1999 AGN MAR 02 I07 - Laserfiche WebLink

Browse Search

CITY OF COLTON AGENDA REPORT Council Meeting of March 2, 1999 TO: Honorable Mayor and Council Members APPROVAL_: Henry T. Garcia, City Manag #) FROM: Daryl J. Parrish, Assistant City Manager SUBJECT: Approval of Community Facilities District Administration (CFD) Consultant Services Agreement between the City of Colton and Scott Associates DATE: February 23, 1999 BACKGROUND: Recently, four of the five Community Facilities District ("CFD") Bonds were refinanced to take advantage of favorable interest rates and in tum lowering the amounts of the special tax rates assessed to residents. Below is a matrix outlining those savings: Refinance Date/ Maturity Date after % Savings Due Average Annual Savings CFD Original Maturity Refinance Date to Refunding Household The bond refinances outlined in the matrix above were brought to fruition through the hard work of City Treasurer Mike Williams, Colton's previous Finance Director Anna Vega, and Karen Scott of Scott Associates. Scott and Associates has provided consulting services with regards to CFD Bond administration for the past 4 years. The original agreement was awarded 4 years ago after going through the full competitive bidding process. DISCUSSION/ANALYSIS- The Agreement for CFD Administration Consultant Services contains the following scope of services; ❑ Calculation and Levy of the Annual Special Tax ❑ General Administrative Services ❑ Delinquency Management ❑ Compliance with Regulations and Trust Agreements Item # 7 Date 88-1 1996/2018 2018 31 % $103 88-1 1'996/2019 2015 24% $159 89-1 1996/2019 2019 2% $20 89-2 1998/2019 2019 10% $92 90-1 N/A N/A N/A N/A The bond refinances outlined in the matrix above were brought to fruition through the hard work of City Treasurer Mike Williams, Colton's previous Finance Director Anna Vega, and Karen Scott of Scott Associates. Scott and Associates has provided consulting services with regards to CFD Bond administration for the past 4 years. The original agreement was awarded 4 years ago after going through the full competitive bidding process. DISCUSSION/ANALYSIS- The Agreement for CFD Administration Consultant Services contains the following scope of services; ❑ Calculation and Levy of the Annual Special Tax ❑ General Administrative Services ❑ Delinquency Management ❑ Compliance with Regulations and Trust Agreements Item # 7