HomeMy WebLinkAbout10-116 - Resolutions RESOLUTION NO. 10-116
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES
DISTRICT 2003-01 FOR FISCAL YEAR 2010-2011
(IMPROVEMENT AREA NO. 2 ZONES 1 & 2), SERIES 2003-B
Recitals
WHEREAS, by its Resolution No. 03-031, adopted on February 19, 2003, 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. 2003-01 (the "District') and established within the District improvement areas
designated Improvement Area No. 2, Zones 1 & 2 (the "Improvement Area"); and
WHEREAS, at an election held on February 19, 2003, the qualified electors of the
Improvement Area No. 2, Zones 1 & 2 unanimously approved the levy of a special tax against
properties in the Improvement Area (the "Special Tax"); and
WHEREAS, by its Ordinance No. 699 (the "Ordinance"), adopted on March 3, 2003 the
City Council authorized the levy of the Special Tax in accordance with the Act; and
WHEREAS, on August 20, 2003, the District delivered its $2,855,000 City of Rancho
Cucamonga Community Facilities District No. 2003-01 Improvement Area No. 2, Zones 1 & 2
Special Tax Bonds Series 2003-B (the "Bonds"); and
WHEREAS, in a Fiscal Agent Agreement dated as of July 1, 2003 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 No. 2, Zones 1 & 2 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, interest 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 interest; 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. 10-116 - 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:
091Wr �"o
nice C. Reynolds, City Jerk
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 7th day of July 2010.
Executed this 8th day of July 2010, at Rancho Cucamonga, California.
nice C. Reynolds, Cit Clerk
Resolution No. 10-116 - Page 3 of 7
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 2003-01
IMPROVEMENT AREA No. 2
SPECIAL TAX BONDS, SERIES 2003-B
ANNUALSTATUSREPORT
JULY 2010
Resolution No. 10-116- Page 4 of 7
BACKGROUND
On February 19, 2003, the electors within the boundary of Community Facilities District
(CFD) No. 2003-01, Improvement Area No. 2 (IA No. 2) authorized the District to incur
bonded indebtedness in the maximum principal amount of$4,000,000 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 Church Street, on the east by Interstate 15, on the
south by Arrow Route and on the west by the a Southern California Edison easement
from Arrow Route to Foothill Boulevard and by Day Creek Boulevard from Foothill
Boulevard to Church Street.
Each Fiscal Year, all Taxable Property within Zone 1 and Zone 2 of CFD No. 2003-01
(IA No. 2) shall be classified as Developed Property or Undeveloped Property, and
shall be subject to the levy of Special Taxes in accordance with the rate and method of
apportionment determined pursuant to the sections below.
FISCAL YEAR 2010-2011
CFD 2003-01
IMPROVEMENT AREA
No.2
ASSIGNED BACKUP
SPECIAL TAX SPECIAL TAX NOTE
ZONE I DEVELOPED
PROPERTY $2,502.00/ACRE $3,110.00/ACRE Both Assigned and Backup will
increase.2%every year.
ZONE I UNDEVELOPED
PROPERTY $1,100.00/ACRE $3,110.00/ACRE Backup will increase 2%every year.
ZONE 2 DEVELOPED
PROPERTY $7,578.00/ACRE $9,423.00/ACRE Both Assigned and Backup will
increase.2%every year.
ZONE 2 UNDEVELOPED
PROPERTY $3,650.00/ACRE $9,423.00/ACRE Backup will increase 2%every year.
Resolution No. 10-116- Page 5 of 7
COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $191,480.00
CITY AND TRUSTEE ADMINISTRATION, $ 8,700.00
GENERAL OVERHEAD & LIABILITY
CONTRACT SERVICES $ 1,500.00
DELINQUENT ASSESSMENTS $ 0.00
$201,680.00
SOURCES:
INTEREST REVENUE $ 1,510.00
DELINQUENT TAXES $ 4,400.00
SPECIAL TAX $196,870.00
$202,780.00
Resolution No. 10-116 - Page 6 of 7
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