pa~ M111 .. ti•rk C~•n.t 132-31-07~ 2lo Paye Mi I I ~.~v1.J~ ·-b,tt,.1.lY
Hewlutt P•ckard C~an1 132-32-041 J~ lY!I P•!je M1 11 !4,796,ll --14,1!:tti.,U
Melli Ii. UoQdenou~h fT AL uz .. li-uuJ lb~ l~~ Pave M111 e..2~.s.~4 o.i~.u
Arco SMcur1t1ei Inc. lJ2 .. Jl-UU4 2ij2~ ltiti~ 2~~1 P•rl 3,J1i.u1 i~.~bo.uu ld,86li!.U7
Ltslte w. 1 Sn•ron c. Wu~p 132-32-u~ i9ol 29Z~ P4rll J,622.46 6,26U.UU 51,.U,60
P•rj Cit¥ Le•stn~ lJ~·26·01l 3101 Park ca •. nJ.l~ •• •,2ll.~!l
Bru'• Cock.1r111 ET AL Uii!-26·0f»b J241 32b7 Pctrk a,tsZb.58 ...... ;;a,•i6.b8
Pt'"' C1i1 Lt1$lPV U2~26·Ub~ 31~7 31Y~ Park \alll7't •• 1.9~~;1~ a ·, . ( -I li,QU,47 "V,1tk> .. ~ n ~· ,,u 1.41"
* lntluqe5 loan H•ndl1n~ fee
1I11 .It, f "'i~~li\~~11,:,h •· I t , 'l, I ~--\ ! . ' .
LlST Uf UN~AIU ~SES)Hf.NTS
CITY OF P~U ~l!v
CAMHKIL>UE AVENUt UNUEK<2KUUNU CUN~~K~llJN PMUJ~CT
UNUEKGKOUM.> UTILITY DISTMlCT NO. 27
OWNfK
Consumers Coop Soc1ety of Palo
Altg, Inc.
Consu111rs Coop ~oc1ety of P•lo
Alto, lnc.
"1•• I Al1'' ~olocan
Ci11Dr1dye A5sgc1•tes ~bu
C..a»r1aye A$iOC1«te$ 2bU
c~r1dv• A$soc1•'•s i~u
MU55 be I ~urn1c1 Y. Nefit•d e LlOJd f • Sorw li.T AL
G. tt. A. Touri•nt
• Includes Loon tt.ndltng Fee
.·
llMCEL Nu.
124·26-045
l24·2tl•003
124·28-004
1~4e~~·OU!»
ll4·~~·UU6
124•lll•W1
l24·2tS .. UW
124-i&-UlO
124-ia-Ull
2~1
AOURESS ASSt;SSMENT
lb6/l&d/lbU/lbl $ 1U,7H.U
164 Cal Hornh
21U·230 Cttlbr1dy• 4,Y18.U6
24U Callbridye Y49.66
2bU C.tiabr1dWI .L ,174 .~1
ZOO Culbr1dye 1,114.:>7
u u c.1111br14we 1,H• .:al
lUb C..i>ridve 1,11•,07
Jl~~llO c...,r1dwe 1,l7•.~7
3~U C•ridg• 2,iYY.lS
$ l4,tlW.tS4
ESTIMHU
PMlttClPAL
LOA HS
-·
...
J,.~,uo
-· ....
...
;;,i1.s.w
J,UUU.uu
4 4 •( ;#
EXHIBIT .. 8"
TOTAL
ASSt:SSMENT
..~tY.~6
l ,114.=»1
l.114,t.1
l ,&14 .a1
···"~''' •·n•.111
2 12~Y.1S w••·
··.2 I
•
... , _________________________________________________ _
LlST Uf UNPAlU Jet~E)~ENTS
CITY uf ~ALO ALTO
~A!iTKAUfKU KuAU UNUEKIMtOUNO OJNYtKS10N PKOJE'T
UNDEM&aHUUNU UllllTY Ul~TRl~T NO. ~ti
OWNEM PAACEL "". AllOKf SS
Nobert J. & Kosemary ~rscn 1JJ .. ~6-U5~ t.J4 Ar•i trodero
Kubert• Anaerion lJ7·27-lllS 6b4 Aru tr•4ero
N1lo Sara1ento '!...)'dia Gorr'i l~H·2d·Ol7 6W ArH i.rttaerg
Ue4n T. Hu•n~ 11)7-uta-UlJ 64!1 Ar1ur1caoro
tt•rr1 J. ' K•zu1 ~tore1 lb1·Uti•Ul6 bJJ Ar•nr"aarg
~terl1n~ E. ~lackwell lb7·06-Ul1 627 Arhtr1auro
Mirk J. Sutndrl•nd lo7·0b·Ul~ bh Aru tr•duro
tv• Heller-Kru11111 U17-Ub-IJ~U 611 Ar•~tr141ro
J1 .. 1e E. I Marta M. Carr lb7·U6-U6U 64~ Arastr•dero
iol•nd L. I vroce c. Luo 16] .. 07·016 6U7 ArHtr4Gtru
* lnclude5 Loin H4n4l1n~ fee
' ! ' : ~· L' ~ ~ .. I ..: ! ' ~ I : • I . .; ,.. . .
EXHIBIT "A 11
ASSESSMtNT
PltlHClPAL
$ 2,lilU.~O
1,t17J .. atu
l,ijJ;j.U~
2 ,tMl~.&IU
1,qu.~-
i.~w.•u
l,dbd.4U
2 ,UU!il .bt'I
2,227.41»
~ 1441.l9 ; a ocs e
S 21,lt~7 .U»•