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CICY OF SAN BERNARDOO -
REQUQT FOR COUNCIL ~~N
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Subject: Amounts due to the General Fund from the
Parking District Fund and amounts to
be provided for future parking needs
within the Parking District
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From: WARREN A. KNUDSON
Dept: FINANCE
Date: OCTOBER 14, 1987
Synopsis of Previous Council action:
Various hearings establishing Parking District and setting annual assessments.
Recommended motion:
Adopt Resolution
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Signature
Contact person: WARREN KNUDSON AND ROGER HARDGRAVE
Phone: 5242 AND 5025
Supporting data attached:
YES
Ward:
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FUNDING REQUIREMENTS:
Amount:
Source: (ACCT. NO.)
(ACCT. DESCRIPTION) PARKING DISTRICT
Finance:
Council Notes:
75-0262
Agenda Item No,
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-CITY OF SAN BERNARDINO -
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REQUEST FOR COUNCIL ACTION
STAFF REPORT
Staff has presented reports to the Ways and Means Committee addressing needs
and funding of the Parking District. On October 12 a report to the Committee
identified amounts due to the General Fund from the Parking District as a
result of General Fund monies advanced for Parking District expansion.
The amount due to the General Fund is $731,128.89. The amount of $314,998.66
has been assessed to cover costs of the expansion and is available in the
Parking District Fund to reduce the amount owed to the General Fund. The
estimated Parking District Fund Balance at June 30, 1987, is $410,541.
As was addressed in the report to the Ways and Means Committee, the amounts
advanced for Parking District expansion in 1979 and 1980 were intended to be
repaid by either a bank loan or the issuance of bonds. Neither option turned
out to be feasible at the time.
The Ways and Means Committee made the following recommendations which are
embodied in the attached resolution:
1. Transfer the amount of $314,998.66 from the Parking District Fund to the
General Fund to be applied to the amount owed to the General Fund by the
Parking District Fund. The amount originally owed is $731,129.
2. Direct that any amounts assessed from the "secondary roll" for Parking
District expansion and the $8,100 per year that was initially for the purpose
of leasing parking from the Masonic Temple be annually applied toward the
amount owed to the General Fund by the Parking District Fund.
3. Direct that the remaining amount owed to the General Fund after the transfer
directed in item #1 be retired in 7 years by means of an increase in the
"secondary roll" for parking expansion and that an interest rate of 9%
be charged on the unpaid balance.
4. Direct that the interest desired from #3 and any unobligated income from
leases within the Parking District reserved in a capital improvement development
account within the Parking District Fund for future parking needs.
The balance owed to the General Fund after the transfer of $314,998.66 would
be $416,131. To retire that amount in 7 years, the assessment for principal
would be approximately $59,447, compared to the present $30,300. Interest
charges on the unpaid balance at 9% would be approximately $37,451 for the
first year.
Reason For Placement On Supplemental Agenda
To present to the Mayor and Common Council the recommendation of the Ways and
Means Committee which was held on October 12, 1987.
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RESOLUTION NO.
RESOLUTION OF THE CITY OF SAN BERNARDINO REGARDING
REPAYMENT OF AMOUNTS DUE TO THE GENERAL FUND FROM THE PARKING
3 DISTRICT FUND, ESTABLISHING AN ANNUAL PAYBACK ARRANGEMENT
INCLUDING INTEREST, AND ESTABLISHING A FUND FOR FUTURE PARKING
4 DISTRICT NEEDS.
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BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1.
The Mayor and Common Council of the City of San
Bernardino hereby order and direct that the amount of $314,998.66
9 be transferred from the Parking District Fund to the General Fund
10 to be applied to the amount owed to the General Fund by the
11 Parking District Fund which amount originally owed is
12 $731,129.00.
13
SECTION 2. The Mayor and Common Council of the City of San
14 Bernardino do hereby direct that any amounts assessed from the
15 "secondary roll" for parking district expansion, and the
16 $8,100.00 per year that was initially established for the purpose
17 of leasing parking from the Masonic Temple be annually applied
18 toward the amount owed to the General Fund by the Parking
19 District Fund.
20
SECTION 3. The Mayor and Common Council of the City of San
21 Bernardino do hereby direct that the remaining amount owed to the
22 General Fund after the transfer directed in Section 1 above, be
23 retired in seven years by means of an increase in the "secondary
24 roll" for parking expansion, and that an interest rate of 9% per
25 annum be charged on the unpaid balance.
26 SECTION 4. The Mayor and Common Council of the City of San
27 Bernardino do hereby direct that the interest received from
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1 Section 3 above and any unobligated income from leases within the
2 Parking District be reserved in a capital improvement development
3 account within the Parking District Fund for future parking
4 needs.
5 I HEREBY CERTIFY that the foregoing resolution was duly
6 adopted by the Mayor and Common Council of the City of San
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12 NAYS:
Bernardino at a
meeting thereof,
day of
, 1987, by the
held on the
following vote, to wit:
Council Members
AYES:
13 ABSENT:
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City Clerk
The foregoing resolution is hereby approved this
day
of
, 1987.
Mayor of the City of San Bernardino
Approved as to form
21 and legal content:
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