HomeMy WebLinkAboutItem 4.06 ExcessDB ExtAssessConstrFnds (2)
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CI'PY OF DUBLIN
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AGENDA STATEMENT
CITY COUNCIL MEETING DATE: August 22, 1994
SUBJECT: Allocation of Excess Dublin Blvd. Extension Assessment
District 91-1 Construction Funds
~(Prepared by: Paul S. Rankin, Assistant city Manager)
EXHIBITS ATTACHED: 1. / Revised Fiscal Year 1994/1995 Assessment Posting
Schedule As Prepared By Bond Counsel
2.~Resolution Authorizing Distribution of Excess
Construction Funds Fro. Assessment District 91-1
Dublin Blvd. Extension District In Accordance With
:sI Street & Highway Code Section 10427.
RECOMMENDATION: ~ Adopt the Resolution.
FINANCIAL STATEMENT: Property owners wi thin the Assessment District
will pay reduced assessments totalling $12,900 for Fiscal Year 1994/95.
The General Fund will receive approximately $763.
DESCRIPTION: In June of 1992 the City facilitated the issuance of
Improvement District bonds for the extension of Dublin Boulevard from
Dougherty Road to Tract 5900. The debt issued totalled $ 2,350,000. This
debt is serviced by assessments levied against the properties, which
benefit from the improvements.
The City Council accepted the improvements on December 13, 1993. This
section of the Dublin Blvd. Extension project was constructed entirely
under the auspices of the City of Dublin, as it did not include any roadway
east of the Southern Pacific Railroad Right of Way. Between the time that
the original bonds were issued and when the final expenditures were made,
the construction funds were included as part of the City'S pooled
investments and as such interest was accrued to the fund. This is the
primary source of the excess funds. In order to close out the fund at the
conclusion of Fiscal Year 1993/94, the City Council must take action on the
distribution of the remaining construction funds.
It is estimated that there will be a total of $13,663 in funds remaining at
June 30, 1994. The City'S Bond Counsel has calculated the proportionate
credit by parcel for $12,900 of the remaining funds. This will reduce the
amount paid by the property owner on their 1994/95 Property Tax bill. The
amount of the credit by parcel number is shown in Exhibit 1.
The State Code allows up to $1,000 of any remaining funds to accrue to the
City General Fund. Staff has proposed that all funds remaining after the
credit discussed in the preceeding paragraph, accrue to the City General
Fund. This is currently estimated at approxblately $763. The City has
incurred legal costs in preparing the revised 1994/95 assessment spread and
will continue to incur administrative costs associated with the District.
The transfer to the General Fund will help offset these expenses. The
Resolution attached as Exhibi t 2 will authorize these actions and allow
Staff to close out the Fund.
Staff recommends that the City council adopt the proposed Resolution.
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IBM NO.
COPIES TO:
CITY
FILE
County APN
941-0550-049-:.00
94-0550-052
94-0550-053
94-0550-054-
94-,0550-055
94-0550-056~
94-0550-057
94-0550-058
94':'0550-059J
94-0550-060l
94-0550-050-
941-0550-009-.L7
941-0550-010-17
941-0550-012-11
94l-0550-039(~
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ASSESSMENT POSTING SCHEDULE, FISCAL YEAR 1995
07/11/94
Page 1
CITY OF DUBLIN
Dublin Blvd. Extension Assessment District 91-1
Assess No
1A
1A01
1A02
1A03
1A04
1A05
- 1A06
1A07
1A08
1A09
1A10
7
8
10
11
------------ ~--------------------------------------------------
~ Credit NetPrincipal NetInterest Admin Total
------------ --------------------------------------------------
*** REPLACI - SEE APPORTIONMENT NO. 1 *** e
443.07 1,892.47 5,743.95 16.00 7,652.42
2,162.85 9,238.22 28,039.44 16.00 37,293.66
1,092.06 4,664.56 14,157.64 16.00 18,838.20
440.44 1,881.25 5,709.91 16.00 7,607.16
423.95 1,810.83 5,496.15 16.00 7,322.98
447.70 1,912.29 5,804.09 16.00 7,732.38-
429-.43 1,834.25 5,567.23 16.00 7,417.48
429.07 1,832.68 5,562.50 16.00 7 , 411. 18
648.36 2,769.34 8,405.38 16.00 11~190.72
3,905.57 16,681. 90 50,632.18 -16.00 67,330.08 ' 'I
742.00 3,169.33 9,619.41 16.00 12,804.74
556.50 2,376.99 7,214.53 16.00 9,607.52
795.90 3,399.56 10,318.18 16.00 13,733.74
383.10 1,636.33 4,966.51 16.00 6,6l8.84 e
---------- F=====::::===== ============= --------- -------------
---------- ----..,...---- -------------
12,900.00 55,100.00 167,237.10 224.00 222,561.10
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e RESOLUTION NO.
- 94-
A RESOLUTION OF THE CITY COUNCIL
OF THE C1TY OF DUBLIN
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Authorizing Distribution of Excess Construction Funds From Assessment
District 91-1 Dublin Blvd. Extension District (FUND 1315) In Accordance
With Street & Highway Code Section 10427
WHEREAS, The City has completed the construction of the Dublin
Boulevard Extension District improvements as described in financing
documents related to Assessment District 91-1; and
WHEREAS, The improvements were accepted by the City of Dublin on
December 13, 1993 and it is now appropriate to close out any remaining
construction funds; and
WHEREAS, Street and Highways Code Section 10427 describes the methods
available for the distribution of any excess funds; and
WHEREAS, The funds may be applied as a credit to the assessment under
Section 10427.1 of the Street and Highways Code; and
WHEREAS, The Bond Counsel has calculated the spread of $12,900 in
excess funds among the participating properties; and
WHEREAS, Section 10427(a) allows for the transfer of up to $1,000 of
excess funds to the City General Fund; and
WHEREAS, Staff estimates that once a total credit of $12,900 is
applied to the properties that less than $1,000 will remain in the
Construction Fund.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the city of
Dublin does hereby authorize the following actions in accordance with the
Street & Highways Code:
A. A total of $12,900 (Twelve thousand and nine hundred dollars) in
excess Dublin Blvd Assessment District construction funds (Fund
#315), shall be applied to the 1994/95 property tax assessments
in the manner allowed under Section 10427.1.
B. Any remaining funds remaining following the application of the
credit described in Section A above, shall be transferred to the
General Fund. Except that such a transfer shall not exceed
$1,000 (One thousand dollars) as allowed by Section 10427(a).
C. Staff shall be authorized to take all actions necessary to close
Fund #315 in the City's financial records as of June 30, 1994.
PASSED, APPROVED AND ADOPTED this
AYES:
22nd day of August, 1994.
NOES:
ABSENT:
Mayor
ATTEST:
City Clerk
EXHIBIT ~