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The
use of Special Improvement Districts ("SID")
often provides an equitable distribution of cost for certain
projects where there is a relationship between benefit
and repayment. In addition, SIDs can be very useful where
the improvement to be constructed, and the resulting benefits,
are in a geographically confined area.
SIDs
can effectively be used in existing residential areas
for the installation of improvements such as curbs,
gutters, sidewalks and street lighting. SIDs can also
be effective for the new installation of all public
infrastructure for commercial and residential developments.
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Lewis
Young Robertson & Burningham, Inc. ("LYRB")
provides services to municipalities in analyzing the proper
and effective use of SIDS, structuring of such issues, assistance
in determining the methodology of determining and levying
assessments, development of bond documents, creating a finance
plan and oversight of marketing bonds.
Some municipalities
shy away from using SIDS, even though they might be the preferred
financing vehicle, because of the ongoing responsibilities
associated with the collection and accounting of assessments.
In order to assist our clients in this area, LYRB provides
administration services pertaining to ongoing financial matters
relative to SIDS
Services
provided through LYRB for SID administration include:  | Serve
as contact for title companies or property owners requesting assessment quotes
on parcels
of land in the SID. |
| Provide
assessment pay-off quotes. |
| Maintain
records of assessment payments that have been received. |
| Prepare
Continuing Disclosure reports for the municipality to be sent to bond holders
or repositories. |
| Ensure
transfers are made to the Trustee/Paying Agent in a timely manner. |
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Deal
with prepayment related investment issues to insure that
related principal and interest will be
paid on the bonds. |
| Prepare
annual assessment notice(s) for the municipality to send to landowners within
the SID. |
| Recalculate
assessment payments to reflect prepayment of bonds (if required in Bond Documents). |
| Provide
annual report to the municipality. |
| Serve
as contact for any questions or concerns regarding the District. |
| With
LYRB administering the SID, the municipality can rest
assured that any issues are dealt with thoroughly and
in a timely manner. The municipality can structure the
SID bond issuance to include a component to pay for the
above mentioned services in the assessment payments. |
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