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MEMO TO: Mayor & City Council <br />r FROM: Finance Director - Treasurer <br />i <br />DATE: June 22, 1984 <br />SUBJECT: Proposed Resolution To Establish A Reserve For <br />Debt Service In The 1981 Improvement Bonds Fund <br />At the June 18, 1984 Agenda Session Councilmember Doty requested <br />information on the amount of prepayments of assessments of the <br />1981 Improvement Bonds Fund. Through March 31, 1984 a total of <br />$55,989.47 have been received. A representative of Mary Anderson <br />Homes advised me that they could not predict future sales of homes <br />or townhouses in the development. <br />In their debt study our auditors stated that the estimated cash <br />deficit was calculated without taking into consideration prepay- <br />ments. Therefore, I recommend that a reserve for debt service in <br />the Silver Lake Woods Construction fund be $176,000 which is <br />approximately $55,700 less than the estimated cash defict of <br />$231,700. The amount of the reserve may be reviewed annually and <br />adjusted as may be appropriate. A proposed resolution is attached <br />for your consideration. <br />DB/mb <br />