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3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />281 <br />RESOLUTION NO. R-53-11 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA DETERMINING AND AUTHORIZING THE ANNUAL <br />LEVY OF TAX ASSESSMENT FOR IMPROVEMENT DISTRICT `A' <br />(JAMES SULLIVAN WATER COMPANY) <br />WHEREAS, the City Council of the City of Colton adopted Resolution No. R-38-88, <br />Establishing a Fiscal Structure to Repay the Loan associated with Reconstruction of Water <br />Facilities of the James Sullivan Mutual Water Company, Improvement District `A'; and <br />WHEREAS, Resolution No. R-38-88, directed the establishment of unpaid <br />assessments over a 35 year amortized payment schedule and the filing thereof with the Tax <br />Assessor and the Controller's Office for the County of San Bernardino, commencing in August <br />1988. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of The City of <br />Colton as follows: <br />SECTION 1. Based upon the total loan amount of $370,800 and the ninety-one shares <br />of James Sullivan Mutual Water Company stock outstanding, the City has determined that the <br />amount of required tax to be levied per share for the 2011-2012 Fiscal Year is as shown on the <br />attached Exhibit "A'. <br />SECTION 2. The City Clerk is instructed to file a certified copy of this resolution <br />with the San Bernardino County Tax Assessor. <br />PASSED APPROVED AND ADOPTED this 5s` day of July, 2011. <br />ATTEST: <br />EILEEN C. GOMEZ, CMC <br />City Clerk <br />