Consent 1.I.
Regular City Council Meeting
- Meeting Date:
- 06/24/2019
- TITLE
- Resolution to Close Special Improvement Bond Debt Funds to the SID Revolving Fund
- PRESENTED BY:
- Andy Zoeller
- Department:
- City Hall Administration
Presentation:
No
PROBLEM/ISSUE STATEMENT
State law (MCA 7-12-4222) requires Council action to close Special Improvement District (SID) and Sidewalk debt service funds once the debt has been satisfied. Upon completion of the bond obligations, any excess cash balances are transferred to the Revolving Fund. The following SID fund will be closed into the SID Revolving Fund:
- Special Improvement District 1360
- Special Improvement District 1360
ALTERNATIVES ANALYZED
There are no viable alternatives to approving the resolution since State law (MCA 7-12-4222) requires this action.
FINANCIAL IMPACT
Per State law, $42,686.94 will be transferred to the SID Revolving Fund.
RECOMMENDATION
Staff recommends that the City Council approve the resolution authorizing the closure of Special Improvement District Fund.