HomeMy WebLinkAboutRESO 5240, • WJllL:KIJ:pn.30/76/60c
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ORIGINAL
RESOLUTION NO. 5240
A RESOLUTION CREArING A REVOLVING FUND
UNIVERSITY AVENUE A,REA OFF-STREET PARKING
ASSESSMENT DISTRICT
PROJECT NO. 75-63
RESOLVED, by the Council of the City of Palo Alto,
California, that
WHEREAS, the City is considering initiation of proceedings
for doing work and making public improvements for the Uttiversity
Avenue Area Off-Street Parking Assessment District, pursuant to
the Palo Alto llunicipal Code and its Resolution No. 5242 • "A
Resolution of Intention to AcqUire and Construct Improvements"
adopted OD August 9, , 1976, with bOnds to be issued pursuant
to Bond Plan G of said code;
'IBBBAS, Section 13.04.200 of Chapter 13.04 of Title 13
of said Code provides that this Council, to expedite the conduct
of proceedings and the making of any acquisition or improvement , _
may at any time advance out of any money in any available :tw.id
sueh sums as it deetns necesaary and that any sums so transferred
are a loan and sball be repaid out of the proceeds of any assess-
11ents levied;
WHEREAS. Title 4, Division 4, Chapter 3, Article 2 of th~
Goverament Code of tbe .State of California provides for the crea-
tion of revolving funds in connection with proceedings had for
the purposes therein set fortb; ud
-ft'CRB•S. the p\lblic c0nveaieaee And econOJay will be served
by creating a revolving fand in conaection with said proceedings;
HOW,. 1'BBBIPOBE, IT IS OJlDBllSD, aa tolloss:
1 • .l revolving .fuad; to be lmowa as the_City of Palo Alto
_University Avenue •rea ~ff-Street Parki .. &aeea .... t Diatrict
Revolv~as Fund, is hereby created a.ad ab.all be aailat&iaed.
. . . -.... --.... : ~
, • • •
2. Tbe sum of $ 10,000-, and such other sums as the
Council may hereafter order, shall be transferred from the general
fund or from other available funds of the City to said revolving
fund.
3. The moni.es in said revolving fund s-hall be expended
for the cost of acquisitions and improvements, including the costs
and expenses incidental thereto, of the Project No. 75-63 of
said District, as the funds are required the!'efor.
4. Said revolving fund shall be reimbursed from the
assessments to be collected and the proceeds of the bonds to be
issued and sold in said proposed assessment proceedings and from
such other sources as the City shall hereafter determine.
5. When the purposes for which said revolving fund is
created have been ~ully ac~iisbed, all monies remaining therein
sball be returned to the general fund or to such other funds from
which transfers were made to said revolving fund, and said revolv-
ing fund shall be discontinued.
6. A certified copy of this resolution shall be filed in
the office of the City Treasurer.
• • • • • • •
I bereby certify that the
correct copy of a resolution dlily
Council of the City of Palo Alto,
beld on the 2t;b day of AugYftt
of the. raeiPbers tliereof :
foregoing is a full, true and
passed and-adopted by the
Califondap at a meeting thereof
, 1918, by the following vote
AYES, and in favor thereof, Coun.cilaembers: Bea.hrs, Berwald, Clay
Coascock, Eyerly. Norton
NOES, Counei lmembers : None
.ABSTAIN: carey -ABSBNT, Councilmembers: Sher,, Witherspoon
APPRQVBD:
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