2005 AGN MAR 15 I21 - Laserfiche WebLink

Browse Search

funding for improvements that were a condition of the development of the project and supposed to be paid either from development fees or from proceeds of the CFD bonds. The Community Facilities District Commission (the "Commission") is recommending to use $455,000 out of the Improvement Fund to call bonds on September 1, 2005. The proposed bond call will result in savings of about $2,300 per household for the term of the bonds, with approximately $65 annual savings for residents from FY2006/7 to FY2012/13. The bond call will also reduce the term of the special tax by one (1) year and reduce the special tax by approximately $225 per household for the last four (4) years of the bond issue. FINANCIAL IMPACT: If funds in the Improvement Fund are used to redeem bonds, the General Fund or grant funding will have to be used to complete the project. Obtaining grant funding has increasingly been very difficult over the years. It is most likely that General Fund monies would have to be used if any part of CFD 89-2 Improvement Fund were used to call bonds at any time. ENVIRONMENTAL IMPACT: None CONFLICT OF INTEREST— Gift Disclosure Requirements None Staff recommends that the funds in the CFD 89-2 Improvement Fund be used for the original intent, developing the CFD area, specifically to fund the 3-5 Storm Drain Project. It is in the best interest of the residents of the CFD and the City to proceed with use of these funds as originally intended. Attachment: Exhibit A — 3-5 Storm Drain Project — Phases I - V Prepared by: Victor Mema, Senior Accountant, Staff Representative — CFD Commission REVIEW TEAM OONLY City AttorneyhIJo - Finance Director: City Manager: OTHER: