HomeMy WebLinkAbout5.5 84-1AD RelocBondRsrvFndAGENDA STATEMENT
CITY COUNCIL MEETING DATE: August 26, 1985
SUBJECT:
San Ramon Road Specific Plan Improvement
District - Realocation of Bond Reserve
Fund
84-1
EXHIBITS ATTACHED:
1)
2)
Letter from Robert M. Haight
Resolution Reducing Bond Reserve
Fund
RECOMMENDATION:
Approveresolution
FINANCIAL STATEMENT:
No cost to City. This action will allow
the City to charge against the
Assessment District for staff time for
paying bond principal and interest twice
a year. These staff charges may not
exceed $12,729.
DESCRIPTION: As there was not a specific line item in
the District Report for Auditor's Records and cost of paying
agents, the Attorney for the District is recommending that
these costs be paid out of the amount of money set aside for
bond reserve fund rather than construction contingency.
This will reduce the bond reserve fund from 10% to 8% and
set up $15,729 for the payment of auditor's records and
paying agents.
The bond purchaser, First California Regional Securities has
agreed to this realocation of funds.
ITEM NO. ~' ~ COPIES TO:
ROBERT M. HAIGHT
ATTORNEY AT LAW
4740 SCOTTS VALLEY DRIVE,SUITE A
SCOTTS "ALLEY,CALIFORNIA 95066
.
1408)438-6610 :1
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t,�j
August 9, 1985 (;'f r)
l , i, r
if
Lee Thompson
City Engineer
6500 Dublin Blvd. "vDt.
Dublin, CA 94568
Re : San Ramon Road Specific Plan Improvement Assessment
District ,
Dear Lee:
I enclose herewith a Resolution Reducing Bond Reserve Fund
for the next City Council ' s agenda.
With the concurrence of the bond purchaser, First California
Regional Securities, I have reduced the bond reserve fund to
eight percent (8%) and have allocated the two percent (2%) re-
duction to cover costs of Auditor 's Records and bond servicing
fees over the fifteen (15) year period.
This would allow you more freedom to use the contingencies
in the construction fund for construction purposes. Should there
be surplus funds at the end of the project, these may be used
as a credit on the assessment or for maintenance of the improve-
ments , as the City Council sees fit.
Would you please present this resolution along with this
letter to the City Council for adoption. Please advise any ques- "
tions.
Very y yours,
.<//0...11,--<-- 4 :L--
//-741
Robert M. Haight
RMH/mw
cc: First California Regional Securities, Inc.
Enclosure
- _tESOLUTION. NO.
RESOLUTION• REDUCING BOND RESERVE FUND
SAN RAMON ROAD SPECIFIC PLAN IMPROVEMENT ASSESSMENT DISTRICT
• • RESOLVED,. by the City Council of the City of Dublin, Calif-
ornia,- that
WHEREAS, this Council did on. the 27th day of ,August, 1984,
adopt .its -Resolution of Intention .No. 94-84, to acquire and con-
struct public improvements in and' for said City; and •
WHEREAS, on July 8 , 1985,. this .Council. adopted its Resolution
and• Order Adopting Engineer' s Report, Confirming the Assessment •
and Ordering. the Work and Acquisitions wherein a. bond reserve
fund in the amount of $14, 693. 00 for Area A. and $63, 955. 00 for
Area B;
WHEREAS, it is in the best. interest of this assessment district
to reduce said. bond reserve fund and apply the amount of said
reduction to the costs of servicing boinds and Auditor' s. records.
NOW, THEREFORE, IT IS . ORDERED as follows :
1 . That. the bond reserve fund. for Area A be and it is hereby
reduced. to. the sum of $11 , 755. 00 : and Area B is hereby reduced
• to the sum of $51 ,164. 00. . .
2. That incidental expenses shall be increased., by. the sum
of $15,729. 00. to provide the sum of $3, 000 . 00. for Auditor' s records
in. the sum of .$12, 729. 00 ' for bond -service costs-paying' agents
fees.
3. The Engineer of .Work shall make said changes on the
face of said Engineer 's Report. .
* * *. * * * * * * * * * * * * * * * *
I hereby cert r that the foregoing reso, ion was duly
and regularly adopted and passed by the City Council of. the City
of Dublin, California, at a regular meeting thereof held on the
day of , 1985, by. the following vote of
the members thereof:
AYES :
NOES :
ABSENT:
ABSTAIN:
MAYOR
ATTEST:
CITY CLERK