HomeMy WebLinkAboutRESO 7954I
follows:
RESOLUTION NO. 7954
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
DETERMINING PROPERTIES ELECTING TO PAY COST OVER A
PERIOD OF YEARS, DETERMINING AND CLASSIFYING
UNPAID ASSESSMENTS, AND FUNDING LOANS TO PROPERTY
OWNERS FROM THE ELECTRIC RESERVE FOR UNDERGROUND
CONNECTIONS
UNDERGROUND UTILITIES CONVERSION
UNDERGROUND UTILITY ASSESSMENT DISTRICT 37
The Council of the City of Palo Alto does RESOLVE as
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 establishing Underground Utility District No. 37
on April 7, 1997, by adopting Ordinance No. 4408.
SECTION 2. The owners of certain properties have exercised
the option offered in said 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. A list of the
properties owned by persons who have exercised the option to pay
the costs of converting their electric service connection to
underground locations over the period of ten (10) years as
indicated thereon is attached hereto as Exhibit "A" and hereby made
a part hereof.
SECTION 3. It appears to this Council that in its proceed-
ings under and pursuant to Resolution of Intention to form said
District, being Resolution No. 7637, adopted on December 2, 1996,
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 required
that the proceedings heretofore taken with respect to said
underground utility districts being 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 Exhibit "A" attached hereto and by this reference made a
part hereof, and that the aggregate amount thereof is $247,426.80.
This Council hereby determines that the owners of the properties
shown on Exhibit "A" hereto have elected to pay the cost of
1
00225 cl 0071827
I
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
accrued if bonds had been issued as provided in Section
13.04.170(i) of Chapter 13.04 of Title 13 of the Palo Alto
Municipal Code. Loans for the Underground District will be funded
to the assessed property owners from the Electric Reserve for
Underground Connections. The total estimated principal amount to
be funded by this Reserve will be $247,426.80 pending any changes
in actual moneys loaned. The principal plus interest and loan
processing fee shall be amortized and repaid through the owner's
property taxes for a period of ten (10) years.
The loans shall bear interest from the latest of the date
of completion and energizing of underground electrical facilities,
or the date of disbursement of the loan. The rate of interest will
be 6. 57 percent. Principal payments will be refunded to the
Reserve for Underground Service Connections and interest will be
added to the Electric Rate Stabilization Reserve.
SECTION 7. A fee of $50 is added to the principal amount
of each loan for loan processing.
INTRODUCED AND PASSED: April 3, 2000
AYES: BEECHAM, BURCH, EAKINS, KLEINBERG, KNISS, LYTLE, MOSSAR, OJAKIAN
NOES:
ABSENT: FAZZINO
ABSTENTIONS:
City Clerk
APPROVED AS TO FORM:
~~/J
Senior Asst. ~y Attorney
Services
2
00225 cl 0071827
ur j:RGROUND UTILITY DISTRICT NO.3
EMBARCADERO/MIDDLEFIELD ROADS
ASSES ME NT
PROPERTY OWNER(S) PARCEL NO. ADDRESS PRINCIPAL
Hilary W. Donahue Trust 003-56-024 1884 Bret Harte . 6,024.oo·
David and Nancy Kalkbremer 124-03-030 2031 Byron 4,075.20
Sheldon D. and Nancy A. Sicotte 124-03-029 2047 Byron 7,575.60
Ronald Z. Hoffman 124-04-009 2181 Byron 4,873.20
Harvey and Rose Lash . 124-05-022 2309 Byron 5,064.00 /
Philip E. Bohaboy 124-05-021 2323 Byron 5,678.40
· Eric and Shirleen Willis 124-05-018 2361 Byron 4,978.80
H. Jolni Togashi 003-56-033 83 6 Embarcadero . 3,872.40
Hamad and Laila Alghanim 003-56-019 846 Embarcadero 3,780.00
Albert Azcarate 003-56-001 860 Embarcadero 4,707.60
Susan McDonnell 003-58-028 1715 Fulton 6,428.40
Thomas andJean Kirsch 003-58-035 1748 Fulton 5,080.80
Michael and Shirley Klynn 003-58-023 1775 Fulton 7,755.60
David and Carolyn Lougee 003-58-020 1811 Fulton 6,994.80
Scott P. Spector and Elizabeth H. .
Ward 003-58-055 1830 Fulton 4,762.80
Thpmas R. Jaworowski 003-58-001 1700 Guinda 4,777.20
Ted M. Brown and L~da G.
Brown 003-56-080 1711 Guinda 4,822.80
Mabel G. Holt 003-58~064 1740 Guinda 5,712.00
HelenMenz 003-56-068 1885 Guinda 6,116.40
Harvey and Susan Dondershine 003-56-038 ' 1844 Mark Twain 5,031.60
Marc and Elaine Gradman 003-56-027 1885 Mark Twain 6,886.80
David H. and Christine Campen 003-56-042 1892 Mark Twain . 5,803.20
Douglas H. and Sue Barton 124-02-012 1630 Middlefield 6,346.80
William and Linda Gargiulo 124-02-076 . 1730 Middlefield 5,044.80
Jerome W. Scheele 124-02-048 1736 Middlefield 5,400.00
Kim L. Fundenberg 003-58-041 1753 Middlefield 5,317.20
Harvard E. Wilson, Trustee 124-03-018 1988 Middlefield 5,731:20
Nelson L. Jensen 124-03-024 2080 Middlefield ' 4,978.80
. Eric and Kathy Nordman 124-04-005 2150 Middlefield 4,770.00
Kendra G. Anderson 124-04-007 2170 Middlefield 5,174.40
Valorie Beer 124-05-012 2352 Middlefield . 5;413.20
Irene Hem, Trustee 003-61-070 2381 Middlefield 3,339.60
Richard N. and Catherine J.
Norfleet 003-56-055 1710Newell 5,468.40
Richard K. Sibley 003-56-056 1722 Newell 5,794.80
Jeffrey and Judith Spiro 003-56-053 1725 Newell 4,592.40
Florentino and Cathy Cortes 003-56-059 1780Newell 5,019.60
Kenneth W. and Mildred H.
Nelson Family Trust 003-56-050 1801 Newell 4,692.00
Lillian Berland 003~56-063 1840Newell 5,072.40
Kon-E Lu and Siu-Hua Shu Lu 003-56-065 1870 Newell 6,339.60
. Peggy M. Clark 124-03-037 660 Seale 4,688.40
Clayton Bavor and Nancy
:Savor Tnist 124-03-013 691 Seale 4~150.80
Marilyn E. Farmer 003-56-067 777Seale 4,083.60
Burt and Reva Frauman 003-56-066 795 Seale 5,246.40
Irene Davidson 0}>3-56-082 885 Seale 4,838.40
' Rosalie Shepherd 124-02-049 669 Tennyson 5,010.00
Michael and Annette Flicker 003-58-063 702 Tennnyson 4,994.40
Alfonso Castillo and Mary Law . 003-58-039 ~ 747 Tennyson 5,118.00
$247,426.80