HomeMy WebLinkAboutCouncil Resolution 706RESOLUTION NO. Z(e.
A RESOLUTION MODIFYING THE CITY'S WATER
SYSTEM DEVELOPMENT CHARGE
Recitals
1. Oregon Revised Statutes Chapter 223 and Central Point
Municipal Code Chapter 11.12 authorize enactment of systems
development charges, and by Resolution No. 655, dated May 21, 1993,
Central Point established a Water System Development Charge, in the
amount of $311 per Equivalent Meter Unit.
2. The methodology used in computing the amount of the water SDC
includes depreciation of the present system, based on a 60-year life,
and a return on investment, based on the State of Oregon Department of
Revenue's "Annual Earnings Rates for State Local Government Investment
Pool", which was 3..85% for 1993.
3. Since the water system depreciates at only 1.660 per year,
but the lost return on the investment was 3.85% for 1993, the SDC must
be increased by 2.19% to compensate for the difference, resulting in a
modified SDC of $318 per Equivalent Meter Unit.
4. The yearly adjustment should be made administratively each
year, to be effective July 1 of each year.
Now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OE THE CITY OF CENTRAL POINT,
OREGON, as follows:
Section 1. The City's Water System Development Charge
established by Resolution No. 655 is hereby modified and the SDC shall
be increased to $318 per Equivalent Meter Unit, effective upon passage
of this resolution.
Section 2. The water SDC shall be adjusted on an annual basis,
based upon the difference between 1.660 and the State of Oregon
Department of Revenue's "Annual Earnings Rates for State Local
Government Investment Pool", with the annual adjustment to be
effective July 1 of each year. Such adjustment shall be done
administratively, without necessity of any action by the City Council.
Passed by the Council and signed by me in authentication of its
passage this _~ day of ~~f~,,~ , 1994.
May~?~ Roger Westensee
1 - RESOLUTION NO. ~~ (072694)
- "' "` "O~ DDUGLFS M ENGLE P,01
ATTEST:
City Repr n at ve
Approved by me this _~ day of , 1994.
Mater xoger Westensee
2 - RESOLUTION NO. (072694)