HomeMy WebLinkAbout03-157 - Resolutions RESOLUTION NO. 03-157
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 2003/2004 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. 03-157
Page 2 of 7
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 ordinaryad
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. 03-157
Page 3 of 7
PASSED, APPROVED, AND ADOPTED this 4" day of June 2003.
AYES: Alexander, Gutierrez Howdyshell, Williams
NOES: None
ABSENT: Kurth
ABSTAINED: None
William J Alexan er, yor
ATTEST:
Debra J. Ada CMC, 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 4`h day of June 2003.
Executed this 51" day of June 2003, at Rancho Cucamonga, California.
Debra J. Adam , CMC, City Clerk
Resolution No. 03-157
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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:
I. 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.
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CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 84-1
DAY CREEK DRAINAGE SYSTEM
ANNUAL STATUS REPORT
JUNE 2003
Resolution No. 03-157
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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 2003/2004 along with the Redevelopment Agency
contribution of $975,000 will provide sufficient funding to pay debt service in the amount of
$1,680,000.
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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 $ 34,330
$1,861,390
SOURCES:
DELINQUENT ASSESSMENTS $ 40,000
INTEREST REVENUE $ 85,000
SPECIAL TAX $ 761,390
REDEVELOPMENT AGENCY $ 975.000
$1,861,390
$268.07 PER ACRE