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W <br />59 <br />City of Colton <br />AGENDA REPORT <br />FOR COUNCIL MEETING OF AUGUST 6, 1996 <br />TO: HONORABLE MAYOR AND CITY COUNCIL <br />APPROVAL: MALIK FREEMAN, INTERIM CITY MANAGER <br />FROM: ANNA A. VEGA, FINANCE DIRECTORS—e>� <br />SUBJECT: RESOLUTIONS AUTHORIZING THE LEVY OF THE 1996-97 <br />ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT <br />89-1 AND 89-2 <br />DATE: <br />BACKGROUND: <br />JULY 23, 1996 <br />In 1989 the City Council approved the issuance of bonds under the Community Facilities <br />District Act for the purpose of infrastructure improvements. These bonds are identified as <br />Community Facilities District 89-1 and 89-1. <br />DISCUSSION/ANALYSIS: <br />The annual special tax levy is determined by summing the amounts necessary to pay debt <br />service on the bonds and pay administrative expenses for the year. These calculaitons <br />have been prepared by Scott Associates, CFD Consultants and were presented to the <br />CFD Commission on July 15, 1996. <br />ALTERNATIVES: None. <br />FIANCIAL IMPACT: <br />This is not a general fund activity. However, the restricted revenues, debt service <br />payments and administrative expenditures are accounted for in each respective CFD fund. <br />Investment of these funds are in separate bank accounts and/or administered by a fiscal <br />agent. The tax levy and proposed expenditures are as follows: <br />CFD 89-1 $ 258,935.10 <br />CFD 89-2 303,532.25 <br />RECOMMENDATION: <br />The CFD Commission and staff recommends that the City Council approve the attached <br />resolutions authorizing the 1996-97 annual special tax levy for CFDs 89-1 and 89-1. <br />ATTACHMENTS: RESOLUTIONS ITEM NO. 4 <br />