12A - WARNER ASSESSMENT DISTRICT

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1M - • A16111 0 1, i 4 CITY COUNCIL MEETING DATE: JULY 7, 2015 TITLE: RESOLUTION OF INTENTION TO FORM THE WARNER INDUSTRIAL COMMUNITY ASSESSMENT DISTRICT AND AGREEMENT WITH FIELDMAN, ROLAPP & ASSOCIATES FOR FINANCIAL ADVISORY SERVICES (NON- GENERAL FUND) {STRATEGIC PLAN NO. 6, 1G} _ f CITY MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: ❑ As Recommended ❑ As Amended ❑ Ordinance on 1e' Reading ❑ Ordinance on 2 "d Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER 1. Adopt a Resolution of Intention to consider the formation of an Assessment District for the Warner Industrial Community. By adopting the Resolution of Intention, the City Council will, among other actions, be: a. Declaring the intention of the City Council to order the reconstruction of the paving within the proposed Assessment District conditional upon the formation of the Assessment District and the approval by the property owners of the levy of assessments to finance the reconstruction; b. Describing the proposed boundaries of the Assessment District; c. Ordering the development of the Engineer's Report which details the improvements, the special benefits, the costs of the improvements, the cost distribution methodology, and the amount assessed on each parcel receiving the special benefits in the proposed Assessment District; d. Giving notice that the City intends to issue limited obligation improvement bonds to finance the cost of reconstruction of the paving; and e. Declaring that the City will not obligate itself to advance available funds from the City treasury to cure any deficiency of the funds available to pay debt service on the bonds as a result of delinquencies in the payment by property owners of annual assessment installments. 12A -1