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CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
From: Bernard C. Kersey
O;7!GINAL Subject:
Date: May 15, 1997
MAY 1 5 1997
Establ.ishing Fiscal Year 1997/1998
Assessment of $14,687.50 for Parcels
within the Previous Boundaries of
the South San Bernardino County
District
Dept: Water Department
Synopsis of Previous Council action:
None
Recommended motion:
Adopt Resolution
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Contact person:
P;l1I1 F-. Harmon
Phone:
384-5091
Supporting data attached:
Yes
Ward:
First
FUNDING REQUIREMENTS:
Amount:
N/A
Source: IAcct. No.)
(Acct. DescriPtion)
Finance:
Council Notes:
Res 97-
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75-0262
Agenda Item No.
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. CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
South San Bernardino County Water District (District) merged with
the City of San Bernardino effective August 1, 1991. The terms and
conditions of the merger were approved by the Board of Directors of
South San Bernardino Water District, the Board of Water
Commissioners, the Mayor and Common Council, and the Local Agency
Formation Commission. The Board of Supervisors, County of San
Bernardino, as conducting authority, approved the merger on July
15, 1991.
A condition of the merger stipulated that the City of San
Bernardino would be the successor agency within the jurisdiction of
the Board of Water Commissioners; with the successor agency
assuming all rights, responsibilities, properties, equipments,
contracts, assets and liabilities, and functions of the South San
Bernardino County Water District.
The District issued and sold Series "C" Waterworks Bonds in the
amount of $150,000.00 in 1988, pursuant to a 1958 vote of the
people of the district, to incur bonded indebtedness of $400,000.00
for the purchase of certain improvements of the District.
The amount of the assessment for all assessable parcels within the
boundaries of the previous South San Bernardino County Water
District for the 1997/98 Fiscal year has been determined to be
$9,687.50 in interest and $5,000.00 in principal, totaling
$14,687.50.
75-0264
:
CITY OF SAN BERNARDINO
MUNICIPAL WATER DEPARTMENT
INTEROFFICE MEMORANDUM
TO: Bernard C. Kersey, General Manager
FROM: Paul E. Harmon, Director of Finance
SUBJECT: SOUTH SAN BERNARDINO COUNTY WATER DISTRICT - GENERAL
OBLIGATION BONDS
DATE: April 23, 1997
COPIES:
BACKGROUND:
South San Bernardino County Water District (District) merged with
the City of San Bernardino effective August 1, 1991. The terms and
conditions of the merger were approved by the Board of Directors of
South San Bernardino Water District, the Board of Water
Commissioners, the Mayor and Common Council, and the Local Agency
Formation Commission. The Board of Supervisors, County of San
Bernardino, as conducting authority, approved the merger on July
15, 1991.
A condition of the merger stipulated that the City of San
Bernardino would be the successor agency within the jurisdiction of
the Board of Water Commissioners; with the successor agency
assuming all rights, responsibilities, properties, equipments,
contracts, assets and liabilities, and functions of the South San
Bernardino County Water District.
The District issued and sold Series "C" Waterworks Bonds in the
amount of $150,000.00 in 1988, pursuant to a 1958 vote of the
people of the district, to incur bonded indebtedness of $400,000.00
for the purchase of certain improvements of the District.
PROPERTY TAX AMOUNT:
The amount of the assessment for all assessable parcels within the
boundaries of the previous South San Bernardino County Water
District for the 1997/98 Fiscal year has been determined to be
$9,687.50 in interest and $5,000.00 for principal, totalling
$14,687.50.
RECOMMENDATION:
Since the City of San Bernardino is the successor agency to South
SOUTH SAN BERNARDINO COUNTY WATER DISTRICT - GENERAL
OBLIGATION BONDS
April 23, 1997
Page 2
San Bernardino County Water District, this report and Resolution
has been forwarded to the Mayor and Common Council for action on
their regular Agenda for the meeting of June 2, 1997, with the
recommendation to adopt a new tax rate prior to the County
deadline. No action is required from the Board.
