Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 06/25/2018
- TITLE
- Resolution to Close Special Improvement/Sidewalk Bond Debt Funds to the SID Revolving Fund
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
State law requires closing Special Improvement District (SID) and Sidewalk debt service funds once the debt has been satisfied. Upon completion of the bond obligations, any excess cash balances are transferred to the Revolving Fund. The following SIDs and Sidewalk Funds will be closed into the Revolving Fund:
- Special Improvement District 1347 and 1356
- Pooled SID Series 2001C, and 2005
- Special Improvement District 1347 and 1356
- Pooled SID Series 2001C, and 2005
ALTERNATIVES ANALYZED
There are no viable alternatives to approving the resolution since State law (MCA 7-12-4222) requires this action.
FINANCIAL IMPACT
Per State law, $287,405.56 will be transferred to the Revolving Fund.
Special Improvement District 1347 - $108,721.79
Special Improvement District 1356 - $81,506.32
Pooled SID Series 2001C - $10,446.77
Pooled SID Series 2005 - $86,730.68
RECOMMENDATION
Staff recommends that the City Council approve the resolution authorizing the closure of Special Improvement District Funds and Sidewalk Funds to the Revolving Fund.