HomeMy WebLinkAbout07-133 - Resolutions RESOLUTION NO. 07-133
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 2007-2008 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. 07-133
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, 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. 07-133
Page 3 of 7
PASSED, APPROVED, AND ADOPTED this 6th day of June 2007.
AYES: Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: Kurth
ABSTAINED: None
Diane Williams, Mayor Pro Tem
ATTEST:
db,-,-�
Ci -@ �
Debra J. Ada 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 6'h day of June 2007.
Executed this 7`h day of June 2007, at Rancho Cucamonga, California.
Z&O K
( ",
Debra J. Ada s CMC, City Clerk
Resolution No. 07-133
Page 4 of 7
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 93-3
FOOTHILL MARKETPLACE
ANNUALSTATUSREPORT
JUNE 2007
Resolution No. 07-133
Page 5 of 7
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 are the aggregate principal amount of$4,525,000.
FISCAL YEAR 2007-2008
The annual tax rate of$14,369 for fiscal year 2007-2008 will provide sufficient funding to pay debt
service in the amount of$409,670.
Resolution No. 07-133
Page 6 of 7
COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $504,550
(Includes $100,000 Bond Call on 09/02/07)
CITY AND TRUSTEE ADMINISTRATION,
GENERAL OVERHEAD & LIABILITY $ 35,570
CONTRACT SERVICES $ 1,000
DELINQUENT ASSESSMENTS $ 0
$541,120
SOURCES:
DELINQUENT ASSESSMENTS $ 0
INTEREST REVENUE $ 8,500
TRANSFER IN FROM FUND BALANCE $108,730
SPECIAL TAX $423,890
$541,120
$14,369 PER ACRE
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