Consent 1.M.
Regular City Council Meeting
- Meeting Date:
- 06/27/2011
- TITLE
- Resolution to Close Special Improvement/Sidewalk Bond Debt Funds
- PRESENTED BY:
- Patrick M Weber
- 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. SID 1315 - Lampman Sub Water Improvements, SID 1326 - Pemberton Subdivision Sewer and SID 1338 - Agate Avenue Sanitary Sewer will be closed in fund 820.
ALTERNATIVES ANALYZED
There are no viable alternatives to approving the resolution since State law requires this action.
FINANCIAL IMPACT
The revolving fund will receive cash of $100,264 for the three Special Improvement Districts in Fund 820 with positive cash. The cash balance in the SID Revolving Fund is about $4,700,000.
RECOMMENDATION
Staff recommends Council approve the Resolution authorizing the closure of Special Improvement District Funds to the SID Revolving Fund.