Regular 4.A.
Regular City Council Meeting
- Meeting Date:
- 09/14/2009
- TITLE
- Public Hearing SID 2701
- PRESENTED BY:
- Pat M. Weber, Financial Services Manager
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The assessment for Sidewalk, Curb & Gutter Project No. 2701 has been completed by the Finance Department and is ready to spread on the tax rolls. This project is for developer and related project improvements located in various locations.
ALTERNATIVES ANALYZED
The Council must hold a public hearing, and then may:
- Approve the resolution; or
- Not approve the resolution, the tax payers will not be assessed, and the General Fund will be responsible for paying for the improvements.
FINANCIAL IMPACT
The total cost of the bonds is $244,000. The net effective interest rate is 5.95 %. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 6.45 %. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution.
RECOMMENDATION
Staff recommends that a public hearing be held and that Council pass the proposed resolution on September 14, 2009.