AGENDA BILL APPROVAL FORM

 
Agenda Subject:
Ordinance No. 6739 (Gaub) 		Date:
November 4, 2019
Department:
Public Works 		Attachments:
Ordinance No. 6739
Exhibit A
Budget Impact:
Current Budget: $0
Proposed Revision: $0
Revised Budget: $0
Administrative Recommendation:
City Council introduce and adopt Ordinance No. 6739.
Background for Motion:
Background Summary:

Ordinance No. 6739 authorizes the City to assume the rights, powers, functions, and obligations of the Auburn Transportation Benefit District (TBD).

 

The City created the Auburn TBD on September 12, 2011.  In 2015, the legislature changed the law to allow that a City with the same boundaries as the TBD may assume the rights, powers, functions, and obligations of that TBD. 

 

At this time, the Auburn TBD has enacted no funding revenue options and has not collected or spent any funds, it does not have any contracts, it has not committed to any projects, and does not have any assets. 

 

By taking advantage of the 2015 legislative change, the City’s financial reporting obligations would be streamlined.  Total debt capacity for the TBD would be limited to the City’s debt capacity, but neither the City nor the TBD  has the funding capacity to leverage the full debt capacity allowed by law.
Reviewed by Council Committees:
Councilmember: Staff: Gaub
Meeting Date: November 18, 2019 Item Number: ORD.A