HomeMy Public PortalAboutResolution 08-09 LID3 (3) SignedRESOLUTION NO. 08-9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF McCALL, IDAHO,
ADDRESSING THE SHORTFALL IN LOCAL IMPROVEMENT DISTRICT 3
Whereas, the City of McCall has recognized for several years that full retirement of the
bond for Local Improvement District 3 was going to require additional funding due to (1) the
City's failure to call during 1993 to 2002, and (2) credit for reserve, no matter when property
owners paid off their assessment, they were provided with a 10% credit, per the terms of the LID
Ordinance, even when their payoff was not early, and,
Whereas, the City's auditors, Eide-Bailley provided a spreadsheet which identified cash
and liabilities of the LID 3 bond, and
Whereas, the spreadsheet's projections indicate that in order to call the LID 3 Bond in
August, 2009, the City will need to budget an additional $246,694 to supplement cash available
in the LID 3 account and then to call the Bond in August of 2009, and,
Whereas, the City will receive assessments in July '08, and July '09, and interest on
LGIP, and interest billed on assessments, which will reduce the $246,694 budgeted in FY09 an
amount that cannot be determined at this time,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF McCALL, IDAHO as follows:
SECTION 1: The City of McCall will budget, in the FY2009 Budget, $246,694 in
order to call and retire the LID 3 Bond in August 2009,
SECTION 2: This Resolution shall be in full force and effect immediately upon
passage.
PASSED BY THE COUNCIL OF THE CITY OF McCALL, IDAHO, this 24th day of
APRIL, 2008.
APPROVED BY THE MAYOR OF THE CITY OF McCALL, IDAHO, this 24th day of
APRIL, 2008.
ert Kulesza, Mayor
TEST: 6
Brenna Chaloupka, Acting City Clerk
Resolution 08-9