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HomeMy WebLinkAbout90-266 - Resolutions RESOLUTION NO. 90-266 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 84-1 WHEREAS, the City Council of the City of Rancho Cucamonga (herein- after 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 herein- after 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, the City Council of the City of Rancho Cucamonga does hereby resolve 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 (1990-91) for the referenced and incorporated 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: A. Payment of principal of and interest on any outstanding authorized bonded indebtedness; Resolution No. 90-266 Page 2 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 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 penal ties 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. PASSED, APPROVED, and ADOPTED this 20th day of June, 1990. AYES: Alexander, Brown, Buquet, Stout, Wright NOES: None ABSENT: None Dennis L. Stout, Mayor Resolution No. 90-266 Page 3 ATTEST: 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 20th day of June, 1990. Executed this 21st day of June, 1990 at Rancho Cucamonga, California. D~bra J. Adam~;' City Clerk CITY OF R~CHO CUCAMONGA Resol uti on No. 90-266 Page 4 COMMUNITY FACILITIES DISTRICT NO. 84-1 (DAY C i~_EEK DRA/NAGE 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 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 the prolongation of MILLIKEN AVENUE. The rate, method and formula for the levy of the special tax for the respective zones, being Zone "A" and zone "B", is as follows, based upon an estimated bond amount of $18,000,000 payable over a period of twenty {20) years. ZONE "A": $350.00 PER ACRE. ZONE "B": $350.00 PERACRE 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. Resolution No. 90-266 Page 5 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 84-1 DAY-ETIWANDA DRAINAGE SYSTEM YEARLY STATUS REPORT JUNE 1990 Resolution No. 90-266 Page 6 BACKGROUND On June 26, 1984, the electors within the boundaries of Community Facilities District No. 84-1 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 property located within Community Facilities District No. 84-1. In March of 1986 the area between Milliken and Rochester and Highland and the northerly City limits was annexed into the District as Annexation No. 86-1. The annual special tax rate for 1985/86, 1986/87, 1987/88, 1988/89 and 1989/90 was set by City Council at $350.00 per acre. Under the Loan and Pledge Agreement the Redevelopment Agency has contributed each year sufficient funds combined with the special tax meeting the annual debt service. During fiscal year 1987/88 construction of Phase I improvement began and was completed in 1988/89. The construction contract is administered by the County of San Bernardino. Construction contract payments to date total $12,388,512. FISCAL YEAR 1990/91 The current rate of $350.00 per acre for fiscal year 1990/91 along with the Redevelopment Agency contribution of $642,284 will provide sufficient funding to pay debt service in the amount of $2,032,000. Resolution No. 90-266 Page 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $2.032,000 ADMINISTRATION $ 14.624 DELINQUENT ASSESSMENTS $ 32,385 $2,079,009 SOURCES: INTEREST REVENUE $ 158,000 SPECIAL TAX $1,278,725 REDEVELOPMENT AGENCY $ 642,284 $2,079,009 $350 PER ACRE