REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
April 6, 2021
FROM
BRENDON BIGGS, Director, Department of Public Works - Special Districts
SUBJECT
Title
Bond Issuance for Assessment District 2018-1, Snowdrop Road Project
End
RECOMMENDATION(S)
Recommendation
1. Adopt resolution authorizing the issuance of Assessment District No. 2018-1 (Snowdrop Road) bonds in an aggregate principal amount not to exceed $5,629,026 to fund the Snowdrop Road Project
2. Approve the following service agreements pertaining to the completion of bond sale and issuance of bonds for Assessment District No. 2018-1 (Snowdrop Road):
a. Fieldman, Rolapp & Associates, Inc. in the amount of $64,000 for financial advisory services.
b. Webb Municipal Finance in the amount of $17,640 for assessment engineering services.
c. Stradling, Yocca, Carlson & Rauth in the amount of $50,000 for bond counsel services.
(Presenter: Brendon Biggs, Director, 386-8811)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). The Snowdrop Road Project (Project), which has an estimated cost of $6,049,270, will be funded through bond proceeds ($5,629,026) issued by Assessment District 2018-1 (AD 2018-1) and special assessment taxes ($420,244) previously prepaid by property owners of parcels within AD 2018-1. The bond counsel, financial advisor, and assessment engineering services totaling $131,640 are part of the Project's $6,049,270 estimated cost.
AD 2018-1 provides a funding mechanism for Project construction and long-term road maintenance costs. The property owners within AD 2018-1 approved two special assessments - a one-time assessment for the Project (Improvement Assessment) and an ongoing ass...
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