HomeMy WebLinkAbout18- Finance CITY OF SAN BERN[ ZDINO - REQUEST F R COUNCIL ACTION
BARBARA PACHON,
From: BARBARA 1915 Act Limited Obligation Improvement
DIRECTOR OF FINANCE Bond Assessment District No. 977B,
Dept: FINANCE Improvement Fund Surplus
Date: APRIL 29, 1994
gyXggpsib9f f1fvious Council action:
Apri1 ,,15, 1991 - Resolution #91-132 adopted issuing a 1915 Act Limited
2 A .Y 94 4 i25tion Improvement Bond (Assessment District No. 977B)
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. 977B.
Signature
Contact person: BARBARA PACHON, DIRECTOR OF FINANCE Phone: ext - 5242
Supporting data attached: Ward:
FUNDING REQUIREMENTS: Amount: Source:
Finance:
Council Notes:
75-0262 Agenda Item No. /00
CITY OF SAN BERN! _1DINO - REQUEST V I COUNCIL ACTION
STAFF REPORT
On April 15, 1991, the City of San Bernardino issued a 1915 Act
Limited Obligation Improvement Bond (Assessment District No. 9778) ,
in the amount of $1, 013 , 048 .90. The Bonds are secured by
assessments levied against properties within the District. The
City formed this Assessment District in response to a request from
Century Homes, the owner of the property within the District at
that time.
The bond proceeds received from 977B were used to acquire certain
public improvements, which were installed by Century Homes, to
service the one hundred eighty-five (185) residential units within
the Assessment District being developed by Century Homes. These
public improvements included street improvements, storm drain
improvements, sewer improvements, water main connections and
improvements, and grading as required within public right-of-ways.
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
$60, 000. 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 977B 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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