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Oxnard Council approves closeout of assessment district improvement fund, rejects refund amendment
Summary
The council approved a $16,500 appropriation and a resolution to close out an assessment-district improvement fund, after rejecting an amendment that would have refunded surplus funds directly to current property owners.
The Oxnard City Council approved a staff recommendation to appropriate $16,500 from the special districts account to cover final administration and a final arbitrage/rebate yield calculation tied to an assessment-district improvement-fund closeout and adopted a resolution declaring and ordering disposition of a surplus in the assessment district.
Council discussion centered on whether to return surplus funds directly to current property owners (option 1) or to use the money to retire district debt or otherwise…
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