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Home My WebLink About02-166 - Resolutions RESOLUTION NO. 02-166 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 84-1 (DAY CREEK DRAINAGE SYSTEM) WHEREAS, the City Council of the City of Rancho Cucamonga, California, (hereinafter referred to as the"legislative body of the local Agency"), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote from the qualified electors relating to the levy of a special tax in a Community Facilities District, all as authorized pursuant to the terms and provisions of the "Mello Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code for the State of California. This Community Facilities District shall hereinafter be referred to as COMMUNITY FACILITIES DISTRICT NO. 84-1 (DAY CREEK DRAINAGE SYSTEM) (hereinafter referred to as the "District'); and WHEREAS, at this time, bonds have been authorized for purposes of financing the project facilities for said District; and WHEREAS,this legislative body, by Ordinance as authorized by Section 53340 of the Government Code of the State of California, has authorized the levy of a special tax to pay for costs and expenses related to said Community Facilities District, and this legislative body is desirous to establish the specific rate of the special tax to be collected for the next fiscal year. NOW THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS: SECTION 1: That the above recitals are all true and correct. SECTION 2: That the specific rate and amount of the special tax to be collected to pay for the costs and expenses for the next fiscal year 2002/2003 for the referenced district is hereby determined and established as set forth in the attached, referenced and incorporated Exhibit "A". SECTION 3: That the rate as set forth above does not exceed the amount as previously authorized by Ordinance of this legislative body,and is not in excess of that as previously approved by the qualified electors of the District. SECTION 4: That the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the following, in the following order of priority: Resolution No. 02-166 Page 2 of 8 A. Payment of principal of and interest on any outstanding authorized bonded indebtedness; B. Necessary replenishment of bond reserve funds or other reserve funds; C. Payment of costs and expenses of authorized public facilities and public services. D. Repayment of advances and loans, if appropriate. The proceeds of the special taxes shall be used as set forth above, and shall not be used for any other purpose. SECTION 5: The special tax shall be collected in the same manner as ordinary ad valorem property taxes are collected, and shall be subject to the same penalties and same procedure and sale in cases of any delinquency for ad valorem taxes, and the Tax Collector is hereby authorized to deduct reasonable administrative costs incurred in collecting any said special tax. SECTION 6: All monies above collected shall be paid into the Community Facilities District funds, including any bond fund and reserve fund. SECTION 7: The Auditor of the County is hereby directed to enter in the next county assessment roll on which taxes will become due, opposite each lot or parcel of land effected in a space marked "public improvements, special tax", or by any other suitable designation,the installment of the special tax, and for the exact rate and amount of said tax, reference is made to the attached Exhibit "A". SECTION 8: The County Auditor shall then, at the close of the tax collection period, promptly render to this Agency a detailed report showing the amount and/or amounts of such special tax installments, interest, penalties and percentages so collected and from what property collected, and also provide a statement of any percentages retained for the expense of making any such collection. Please see the following page for formal adoption,certification and signatures Resolution No. 02-166 Page 3 of 8 PASSED, APPROVED, AND ADOPTED this 15th day of May 2002. AYES: Alexander, Biane, Curatalo, Dutton, Williams NOES: None ABSENT: None ABSTAINED: None William J. Ale nder, Mayor ATTEST: be'bra J. Ada s MC, City Clerk I, DEBRA J.ADAMS,CITY CLERK of the City of Rancho Cucamonga, California,do hereby certify that the foregoing Resolution was duly passed, approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a Regular Meeting of said City Council held on the 15`h day of May 2002. Executed this 16`h day of May 2002, at Rancho Cucamonga, California. 