HomeMy WebLinkAbout95-045 - ResolutionsRESOLUTION NO. 95-045
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES
DISTRICT NO. 93-3 (FOOTHILL MARKETPLACE)
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 heating, 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. 93-3
(FOOTHILL MARKETPLACE)
(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 1994-95 for the referenced district is hereby
determined and established as set forth in the attached, referenced and incorporated in the Annual
Status Report.
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. 95-045
Page 2
Payment of principal of and interest on any outstanding authorized bonded
indebtedness;
B. Necessary replenishment of bond reserve funds or other reserve funds;
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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 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 Annual Status Report.
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.
AYES:
NOES:
ABSENT:
PASSED, APPROVED, AND ADOPTED this 19th day of April, 1995.
Alexander, Biane, Curatalo, Gutierrez, Williams
None
None
William/fl. Alexadder, Mayor
ATTEST:
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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, Califomia, at a regular meeting of said City Council held on the
19th day of April, 1995.
Executed this 20th day of April, 1995, at Rancho Cucamonga, Califomia.
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CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 93-3
FOOTHILL MARKETPLACE
ANNUAL STATUS REPORT
APRIL 1995
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BACKGROUND
On December 15, 1993, the electors within the boundary of Community
Facilities District No. 93-3 (Foothill Marketplace) authorized the District to
incur bonded indebtedness in the principal amount of $4,825,000 for the
purpose of financing the acquisition of the street, storm drain, sewer and
water improvements. The district is bounded on the north by Foothill Blvd.,
on the east by Etiwanda Ave. and on the west by Interstate 15.
The maximum rate has been set at $20,000 per acre. This amount can be
levied at a lower rate but cannot exceed the maximum tax rate as set.
FISCAL YEAR 1994/95
The first annual tax rate of $14,670 for fiscal year 1995/96 will provide
sufficient funding to pay debt service in the amount of 8398,000.
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COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE
ADMINISTRATION, GENERAL OVERHEAD
& LIABILITY
DELINQUENT ASSESSMENTS
$394,310
$ 33,890
$ 0
$428,200
SOURCES:
DELINQUENT ASSESSMENTS
INTEREST REVENUE
SPECIAL TAX
$ 0
$ 4,320
$432,503
8436,823
$14,670 PER ACRE
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