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 County Council for the life of the revenue bonds.
Funding and Liability Factors:
Taxpayers within the districts are billed the assessment fees to ensure payment for debt service and operating expenses. The County is responsible for submitting the collections to the bond trustees and is not obligated to pay the debt.
The Walnut Creek Bond Area 1 revenue requirement for tax year 2023 is $622,000.
Recommendation:
Approve the annual assessment roll for Walnut Creek Bond Area 1 Improvement District for tax year 2023.