Item Coversheet

Agenda Item Summary


Ordinance # / Resolution #: Resolution 1271-R2024
Contact Person / Sponsor: Sabrena Harris, CFO/ Finance
Department: Finance
Date Requested to be on Agenda: 8/26/2024
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 2024 is attached and has been provided to the County Assessor & County Auditor.  

 



Strategic Plan Focus Area Alignment:

Points to Consider:

Formally approving the assessment rolls is an annual function of Council for the life of the revenue bonds. 



Funding and Liability Factors:

Taxpayers within the districts are billed the appropriate assessment fees to ensure payment for debt service and operating expenses.  The County is responsible for submitting the collections to the bond Trustee and is not obligated to pay the debt.

 

The Trustee uses the collected funds to pay off the debt.

 



Recommendation:

Approve the annual assessment roll for Edgewater II Improvement District for tax year 2024.



ATTACHMENTS:
DescriptionUpload DateType
Resolution 1271-R20248/20/2024Resolution
Fiscal Year 2024-2025 Administration Report for Edgewater II Improvement District8/8/2024Exhibit