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Committee backs calling bonds early to lower assessments for Highway 101/Oxnard Boulevard improvement district
Summary
The Finance Governance Committee voted 3-0 to recommend that the City Council direct staff to call bonds ahead of schedule and apply remaining improvement-fund dollars to principal, creating annual levy credits for property owners in the Highway 101/Oxnard Boulevard assessment district and appropriating $16,500 to complete the closeout.
The Finance Governance Committee voted unanimously on Dec. 10 to recommend that the City Council call limited-obligation improvement bonds ahead of schedule for the Highway 101/Oxnard Boulevard interchange improvement district and apply the remaining improvement fund balance to reduce principal, producing annual levy credits for property owners.
Committee members were also asked to authorize a $16,500 budget appropriation in Fund 500, subfund 505-0301 to cover the administrative costs of closing the improvement fund, performing a final rebate calculation and approving a declaration of surplus by resolution.
The recommendation forwards staffs option 2 to the City Council. Anthony, a city staff member presenting the item, described the…
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