'AAX& k&n" , — D bra J. Ada CMC, City Clerk Resolution No. 02-166 Page 4 of 8 CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 84-1 (DAY CREEK DRAINAGE SYSTEM) EXHIBIT "A" The Community Facilities District has been divided into two zones: 1. ZONE "A": General areas to be served by the drainage facilities, exclusive of Zone "B". 2. ZONE "B": A limited area, being only partially served by drainage facilities. Zone "B": consists of those properties bounded on the south by FOOTHILL BOULEVARD, on the East by ROCHESTER AVENUE, on the North by BASELINE ROAD, and on the West by MILLIKEN AVENUE. The rate,method and formula for the levy of the special tax for the respective zones,being Zone"A" and Zone`B", are as follows,based upon an estimated bond amount of$18,000,000 payable over a period of twenty (20) years. ZONE "A": $268.07 PER ACRE. ZONE "B": $268.07 PER ACRE FOR 190 ACRES. For the purpose of defining the maximum special Tax,"ACRE"shall mean acres contained in area of the parcel as determined using the acres as shown on the latest San Bernardino County Assessor's maps. Resolution No. 02-166 Page 5 of 8 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 84-1 DAY CREEK DRAINAGE SYSTEM ANNUAL STATUS REPORT MAY 2002 Resolution No. 02-166 Page 6 of 8 BACKGROUND On June 26, 1984,the electors within the boundaries of Community Facilities District No.84-1 (Day Creek Drainage System)authorized the District to incur bonded indebtedness in the principal amount of$20,225,000. In August 1985 bonds in the amount of$18,000,000 were issued to finance the construction and installation of public capital drainage facilities to serve and provide drainage protection to all properties located within the boundaries of Community Facilities District No. 84-1 (Day Creek Drainage System). In March of 1986 the area bounded on the west by Milliken Avenue, on the north by the northerly City limits, on the east by Rochester Avenue and on the south by Highland Avenue was annexed into the district. The first annual special tax rate of$350 per acre was set by City Council in Fiscal Year 1985/86. This rate has never been increased in the ensuing fiscal years. However, on May 5, 1992,the City conducted a refunding of this district. Bonds were issued for$16,530,000.00 to cover the remaining debt. The savings from this refunding were passed on to the residents and decreased the special annual tax from$350 per acre to$297.48 per acre. This district was again refunded on July 1, 1999 as part of the City of Rancho Cucamonga Reassessment District No. 1999-1 under the Rancho Cucamonga Public Finance Authority(the"Authority". The Authority issued bonds to acquire the Acquired Obligations, fund separate reserve funds and pay the costs of issuing the Bonds. The acquired obligation for Community Facilities District 84-1 is the aggregate principal amount of $8,745,000. The savings from this refunding was once again passed on to residents and the special tax is now $268.07 per acre. Under the Loan and Pledge Agreement the Redevelopment Agency contributes sufficient funds each fiscal year, that when combined with the special tax meet the requirements of the annual debt service payment. All phases of construction for the Day Creek Drainage System are completed. The County of San Bernardino administered the construction contract. FISCAL YEAR 2002/2003 The current rate of$268.07 per acre for fiscal year 2002/2003 along with the Redevelopment Agency contribution of $975,000 will provide sufficient funding to pay debt service in the amount of $1,684,900. Resolution No. 02-166 Page 7 of 8 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $1,680,000 ADMINISTRATION, GENERAL OVERHEAD $ 145,560 & LIABILITY CONTRACT SERVICES $ 1,500 DELINQUENT ASSESSMENTS 16 860 $1,827,060 SOURCES: DELINQUENT ASSESSMENTS $ 40,000 INTEREST REVENUE $ 52,100 SPECIAL TAX $ 715,980 REDEVELOPMENT AGENCY $ 975,000 TRANSFER IN FROM FUND BALANCE 43,980 $1,827,060 $268.07 PER ACRE Y a ° a ra; ��334'g e��Js }}gad Re gig Grove Av to gg g3{Pd14�57� a ---' - - ----- Camelien St Vineyard Av Hellman Avg .. ._.____-_____ - --... -.._..._�.. __ _-____.._.__.i_- -.___. .._._ -_.� Hellman Av I ArchiealdAv ..._..._. .________-_.__..1. _.___ _._._.._ _-- �'-- '-- - --�-- Amhibeld Av Hermosa Av -.__- .-_....._..-_ __.____ __.._._. ___-_- `..__ --'--'---- Hemrose Av HavenAv -. _....- __._. _ _..1 _.._. .._-_ ...._. }- _._ -_____..-. _ }_._- �..._____ ._._. ...._.--. 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