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2015-147 Council Resolution
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2015-147 Council Resolution
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3/11/2016 1:17:18 PM
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City Council
Council Document Type
Resolutions
Meeting Date
12/14/2015
Council Meeting Type
Regular
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CITY COUNCIL <br />AGENDA ITEM 1K <br />STAFF ORIGINATOR: Sarah Cotton <br />MEETING DATE: December 14, 2015 <br />TOPIC: Consider Resolution No. 15-147, Authorizing an Interfund Loan <br />from the Municipal Buildings and Facilities Fund to the 2005A <br />G.O. Improvement Debt Service Fund <br />VOTE REQUIRED: 3/5 <br />BACKGROUND <br />As the City Council is aware, the property for the Legacy at Woods Edge project went tax <br />forfeit in 2010. As such, delinquencies in the collection of special assessments levied against <br />the property have been unpaid and, in fact, the assessments have been de -certified. The special <br />assessments financed the installation of public improvements in the development and were <br />needed to service the outstanding debt on those improvements. Due to the delinquency of <br />special assessments on the developed parcels, a cash deficit now exists in the debt service fund. <br />Since 2008 staff has recommended that interfund loans be authorized at necessary intervals to <br />service the outstanding debt until the delinquent special assessments are collected or until <br />alternative financing solutions are available, at which time the loans will be repaid. Most <br />recently the Municipal Buildings and Facilities fund has been the source of the interfund loans. <br />Special legislation approved in 2011 allows the city to use tax increments from TIF District 1- <br />10 toward the retirement of this debt, reducing the burden on the Municipal Buildings and <br />Facilities fund. <br />Resolution No. 15-147 authorizes an interfund loan from the Municipal Buildings and Facilities <br />Fund to the 2005A G.O. Improvement Debt Service Fund to temporarily service the unfunded <br />outstanding debt and eliminate the existing cash deficit. <br />RECOMMENDATION <br />Staff recommends the approval of Resolution No. 15-147. <br />ATTACHMENTS <br />Resolution No. 15-147, Authorizing an Interfund Loan from the Municipal Buildings and <br />Facilities Fund to the 2005A G.O. Improvement Debt Service Fund <br />
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