HomeMy WebLinkAbout08-127 - Resolutions RESOLUTION NO. 08-127
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 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 ofthat as previously
approved by the qualified electors of the District.
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Resolution No. 08-127
Page 2 of 6
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;
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 forthe 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. 08-127
Page 3 of 6
PASSED, APPROVED, AND ADOPTED this 4`h day of June 2008.
AYES: Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: Kurth
ABSTAINED: None
L. en is Michael, Mayor No Tem
ATTEST:
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 4'h day of June 2008.
Executed this 5`h day of June 2008, at Rancho Cucamonga, California.
Debra J. Adams, City Clerk
Resolution No. 08-127
Page 4 of 6
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 93-3
FOOTHILL MARKETPLACE
ANNUAL STATUS REPORT
Resolution No. 08-127
Page 5 of 6
A. JUNE 2008
BACKGROUND
On December 15, 1993, the electors within the boundary of Community Facilities District No. 93-3
(Foothill Marketplace)authorized the Districtto 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 2008-2009
The annual tax rate of$14,369 for fiscal year 2008-2009 will provide sufficient funding to pay debt
service in the amount of $409,670.
Resolution No. 08-127
Page 6 of 6
COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $387,730
CITY AND TRUSTEE ADMINISTRATION, $ 35,570
GENERAL OVERHEAD & LIABILITY
CONTRACT SERVICES $ 1,000
DELINQUENT ASSESSMENTS $ 0
$424,300
SOURCES:
DELINQUENT ASSESSMENTS $ 4,340
INTEREST REVENUE $ 6,630
SPECIAL TAX $415,410
$426,380
$14,369 PER ACRE