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Home My WebLink About10-114 - Resolutions RESOLUTION NO. 10-114 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 2001-01 FOR FISCAL YEAR 2010-2011 (IMPROVEMENT AREA NO. 3 ZONE 7), SERIES 2001-B Recitals WHEREAS, by its Resolution No. 01-162, adopted on June 20, 2001, the City Council of the City of Rancho Cucamonga, California (the "City Council"), pursuant to the Mello-Roos Community Facilities Act of 1982 (Section 53311 and following of the California Government Code) (the "Act') established City of Rancho Cucamonga Community Facilities District No. 2001-01 (the "District') and established within the District an improvement area designated Improvement Area No. 3 (the "Improvement Area"); and WHEREAS, at an election held on June 20, 2001, the qualified electors of the Improvement Area unanimously approved the levy of a special tax against properties in the Improvement Area (the "Special Tax'); and WHEREAS, by its Ordinance No. 658 (the "Ordinance"), adopted on July 18, 2001, the City Council authorized the levy of the Special Tax in accordance with the Act; and WHEREAS, on September 18, 2001, the District delivered its $935,000 City of Rancho Cucamonga Community Facilities District No. 2001-01 Improvement Area No. 3 Zone 7 Special Tax Bonds Series 2001-B (the `Bonds'); and WHEREAS, in a Fiscal Agent Agreement dated as of August 1, 2001, by and between the City and Wells Fargo Bank, National Association (the "Fiscal Agent'), the City covenanted to fix and levy the Special Tax within the Improvement Area for each fiscal year in an amount required for the payment of principal and interest on the Bonds becoming due and payable during that fiscal year, plus administrative expenses, but taking into account certain balances in funds held by the Fiscal Agent (the "Covenant'); and WHEREAS, debt service will become due and payable on the Bonds during Fiscal Year 2010-2011 in an amount exceeding funds held by the Fiscal Agent and designated for the payment for such debt service; and WHEREAS, the City Council intends to levy the Special Tax for Fiscal Year 2010-2011 as authorized by the Ordinance and required by the Covenant; and WHEREAS, the City Council intends to provide for the collection of such Special Tax for Fiscal Year 2010-2011 by City staff. 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 Fiscal Year 2010-2011 for the District is hereby determined and established as set forth Annual Status Report to this Resolution, which is attached hereto and incorporated herein by reference. 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 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 collected pursuant to this Resolution 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. 10-114 - Page 2 of 7 PASSED, APPROVED, AND ADOPTED this 7`h day of July 2010. AYES: Gutierrez, Kurth, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED:. None Donald J. Kurth, M.D., Mayor ATTEST: ice C. Reynolds, City UYlerk I, JANICE C. REYNOLDS, 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 7`h day of July 2010. Executed this 8'h day of July 2010, at Rancho Cucamonga, California. nice C. Reynolds, City Cl6fk Resolution No. 10-114 - Page 3 of 7 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2001-01 IMPROVEMENT AREA No. 3 SPECIAL TAX BONDS, SERIES 2001-B ANNUALSTATUSREPORT JULY 2010 Resolution No. 10-114 - Page 4 of 7 BACKGROUND On June 20, 2001, the electors within the boundary of Community Facilities District No. 2001- 01 (Improvement Area No. 3) authorized the District to incur bonded indebtedness in the principal amount of$935,000 for the purpose of financing the acquisition and construction of the facilities which consist of Day Creek Boulevard, Victoria Park Lane, Church Street, foothill Boulevard, Base Line Road and Arbor Way, storm drain and flood control facilities and water and sewer improvements to be owned and operated by Cucamonga Valley Water District (CVWD). The District is generally bordered on the north by Base Line Road, on the west by the Day Creek Flood Control Channel from Arrow Route to Foothill Boulevard and by the Southern California Edison right-of-way from Foothill Boulevard to Base Line Road, on the south by Interstate 15 and on the east by Etiwanda Avenue. Each Fiscal Year, all Taxable Property within each Zone of Improvement Area No. 3 shall be classified as Taxable or Non-Taxable Property and all such Taxable Property shall be subject to the levy of Special Taxes in accordance with the rate and method of apportionment pursuant to the section below. FISCAL YEAR 2010-2011 CFD 2001-01 IMPROVEMENT AREA No. 3 TAXABLE BOND MAXIMUM TAX ZONE ACREAGE SHARE PER ACRE ZONE1- FUTURE RDA 55.00 91.70% $15,230.37 ZONE 7- LEGGIO 42.74 8.30% $1,600.00 Resolution No. 10-114- Page 5 of 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $83,980.00 CITY AND TRUSTEE ADMINISTRATION, $11,750.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 1,500.00 DELINQUENT TAXES $ 0.00 $97,230.00 SOURCES: INTEREST REVENUE $ 10.00 TRANSFER FROM FUND BALANCES $ 3,110.00 OTHER REVENUE $10,000.00 SPECIAL TAX $84,110.00 $97,230.00 Resolution No. 10-114- Page 6 of 7 a Q > Community Facilities District 2001-01 c M ¢ - , L E Y Series 2001-B �1�ANCHO (�IICMIONW 1• 1 (� x ¢ = x 2 1 1.._..—.._.._.._..—.._..—.._..'.._.._.._.._.._.._.._.._...� ;m_.._.._..;.._.._.._.._.._..-1<.._..- i > i ° Q Hillside Rd ; i -- - --..- _ Wilson v jo�__ w 1 i.._.. j � ! i ;0 Banyan St -- - ------ '- - C.._ — — --I-- -- — c 0 I 1 Z 19th St i.t - - - ---,-- - --�--- -t - o - o �. 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