Consent 1.H.
Regular City Council Meeting
- Meeting Date:
- 06/26/2017
- TITLE
- Resolution to Close Special Improvement/Sidewalk Bond Debt Funds to the SID Revolving Fund
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
State law requires closing SID/Sidewalk debt service funds once the debt has been satisfied. Any excess/deficit cash balances upon completion of the bond obligations are transferred to the SID Revolving Fund. The following funds and SID's will be closed into fund 8200:
- Pooled sidewalk issues in fund 8680
- Special Improvement District 1341
- Pooled SID's in funds 8210, 8220, and 8320
- Pooled sidewalk issues in fund 8680
- Special Improvement District 1341
- Pooled SID's in funds 8210, 8220, and 8320
ALTERNATIVES ANALYZED
There are no viable alternatives to approving the resolution since State law (MCA 7-15-4222) requires this action.
FINANCIAL IMPACT
The revolving fund will receive cash of $106,000 for the SIDs and Sidewalks.
RECOMMENDATION
Staff recommends that the City Council approve the Resolution authorizing the closure of Special Improvement District Funds to the SID Revolving Fund.