HomeMy WebLinkAboutNS-1599EJC:ar
9/21/81
ORDINANCE NO. NS-1599
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA PROVIDING FOR CONTRIBUTION OF $300,000
FROM THE GENERAL FUND AND A LOAN OF $690,000 FROM
FEDERAL REVENUE SHARING FUNDS TOWARD THE COST OF
IMPROVEMENTS TO BE CONSTRUCTED WITHIN ASSESSMENT
DISTRICT NO. 246
WHEREAS, the City Council of the City of Santa
Ana, by Resolution of Intention No. 81-119 heretofore
adopted on July 20, 1981, declared its intention to order
certain work to be done and certain acquisitions and improve-
ments to be made, and to issue improvement bonds to repre-
sent unpaid assessments in Assessment District No. 246, all
pursuant to the Municipal Improvement Act of 1913 and the
Improvement Bond Act of 1915, as described in that resolution;
and
WHEREAS, the City of Santa Ana intends to contri-
bute to the cost of the improvements $300,000 from the general
fund of the city, as provided in Section 10205 of the California
Streets and Highways Code, and loan the District $690,000
from federal revenue sharing funds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
SANTA ANA DOES ORDAIN AS FOLLOWS:
appropriates
and acquired
District No.
Santa Ana in
The City of Santa Ana hereby contributes and
to the cost of the improvements to be constructed
pursuant to the assessment proceedings in Assessment
246, funds from the general fund of the City of
the amount of $300,00.
e
disburse the
District No.
ordinance.
The Director of Finance is hereby directed to
$300,000 to the Improvement Fund for Assessment
246, on or after the effective date of this
3. The $300,000 so contributed and appropriated
to the Improvement Fund shall be deducted from the cost of
the improvement, as provided in Section 10204 of the California
Streets and Highways Code.
4. The City of Santa Ana hereby loans to Assessment
District NO. 246, moneys in the amount of $690,000, from
moneys received by the City of Santa Ana from federal revenue
sharing funds, interest free, to be disbursed and repaid as
hereinafter stated. In the first (lst) year, sufficient
funds will be advanced to the bonding company to reduce
funds collected from the District to $160,000; in the second
(2nd) year, sufficient funds will be advanced to the bonding
company to reduce funds collected from the District to $195,000;
in the third (3rd) year, sufficient funds will be advanced
to the bonding company to reduce funds collected from the
District to $195,000; and in the fourth (4th) year the balance
remaining, if any, of said $690,000 shall be advanced to the
bonding company.
5. The Director of Finance is hereby directed to
disburse the loan funds from federal revenue sharing funds
to the bonding company for Assessment District No. 246, as
per the appropriate bond servicing date as established at
the time of the sale of the bonds.
ORDINANCE NO. NS-1599
PAGE TWO
6. The funds so loaned to Assessment District No.
246 shall be repaid to the city starting in the sixth (6th)
year of the District (the 1987-88 tax year). Net proceeds
from the garage will be equally distributed to the bonding
company to reduce assessments and to the city until the
$690,000 loan is repaid. After the city is totally repaid,
all net proceeds will be placed in a Trust Fund for improve-
ments to the downtown Santa Ana area.
ADOPTED this 5th day of October
1981, by the following vote:
AYES:
NOES:
COUNCILMEMBERS: Acosta, Bricken, Griset,
Luxembourger, McGuigan, Serrato
COUNCILMEMBERS: Markel
ABSENT:
ATTEST:
E COUNC IZ
COUNCILMEMBERS: None
GO~RICKEN, MAYOR
APPROVED AS TO FORM: