HomeMy WebLinkAbout04-179 - Resolutions RESOLUTION NO. 04-179
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES
DISTRICT NO. 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 2004-2005 for the referenced district is hereby determined
and established as set forth in the attached, referenced and
incorporated in 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. 04-179
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
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 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. 04-179
Page 3 of 7
PASSED, APPROVED, AND ADOPTED this 2nd day of June 2004.
AYES: Alexander, Gutierrez, Howdyshell, Kurth, Williams
NOES: None
ABSENT: None
ABSTAINED: None
illiam J. Alexa der, Mayor
ATTEST:
Debra J. Ada s MC, 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.
Debra J. Adam , C, City Clerk
Resolution No. 04-179
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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:
1. 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 2004
Resolution No. 04-179
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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 2004/2005
The current rate of$268.07 per acre for fiscal year 2004/2005 along with the Redevelopment Agency
contribution of $975,000 will provide sufficient funding to pay debt service in the amount of
$1,715,120.
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COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $1,715,120
CITY AND TRUSTEE ADMINISTRATION, $ 146,390
GENERAL OVERHEAD & LIABILITY
CONTRACT SERVICES 1,500
$1,863,010
SOURCES:
DELINQUENT ASSESSMENTS $ 8,000
INTEREST REVENUE $ 34,000
SPECIAL TAX $ 754,250
REDEVELOPMENT AGENCY $ 975,000
TRANSFER IN FROM FUND BALANCE $ 91,760
$1,863,010
$268.07 PER ACRE