HomeMy WebLinkAbout10-119 - Resolutions RESOLUTION NO. 10-119
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES
DISTRICT 2006-02 (AMADOR ON ROUTE 66) FOR FISCAL
YEAR 2010-2011
Recitals
WHEREAS, by its Resolution No. 06-327, adopted on October 18, 2006, 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. 2006-02 (the "District'); and
WHEREAS, at an election held on October 18, 2006, the qualified electors unanimously
approved the levy of a special tax (the "Special Tax"); and
WHEREAS, by its Ordinance No. 770 (the "Ordinance"), adopted on November 1, 2006
the City Council authorized the levy of the Special Tax in accordance with the Act; and
WHEREAS, on January 25, 2007, the District delivered its $2,980,000 City of Rancho
Cucamonga Community Facilities District No. 2006-01 Special Tax Bonds (the "Bonds"); and
WHEREAS, in a Fiscal Agent Agreement dated as of January 01, 2007 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, principal and 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 principal 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. 10-119 - 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
v
Donald , 4Ku1hM
Mayor
ATTEST:
nice C. Reynolds, City Cferk
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, Ci y Clerk
Resolution No. 10-119 - Page 3 of 7
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 2006-02
AMADOR ON ROUTE 66
ANNUALSTATUSREPORT
JULY 2010
Resolution No. 10-119 - Page 4 of 7
BACKGROUND
On October 18, 2006, the electors within the boundary of Community Facilities
District (CFD)No. 2006-02 authorized the District to incur bonded indebtedness in
the maximum principal amount of$3,100,000 to provide financing for a portion of
the cost of for the acquisition and construction of the facilities which consist of
street and transportation, landscaping, dry utilities, parks and recreation, drainage,
water and sewer in addition to the engineering, design, planning, permitting and
construction, coordination, together with other incidental costs. The District is
located south of Garcia Drive, east of Etiwanda Avenue, north of Foothill
Boulevard and west of East Avenue.
Each Fiscal Year, all Taxable Property within CFD No. 2006-02 shall be classified as
Developed Property, Taxable Public Property, Taxable Property Owner Association
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
section below.
FISCAL YEAR 2010-2011
Land Use Residential Floor Maximum Special
Class Description Area Tax # of Units
Single Family Detached
1 Property < 1,850 Sq. Ft. $2,816 per unit 33
Single Family Detached
2 Property 1,601 - 1,850 Sq. Ft. $2,697 per unit 33
Single Family Detached
3 Property 1,351 - 1,600 Sq. Ft. $2,469 per unit 0
Single Family Detached
4 Property >1,351 Sq. Ft. $2,241 per unit 33
5 Non-Residential Property N/A $64,747 per acre 0
99
Resolution.No. 10-119 - Page 5 of 7
COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $193,890.00
CITY AND TRUSTEE ADMINISTRATION, $ 27,000.00
GENERAL OVERHEAD & LIABILITY
CONTRACT SERVICES $ 2,000.00
$222,890.00
SOURCES:
INTEREST REVENUE $ 1,610.00
DELINQUENT TAXES $ 2,820.00
SPECIAL TAX $243.090.00
$247,520.00
Resolution No. 10-119 - Page 6 of 7
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