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HomeMy WebLinkAbout11-125 - Resolutions RESOLUTION NO. 11-125 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX RATE FOR COMMUNITY FACILITIES DISTRICT 2003-01 FOR FISCAL YEAR 2011-2012 (IMPROVEMENT AREA NO. 1 ZONES 1, 2 & 3), SERIES 2003-A 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. 1, Zones 1, 2 & 3 (the "Improvement Area"); and WHEREAS, at an election held on February 19, 2003, the qualified electors of the Improvement Area No. 1, Zones 1, 2 & 3 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 $14,645,000 City of Rancho Cucamonga Community Facilities District No. 2003-01 Improvement Area No. 1, Zones 1, 2 & 3 Special Tax Bonds Series 2003-A (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. 1, Zones 1, 2 & 3 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 2011-2012 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 2011-2012 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 2011-2012 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 2011-2012 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. SECTIONS: 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,celcation and signatures Resolution No. 11-125 - Page 2 of 7 PASSED, APPROVED, AND ADOPTED this 20th day of July 2011. AYES: Alexander, Buquet, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None L. Dennis Michaej ayo ATTEST: �q4a,&& ce C. Reynolds, Cio Clerk 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 20`h day of July 2011. Executed this 21" day of July 2011, at Rancho Cucamonga, California. nice C. Reynolds, C y Clerk Resolution No. 11-125 - Page 3 of 7 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2003-01 IMPROVEMENT AREA No. 1 SPECIAL TAX BONDS, SERIES 2003-A ANNUALSTATUSREPORT JULY 2011 Resolution No. 11-125 - Page 4 of 7 BACKGROUND On February 19, 2003, the electors within the boundary of Community Facilities District No. 2003-01, Improvement Area No.1 (IA No. 1) authorized the District to incur bonded indebtedness in the maximum principal amount of $16,000,000 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, Zone 2, and Zone 3 of CFD No. 2003-01 (IA No. 1) 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 pursuant to the sections below. FISCAL YEAR 2011-2012 CFD 2003-01 IMPROVEMENT AREA No. 1 ASSIGNED BACKUP SPECIAL TAX SPECIAL TAX NOTE ZONE I DEVELOPED PROPERTY $4,318.00/ACRE $4,798.00/ACRE Both Assigned and Backup will increase ZONE I UNDEVELOPED PROPERTY $170.00/ACRE $4,798.00/ACRE Backup will increase 2%every 2%every year. ZONE 2 DEVELOPED Both Assigned and Backup will PROPERTY $10,500.00/ACRE $40,327.00/ACRE increase 2%every year. . ZONE 2 UNDEVELOPED PROPERTY $170.00/ACRE $12,817.00/ACRE Backup will increase 2%every year. ZONE 3 DEVELOPED PROPERTY $8,200.00/ACRE $11,413.00/ACRE Both Assigned and Backup will increase.2%every year. ZONE 3 UNDEVELOPED PROPERTY $170.00/ACRE $11,413.00/ACRE Backup will increase 2%every year. Resolution No. 11-125 - Page 5 of 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $1,024,360.00 CITY AND TRUSTEE ADMINISTRATION, $ 42,000.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 1,500.00 DELINQUENT ASSESSMENTS $ 0.00 $1,067,860.00 SOURCES: INTEREST REVENUE $ 12,500.00 DELINQUENT TAXES $ 850.00 TRANSFER IN FROM FUND BALANCE $ 19,220.00 SPECIAL TAX $1.035.290.00 $1,067,860.00 Resolution No. 11-125 - Page 6 of 7 n Q 'a M Q Community Facilities District 2003-01 ICU 75 t. - E E Y Series 2003-A RANCHO �..1 i (U tV.. 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