RES 88015 - Laserfiche WebLink

Disposition of Surplus Funds The amount of any excess funds remainin after acquisition of the improvements and pa~n all claims for the associated incidentaP expenses of issuing the Bonds shall be trans~rrcd the City General Fund if the surplus does not exceed the lesser of one thousand to dollars ($1,000) or five ercent (5%) of the total amount expended from the fund. Otherwise the entire surplus shall ~e applied as a credit on the assessment as provided in Section 10427.1. of the Streets and Highways Code. Method of Assessment The 1913 Act requires that assessments levied on parcels of land in an assessment district must be based on the special benefits that the properties receive from the works of improvement. The 1913 Act does not .specify the method or formula that should be used in any special assessment district proceedin s. The initial responsibility for determining such special benefits rests with the Assessment ~ngineer, who is retained for the purpose of making an analysis of the facts and determining the correct apportionment of the assessment obligation. For these proceedings, the City retained the services of MacKay and Somps of Livermore, California. The Assessment Engineer makes his recommendation at the public hearing on the Assessment District. Upon the conclusion of the public hearing, the City must take the final action in determining whether or not the assessment spread has been made in direct proportion to the benefits received. In connection with this process it is first necessary to identify the benefit that the public improvements will render to the properties within the boundaries of an assessment district. In this case the assessed properties wdl benefit from the availability of street sanitary sewer, domestic water, storm drain and utility improvements. In further makin~ ihe analysis, it is necessary that the property owners receive a special and direct benefit as d~stinguished from a benefit to the general public. In this case, an in-depth analysis was made and several factors were used in the final method of spread and assessment. Reference is made to the En.~ineer's Report filed with the City Clerk which fully discusses the specific method f o spreading the assessment and the criteria therefor. MISCELLANEOUS No Litigation There is no action, suit or proceedin known by the City to be pending at the resent time restraining or enjoining the delivery oFthe Bonds or in any way contesting or aF~cting the validity of the Bonds or any proceedings of the City taken with respect to the execution or delivery thereof. A no litigation certificate, executed by the City will be delivered to the Underwriter simultaneously with the delivery of the Bonds. Legal Opinion All proceedings in connection with the issuance of the Bonds are subject to the approval of Sturgis, Ness, Brunsell & Sperry, a professional corporation, Emeryville, California, Bond Counsel for the City in connection with the issuance of the Bonds. The unqualified opinion of Bond Counsel, approving the validity of the Bonds will be printed on each Bond.