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RESOLUTION 140. 3568
h RESOLUTION DETERMINING SURPLUS, ORDERING
REDUCTION'Or CITY CONTRIEUTION AND FUND
TRANSFER AND AUTHORIZING APPLICATION OF
SURPLUS AS A ' CREDIT TO ASSESSMENT
EMBARCADERO ROAD EAST OF aAYSHORE
PROJECT NO. 59-11
RESOLVED, by the Counc:ll of the City of Palo Alt o, Cali-
fornia , that
WEBMEAS, the total estimated cost of the acquisitions
an d improv emen ts or dered parsu ant to Resolution No . 3236, A
Resolution of Preliminary Determination and of Intentio n, adopt-
ed by said Coun cil on July 11, 1960, was $193,395. •64, of which
the City contr ibuted 44. 58%;
WHEREAS, a fter the completion of all of said acqui-
sitions a nd improv emen ts and the payment of ail expenses inci-
denta l ther eto, there remains a sur plus in the Const ruction F und
for said project in the total amount of $10,052.89; a nd
WHEREAS, the City Engineer has deter mined that said sur-
plus accrued as a resu lt of savings in engineer ing, inspection,
legal, miscella neous a nd con tingen t expenses on said project,
an d has r ecom mended that the surplus be apportioned to the
Gen eral Fund an d the property own ers in the pr opor tion of their
respectiv e con tributions to the total cost.
NOW, THEREFORE, IT IS ORDERED, as follow s:
1. That there is a surplu s in the Construction Fund
for said project, after the completion of a ll a cquisitio l an d
improv emen ts an d the payment of all expenses in cidental ther e-
to, in the total amount of $10,052. 89.
2. That the public interest, con venience and necessity
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require the reductio n of said City cont ributio n by the amount
of $4,481.58, bei ng 44 .58% of the tot al surplus of $10,052 .89,
and said reduction is he reby orde red.
3. That said amount of $4,481.58 be, a nd it is hereby,
ordered tra nsferred to the Gener al Fund of the City .
4. That the bal ance of said su rplus, being the a mo unt
of $5,571.31, be apportioned pro rata among the p roperties
assessed for Same, as each of said assessments bears to the
`'total a ssessment.
5. When the assessment has been paid in cash in full,
the portion of the sur plus applicable thereto sh all be retu rned
in cash to the per son paying it upon his fu rnishi ng satisfactory
ev iden ce of such payment. Where the assessment or any install-
men t thereo f is unpaid, the portion of the surplus applicable
ther eto shall be applied upon the earliest unpaid installment
of principal and inter est.
6. Tha t the City Con troller and City Treasure r a re
authorized and dir ected to make whatever pa yments and fund
tr an sfers ar e n ecessary to ca rry out the terms of this Reso-
lution.
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T hereby certify that the foregoing is a full, t rue and cor rect
copy of a resolution duly passed and adopted by the City Cou ncil of
the City of Palo Alto, Califo rnia, . at a meeting there of held on the
8th day of Octob er , 1962, by the followi ng vote of
the members thereof:
AYES, and in fa vor thereof, Co uncilmen:
Arno ld, Bishop, Byxbe e, Cres ap, Debs, Dias, Haight, Marsh all,
Porter, Ro dgers, Rohrs, Rus, Stephens, Woodward, Zmeng .
NOES, Councilmen: None ,'
ABSENT, Coun cilmen : None.
Cit(Cler
the City of Palo Alto