BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Public Hearing-Annual Report Recommending Flood Control Benefit Assessments and Resolution Setting Benefit Assessment Revenue for Fiscal Year 2017-2018.
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RECOMMENDATION:
Recommendation
A. Open the annual public hearing to consider any comments regarding the flood control benefit assessments for Fiscal Year 2017-2018 (FY 2017-18);
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 FY 2017-2018 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.
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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 2017-18 debt obligations.
FINANCIAL IMPACT:
If the Board does not approve benefit assessments for FY 2017-18, authorized debt obligations of the 2012, and 2017 Certificates of Participation would be at risk for default.
The proposed benefit assessment revenue of $14,924,321 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 ...
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