HomeMy WebLinkAboutItem # 10 SB165 Annual Bond Accountability - SRReport to City Council
To:Honorable Mayor and Members of the City Council
From:Grant Yates, City Manager
Prepared by: Jason Simpson, Assistant City Manager
Date:January 10, 2017
Subject:Annual Bond Accountability Report for Fiscal Year 2015-16
Recommendation
Receive and file the Annual Bond Accountability Report for Fiscal Year 2015-16 pursuant to SB
165. The report was transmitted on December 29, 2016 to the City Clerk and City Council as
required on or before December 31, 2016.
Background and Discussion
Senate Bill 165 (SB 165) shall be cited as the Local Agency Special Tax and Bond
Accountability Act (the “Act”). This Act requires that any local special tax/local bond measure
subject to voter approval contain a statement indicating the specific purposes of the special tax,
require that the proceeds of the special tax be applied to those purposes, require the creation of
an account into which the proceeds shall be deposited, and require an annual report containing
specified information concerning the use of the proceeds. The Act only applies to bonds issued
on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California
Government Code. Some of the requirements of the Act are handled at the formation (bond
issuance) of the Special Tax District and others are handled through annual reports. This
section of the report intends to comply with Sections 50075.3 and 53411 of the California
Government Code that states:
The chief fiscal officer of the issuing local agency shall file a report with its governing body no
later than January 1, after the bonds have been issued and at least once a year thereafter. The
Annual report shall contain all of the following:
(a)The amount of funds collected and expended.
(b)The status of any project required or authorized to be funded as identified in subdivision
(a) of Section 50075.1 and Section 53410.
Fiscal Impact
Not applicable.
Exhibits
A. Local Agency Special Tax and Bond Accountability Act Report for Fiscal Year ending June
30, 2016.