Regular 4.
Regular City Council Meeting
- Meeting Date:
- 09/09/2013
- TITLE
- Public Hearing Respread SID 1385
- PRESENTED BY:
- Patrick M. Weber, Finance Director
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
The respread of assessments for SID 1385 (Miller Crossing) has been completed by the Finance Dept. and is ready to spread on the tax rolls. SID 1385 was originally assessed with an interest rate of 8.474% and is being refinanced at a lower interest rate of 4.10%.
ALTERNATIVES ANALYZED
The Council must hold a public hearing and then may:
- Approve the resolution; or
- Not approve the resolution
FINANCIAL IMPACT
The costs associated with SID 1385 are assessed per lot. The net effective interest rate is 3.60%. Under the State statute 7-12-4189, the City is required to add ½ of 1% for a total rate of 4.10%. The ½ of 1% will be used as additional security on bond issues, as stated in the final bond resolution. A savings of $669,042 was achieved by the refunding. These savings will be passed on to the property owners with outstanding assessments.
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and pass the proposed resolution on September 9, 2013.