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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of_ March 19 , 1991 <br />TO: Honorable Mayor & Council Members <br />FROM: Councilman Max J. Lofy <br />SUBJECT:Date : <br />Park Development Tax Fund <br />Since the origination of the Park Development Tax Fund, there has been <br />considerable controversy involving certain aspects of its dispensation <br />both at the state level and within our local agency. In 1983 due to <br />ambiguous language and questionable application, the original Quimby <br />Act governing parkland dedication and fees was revised to reflect the <br />results of a statewide comprehensive study which eventuated in an <br />appropriately named The New Quimby Act. The one aspect of the revisions <br />that I want to direct myself to, and that gives cause for this Agenda <br />Item, is accrued interest. The Parks and Recreation Commission for <br />many years has expressed both vocal and written concern over the fact <br />that the City of Colton Park Development Tax Fund interest has gone into <br />the City General Fund. Without further elaboration and lengthy dis- <br />sertation, I offer the following assertion for Council consideration. <br />Recommendation: <br />That the accrued yearly interest in the City of Colton Park Development <br />Tax Fund be retained in the principal account and that the funds be <br />utilized for its intended purposes as outlined in The New Quimby Act, <br />and the City of Colton Park Development Tax Fund Ordinance. <br />Financial Impact: <br />The General Fund will be reduced a varying amount as it corresponds to <br />the ever changing principal. Actual amount, undetermined. <br />MJL:mer <br />Attachments: <br />Page t of - 1_ <br />r I LE NO.Y ---L4T_.n%_" (-2-:.-..........::J.�.� <br />Item No. 11�' <br />