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12-14-1983 Council Agenda
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12-14-1983 Council Agenda
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To the Honorable Mayor <br />and Members of the City Council <br />Page 6 <br />November 21, 1983 <br />Obviously, such property is not within the City and it cannot be put into the <br />exact position of property located within the City. However, we have attempted <br />to develop a formula to enable the City of Little Canada to charge non - resident <br />users of the systems a fair fee based upon what a resident user of the City <br />would pay. <br />The above estimated fees are substantial. However, these fees represent the <br />total system costs. Never before has the City assessed based upon total system <br />costs. All previous assessments and /or charges have been based upon the City's <br />policy of assuming only a portion of these costs and using tax levies to finance <br />the unassessed costs. <br />When the non - resident users of the system pay these fees, the money will be <br />receipted into the appropriate debt service fund of the City. As such, these <br />monies will be appropriated for debt redemption. The taxpayers of the City will <br />benefit by reduced future debt service tax levies. The estimated fees computed <br />herein total approximately $119,000. The remaining term of the bond issues is 14 <br />years (i.e., 1984- 1997). The City should be able to reduce the remaining sched- <br />uled tax levies on these bonds by approximately 7% over the next thirteen years <br />(i.e., 1985 -1997) if these charges are realized. <br />Respectfully submitted, <br />DE LA HUNT VOTO & CO., LTD. <br />Robert J. Voto, CPA <br />RJV:cl <br />cc: Correspondence File <br />Meetings File <br />Tom Sweeney <br />Don Carley <br />24 <br />
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