HomeMy WebLinkAbout1040_CCv0001.pdf RESOLFTION NO. 1040
RESOLUTION CONCER111ING 'PEE USE OF REVENUES OF VEHICLE PARKING DISTRICT NO. I
POE REILIBURSING ASSESSMENTS LEVIED FOR PARKING PLIM ACQUISITION kND iMPROVEi&XTP
WHEREAS, The City Council of the City of Redlands$ at t1le request of
'oetlt.ione rs for the forwation of Yehl.ole Parking Distriat No. 11 adopted a
Resolution providing in part, that 90�'a' of the district revenues would be
used for bond retirement and the repaymie-nt of cash assessments; and 50�'
for the furthier expansion of parking facilities.
AND WIMHEAS, it is the intent of this Council to roaffirm thin resolution
and clarify the manner of its execution;
ME IT RESOLIrED:
I. Thatp as improvement bonds are payable in fixed amounts at fix;n-d
tit
4 r_n-
-L �, 30 the appli-cEtion of these monies to direct .teet-iraalant of
bonds is impractical if not impossible, distribution shall be
made in cash payments of all or part o-J:' the assessments levied
for parking places vithin the. D-istr-ict�
2. That the amount of each to ble reimbursed. shall be
determined on the same ratio as the individual assessment
bears to the total assessmerit for tho District.
3. That the distribution shall be made on an annual basis.
4. That the period of operation used for the determina-lion
of th,,- amount to be dist-"ibuted shall be the fiscal year,
July I through June 30.
5, That he person or persons entitled to receive reimbursement
in the amouzit determined by the Council herein, shall be
the payer of the aesesoment or the payez, of the principal
payaw-rlu- of the improvement bond in the year reimbursen-aunt
is rade.
'opter 4-
Tha t Aer I shall be flae date for the physical distri-
butlo-n of the monies.
7. That distribution of these monica shall be limited to the
cox il;,-Lrial bonded Period of '&-,he District unless the total
assecswent is repaid before the bond period expiresv
8� That, for this purpose, dist-riat revenues shall be the net
amount remaining from the year's operation after all applicab34e
eyper-a es and authorized charges for '-he year have been deducted
I "
from the gross revenues of the Distrlict�
ADOPTED, SIGNED AND �&PPROVED this day
ATTEST: lay3r "o IL-1he IG y of
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City- i1tt- torley