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qpr <br />Item #8 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR CITY COUNCIL MEETING OF MAY 21, 2002 <br />TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />FROM: DILU DE ALWIS, FINANCE DIRECTOR Zw <br />SUBJECT: ORDERING THE LEVY FOR ASSESSMENTS FOR IMPROVEMENT <br />DISTRICT "A" (JAMES SULLIVAN MUTUAL WATER COMPANY) <br />DATE: May 7, 2002 <br />BACKGROUND <br />In 1988 the City of Colton adopted resolution #R-38-88, establishing a fiscal structure to repay the loan associated with the <br />reconstruction of water facilities of the James Sullivan Mutual Water Company, Improvement District `A'. The loan amount was <br />based upon unpaid assessments totaling $1,063,927. A 35 -year repayment schedule was approved. <br />DISCUSSION/ ANALYSIS <br />This is the fourteenth year of such assessment. However, the County requires an annual resolution to apply the levy on the tax roll. <br />The 2002-2003 levy is $30,397.92, covering 79 parcels <br />ALTERNATIVES: <br />None <br />FINANCIAL IMPACT <br />There is no fiscal impact to the General Fund or any other fund administered by the City. The revenue from the assessments is <br />recorded in Acct. 364-5204 and the expenses in Acct. # 364-7900-7900-2500 (Principal) and 364-7900-7900-2510 (Interest). <br />ENVIRONMENTAL IMPACT <br />None <br />Approve the attached resolution authorizing the 2002-2003 annual levy of tax assessments for Improvement District `A' (James <br />Sullivan Mutual Water Company). <br />REVIEW TEA NLY <br />City Attorney: Finance I <br />City Manager: OTHER: <br />