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CITY OF SAN BERN' ~DINO - REQUEST Froq COUNCIL ACTION
From: BARBARA PACHON, DIRECTOR OF FINANCE
Subject:
1915 Act Limited Obligation Improvement
Bond Assessment District No. 985
Improvement Fund Surplus
Dept: FINANCE
Date: June 21, 1994
!Whijpsfll~~ious Council action:
) JJN 94F~~~~ry 21, 1990 - Resolution #90-57 adopted issuing a 1915 Act Limited
Obligation Improvement Bond (Assessment District No. 985)
Recommended motion:
That the Bond Improvement Fund surplus be used to call bonds and reduce the
debt obligations of the residents in Assessment District No. 985.
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7 Ignature
Contact person:
Barbara Pachon, Director of Finance
Phone:
5242
Supporting data attached:
Ward:
s-
FUNDING REQUIREMENTS:
Amount:
Source: (Acct. No.)
(Acct. DescriPtion)
Finance:
Council Notes:
75-0262
Agenda Item No. :? 0
CITY OF SAN BERNI '1DINO - REQUEST F(' COUNCIL ACTION
STAFF REPORT
On February 19, 1990, the City of San Bernardino issued a 1915 Act
Limited Obligation Improvement Bonds (Assessment District No. 985),
in the amount of $1,101,681.82. The Bonds are secured by
assessments levied against properties within the District.
The bond proceeds received from 985 were used to finance the
construction and installation of a variety of public improvements
and certain right of way acquisitions. These public improvements
included street improvements, storm drain improvements, and sewer
improvements. All of the improvements for this District have been
completed and no further projects are anticipated at this time.
The Bond Improvement Fund currently has a balance of approximately
$337,506. According to Section 10427 of the streets and Highways
Code of the State of California, any surplus of funds after the
completion of the improvements and the payment of all claims, shall
be used, in amounts determined by the legislative body, for one or
more of the following purposes:
1. Transfer to the City's General Fund an amount not to exceed
the lesser of one thousand dollars ($1,000) or five (5)
percent of the total amount expended from the improvement
fund. For Assessment District 985 the lesser amount is
$1,000.
2. Maintain the surplus to be used for the maintenance of the
improvements.
3. Call bonds, thereby reducing outstanding assessments and
subsequent assessment installments.
4. Use the surplus as a credit upon the assessment in the manner
provided in Section 10427.1.
Since these improvements are only a few years old, there is no
significant maintenance requirements at this time. Due to no
immediate maintenance concerns, staff recommends that the surplus
be used to call bonds and reduce the debt obligations of the
residents in this Assessment District.
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PROPOSED BOUNDARY MAP
ASSESSMENT DISTRICT NO. 985
INDUSTRIAL PARKWAY IMPROVEMENT DISTRICT
CITY OF SAN BERNARDINO
COUNTY OF SAN BERNARDINO
ST A TE OF CALIFORNIA
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