The URL can be used to link to this page

Home My WebLink About14-Finance c , '-" ...../ COUNCIL ACTION CORRESPONDENCE Warren Knudson, Amounts Due to the General To Subject Fund from the Parking Dis- Director of Finance trict Fund and Amounts to O.te November 4,19B7 be Provided for Future Park ing Needs Within the Parkin District. Meeting O.te November 2,1987 Agenda Item No. 13 Action .' The proposed resolution of the City of San Bernardino regarding repay- ment of amounts due to the General Fund from the Parking District Fund establishing an annual payback arrangement including interest, and establishing a fund for future parking district needs was continued to November 16,1987. SC:re cc: City Attorney A"'UAM City Administrator -&lAUNA CLARK City Clerk I~ . From: WARREN A. KNUDSON REQU~T FOR COUNCIL AC"'~\ON rf,J- Subject: Amounts due to the General ~nd from the Parking District Fund and amounts to be provided for future parking needs within the Parking District . CI1C OF SAN BERNARDI"O - Dept: FINANCE Date: OCTOBER 14, 1987 Synopsis of Previous Council action: Various hearings establishing Parking District and setting annual assessments. Recommended motion: Adopt R~solution p~ ~K..IJ Signature Contact penon: WARREN KNUDSON AND ROGER HARDGRAVE Phone: 5242 AND 5025 Supporting datlllllched: YES Ward: 1 FUNDING REQUIREMENTS: Amount: Source: (ACCT. NO.) (ACCT. DESCRIPTION) PARKING DISTRICT Finance: Council Notes: 7s.Qn2 Agenda Item No._ CI~ OF SAN BERNARDI.-O - REQUEST FOR COUNCIL ACT_ON 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. 75-0264 c - r " ""'" . ) 1 RESOLUTION NO. 2 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. 5 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: 6 7 SECTION 1. The Mayor and Common Council of the City of San 8 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 $B,lOO.OO 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 herebydi!ect tha~ 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 28 10-15-B7 1 ~'"'- '- 1 2 3 4 5 6 7 8 9 10 11 12 13 ~"~ r --- ''"'-'' Section 3 above and any unobligated income from leases within the Parking District be reserved in a capital improvement development account within the Parking District Fund for future parking needs. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San Bernardino at a meeting thereof, held on the day of , 1987, by the following vote, to wit: AYES: Council Members NAYS: ABSENT: 14 15 16 17 18 19 20 City Clerk The foregoing resolution is hereby approved this day of , 19B7. Mayor of the City of San Bernardino Approved as to form 21 and legal content: 2232 ~~. ~V a<t~ C. Attor~ 24 25 26 27 28 10-15-87 2