HomeMy WebLinkAbout98-071 - ResolutionsRESOLUTION NO. 98-071
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 1998-99 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. 98-071
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SECTION 5:
SECTION 6:
SECTION 7:
SECTION 8:
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.
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.
All monies above collected shall be paid into the Community
Facilities District funds, including any bond fund and reserve fund.
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.
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 15th day of April, 1998.
Alexander, Biane, Curatalo, Williams
None
None
None
AYES:
NOES:
ABSENT:
ABSTAINED:
William J. Alexander, ~ayor
Resolution No. 98-071
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ATTEST:
Debra J. Adams, CMC, City Clerk
I, DEBRA J. ADAMS, CITY CLERKof 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 15th day of April, 1998.
Executed this 16th day of April, 1998, at Rancho Cucamonga, California.
~' "~'"~"'~D~bra J. Adams,~"MC, City Clerk
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CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 93-3
FOOTHILL MARKETPLACE
ANNUAL STATUS REPORT
APRIL 1998
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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 Distric! 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.
FISCALYEAR1998/99
The first annual tax rate of $14,670 for fiscal year 1998/99 will provide
sufficient funding to pay debt service in the amount of $398,000.
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COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE
ADMINISTRATION, GENERAL
& LIABILITY
CONTRACT SERVICES
DELINQUENT ASSESSMENTS
OVERHEAD
$391,480
$ 35.240
S 3,000
$ o
$429,720
SOURCES:
DELINQUENT ASSESSMENTS
INTEREST REVENUE
SPECIAL TAX
$ 0
$ 5,800
$432,500
$438,300
$14,670 PER ACRE
Resolution No. 98-071
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