Respectfully submitted,
Paul E. Harmon
Director of Finance
PH/sf
Attachments
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.South San Bernardino Water District Issue Date: 03/01/88
1958 Waterworks Bonds: Series C 7.75"10 Interest Rate
Debt Service Schedule
Transfer to Sinking Fund Principal Principal Fiscal Cash
Date Interest Sinking Fund Balance Redemption Balance Requirement
1 01 - SEP -sa $5,812.50 $150,000.00
2 01 -MAR-a9 5,812.50 150,000.00 $11,625.00
3 01 - SEP -a9 5,812.50 150,000.00
4 01 -MAR-OO 5,812.50 150,000.00 11,625.00
5 01 - SEP -00 5,812.50 150,000.00
6 01 -MAR...(l1 5,812.50 150,000.00 11,625.00
7 01 -SEP...(l1 5,812.50 150,000.00
8 01 - M,IIR ...(l2 5,812.50 150,000.00 11,625.00
9 01 -SEP...(l2 5,812.50 150,000.00
10 01 -MAR...(l3 5,812.50 $5,000.00 $5,000.00 . 150,000.00 11,625.00
11 01 -SEP...(l3 5,812.50 150,000.00
12 01 -MAR...(l4 5,812.50 5,000.00 10,000.00 . 150,000.00 11,625.00
13 01 -SEP...(l4 5,812.50 150,000.00
14 01 -MAR...(l5 5,812.50 (10,000.00) 0.00 . 15,000.00 135,000.00 26,625.00
15 01 -SEP...(l5 5,231.25 135,000.00
16 01 -MAR...(l6 5,231.25 5,000.00 130,000.00 15,462.50
17 01 - SEP ...(l6 5,037.50 130,000.00
18 01 -MAR...(l7 5,037.50 5,000.00 125,000.00 15,075.00
19 01 -SEP...(l7 4,843.75 125,000.00
20 01 -MAR...(l8 4,843.75 5,000.00 120,000.00 14,687.50
21 01 -SEP...(l6 4,650.00 120,000.00
22 01 -MAR...(l9 4,650.00 5,000.00 115,000.00 14,300.00
23 01 - SEP ...gg 4,456.25 115,000.00
24 01 -MAR-OO 4,456.25 5,000.00 110,000.00 13,912.50
25 01 - SEP -00 4,262.50 110,000.00
26 01 -MAR"'{)1 4,262.50 5,000.00 105,000.00 13,525.00
27 01 -SEP"'{)1 4,068.75 1 05,000.00
28 01 -MAR...{)2 4,068.75 5,000.00 100,000.00 13,137.50
29 01 -SEP"'{)2 3,875.00 100,000.00
30 01 -MAR"'{)3 3,875.00 5,000.00 95,000.00 12,750.00
31 01 -SEP"'{)3 3,681.25 95,000.00
32 01 -MAR...{)4 3,681.25 5,000.00 90,000.00 12,362.50
33 01 -SEP...{)4 3,487.50 90,000.00
34 01 -MAR...{)5 3,487.50 5,000.00 85,000.00 11,975.00
35 01 -SEP"'{)5 3,293.75 85,000.00
36 01 -MAR...{)6 3,293.75 10,000.00 75,000.00 16,587.50
37 01 -SEP...{)6 2,906.25 75,000.00
38 01 -MAR"'{)7 2,906.25 10,000.00 65,000.00 15,612.50
39 01 -SEP"'{)7 2,518.75 65,000.00
40 01 -MAR...{)8 2,518.75 10,000.00 55,000.00 15,037.50
41 01 -SEP...{)8 2,131.25 $55,000.00
42 01 -MAR...{)9 2,131.25 10,000.00 45,000.00 14,262.50
43 01 -SEP...{)9 1,743.75 45,000.00
44 01 -MAR-l0 1,743.75 10,000.00 35,000.00 13,487.50
45 01 -SEP -10 1,356.25 35,000.00
46 01 -MAR -11 1,356.25 10,000.00 25,000.00 12,712.50
47 01-SEP-ll 968.75 25,000.00
48 01 -MAR-12 968.75 10,000.00 15,000.00 11,937.50
49 01 -SEP -12 581.25 15,000.00
50 01 -MAR-13 581.25 15.000.00 0.00 16,162.50
. T olals $199.562.50 $150.000.00 $349.562.50
. Due to misinlerpretation of debt service requirements, mandatory bond redemption for 1993 and 1994 were not paid
until March 1995; this schedule reflects actual payments to bond holders including bond redemption.
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