1991/05/28 City Council ResolutionRESOLUTION NO. 91 -107
A RESOLUTION CREATING A REVOLVING FUND
CITY OF ROHNERT PARK
WILLIS AVENUE ASSESSMENT DISTRICT
RESOLVED, by the City Council of the City of Rohnert Park,
Sonoma County, California, that
WHEREAS, it is the intent of the City of Rohnert Park to
undertake special assessment and assessment bond proceedings for
the acquisition and construction of public improvements for its
Willis Avenue Assessment District Pursuant to the Municipal
Improvement Act of 1913 (Division 12 of the Streets and Highways
Code of the State of California), with bonds to be issued upon
unpaid assessments pursuant to the Improvement Bond Act of 1915
(Division 10 of said Streets and Highways Code);
WHEREAS, Section 10210 of said Municipal Improvement Act of
1913 provides that this Council, to expedite the conduct of
proceedings and the making of any acquisition or improvement, may
at any time advance out of any money in any available fund such
sums as it deems necessary and that any sums so transferred are a
loan and shall be repaid out of the proceeds of any assessments
levied;
WHEREAS, Title 4, Division 4, Chapter 3, Article 2 of the
Government Code of the State of California provides for the
creation of revolving funds in connection with proceedings had
for the purposes therein set forth; and
WHEREAS, the public convenience and necessity will be served
by creating a revolving fund in connection with said proceedings;
NOW, THEREFORE, IT IS ORDERED, as follows:
1. A revolving fund, to be known as the City of Rohnert
Park Willis Avenue Assessment District Revolving Fund, is hereby
created and shall be maintained.
2. The sum of $125,000, and such other sums as the Council
may hereafter order, shall be transferred from the General Fund
or from other available funds of the City to said revolving fund.
3. The monies in said revolving fund shall be expended for
the cost of acquisition and improvements, including the costs and
expenses incidental thereto, of the City of Rohnert Park Willis
Avenue Assessment District, as the funds are required therefor.
4. Said revolving fund shall be reimbursed, together with
interest thereon at the rate of eight percent (8 %) per annum from
the date of such transfer to the date of such reimbursement, from
the assessments to be collected and the proceeds of the bonds to
be issued and sold in said proposed special assessment and
assessment bond proceedings and from such other lawfully
available sources as the City shall hereafter determine.
5. When the purposes for which said revolving fund is
created have been fully accomplished, all monies remaining
therein shall be returned to the General Fund or to such other
funds from which transfers were made to said revolving fund, and
said revolving fund shall be discontinued.
6. A certified copy of this resolution shall be filed in
the office of the Director of Finance of said City.
DULY AND REGULARLY ADOPTED this 28th day of May, 1901
CITY OF ROHNERT PARK
Mayor
I°I LLING,q,tgORTHI AYES OPKiN,q AYE RE;LV AYE SPIRO AYE E K AYE
AYES: 5 TES: ABSENT-2- ABSTAIN--Q,-
I hereby certify the foregoing to be a true copy of a
resolution adopted by the City Council of the City of Rohnert
Park, California, at a regular meeting thereof held on the 28th
day of May, 1991, by the following vote of the members thereof:
AYES, and in favor thereof, Councilmembers: HOLLINGSWORTIT(OPKINS,
REILLY, SPIRO AND ECK
NOES, Councilmembers: NONE �pm
ABSENT, Councilmembers: NONE
City Clerk, City of Roh t
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