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Home My WebLink AboutRESO7557RESOLUTION NO. 7557 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 RESZtolE FOR UNDERGROUND CONNECT::ONS UNDERGROUND UTILITIES CONVERSION UNDERGROUND UTILITY ASSESSMENT DISTRICT 35 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 establishing Underground Utility District No. 35 on April 4, 1994, by adopting Ordinance No. 4208. 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 proper- ties owned by persons who have exercised the option to pay the costs of converting their electric service connection to under- ground 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. 7274, adopted on December 13, 1993, 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 1g) 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 $50,142. This Council hereby determines that the owners of the properties shown on Exhibit "A" hereto have elected 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. 1 951120 cyn 0070883 • • 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 $50,142 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 7.14 percent. Principal payments will be refunded to the Reserve for Underground Service Connections and interest will be added to the Electric Rate Stablization Reserve. SECTION 7. A fee of $50 is added to the principal amount of each loan for loan processing. INTRODUCED AND PASSED: December 4, 1995 AYES: ANDERSEN, FAZZINO, KNISS, MCCOWN, ROSENBAUM, SCHNEIDER, SIMITIAN, WHEELER NOES: ABSENT: HUBER ABSTENTIONS: ATTEST: City Clerk v APPROVED AS TO FORM: Senior Asst. City Attorney APPROVED: i Mayor Dire t f Uti�U t-fies Dep y City Manager, Administrative Services 2 951120 &yn 0070883 EXHIBIT "A" UNDERGROUND UTILITY DISTRICT #3S SOUTHGATE Property Owner(s) Parcel No. Address Assessment Principal David E. & Brenda K. Ross Ronald E. Bame, Trustee Calvin A. & Shirley L. Radl Julia J. & Michael W. Reynolds Thomas P. & Barbara J. Maliska Rudolf R. Larsen Frank M. Friedlaender, Tr. Adeline R. Will Cecilia A. Hooton, et al Thomas E. & Linda L. Hoffman Kim & Ke Gookso Alan S. & Carol E. Cleland Marvin Neben, et al Betty Q. MacNeur, Tr. Walfried H. & Ruth M. FromhoId, Tr. Jean C. Martin Nan T. Guslander, Tr. John W. & Margaret W. Monroe Jay Furlong, et al Richard A. & Beverley A. Squires, Tr. Paul D. & Carolyn C. Wiggin Olga B. Jewell, et al Audrey Stewart Poulter Peter J. Naughton & Rebecca E. Vetter, et al Len H. & Irene B. Teasley, Tr. Ruth Ericsson, et al 124-22-007 124-22-034 124-23-013 124-23-027 124-23-029 124-23-041 124-23-051 124-23-052 124-23-062 124-24-005 124-24-013 124-24-015 124-24-023 124-24-028 124-24-032 124-24-041 124-24-047 124-24-050 124-24-051 124-25-018 124-25-030 124-25-040 124-25-043 124-25-050 124-25-054 124-26-006 1521 Escobita 1591 Mariposa 220 Miramonte 51,904 1,287 1,858 1620 Castilleja 2,757 1638 Castilleja 1624 Mariposa 1661 Castilleja 1651 Castilleja 1661 Mariposa 1511 Madrono 1530 Portola 1550 Portola 1525 El Camino RI 26 Churchill 44 Churchill 1571 Madrono 1534 Madrono 1570 Madrono 1590 Madrono 400 Sequoia 1825 Park 1751 Park 1731 Park 1611 El Camino RI 129 Park 1880 Park 2,062 1,914 2,660 1,984 1,930 2,957 1,922 1,892 1,820 3,262 1,842 1,922 1,928 2,453 1,056 1,838 1,004 1,058 1,793 2,282 1,795 962 $50,142 expenses thereof assessed upon the lots and lands from which, and/or in the front and rear of which, such weeds shall have been destroyed or removed. SECTIQN 4. The City Council hereby finds that this project is exempt from the provisions of the California Environmental Quality Act {"CEQA") because it can be seen with certainty that there is no possibility that the project will have a significant effect on the environment. INTRODUCED AND PASSED: November 13, 1995 AYES: ANDERSEN, FAZZINO, HUBER, KNISS, MCCOWN, ROSENBAUM, SCHNEIDER, SIMITIAN, WHEELER NOES: ABSENT: ABSTENTIONS: ATTES APPROVED: eputjr City Manager, Admini 1• r: tive Services 4 Fire Chie 2 951102 syn 0042393