2016-05-09-minutes-public-works-study-session

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engineering, inspection, record (as -built) drafting, legal, and financing. (RCW 35.44.020) Some frequently overlooked cost items are interest on borrowed money, bond counsel fees, bond printing, discounting sale of bonds, and bond registration. To calculate the actual interest on interim financing, it is necessary to determine the date of the LID bond sale (issue date) if an interim warrant was used. If BAN financing is used, there is probably a fixed maturity date with a known interest cost. Final costs to be assessed to the properties should be based as nearly as possible on actual costs, Since the costs of closing the LID are included in the final assessment, it is necessary to make some estimates regarding the final financing costs, legal fees and administrative costs. Grant funds and contributions from the city or other sources must be deducted from the total protect costs to arrive at the amount to be assessed to property owners. It may be possible to reduce financial, legal and administrative costs by combining the financing of several LIDS into a ccnsolidated bond issue known as a CLID (consolidated local improvement district). RCW 35.45.160. Once the final LID costs have been ascertained, they are distributed in a manner similar to the calculation of the estimated assessments on the preliminary assessment roll. If a special benefit analysis method of distributing costs for the final assessment roll is used, this analysis will need to be completed well in advance, in order to prepare the final roil, because the special benefit analysis can be a lengthyand very detailed process. The LID administrator should arrange several special meetings for the special benefit appraiserto meet with small groups of property owners to explain how the special benefit process works. These meetings should occur a month or more before the final assessment roll hearing to allow property owner concerns to be properly addressed. Unike the preliminary assessment roll, where cities use the county assessor's records, the "ownerships" for the final assessment roll must be determined from the county treasurer's records. The state law in this area is expected to be changed to read assessor's records for both sets of notices. Until the law is changed, take care not to interchange them. In many counties, the assessor and treasurer share a common database, so that the information is identical. It is a good idea to request a letter to that effect from the assessor or treasurer for LID files. Final Assessment Rall and Hearing Once the final assessment maps and rolls are completed, the date of the final hearing on the assessment roll is set. Often the date is set by resolution, but one is not required by state law. The date, therefore, may be fixed by city council motion. The assessment roll, togetherwith the resolution (when applicable), is filed with the clerk. The hearing notice, specifying the time and place, is mailed by the clerk, and must state that objections must be made in writing and filed with the clerk on or before the hearing date. The C7 ty council will consider the objections and correct or revise the roll, voting on an ordinance confirming the roil. (RCW 35.44.080) Bond counsel should either prepare, or review and approve, the notice. The notice is to be mailed to property owners whose names appear on the final roll at least 15 days prior to the date set for the assessment roil hearing. it is advisable to mail duplicate notices Local and Road Improvement Districts Manual for Washington State S&O Eamon 33