Regular 6.C.
Regular City Council Meeting
- Meeting Date:
- 09/09/2013
- TITLE
- Public Hearing SID 2904 Spread of Assessments
- PRESENTED BY:
- Patrick M. Weber, Finance Director
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The final assessment for Sidewalk, Curb and Gutter SID No. 2904 has been completed by the Finance Department and is ready to spread on the 2013 tax roll. This project is for developer and miscellaneous public improvements in various locations around the city.
ALTERNATIVES ANALYZED
The Council must hold a public hearing, and then may:
- Approve the resolution; or
- Not approve the resolution, the property owners will not be assessed, and the General Fund will be responsible for paying for the improvements.
FINANCIAL IMPACT
The total cost of the bonds is $282,815. The net effective interest rate is 4.50%. Under the State Statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 5.00%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution.
RECOMMENDATION
Staff recommends that the Council conduct a public hearing and pass the proposed resolution on September 9, 2013.