Oxnard—During its Tuesday, Dec 10, Finance & Governance Committee meeting, the body approved its AD 2000-I Improvement Account Close-out and Budget appropriation.
Deputy Public Works Director Juanita Guzman presented the agreement, which authorizes $16,500 from Fund 5000 to administer the improvement fund close-out and approve a declaration of surplus and the distribution of the Limited Obligation Improvement Bonds associated with the Oxnard Boulevard/Highway 101 Interchange project.
The agreement credits the assessment levy in Fiscal Year 2025-2026 and directs the Staff to continue collecting excess of Fiscal Year 2025-2026 and authorize additional annual bond calls, reducing the outstanding principal and interest.
“The AD 2000-I Oxnard Boulevard/Highway 101 Interchange is an integrated Financing District formed under the California Streets and Highway Code Municipal Improvements Act of 1913 by the Oxnard City Council on Tuesday, Dec 19, 2000,” she said. “The bonds were issued Thursday, Aug 14, 2003, under the Improvement Bond Act of 1915.”
She said the agreement funds an eight-lane overcrossing connecting Oxnard Boulevard over Highway 101 and other improvements.
“This project was funded by limited obligation improvement bonds totaling $2,335 million, which includes funds deposited to construct the improvements,” she said. “The construction of this interchange was completed in 2015.…
