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TO: <br />FROM: <br />DATE: <br />CITY OF COLTON <br />INTEROFFICE MEMORANDUM <br />Mark Lewis, City Manager <br />Richard E. Acevedo, Finance Director <br />July 9, 1992 <br />SUBJECT: CFD 88-1, Amount Available for Parks Improvements <br />Per your request, we have analyzed the amounts in the City Treasury <br />and with Union Bank, the trustee for Community Facilites District <br />No. 88-1, and we have determined that $585,491 remains from the <br />proceeds and interest on funds since the inception of the district. <br />After discussions with the fiscal advisor of the district, we <br />recommend the following allocation to be made of the remaining <br />funds : <br />1. For police and fire services $ 75,000 <br />2. For street rehabilitation 250,000 <br />3. For public park improvements 169,500 <br />4. For payment of arbitrage (IRS) 21,534 <br />5. Total Requirements 516,034 <br />6. Available Funds, July 1, 1992 585,491 <br />7. Residual available for lawful $ 69,457 <br />purposes of the district <br />The residual, if added to the originally -intended amount for parks <br />improvements would make $238,957 available for recreational <br />purposes. <br />cc: Helen Ramos, City Clerk <br />Ken Herron, Parks, Recreation & Human Services Director <br />Don Sanders <br />