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WHJII:KIJ:rd 9/20/(02 100 0'o
RESOLUTION NO. 3567
A RESOLUTION DETERMINING SURPLUS, AUTHORIZING
APPLICATION: OF SWAM AA A CREDIT TO ASSESSMENT,
ORDERING REDUCTION OP CITY CONTRIBUTION AND
FUND TRANSFER
BIRCH STREET,
PROJECT N0 59-3
RESOLVED, by the Cou ncil of the City of Palo Alto, C ali-
fornia, that
WHEREAS, the tot al'estimaced cost of the acquisitions and
impr ov em ents or dered pursu ant to Resolution of Intention No.
3213, adopted Apr il 25, 1960, was $154,575.95, of which the City
contributed $32,198. 23, $19,319.24 w as paid by the iesuanse of
bonds pursuant to Bond Plan E of Article IV of Ordinance No. 844,
entitled "Palo Alto Impro vement Procedure Code ", adapted Janu-
ar y 13, 19+1, and the balance of $103,058.48 was assessed in the
form of specific lien assessments against the properties be ne-
fited pur suant to Bond Plan C of Article'IV of said Code;
WHEREAS, after the completion of all of said acquisitions
and improvemen ts, it ha s been determin ed that the total actual
final costs of said acquisitions and impr ovements was
$125,728.61, leaving a sur plus in the Construction Fund for said
pr oject of $28,847. 34;
WHEREAS, it has been deter min ed that said su rplus accru ed
as a result of savin gs in the costs of acquisitions in con-
n ection with eqa id project, which acquisition costs were appor-
tioned among the v arious sources of funds, as follows:
City of Palo Alto (0f'neral Fund)
Ca lifor nia. Avenu e E Bond District
Local Benefit Assessment Distr ict
24.25%
14.50%
061. 25%
and the City Engineer ,has r ecomme gtided tha t sa id sur plus be dis-
tributed in pr oportion to the percentage apportionment of ac-
quisition costs.
t
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NOW, THEREFORE, IT 15 ORDERED, as follows:
1. That there is a surplus in the Co nstructio n F und for
said project, afte r the completion of all acq uisitions arid im-
provements and the p ayment of all exp enses incidental the reto,
in the total amount of $28,847 .34 ..
2.. That the public interest, co nve nience and necessity
require the reduction of the Gene ral F und cont ribution by the
amount of $6,995.48, s aid amount bei ng 24 .2S% of the amount of
said surplus, and said red ucti on is hereby orde red .
3. That the amount of $6,995.48 be, a nd it is he reby,
ordered transferred to the General Fund of the City.
4. That the a moun t of .4,182.8E, being 14.50% of the
amou nt of said surplus, be, an d it is hereby, o rde red trans-
ferr ed to the "Bond Plan E, California A venue Dist rict, St reet
Bond of 1960 In ter est and Redemption Fund" established pu rsuant
to Resolution No. 3247, A Resolu tion Providing for Iss ua nce of
Bonds, adopted by the Coun cil on July 25, 1960, and applied to
the payment principal an d interest on said bonds issued unde r
Bond Plan E as the same shall accr ue.
5. That the remain ing balance of said surplu.;, being
in the amoun t of $17,669.00, or 61.25% rf said sur plu s, shall
be appor tioned pro ra ta among the properties specially assessed
for same, as each of said assessments bears to the total assess-
men t.
6. That the City Controller a nd City Treasur er shall
pay the a moun ts so apportion ed to the persons own in g the pr op-
erty of record at the time of making said payment, as shown by
the last City assessmen t roll.
* * * * * * * *
1 hereby certify that the foregoing is a f ull, tr ue and cor rect
copy of a resoluti on duly passed and adopted by the City Council of
the City of Palo Alto, California, at a meeting thereof held on the
8th day of
the m embers thereof:
Octehdtr
,, 196 2, by the followi ng vote of
AYES, and in fa vor thereof, Councilmen:
Arnold, Bishop, Byxbee, Cresap, Debs, Dias, Haight, Ma rshall,
Porter, Rodgers, Rohrs, Rus, Steph ens, Wo odward, Zweng.
NOES, Coun cilmen: Non e.
ABSENT, Councilmen: None .
ROVED:
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M ayor
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Cit L er the city or Fit o Alt o