Authorizes the Reserve Fund balance to be credited against the remaining unpaid assessments in this district (West College Avenue AD)

April 21, 1998


RESOLUTION NO. 23505

RESOLUTION OF THE COUNCIL OF THE CITY OF SANTA ROSA AUTHORIZING THE RESERVE FUND BALANCE TO BE CREDITED AGAINST THE ASSESSMENTS REMAINING UNPAID IN THE WEST COLLEGE AVENUE ASSESSMENT DISTRICT NO. 2

WHEREAS, the Council, pursuant to its Resolution of Intention No. 16793 adopted on June 26, 1984, provided for the acquisition and construction of certain improvements in and for the City, as described in the Resolution of Intention, and for the collection of assessments to pay the costs thereof; and

WHEREAS, the Council, pursuant to its Resolution of Issuance No. 16975 adopted October 2, 1984, determined unpaid assessments and provided for the issuance of bonds and further provided for the creation of a Reserve Fund for the Bonds; and

WHEREAS, the Resolution of Issuance stipulates, "Whenever the balance in the Reserve Fund is sufficient to retire all the remaining outstanding Bonds, collection of the principal and interest on the unpaid assessments shall be discontinued and the Reserve Fund shall be liquidated in retirement of the bonds. The Council shall order the same to be credited against the assessments remaining unpaid in the manner set forth in Section 10427.1 of said Streets and Highways Code; and

WHEREAS, the balance in the Reserve Fund together with the existing balance in the Redemption Fund is sufficient to retire all the remaining outstanding bonds.

NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Santa Rosa orders the Reserve Fund balance be credited against the assessments remaining unpaid in the manner set forth in the Resolution of Issuance.

BE IT FURTHER RESOLVED that a copy of this resolution shall be transmitted to the Treasurer-Tax Collector and the Auditor-Controller of the County of Sonoma.

IN COUNCIL DULY PASSED this 21st day of April, 1998.

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