HomeMy WebLinkAbout08-121 - Resolutions RESOLUTION NO. 08-121
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-
ESTABLISHING ANNUAL SPECIAL TAX FOR
COMMUNITY FACILITIES DISTRICT NO. 2000-02
(RANCHO CUCAMONGA CORPORATE PARK)
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. 2000-02
(RANCHO CUCAMONGA CORPORATE PARK)
(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 2008-2009 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. 08-121
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. 08-121
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PASSED, APPROVED, AND ADOPTED this 4'h day of June 2008.
AYES: Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: Kurth
ABSTAINED: None
L. Dennis Michael, Mayor Pro Tem
ATTEST:
Debra J. Ada s MC, City Clerk
I, DEBRA J.ADAMS, CITY CLERK ofthe Cityof 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 4'h day of June 2008.
Executed this 5th day of June 2008, at Rancho Cucamonga, California.
Debra J. Ada s MC, City Clerk
Resolution No. 08-121
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CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 2000-02
RANCHO CUCAMONGA CORPORATE PARK
ANNUAL STATUS REPORT
Resolution No. 08-121
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A. JUNE 2008
BACKGROUND
On November 7, 2000, the electors within the boundaryof Community Facilities District No.
2000-02 (Rancho Cucamonga Corporate Park) authorized the District to incur bonded
indebtedness in the principal amount of $6,835,000 for the purpose of financing the
acquisition of street improvements on public street improvements required as a condition of
approval of development of the property within the proposed district including Milliken
Avenue, Arrow Route Highway and Foothill Boulevard; such street improvements to include
but not to be limited to: demolition and grading, curb, gutter and sidewalks, traffic signals;
entry feature and signs; fire hydrants; storm drains; water and sewer improvements;
paving; striping; landscaping and irrigation improvements; public utilities and
appurtenances.
The district was approved setting the maximum rate at$3,896 per acre. However, on each
July 1, commencing July 1, 2002 the Maximum Annual Special tax shall be increased by
two percent (2%) of the amount in effect for the previous fiscal year. This special tax shall
be levied only so long as required for each parcel of taxable property to discharge bond
obligations through fiscal year 2035-2036.
FISCAL YEAR 2008-2009
The annual tax rate for fiscal year 2008-2009 will be $4,217.16 per acre, and will provide
sufficient funding to pay debt service in the amount of $522,030.00.
Resolution No 08-121
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COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $522,030
CITY AND TRUSTEE ADMINISTRATION, $ 48,500
GENERAL OVERHEAD & LIABILITY
CONTRACT SERVICES $ 1,500
DELINQUENT ASSESSMENTS
$572,030
SOURCES-
DELINQUENT ASSESSMENTS $ 0
INTEREST REVENUE $ 8,340
FUND BALANCE $ 0
SPECIAL TAX $575,810
$584,150
$4,217.16 PER ACRE