Regular 12.a.
Regular City Council Meeting
- Meeting Date:
- 09/13/2010
- TITLE
- Public Hearing SID 1388
- PRESENTED BY:
- Patrick M. Weber, Financial Services Manager
- Department:
- City Hall Administration
Presentation:
PROBLEM/ISSUE STATEMENT
The assessment for SID 1388 (Dorothy Lane) has been completed by the Finance Division and is ready to spread on the tax rolls. This project is for storm drain, and street improvements on Dorothy Lane from Bench Boulevard to Hawthorne Lane to Cottonwood Boulevard. This project and bond sale have previously been approved by council.
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 costs associated with SID 1388 are assessed per lot. The net effective interest rate is 4.895%. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.395%. 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.
RECOMMENDATION
Staff recommends that a public hearing be held and Council pass the proposed resolution on September 13, 2010.