BOARD AGENDA MEMORANDUM
Government Code § 84308 Applies: Yes ☐ No ☐
(If “YES” Complete Attachment A - Gov. Code § 84308)
SUBJECT:
Title
Conduct a Public Hearing on the Annual Report Recommending Flood Control Benefit Assessments and Adopt a Resolution Setting Benefit Assessment Revenue for Fiscal Year 2024-2025.
End
RECOMMENDATION:
Recommendation
A. Open and conduct the Public Hearing to consider any comments regarding the Flood Control Benefit Assessments for Fiscal Year 2024-2025 (FY 2024-25);
B. Close the Public Hearing; and
C. Adopt the Resolution ESTABLISHING LAND USE CATEGORIES, CONFIRMING A LEVY OF BENEFIT ASSESSMENTS TO MEET DULY AUTHORIZED DEBT OBLIGATIONS FOR FISCAL YEAR 2024-2025 IN FLOOD CONTROL ZONES OF SANTA CLARA VALLEY WATER DISTRICT, IN ACCORDANCE WITH RESOLUTION NOS. 86-54, 86-55, 86-56, 86-57, AND 90-7, AND AUTHORIZING A PROCEDURE FOR CORRECTING ASSESSMENTS.
Body
SUMMARY:
The voter-approved benefit assessments program authorized use of flood control benefit assessments to meet qualified long-term debt obligations associated with outstanding Certificates of Participation until such obligations are retired. The proceeds of the Certificates have been or will be used to plan, design and build flood protection facilities to reduce flood damage. This agenda item presents the staff recommendation to hold the annual Public Hearing and, after consideration of public input, consider the attached resolution to set benefit assessments at a level to meet FY 2024-25 debt obligations.
ENVIRONMENTAL JUSTICE AND EQUITY IMPACT:
There are no Environmental Justice and Equity impacts associated with this item.
FINANCIAL IMPACT:
If the Board does not approve benefit assessments for FY 2024-25, authorized debt obligation of the 2017 Certificates of Participation would be at risk for default.
The proposed benefit assessment revenue of $6,919,375 equals 1.25 times debt service for outstanding Certificates of Participation. Funds collected will be used to pay debt service and to help meet operations and maintenance of the respective watershed zone facilities. Setting rates to generate these funds will meet coverage requirements and rate payer covenants for the outstanding flood protection Certificates of Participation.
CEQA:
The recommended Board action is not subject to CEQA pursuant to CEQA Guidelines Section 15273(a) which statutorily exempts the establishment, modification, structuring, restructuring, or approval of rates, tolls, fares, or other charges by public agencies for the purpose of meeting operating expenses; purchasing or leasing supplies, equipment and materials; meeting financial reserve needs/requirements; and obtaining funds for capital projects needed to maintain service within existing service areas.
ATTACHMENTS:
Attachment 1: Staff Report
Attachment 2: Resolution
Attachment 3: Benefit Assessment Report
UNCLASSIFIED MANAGER:
Manager
Chris Hakes, 408-630-3796