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-2- <br />At the same time, the City obtained funding for <br />this portion of the project from the MSA program <br />which the City Attorney determined should be de- <br />posited in the Silver Lake Wood Improvement Project <br />account and used for Chapter 26 authorized projects <br />until the bonds issued for the project are retired <br />at which time these monies can be spent for any <br />authorized City activity. <br />The City Attorney has advised staff that these monies, <br />current balance of $387,344, could be used to fund all <br />or part of the City's Street Maintenance Program as <br />this is an eligible Chapter 26 activity with the <br />levying of assessments being an option, but not a <br />requirement. Staff has requested that the City <br />Attorney provide this opinion in writing, this will <br />be submitted to you when received. <br />Interest earned during 1983 on the MSA portion of the <br />Silver Lake Woods Improvement Fund is estimated at <br />$32,000. <br />4. Area or City-wide Assessments - Due to the fact that <br />the City's Street Maintenance Program is an eligible <br />Chapter 26 activity, specifically 26.05, the City <br />could'assess all or part of the cost of the program <br />using two basic methods, Area or City-wide assessments. <br />Area assessments would be levied against all of the <br />properties in an area on an annual basis based upon <br />the cost of the project and the method of assessment <br />as determined by the City Council. City-wide assess- <br />ments could be levied on all properties in the City <br />on the basis of the estimated cost for a multi -year <br />program such as is contained in the 1984 Street <br />Maintenance Study. <br />RECOMMENDATION: Based upon the above information which indicates <br />that adequate funds are currently available to fund this program <br />without assessments, staff would recommend that assessments not be <br />levied for this program, at least not in 1984 and hopefully 1985 <br />and that the following levels of funding be used for the 1984 program <br />and be listed in the 1985 budget. <br />General Fund - <br />MSA Maintenance - <br />Silver Lake Woods <br />(MSA Monies) <br />$60,000 <br />31,000 <br />Imp: Fund 40,500 <br />$131,500 <br />I <br />Staff would recommend that Council authorize preparation of a proposal <br />for 1984 Street Maint nance as laid out by the Street Maintenance <br />Study with funding as outlined above. <br />DFP/MB <br />