BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Providing Notice of Time and Place of Public Hearing Regarding Flood Control Benefit Assessments for Fiscal Year 2017-2018 (FY 2017-18).
End
RECOMMENDATION:
Recommendation
Set a time and place for the public hearing on Flood Control Benefit Assessments for FY 2017-18 at 1:00 p.m. on May 9, 2017, at the Santa Clara Valley Water District, 5700 Almaden Expressway, San Jose, California.
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 set the time and place for the annual public hearing on benefit assessments to meet FY 2017-18 debt obligations.
The attached report entitled "Flood Control Benefit Assessments for Fiscal Years 2017-18 through 2029-30 (April 2017)" (Attachment 1) is required by law for Board use in considering and establishing flood control benefit assessments for FY 2017-18.
Attachment 1 shows the actual benefit assessment rates levied in fiscal year 2016-17 and the expected benefit assessment rates to be levied in fiscal year 2017-18. Actual rates will be determined once annual land use information is received from the County Assessor in July.
FINANCIAL IMPACT:
There is no direct financial impact from this action. The proposed public hearing is required in order to set benefit assessments that meet debt obligations/commitments.
CEQA:
The recommended action does not constitute a project under CEQA because it does not have a potential for resulting in direct or reasonably foreseeable indirect physical change in the environment.
ATTACHMENTS:
Attachment 1: Flood Control Benefit Assessment Report
Attachment 2: ...
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