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Home My WebLink About26-Public Works . . cfh OF SAN BERNARD. - REQUaNOpOAoCOUNCIL AC.N From: Roger G. Hardgrave REC'O. - "OMIt!. OFF. Subject: Pub 1 ic Works/Engi neeqOO9 JUN 20 M1 10: 23 June 17, 1985 Ordinance amending Chapter 12.94.020 of the Municipal Code & Resolution establishing Assessment District Reserve Fund Dept: Date: Synopsis of Previous Council action: None. Recommended motion: Adopt the Ordinance. Adopt the Resolution. cc: Jack Matzer, Jr., City Admin, ~ €12-4-- Contact person: Verne Nadeau Phone: 383-5026 Supporting data attached: Staff Report Ward: N/A FUNDING REQUIREMENTS: Amount: None Source : Finance: Council Notes: 75.0262 . Agenda Item N~ .. '~,.,--,;-"",_.~___~.n '~';'-'-'-'-C" .7"""'-'~ .....!j..__~ . CIA OF SAN BERNARD.to - REQU.IT FOR COUNCIL AC~ON STAFF REPORT Chapter 12.94.020 of the M~nicipal Code provides for the collection of a 1% Administrative Fee from th~ issuance of bonds relative to developer-requested assessment districts and d~posits the amount into the Industrial Revenue Bond Reserve and Development Fund. Presently, the City is up-fronting approximately $89,500 annually for certain maintenance assessment districts which are already in place and will be up- fronting another $117,800 annually for maintenance assessment districts which are authorized and are now in progress. All of this money is advanced by the General Fund and is subsequently recouped through annual assessments. The City also, from time to time, must contribute or totally finance certain small assess- ment districts in the interest of providing some assistance to property owners who are attempting to upgrade their streets. The cost of comparatively small assessment projects accomplished under Chapter 27 of the 1911 Improvement Act is also up-fronted by the General Fund, either through work done by the Public Services Departm~nt or by private contractors through the bidding process. All of these monies are presently coming from Departmental budgeting or from the General Fund, with at least a one-year lag in recovering the money. The City is currently generating money from charging a 1% fee on developer- requested assessment district$ as well as on Industrial Development Bonds~ Since the City is presently having to finance various assessment costs from the General Fund, it is appropriate that the revenue generated by the 1% assessment districts administrative fee be channeled into an Assessment District Reserve Fund for simi- 1 ar purposes. Through the establishment of an Assessment District Reserve Fund, monies which are assessed each year, including interest, if any, would be deposited in this revolv- ing fund. The Fund, growing each year as additional 1% fees were levied, plus interest, would enable the City to deal more effectively with more assessment projects. Adoption of the attached Ordinance and Resolution would accomplish the general purposes outlined above. *$137,550 Park Centre Assessment District 15-0264 . . . 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 II 27 28 \ . . . RESOLUTION NO. A RESOLUTION OF THE CITY OF SAN BERNARDINO CREATlHG AN ASSESSMENT DISTRICT RESERVE FUND AND PROVIDING FOR DEPOSITS THERETO. WHEREAS, as a result of amending Chapter 12.94.020 of the San Bernardino Municipal Code, tertlin .ontY' will be mlde IVlilable for \ht financing of certain Assessment Districts within the City of San Bernardino, and WHEREAS, sllch IIOneys are to be used exclllshely for sllch purposes and therefor a special fUnd should be ..de available fOr such financing. NOW, THEREFORE, THE MAYOR AfID ,COMM8Il COOltCIl OF TllE CITY OF SAft BERNARDINO DOES RESOLVE, AS FOllOWS: SECTION 1. There is hereby es.tlbl1shed hI the City Treasllry an AssesSMent District Reserve Fund to be held in trust solely for the purposes thereof. SECTION 2. Deposits into said Assessment District Reserve Fund shall be made from each financing taken pursuant to Chapter 12.94.020 of the San Bernardino Municipal Code and shall be in the allOw of 11 of each issue of Bonds issued pursuant to said Chapter12.92.~9,-ef the San Bernardino Municipal Code. SECTION 3. Deposits into said Assessment District R~serve FWftd sha 11 a ho be made froll the annual assessments, plus 1 nter est, 1 f any, of those Assessment Districts which are financed from said AsseSSMent District Reserve Fund. SECTION 4. Deposits into said Assessaent District Reserve Fund shan a' so be made froll any interest earned th~lIgh 1nvestJlent of said Reserve Funds, if any. SECTION 5. The Assessment District Reserve Fund shall oily operate as a reserve fund for the finanCing of Asses~nt Districts as authorized by the fo\ayor and Coman Councfl ancl only in such lI.nner as they may direct I _ L ______ "'-, ." A . . . 1 2 3 4 5 6 7 8 9 10 11 12 \3 14 15 16 11 18 19 20 21 22 23 24 25 Iii 26 27 28 -'OJ.',,,' ", ~ . . . in the proceedings for the establishment of Assessment Districts. SECTION 6. That the a administrative fee of $137.550.00 IS received from the proceeds of the sale of bonds relative to Assessment District No. 961 pursuant to the San Bernardino Municipal Code shall be deposited into said Assessment District Reserve Fund as the beginning balance therefor. 1 HEREBY CERTIFY that the for~going resolution was duly adopted by the Mayor and Co_on Councfl of the City of San Bernardino at a .eeting thereof. held oa the . 1985. by the following vote. t.-wit: AYES: Councfl MtIlbers clay of NAYS: ABSENT: City Cl erk The foregoing resolution is hereby approved this day of . 1985. Mayor of tile City of Sin Berlllrdino Approved as to form: City Attorney - 2 -- ,. .':"\ I ...:..:.