55B - RESO - WARNER ASSESSMENT DISTRICT

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Resolution to Issue Bonds related to the Warner Industrial Community Assessment District June 21, 2016 Page 7 The proposed assessment district revenue of $3,033,416 is comprised of the prepaid assessments from the City ($27,443), prepaid assessment from other property owners ($916,935), bond principal ($1,229,122), and bond proceeds for Cost of Issuance ($859,916). The prepayment amounts of $27,443 for the City's property assessments and $47,441 for the SAUSD's property assessment are available in the Public Works Traffic & Transportation Engineering fund (Account No. 01117620- 63001). An Appropriation Adjustment (FY 2016 -17) will transfer these funds into the Special Assessment District Capital Improvement Fund (Non - City Contribution), Warner Industrial Assessment District Assessment District Contributions account (No. 14917002 - 57083), and appropriate the same into the Warner Industrial Assessment District expenditure account (No. 14917660 - 66220). Approval of this action allows for the transfer of funds from the City to the fiscal agent (US Bank) funding the City's contribution towards to the transaction. An Appropriation Adjustment (FY 2016 -17) will recognize an estimated $916,935 in prepayments from other property owners into the Special Assessment District Capital Improvement Fund (Non - City Contribution), Warner Industrial Assessment District Assessment District Contributions account (No. 14917002 - 57083), and appropriate the same into the Warner Industrial Assessment District expenditure account (No. 14917660 - 66220). Approval of this action allows for the transfer of funds from the City to the fiscal agent (US Bank) funding the City's contribution towards to the transaction. An Appropriation Adjustment will recognize bond proceeds of up to $1,229,122 into the Special Assessment District Capital Improvement Fund (Non -City Contribution), Warner Industrial Assessment District Assessment donations contributions revenue account (No. 14917002- 57083, and appropriate the same into the Warner Industrial Assessment District expenditure account (No. 14917660-66220). Initial proceeds for Cost of Issuance are estimated to be up to $859,915. The bond reserve (a component of Cost of Issuance) totaling $285,750 will be deposited into the Warner Industrial Assessment District Trust and Agency account (No. 99301001 - 24047). Council approval of this action will allow the City to contract with Psomas to provide annual assessment district administrative services, including assessment fee calculation, submission of levies to County Auditor, and delinquency management, which are components of the transactions costs of issuance. Proceeds from future cost of issuance assessments will be used to pay for these services. The City's share of project costs in the amount of $3,133,415 will be available for expenditure in Fiscal Year 2016 -17 in the Measure M2 Street Construction account (No. 03217662- 66220) upon approval of a separate Council action for construction contract award. Approval of this action allows for the transfer of funds from the City to the fiscal agent (US Bank) funding the City's contribution towards to the transaction. 55B -7