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HomeMy WebLinkAbout02-165 - Resolutions RESOLUTION NO. 02-165 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX RATE FOR COMMUNITY FACILITIES DISTRICT 2001-01 FOR FISCAL YEAR 2002-2003 (IMPROVEMENT AREA NO. 3 ZONE 7) RECITALS: WHEREAS, by its Resolution No. 01-162, adopted on June 20, 2001, the City Council of the City of Rancho Cucamonga, California (the "City Council'), pursuant to the Mello- Roos Community Facilities Act of 1982 (Section 53311 and following of the California Government Code) (the "Act') established City of Rancho Cucamonga Community Facilities District No. 2001-01 (the "District') and established within the District an improvement area designated Improvement Area No. 3 (the "Improvement Area"); and WHEREAS, at an election held on June 20, 2001, the qualified electors of the Improvement Area unanimously approved the levy of a special tax against properties in the Improvement Area (the "Special Tax"); and WHEREAS, by its Ordinance No. 658 (the "Ordinance"), adopted on July 18, 2001, the City Council authorized the levy of the Special Tax in accordance with the Act; and WHEREAS, on September 18, 2001, the District delivered its $935,000 City of Rancho Cucamonga Community Facilities District No. 2001-01 Improvement Area No. 3 Zone 7 Special Tax Bonds Series 2001-B (the `Bonds"); and WHEREAS, in a Fiscal Agent Agreement dated as of August 1, 2001, by and between the City and Wells Fargo Bank, National Association (the "Fiscal Agent'), the City covenanted to fix and levy the Special Tax within the Improvement Area for each fiscal year in an amount required for the payment of principal and interest on the Bonds becoming due and payable during that fiscal year, plus administrative expenses, but taking into account certain balances in funds held by the Fiscal Agent (the "Covenant'); and WHEREAS, interest will become due and payable on the Bonds during Fiscal Year 2002-2003 in an amount exceeding funds held by the Fiscal Agent and designated for the payment for such interest; and WHEREAS, the City Council intends to levy the Special Tax for Fiscal Year 2002-2003 as authorized by the Ordinance and required by the Covenant; and WHEREAS, the City Council intends to provide for the collection of such Special Tax for Fiscal Year 2002-2003 by City staff. Resolution No. 02-165 Page 2 of 8 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 Fiscal Year 2002- 2003 for the District is hereby determined and established as set forth Exhibit "A" to this Resolution, which is attached hereto and incorporated herein by reference 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: A. Payment of principal 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, and incidental expenses pursuant to the Act; and 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 collected pursuant to this Resolution shall be paid into the Community Facilities District funds, including any bond fund and reserve fund. Resolution No. 02-165 Page 3 of 8 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. PASSED, APPROVED, AND ADOPTED this 15`h day of May 2002. AYES: Alexander, Biane, Curatalo, Dutton, Williams NOES: None ABSENT: None ABSTAINED: None illiam J. Ale der, Mayor ATTEST: De ra J. Adams, C, City Clerk Resolution No. 02-165 Page 4 of 8 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. l5etlra J. Adam C, City Clerk Resolution No. 02-165 Page 5 of 8 CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 2001-01 (IMPROVEMENT AREA No. 3 ZONE 7) EXHIBIT "A" The Resolution establishing the annual special tax refers to this Exhibit for an explanation of the rate and method of apportionment of the Special Taxes for Fiscal Year 2002/2003. CLASSIFICATION OF PARCELS Each Fiscal Year, all Taxable Property within each Zone of Improvement Area No. 3 shall be classified as Taxable or Non-Taxable Property and all such Taxable Property shall be subject to the levy of Special Taxes in accordance with the rate and method of apportionment determined pursuant to the sections below. MAXIMUM SPECIAL TAX RATE A. The Maximum Special Tax and Taxable Acreage for Taxable Property and Taxable Public Property for each Zone is shown in Table 1. TABLE 1 Zone Taxable Bond Maximum Tax Acreage Share Per Acre Zone I —Future RDA 55.00 91.70% $15,230.37 Zone 7 — Leggio South 42.74 8.30% $ 1,963.45 B. Assignment of Maximum Annual Special Tax to Successor Parcels. The Community Facilities District (CFD) Administrator shall assign the Maximum Annual Special Tax to each Successor Parcel as follows: I) When an Original or Successor Parcel is subdivided, the CFD Administrator shall classify the resulting Successor Parcels as Resolution No. 02-165 Page 6 of 8 Taxable Parcels or Tax-Exempt parcels using the definitions in the rate and method of apportionment of special tax. 2) If the Successor Parcel is a Taxable Parcel: Calculate the percentage of the taxable Successor Parcels' square footage to the total square footage for all taxable Successor Parcels of that Original or Successor Parcel; then, Multiply this percentage by the Maximum Annual Special Tax assigned to the previous Original Parcel or Successor Parcel. The result of this calculation is the Maximum Annual Special Tax for the Taxable Successor Parcel. C. Taxable Parcels Acquired by a Public Agency Taxable Parcels that are acquired by a public agency after the CFD i;; formed will remain subject to the applicable Special Tax unless the Special Tax obligation is satisfied pursuant to Section 53317.5 o the Government Code. An exception to this may be made if the Public use planned for a Public Parcel within the CFD is relocated to a Taxable Parcel and the previously Tax-Exempt Parcel of comparable acreage becomes a Taxable Parcel. This trading of Parcels will be permitted to the extent that there is, no net loss in Maximum Special Tax. It is anticipated that the City will acquire approximately 55 Acres that will be subject to the Special Tax. APPORTIONMENT OF SPECIAL TAX For each Fiscal Year the Council shall determine the Special Tax Requirement and levy the Special Tax, taking into consideration the levy of the Improvement Area No. 3 Special Tax, until the amount of Special Taxes and Improvement Area No. 3 Special Taxes equal the Special Tax Requirement. The Special Tax shall be levied each Fiscal Year as follows: First: The Special Tax shall be levied on each Assessor's Parcel of Taxable Property in an amount equal to 100% of the applicable Maximum Special Tax; or Second: If less monies are needed to satisfy the Special Tax Requirement after the fust step has been completed, the Special Tax shall be levied proportionately on each Taxable Parcel at less than 100% of the Maximum Special Tax; provided that the Council may levy an amount in excess of the Special Tax Requirement if all authorized Bonds have not already been issued. Resolution No. 02-165 Page 7 of 8 Further notwithstanding the above, under no circumstances will the Special Tax levied against any Assessor's Parcel of Residential Property for which an occupancy permit for private residential use has been issued be increased by more than ten percent as a consequence of delinquency or default by the owner of any other Assessor's Parcel within Improvement Area No. 3, except for those Residential Properties whose owners are also delinquent or in default on their Special Tax payments for one or more other properties within Improvement Area No.3. 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