Agenda Report
Fullerton City Council
MEETING DATE: FEBRUARY 18, 2025
TO: CITY COUNCIL / SUCCESSOR AGENCY
SUBMITTED BY: STEPHEN BISE, P.E., PUBLIC WORKS DIRECTOR PREPARED BY: JUAN ZAVALA, P.E., PRINCIPAL CIVIL ENGINEER kAREN CHUNG, ADMINISTRATIVE ANALYST II
SUBJECT: PUBLIC WORKS UNCLAIMED engineering BONDS AND DEPOSITS TRANSFER
SUMMARY
California Government Code Sections 50050 through 50056 allow the City to transfer unclaimed bonds and deposits exceeding $15.00 to the General Fund or respective fund(s) of deposit three years after issuance date following proper notification and City Council approval.
PROPOSED MOTION
Approve and accept engineering bonds and deposits from 1997 to 2016 that remain unclaimed after three years from the date of issuance which remain unclaimed forty-five days following Notice of Publication as City property.
Authorize Administrative Services Director to transfer resulting funds to the general fund or other funds as appropriate.
ALTERNATIVE OPTIONS
Approve the Proposed Motion
Reject the Proposed Motion
Other options brought by City Council.
STAFF RECOMMENDATION
Staff recommends the Proposed Motion.
CITY MANAGER REMARKS
The City Manager recommends approval.
PRIORITY POLICY STATEMENT
This item matches the following Priority Policy Statement:
Fiscal and Organizational Stability.
FISCAL IMPACT
Unclaimed monies transfer, if all unclaimed engineering bonds and deposits remain unclaimed forty-five after publication date, would generate up to a maximum $771,852.26 available for City use. Any claimed funds would reduce this amount.
BACKGROUND AND DISCUSSION
The Public Works Engineering Division identified unclaimed engineering bonds and deposits of fifteen dollars or greater from 1997 to 2016 (Attachment 1). Unclaimed bonds and deposits may become City property once it meets the required conditions. The City must publish the amount of money, the fund in which the City holds funds and that the money will become the property of the City on a designated date for funds after three years from the date of issuance. The City must publish this notice once a week for two consecutive weeks in a general newspaper circulation published in the City, no less than 45 days and no more than 60 days following the first publication.
The City published the required Notice of Publication pursuant to Government Code Sections 50050 through 50056, in the Fullerton News Tribune starting October 31, 2024 through December 5, 2024. Attachment 2 contains the Notice of Publications. The following table summarizes the publishing dates. The City received no claims within the specified time. Attachment 1 provides a list of the unclaimed bonds and deposits of fifteen dollars or greater that remained unclaimed after three years from the date of issuance and unclaimed forty-five days after the first Notice of Publication, totaling $771,852.26.
Unclaimed Bonds & Deposits (1997- 2016)
Names
Post Date
Due Date to claim funds (45 days from first publication date) A-F
10/31/2024
12/16/2024
A-F
11/7/2024
12/16/2024
G-O
11/14/2024
12/30/2024
G-O
11/21/2024
12/30/2024
P-Z
11/28/2024
1/13/2025
P-Z
12/5/2024
1/13/2025
Attachments:
Attachment 1 – Unclaimed Bonds and Deposits (1997 - 2016) Attachment 2 – Notice of Publication
Attachment 3 –California Government Code Sections 50050 through 50056 cc: City Manager Eric J. Levitt
Public Works Unclaimed Engineering Bonds and Deposits
February 18, 2025 - Page 2