Council Action Requested:
The County has several Assessment Improvement District Revenue Bonds for which annual assessments are collected from the residents in the appropriate district. The districts are: Sun City, Walnut Creek (Bond Areas 1, 2, & 3), and Edgewater (1 & 2).
The County contracts with special consultants to perform the annual calculations and provide specialized reports to the bond market. The annual assessment report for tax year 2023 is attached and has been provided to the County Assessor & County Auditor.
Points to Consider:
Formally approving the assessment rolls is an annual function of Council for the life of the revenue bonds. On October 25, 2021, the County authorized certain modifications to the original assessment roll. On December 10, 2021, the County executed agreements with the consent of the holders of the original series 2007 bonds.
Funding and Liability Factors:
Per the attached assessment roll report, there is no tax year 2023 revenue requirement for Edgewater II.
Recommendation:
Approve the annual assessment roll for Edgewater II Improvement District for tax year 2023.