HomeMy WebLinkAbout93-099 - ResolutionsRESOLUTION NO. 93-099
A RESOII3TION OF THE CITY ~OUNCIL OF THE CITY OF RAN~O
~, CALIFRONIA ~TABLISHING ~ SPECIAL TAX FOR
OC~9~qITY FACYI.YTIES DISTRICT 84-1 (DAY C~ DRAINAGE
sYS~M)
~{EREAS, the City Council of the City of Rancho Cucamonga,
California, (hereinafter referred to as the "legislative body of the local
~ency"), btam 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 '~4ello Roos C~%m~lnity
Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the
Govel~,,~nt Code for the State of California. To_is Ccmm-~n%ity Facilities
District shall hereinafter be referred to as
~TY FACILITIES DISTRICT NO. 84-1
(DaY C~K DRAINAGE SYSTEM)
(hereinafter referred to as the "District"); and
WHEREAS, at this time, bonds have been authorized for ~ of
financing the project facilities for said District; and
WHEREAS, this legislative body, by Ordinance as authorized by Section
53340 of the Gove~-f~_nt Code of the State of California, btam authorized the
levy of a special tax to pay for costs and expenses related to said C~m~nity
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 RESOLV~DAS FOLIDWS:
S~iTION 1:
That the above recitals are all true and correct.
S~2TION 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
1993-94 for the referenced district is hereby determined and established as
set forth in the attached, referenced and incorporated Exhibit "A".
S~CTION 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~CTION 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 replenishment of bond reserve funds or other reserve
funds;
R~solution No. 93-099
Page 2
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 beused 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~onity 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, 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 ADOPlOD this 5th day of May, 1993.
Alexander, Buquet, Gutierrez, Stout, Williams
NOES: None
ABSENT: None
Dennis L. Stout, Mayor
J. Ad~, City Clerk
Resolution No. 93-099
Page 3
I, D~RRA J. ADAMS, CITY CLFRK 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 onthe 5thday of May, 1993.
Executed this 6th day of May, 1993, at Rancho Cucamonga, California.
City Clerk
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Page 5
crI-f OF RANCHO CUCAMON~
COMMUNITY FACHJTIES 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
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
HASELINE ROAD. and on the West by MuJ-.'KEN AVENUE.
The rate. method and formula for the levy of the special tax for the respective zones, being Zone
"A" and Zone '~", is as follows, based upon an estimated bond amount of $18,000.000 payable
over a period of twenty (20) years.
ZONE "A": $297.48 PER ACRE.
ZONE '~": $297.48 PER ACRE FOR 190 ACRES.
For the purpose of defining the maximum special Tax, "ACRE" shall mean acres contained in
the 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-ROO8 COMMUNITY
FACILITIES DISTRICT NO. 84-1
DAY CREEK DRAINAGE SYSTEM
YEARLY STATUS REPORT
MAY 1993
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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 Facfiities 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.
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 construction contract was administered by the County of San
Bernardino.
The current rate of $297.48 per acre for fiscal year 1993/94 along with the
Redevelopment Agency contribution of $945,062 will provide sufficient
funding to pay debt service in the amount of $1,777,103.
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COMMUNITY FACILITIF.~ DISTRICT
PROPOSED USES AND ~OURCF~ OF FUNDS
USE ;
DEBT SER~qCE
ADMINISTRAq~ON, GENERAL OVERHEAD
& LLABILITY
DELINQUENT ASSESSMENTS
$1,777,103
$ 109,409
$ 76.830
$1,963,342
SOURCES:
DELINQUENT ASSESSMENTS
INTEREST REVENUE
SPECIAL TAX
REDEVELOPMENT AGENCY
$297.48PER ACRE
$ 40,000
$ · 17,850
$ 960,430
$ 945,062
$1,963,342
Resolution No. 93-099
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