HomeMy Public PortalAboutAB 12-85 LID No. 3 Status Report
McCALL CITY COUNCIL 216 East Park Street
AGENDA BILL McCall, Idaho 83638
Number AB 12-85
Meeting Date April 26, 2012
AGENDA ITEM INFORMATION
SUBJECT:
LID No. 3 Status Report – Information Only
Department Approvals
Initials
Originator
or
Supporter
Mayor / Council
City Manager
Clerk
Treasurer
Community Development
Police department
Public Works
Golf Course
COST IMPACT:
Parks and Recreation
FUNDING SOURCE:
N/A
Airport
Library
TIMELINE:
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
As a condition of the 2008 Bond issue to satisfy the Wausau judgment, Council passed and adopted Resolution 08-9 committing to budget $246,694 of General Fund dollars to pay the remaining
LID No. 3 bonds early. When the bonds were paid off in 2009, the LID No. 3 Fund only needed to borrow $128,902.
In 2008 it was calculated that the LID No. 3 fund only be able to pay back $34,221. Since then the calculated amount the LID No. 3 fund would be able to repay has increased each year.
The final calculated amount the LID No. 3 Fund will pay back to the General Fund is $110,542.
See the attached memo for the complete history regarding the General Fund loan to LID No. 3.
RECOMMENDED ACTION:
Information Only
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
April 24, 2008
Adopted Resolution 08-9