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'CI'if . OF SAN BERNARDIr'''''? - REQUrT FOR COUNCIL AC' )ON
~- ~#
From: RAYMOND D. SCHWEITZER
Subject: INSTALLMENT PLAN FOR UTILITY
::tEe'D. -:ADMIN. Off. UNDERGROUNDING COSTS
ISB7 AUG 27 Fl.] 4: ?
Dept: CITY ADMINISTRATOR
Date: AUGUST 27, 1987
Synopsis of Previous Council action:
Recommeno:led motion:
THAT THE MATTER OF AN INSTALLMENT PLAN FOR UTILITY UNDERGROUNDING COSTS BE
REFERRED TO THE LEGISLATIVE REVIEW COMMITTEE.
Contact person: WARREN A. KNlmSON
Phone:
'i?4?
Supporting data attached:
YES
Ward:
Finance:
N/A
N/A
FUNDING REQUIREMENTS:
Amount:
N/A
Source:
Council Notes:
75-0262
Agenda Item No.
7?'
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C I T Y 0 F SAN B ERN A R DIN 0
INTEROFFICE MEMORANDUM
8708-110
TO: RAYMOND D. SCHWEITZER, CITY ADMINISTRATOR
FROM: WARREN A. KNUDSON, DIRECTOR OF FINANCE
SUBJECT: INSTALLMENT PLAN FOR UTILITY UNDERGROUNDING COSTS
DATE:
AUGUST 27, 1987
(7179)
COPIES:
ROGER HARDGRAVE
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You have Indicated that the need exists for a program which
would al low those Involved In the Underground Utility Program
to pay their obligation on an Installment basis. The
following are preliminary plans which can be fine-tuned as
needed.
I. Installment Plan
A. Application to Mayor and Common Council for terms.
B. Interest rate of 10% as allowed by government code.
C. 2% loan origination fee to be paid up front.
D. Mechanism would be developed for securing the loan.
I I. Assessment D I str I ct
The Director of Public Works/City Engineer has Indicated
that the cost of utility undergroundlng could be handled
through the assessment district process. This would
Involve establishment of a district and frequent modifi-
cation of that district depending upon the need for
participation.
This could Involve the issuance of notes, as the up-
front costs could be considerable.
These are preliminary concepts which can be further developed
by staff. Please advise which of these should be developed
and the time requirements desired.
tJ - 4../:-A-
WARREN A. KNUDSON
Director Of Finance
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