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CI-R OF SAN BERNARDICb - REQUIOr FOR COUNCIL AC\)oN
From: Councilman Steve Marks
Subject: T'Torkshop for Assessment District
Bonds
Dept: Council Office
Date: April 8, 1985
Synopsis of Previous Council action:
March 19, 1985 - Mayor and Common Council approved sale and issuance of
$13,400,000 1913/1915 Act Bond for Assessment District
961 (Tri-City).
April 1, 1985 - Continued to April 15, 1985, discussion on Cable Lakes
Project and use of 1911 and 1913/15 bonds as financial
alternatives.
Recommended motion:
That the Mayor and Common Council set a date and time for a
workshop to review the different assessment bond acts, and discuss
policy for their use.
~~~
Signature
Contact person:
Phil Arvizo
Phone: 5168
Supporting data attached:
yes
Ward: City wide
FUNDING REQUIREMENTS:
Amount: unknown
Sour~: Assessment District
Finan~:
Council Notes:
75-0262
Agenda Item NO.,t..,Z.
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CIO OF SAN BERNARD~ - REQUQT FOR COUNCIL AeQON
STAFF REPORT
Recently, there has been an increase in requests by
developers and staff to use assessment district bonds to provide
financing of offsite improvements. The primary acts used are
1911, 1913, and 1915 municipal improvement acts. The use of
each of these acts may have significant long-range impact on
the finances of the City. In addition, the City may use its
charter powers to adopt its own ordinance in establishing
certain procedures.
The Mayor and Common Council must also consider what types
of projects it wants to use assessment district bonds for.
The Council needs to adopt a policy on the use of assessment
district bonds for industrial, commercial and residential
projects. Each type of project has different criteria that
must be considered.
A thorough understanding needs to be developed in this
area of financing so that the Council may adopt the appropriate
policy for selection of projects it wants to use assessment
district bonds for and the types of assessment district
bonds it deems appropriate to use.
A workshop needs to be scheduled to hear the appropriate
information and alternatives to these important financial
matters.
75.0264