CC Resolution 9358
RESOLUTION NO. 9358
BEING A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CAMPBELL TO DECLARE AS SURPLUS CONSTRUCTION AND DEBT SERVICE
FUNDS, TRANSFER SURPLUS MONIES TO THE GENERAL FUND TO BE DESIGNATED
FOR LID MAINTENANCE PROJECTS AND CALL OUTSTANDING BONDS
WHEREAS, the City has completed construction works of improvement on 15 Local
Improvement Districts (Nos. 2, 4, 8, 11, 12, 13, 16, 17, 19, 21, 23, 27, 28, 29 and 30) throughout the City
pursuant to the terms and provisions of the Streets and Highway Code, Division 12, Municipal and
Improvement Act of 1913, and
WHEREAS, all claims and payments related to said construction on the aforementioned LIDs
have been settled in full, leaving a surplus of monies in the funds, and
WHEREAS, all payments related to said debt service on the aforementioned LIDs, with the
exception of LID Nos. 27 and 30, have been settled in full, leaving a surplus of monies in the funds, and
WHEREAS, the Streets and Highway Code Section 10427 provides for using surplus funds for
maintenance of said improvements, as a credit upon the assessment, for transfer to the General Fund of
the City provided the amount does not exceed the lesser of $1,000 or 5% of the total amount expended
from the improvement fund, and to call bonds,
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Campbell that the
remaining balances in LID Funds (Nos. 2, 4,8, 11, 12, 13, 16, 17, 19,21,23,27,28,29 and 30) be
declared surplus in the amount of $401,020.02, of which $14,903.04 shall be transferred to the General
fund as general revenues to the City, and
NOW, THEREFORE, BE IT FURTHER RESOLVED, by the City Council of the City of
Campbell that the remaining net surpluses in LID Funds (Nos. 2, 4, 8, 11, 12, 13, 16, 17, 19,21,23,27,
28 and 29) in the amount of $327,241.64 shall be transferred to the General fund and designated for the
maintenance of the respective improvement districts, and
NOW, THEREFORE, BE IT FURTHER RESOLVED, that the remaining net surplus in LID 30
in the amount of $58,875.34 be used to call outstanding bonds and reduce the total future assessment
obligation of each of the parcel owners.
PASSED AND ADOPTED the 7th day of April 1998, by the following roll call vote:
AYES: Councilmembers
Conant, Dougherty, Dean, Furtado
NOES: Councilmembers
None
ABSENT: Councilmembers
Watson
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Anne Bybee, City Clerk
Daniel E. Furtado, Vice Mayor