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Item #27 <br />CITY OF COLTON <br />AGENDA REPORT <br />FOR CITY COUNCIL MEETING OF JUNE 17, 2003 <br />TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL <br />FROM: DILU DE ALWIS, FINANCE DIRECTOR O�� <br />SUBJECT: ORDERING THE LEVY FOR ASSESSMENTS FOR IMPROVEMENT <br />DISTRICT "A" (JAMES SULLIVAN MUTUAL WATER COMPANY) <br />DATE: JUNE 2, 2003 <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' and establish a list of <br />unpaid assessments over a 35 year amortized payment schedule. <br />DISCUSSION/ ANALYSIS <br />This is the fifteenth year of such assessment. However, the County requires an annual resolution to apply the levy on the tax roll. The <br />2003-2004 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). The <br />levy of $30,392.72 which consists of 71 parcels, is necessary to pay the annual debt service. <br />ENVIRONMENTAL IMPACT <br />None <br />RECOMMENDATION <br />Approve the attached resolution authorizing the 2003-2004 annual levy of tax assessments for Improvement District `A' (James <br />Sullivan Mutual Water Company). <br />TEAM ONLY <br />Attorney: <br />Finance <br />Manager: )f-\ �K OTHER: <br />