HomeMy WebLinkAbout04-177 - Resolutions RESOLUTION NO. 04-177
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 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. 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 2004-2005 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. 04-177
Page 2 of 6
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, 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.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 04-177
Page 3 of 6
PASSED, APPROVED, AND ADOPTED this 2nd day of June 2004.
AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
4�51
r,1O
illiam J. Ales nder, Mayor
ATTEST:
141 AM .4
bra J. Ad m , 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 2nd day of June 2004.
Executed this 3`d day of June 2004, at Rancho Cucamonga, California.
De ra J. Ad s, C, City Clerk
Resolution No. 04-177
Page 4 of 6
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 93-3
FOOTHILL MARKETPLACE
ANNUALSTATUSREPORT
JUNE 2004
Resolution No. 04-177
Page 5 of 6
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. On July 1, 1999 this district was refunded as
part 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
obligations for Community Facilities District 93-3 is the aggregate principal amount of
$4,525,000.
FISCAL YEAR 2003-2004
The annual tax rate of$14,369 for fiscal year 2004-2005 will provide sufficient funding to pay
debt service in the amount of$407,920.
Resolution No. 04-177
Page 6 of 6
COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $407,920
CITY AND TRUSTEE ADMINISTRATION,
GENERAL OVERHEAD & LIABILITY $ 36,820
CONTRACT SERVICES $ 1,500
DELINQUENT ASSESSMENTS $ p
$446,240
SOURCES:
DELINQUENT ASSESSMENTS $ 0
INTEREST REVENUE $ 8,500
TRANSFER IN FROM FUND BALANCE $ 13,850
SPECIAL TAX $423,890
$446,240
$14,369 PER ACRE