HomeMy Public PortalAboutAB 10-254 LID No. 3 UpdateMcCALL CITY COUNCIL
AGENDA BILL
Number
Meeting Date
AB 10-254
November 18, 2010
216 East Park Street
McCall, Idaho 83638
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: N/A
Parks and Recreation
FUNDING SOURCE: N/A
Airport
Library
TIMELINE:N/A
Information Systems
Grant Coordinator
SUMMARY STATEMENT:
The remaining LID No.
calculated to have begun
ten years of the Bond issue
pay prior to 2002 (face
credit for reserve. No matter
10% credit per the terms
Eidebailly, prepared a spreadsheet
each year and is attached.
As a condition of the
Resolution 08-9. This resolution
remaining LID No.3 Bonds
for the General Fund to
At the time the City was
General Fund by 2013
deficit to be no more than
$24,776. The potential
the interest billed each
not attempted to estimate
greatly depending on the
3 Bonds were called early in August of
in 2010. The shortfall was due to (1)
(1993 to 2002), possibly due to the
value plus 1%-3%), (2) WNLW defaulted
when property owners paid off
of the LID Ordinance; even when their
2009 to avoid a revenue shortfall that was
failure of the City to call bonds for the first
bond premium the City would have had to
and the City sold the property, and (3) the
their assessment, they were provided with a
payoff was not early. The City's Auditors,
of LID No. 3, which Staff has updated
judgment, Council passed and adopted
$246,694 of General Fund dollars to call the
in August of 2009, it was only necessary
cash deficit to cover the bond debt to the
The 2009 calculation showed the cash
shows the cash deficit to be no more than
to the General Fund will be decreased by
3 assessments until the year 2013. Staff has
The interest billed each year could vary
given year.
showing the cash and liabilities
2008 Bond issue to satisfy the Wausua
committed the City to budget
early. When the Bonds were called
loan the LID No. 3 Fund $128,902.
preparing to issue the 2008 Bonds, the
was calculated to be no more than $94,681.
$33,497, and the 2010 calculation
cash deficit to cover the bond debt owed
year to the remaining unpaid LID No.
the amount of interest billed each year.
number of homes and/or lots sold in any
RECOMMENDED ACTION:
1. Information Only
RECORD OF COUNCIL ACTION
MEETING DATE
ACTION
April 24, 2008
Adopted Resolution 08-9