BOOK 21_1946-09-23 to 1948-08-09

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E! 106 AYES, Councilmen: BRITSCHGI, GRANGER, McNULTY, SWIFT, WERDER and Mayor HILTON. NOES, Councilmen: NONE ABSENT: Councilman: ARMSTRONG W. W. HILTON Mayor of the City of Redwood City ATTEST: RALPH S. DODGE Clerk of the -City of Redwood City I hereby approve the foregoing Resolu- tion this 3d day of February. 1947- W. W. HILTON Mayor of the City of Redwood City City Attorney McCarthy advised that the resolution providing for partial distribu- tion of surplus in regard to improvements in Redwood Terrace No. 1 was ready for adoption. The resolution provides that any surplus over the estimated cost of the work and the actual cost of the work will be refunded to property in the district within the city with the exception of that in the subdivision. A provision had been inserted in the resolution providing for a discount in the event the assessment is paid in cash. Councilman McNulty offered resolution r providing for partial distribution of surplus'in Redwood Terrace No. 1 and moved its adoption, seconded by Councilman Swift. On roll call, resolution was unanimously adopted with Councilman Armstrong absent. R E S 0 L U T ION No. 432 p: PROVIDING PARTIAL DISTRIBUTION OF SURPLUS REDWOOD TERRACE No. 1 AND gtlg ADJACENT TERRITORY 1 RESOLVED, by the City Council of the City of Redwood City, California, I that WHEREAS, an assessment has been levied and confirmed by the Council pur- suant to its Resolution of Intention No. 392 adopted September 3, 19460 which assessment was in the amount of $190,077.91; WHEREAS, the actual cost of said project, including incidental expenses, would appear -to be approximately $179,755.31; and WHEREAS, said assessment has and will realize a larger sum than is neces- sary for said improvement. NOW, THEREFORE, IT IS ORDERED, THAT SAID SURPLUS be applied as a credit to each assessment or installment thereof, and such credit be prorated in such amounts as each assessment or installment thereof bears to all of said assessments, as follows: (a) That assessments numbered 1 to 72, inclusive, be each reduced by 5.43073%* (b) That the reduction of assessment numbered 73 to 183, inclusive, be postponed until the completion of the work and that at said time they each be reduced by that percentage of the balance of said surplus; that each of said assessments bear to the whole amount of said assessments ni4mbered 73 to ` 183, inclusive. I (c) Where such assessment or any installment thereof has been paid in cash, said credit shall be returned -in cash to the owner paying same. (d) A discount of 5% shall be allowed on all cash payments on account of assessments 1 to 72, inclusive. (e) Upon final ascertainment of the total cost of the improvement a refund shall be made on all assessments as an adjustment between total cost and the estimated cost of the improvement, if any. I hereby certify the foregoing to be a true copy of resolution adopted