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Home My WebLink AboutRESO 9614160714 jb 018/Mullan/010016B 1 Resolution No. 9614 Resolution of the Council of the City of Palo Alto Determining Underground Utility District No. 47 Property Owners Who Elect to Pay Underground Conversion Costs Over a Period of Years, Determining and Classifying Unpaid Assessments, and Funding Loans to Property Owners from the Electric Reserve for Underground Connections 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. 47 on January 14, 2013, by adopting Ordinance No. 5180. 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 proceedings under and pursuant to Resolution of Intention to form said District, being Resolution No.9285, adopted on September 10, 2012, 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 $30,235.61. 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. 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 (SGY7MKR)RZIPSTI-(&(''%'(*%% 160714 jb 018/Mullan/010016B 2 from the Electric Reserve for Underground Connections. The total estimated principal amount to be funded by this Reserve will be $30,235.61 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 4.35 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 $208.00 is added to the principal amount of each loan for loan processing. INTRODUCED AND PASSED: August 15, 2016 AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID, WOLBACH NOES: ABSENT: ABSTENTIONS: ATTEST: APPROVED: City Clerk Mayor City Manger Senior Deputy City Attorney Director of Utilities Director of Administrative Services (SGY7MKR)RZIPSTI-(&(''%'(*%% EXHIBIT A List of Property Owners No.Address Edith Rudesin (Property Manager)12004077 525 Homer Ave $5,880.99 Nancy Fritz 12004078 517 Homer Ave $3,874.75 Stephanie Chapple 12004075 559563 Homer Ave $5,334.18 Stephanie Chapple 12005070 519521 Addison Ave $4,267.18 Franklin Trust 12006002 510520 Addison Ave $5,293.75 Walter Foley 12004079 505507 Homer Ave $5,584.76 Total $30,235.61 (SGY7MKR)RZIPSTI-(&(''%'(*%% 'IVXMJMGEXI3J'SQTPIXMSR )RZIPSTI-H&(''%'(*%% 7XEXYW'SQTPIXIH 7YFNIGX4PIEWI(SGY7MKRXLMWHSGYQIRX6)7399(THJ 7SYVGI)RZIPSTI (SGYQIRX4EKIW 7MKREXYVIW )RZIPSTI3VMKMREXSV 'IVXMJMGEXI4EKIW -RMXMEPW /MQ0YRX %YXS2EZ)REFPIH )RZIPSTI-H7XEQTMRK)REFPIH 8MQI>SRI98' 4EGMJMG8MQI97 'EREHE 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