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Item 1.L.
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| City Council Regular | |
| Date: | 06/27/2022 |
| Title: | Resolution to Close Special Improvement Bond Debt Funds to the SID Revolving Loan Fund |
| Presented by: | Andy Zoeller, Finance Director |
| Department: | Finance |
| Presentation: | No |
| Legal Review | No |
RECOMMENDATION
Staff recommends that City Council approve the resolution authorizing the closure of Special Improvement Debt Funds where the debt has been fully paid.
BACKGROUND (Consistency with Adopted Plans and Policies, if applicable)
State statute (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 SIDs/Sidewalks funds will be closed into the SID Revolving Fund:
| Description | SID/Sidewalk Number | Original Debt Amount | Closing Cash Balance |
| 2009 Zimmerman Trail Sewer System | 1387 | 80,500 | 14,942.60 |
| 2007 Clairmont Rd. and Greenbriar Sub | 1375 & 1377 | 168,000 | 5,275.54 |
| 2005 Lake HIlls, Rimrock West, & Shiloh Rd | 1358, 1365, 1366, 1371 | 2,520,000 | 130,358.19 |
| 2005 Lake Hills & King Ave | 1349 & 1354 | 1,196,000 | 57,570 |
| 2008 Sidewalk | 2601 & 2602 | 230,000 | 4,825.17 |
| 2009 Sidewalk | 2701 & 2702 | 297,000 | 11,263.37 |
| 2007 Sidewalk | 2401, 2402, & 2501 | 380,000 | ($7,839.27) |
ALTERNATIVES
City Council may:
- Approve the resolution closing the SID and Sidewalk Debt Funds in accordance with MCA 7-12-4222; or,
- Not Approve the resolution
FISCAL EFFECTS
The total cash balance being closed out of all SID and Sidewalk funds is $216,395.93. This will be transferred to the SID Revolving fund which is used to provide assurance for outstanding SID and Sidewalk debt payments.