The assessment for SID 1395 (Boca Raton Road) has been completed by the Finance Division and is ready to spread on the tax rolls.  This project and bond sale have previously been approved by Council.  This project is for constructing curb and gutter, street improvements, sanitary sewer mains, sanitary sewer services, water mains, and water services on Boca Raton Road between Clubhouse Way and Annandale Road.

The Council must hold a public hearing and then may:

• Approve the resolution; or
• Not approve the resolution.  If so, the property owners will not be assessed, and the General Fund will be responsible for paying for the improvements.

The amount of the bond sale was $178,000.  The costs associated with SID 1395 are assessed per lot, please see attachment.  The net effective interest rate is 4.50%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.00%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution. Interest earnings and prior collections are subtracted from the final construction cost and spread to the appropriate properties. Any remaining fund balances are used to call bonds.

Staff recommends that the City Council conduct a public hearing and pass the proposed resolution on September 8, 2014.