Regular 2.
Regular City Council Meeting
- Meeting Date:
- 09/28/2009
- TITLE
- Public Hearing & Resolution for SID 1387
- PRESENTED BY:
- Patrick M. Weber, Financial Services
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The following assessment resolution SID 1387 (Zimmerman Trail Subdivision) has been completed by the Finance Division and is ready to be spread on the tax rolls. This project is for sanitary sewer improvements.
ALTERNATIVES ANALYZED
The Council must hold a public hearing and then may:
- Approve the resolution; or
- Not approve the resolution, which would result in the tax payers not being assessed, and the General Fund being responsible for paying for the improvements.
FINANCIAL IMPACT
The cost associated with SID 1387 are assessed per lot. The net effective interest rate is 3.25%. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 3.75%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution. The interest rate is variable and may need to be adjusted annually.
RECOMMENDATION
Staff recommends that a public hearing be held and Council passes the proposed resolution on September 28, 2009.