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Home My WebLink About10-117 - Resolutions RESOLUTION NO. 10-117 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 2004-01 (RANCHO ETIWANDA ESTATES) FOR FISCAL YEAR 2010-2011 Recitals WHEREAS, by its Resolution No. 04-295, adopted on September 15, 2004,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. 2004-01 (the "District'); and WHEREAS, at an election held on September 15, 2004, the qualified electors unanimously approved the levy of a special tax (the "Special Tax"); and WHEREAS, by its Ordinance No. 735 (the "Ordinance"), adopted on October 06, 2004 the City Council authorized the levy of the Special Tax in accordance with the Act; and WHEREAS, on June 28, 2006, the District delivered its $43,545,000 City of Rancho Cucamonga Community Facilities District No. 2004-01 Special Tax Bonds (the "Bonds"); and WHEREAS, in a Fiscal Agent Agreement dated as of May 01, 2006 by and between the City and Wells Fargo Bank, National Association (the"Fiscal Agent'), the City covenanted to fix and levy the Special Tax 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 Report SECTIONS: 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. 10-117 - Page 2 of 8 PASSED, APPROVED, AND ADOPTED this 7th day of July 2010. AYES: Gutierrez, Kurth, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None L Donald J. Kurth, .D., Mayor ATTEST: "lice C. Reynolds, City Verk 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, City Clerk Resolution No. 10-117 - Page 3 of 8 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2004-01 RANCHO ETIWANDA ESTATES ANNUALSTATUSREPORT JULY 2010 Resolution No. 10-117 - Page 4 of 8 BACKGROUND On September 2004, the electors within the boundary of Community Facilities District No. 2004- 01 (Rancho Etiwanda Estates) authorized the District to incur bonded indebtedness in the principal amount of$45,000,000 to pay the costs of issuing the bonds; fund the Reserve Fund for the Bonds and capitalized interest through September 1, 2006; the acquisition and construction of school facilities to be owned by Etiwanda and Chaffey Joint Union High School Districts; flood control facilities to be owned by San Bernardino County Flood Control District; open space to be owned by the County of San Bernardino; park and equestrian facilities; water and sewer facilities to be owned by Cucamonga Valley Water District; and 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 Day Creek Boulevard, and Etiwanda Avenue; such street improvements to include but not to be limited to: grading, storm drain, sewer, water, dry utilities and landscaping. TERM OF SPECIAL TAX The Special Tax shall be levied for a period not to exceed fifty years commencing with Fiscal Year 2005-06, provided however that Special Taxes will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined (i) that all required interest and principal payments on the CFD No. 2004-01 Bonds have been paid; and (ii) all Authorized Facilities have been constructed. Resolution No. 10-117 - Page 5 of 8 FISCAL YEAR 2010-2011 Land Use Developed Floor Maximum Category Area Special 1 - Residential Property Greater 4,000 sq ft $5,555 per unit 2 - Residential Property 3801 - 4000 sq ft $5,325 per unit 3 - Residential Property 3601 - 3800 sq ft $5,151 per unit 4 - Residential Property 3400 - 3600 sq ft $4,896 per unit 5 - Residential Property Less than 3400 sq ft $4,410 per unit 6 - Non-Residential Property NA $19,813 per acre Resolution No. 10-117 - Page 6 of 8 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $3,320,540.00 CITY AND TRUSTEE ADMINISTRATION, $ 42,000.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 11,500.00 DELINQUENT ASSESSMENTS $ 0.00 $3,374,040.00 SOURCES: DELINQUENT ASSESSMENTS $ 25,660.00 INTEREST REVENUE $ 13,450.00 TRANSFER FROM FUND BALANCES $ 212,440.00 SPECIAL TAX $3.122,490.00 $3,374,040.00 Resolution No. 10-117 - Page 7 of 8 y Q Community Facilities District 2004-01 - m 1E o c 1E E Y tjnNCHO N N 0 N cc > �.'MAMONGA ,•• i U 2 Q = 2 2 1 i.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._.._.. .1 fli .i ................... j 1 1` 1 1 I Q jO c m Hillside Rd i v Wilson Av to w Banyan St , W i Y ; L.._.._.._ o 0 � 19th St°..� Z 0 Base Line Rd r:!; Base Line Rd < N 1 I U 00 Foothill BI f Foothill BI 0 1 OD 1 i Arrow Rt j j Arrow Rt i 1 8th Stl ,............;..e ; Legend > m6th Std i N j City Limits 0 c w CFD2004-01 4thSt ............................................ ...............j4th St Q Q Q m...w e.u. m r.o•m=.,mmn -�....roe er.�n in.w C C i b,.cwmow.�.o-....<:::nai=�",;wa mron.�•�m,�.i�.. @ @ m � � N -0 rou�oi A..nowa�o m....nd.m.=.nn..n±,rv�,=aK ea,d w.•m.. 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