HomeMy WebLinkAbout94-064 - ResolutionsRESOLUTION NO. 94-064
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANC~{O
~, CALIFORNIA, ESTABLISHING ANN-dAL SPECIAL TAX
FOR (IX4ML~rlTY FACqT.ITIES DISTRICT NO. 93-3 (FfXICMTI$.
MARKETPLACE)
WHEREAS, the City Council of the City of Rancho Cucamonga,
California, (hereinafter referred to as the "legislative body for the local
Agency"), ba~ initiated proceed/rigs, held a public hearing, con~_cted an
election and received a favorable vote frc~ 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 '94ello Roos C~,u,~unity
Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the
Government Code for the State of California. This C~i-{~unity Facilities
District sb~11 hereinafter be referred to as
COMMUNITY FACILITIES DISTRICT NO. 93-3
(hereinafter referrd to as the "District"); and
WHEREAS, at this time, bonds have been authorized for pitposes of
financing the project facilities for said District; and
WHERFAS, 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 Coamm%nity
Facilities District, and this legislative body is desirous to estm_blish the
specific rate of the special tax to be collected for the next fiscal year.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
S~TION 1:
That the above recitals are all true and correct.
S~TION 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
S~TION 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.
S~i~/ON 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:
Payment of principal of and interest on any outstanding
authorized bonded indebtedness;
Necessary replenishnent of bond reserve funds or other reserve
funds;
Resolution No. 94-064
Page 2
Cm
Payment of costs and expenses of authorized public facilities
and public services, and incidental expenses pursuant to the
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
C~Lunity 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 i~ts,
special tax", or by any other suitable designation, the installment of the
special tax, and for the exact rate and amount of said tax, referenoe 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.
PASSED, APPROVED, and ADOPII~3 this 20th day of April, 1994.
AYES: Alexafter, Buquet, Gutierrez, Stout, Williams
NOES: None
ABSENT: None
Dennis L. Stout, Mayor
Resolution No. 94-064
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~ity Clerk
I, D~RA J. ADAMS, CITY ~k~K 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 Oouncil held on the 20th day of April, 1994.
Executed this 21st day of April, 1994, at Rancho Cucamonga,
California.
Resolution No. 94-064
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CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 93-3
FOOTHILL MARKETPLACE
ANNUAL STATUS REPORT
APRIL 1994
Resolution No. 94-064
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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.
~~- YE~ 1994/95
The first annual tax rate of $14,670 for fiscal year 1994/95 will provide
sufficient funding to pay debt service in the amount of $398,000.
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COMMUNITY FACILITIES DISTRICT
PROPOSED U6F.~ AND 6OURCF.~ OF FUNDS
USES:
DEBT SERVICE
ADMINISTRATION, GENERAL OVERHEAD
& LIABILITY
DELINQUENT ASSESSMENTS
$398,000
$ 34,210
$ 0
$432,210
SOURCE6:
DELINQUENT ASSESSMENTS
INTEREST REVENUE
SPECIAL TAX
$14,670 PER ACRE
$ 0
$ 8,650
$432.210
$440,860
Resolution No. 94-064
Page 7
BOUNDARIES
OF
COMMUNIT~Y. FACILITIES DISTRICT NO. 93-3