HomeMy WebLinkAboutTPFA 02 IRWD VOTE AUTH 08-02-04
AGENDA REPORT
Agenda Item
Reviewed: ~
I
City Manager
Finance Director
TPFA 2
MEETING DATE:
AUGUST 2, 2004
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR TUSTIN FINANCING
AUTHORITY
TO:
FROM:
PUBLIC WORKS DEPARTMENT/ENGINEERING
SUBJECT:
VOTING AUTHORIZATION FOR SPECIAL ELECTION FOR
IMPROVEMENT DISTRICT NUMBERS 113 AND 213 OF THE IRVINE
RANCH WATER DISTRICT ON AUGUST 31,2004
SUMMARY
In order to proceed with the development of water and sewer facilities at Tustin Legacy, the
Irvine Ranch Water District has formed two Improvement Districts and adopted a Plan of
Works for each district. Improvement District 113 provides for domestic water supply and
Improvement District 213 provides for wastewater collection, treatment and recycling. The
Irvine Ranch Water District has scheduled a special bond election among property owners
within each improvement district to receive authorization to issue general obligation bonds to
finance the acquisition and construction of facilities described in each Plan of Works. The
requested action will authorize the Executive Director to complete the ballot on behalf of the
City.
RECOMMEN DATION
It is recommended that the Board of Directors authorize the Executive Director to execute
the ballot associated with the special bond election for Improvement District Nos. 113 and
213 of the Irvine Ranch Water District on behalf of the City supporting the issuance of
General Obligation Bonds.
FISCAL IMPACT
Beginning in FY 2004-2005, Irvine Ranch Water District will adopt, on an annual basis,
appropriate levels of connection fees and property taxes to meet annual debt service in
Improvement District Numbers 113 and 213.
DISCUSSION
In order to proceed with development of water and sewer facilities at Tustin Legacy, the
Irvine Ranch Water District formed two Improvement Districts, Improvement District 113 for
water facilities and Improvement District 213 for sewer facilities, and adopted a Plan of
Works for each district. It was anticipated that general obligation debt would be issued in
increments to fund the phased implementation of each Plan of Works. The amount of bond
authorization required for the acquisition and construction of facilities described in the Plan
of Works is estimated at $25,769,500 for water facilities and $87,647,500 for sewer facilities.
Voting Authorization for Special Election for Improvement District Numbers 113 and 213 of
the Irvine Ranch Water District on August 31,2004
August 2,2004
Page 2
The proposed election for the purpose of authorizing bonds in the estimated amount of the
cost of accomplishing the Plan of Works will be held and conducted in the manner provided
in Section 36420 of the Water Code on August 31,2004. The proceeds of the bonds will be
deposited in the General Obligation Fund of each Improvement District. Under the Water
Code, each voter has one vote for each acre within the Improvement District to which he or
she owns title.
C /~{) ~
Tim D. Serlet
Director of Public Works/City Engineer
S:\City Councilltems\2004 Councilltems\Voting Authorization - Water Bonds 1.doc