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Home My WebLink About13-133 - Resolutions RESOLUTION NO. 13-133 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 93-3 (FOOTHILL MARKETPLACE) FOR FISCAL YEAR 2013/2014 WHEREAS, the City Council of the City of Rancho Cucamonga, California, (hereinafter referred to as the "legislative body of the local Agency"), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote from the qualified electors relating to the levy of a special tax in a Community Facilities District, all as authorized pursuant to the terms and provisions of the "Mello Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code for the State of California. This Community Facilities District shall hereinafter be referred to as COMMUNITY FACILITIES DISTRICT NO. 93-3 (FOOTHILL MARKETPLACE) (hereinafter referred to as the "District'); and WHEREAS, at this time, bonds have been authorized for purposes of financing the project facilities for said District; and WHEREAS, this legislative body, by Ordinance as authorized by Section 53340 of the Government Code of the State of California, has authorized the levy of a special tax to pay for costs and expenses related to said Community Facilities District, and this legislative body is desirous to establish the specific rate of the special tax to be collected for the next fiscal year. 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 the next fiscal year 2013-2014 for the referenced district is hereby determined and established as set forth in the attached, referenced and incorporated in the Annual Status Report. 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 of 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 Resolution No. 13-133 Page I of 7 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 above collected 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. 13-133 Page 2 of 7 PASSED, APPROVED,AND ADOPTED this 7"day of August 2013. AYES: Alexander, Michael, Spagnolo, Steinorth, Williams NOES: None ABSENT: None ABSTAINED: None L. Dennis Michael, Mayor ATTEST: nice C. Reynolds, y 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 7'h day of August 2013. Executed this 81h day of August 2013, at Rancho Cucamonga, California. Ja ice C. Reynolds, City Clerk Resolution No. 13-133 Page 3 of 7 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 93-3 FOOTHILL MARKETPLACE ANNUAL STATUS REPORT JULY 2013 Resolution No. 13-133 Page 4 of 7 BACKGROUND On December 15, 1993, the electors within the boundary of Community Facilities District No. 93-3 (Foothill Marketplace)authorized the District to incur bonded indebtedness in the principal amount of $4,825,000 for the purpose of financing the acquisition of the street, storm drain, sewer and water improvements. The district is bounded on the north by Foothill Blvd., on the east by Etiwanda Ave. and on the west by Interstate 15. The maximum rate has been set at$20,000 per acre. This amount can be levied at a lower rate but cannot exceed the maximum tax rate as set. On July 1, 1999 this district was refunded as part of Rancho Cucamonga Reassessment District No. 1999-1 under the Rancho Cucamonga Public Finance Authority(the"Authority"). The Authority issued bonds to acquire the Acquired Obligations, fund separate reserve funds and pay the costs of issuing the Bonds. The acquired obligations for Community Facilities District 93-3 are the aggregate principal amount of $4,525,000. FISCAL YEAR 2013-2014 The annual tax rate of$14,369 for fiscal year 2013-2014 will provide sufficient funding to pay debt service and operations and maintenance in the amount of$429,140. Resolution No. 13-133 Page 5 of 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $383,190.00 CITY AND TRUSTEE ADMINISTRATION, $ 14,850.00 GENERAL OVERHEAD & LIABILITY DELINQUENT ASSESSMENTS $ 0.00 $398,040.00 SOURCES: INTEREST REVENUE $ 5,850.00 TRANSFER FROM FUND BALANCES $ 0.00 SPECIAL TAX $423,890.00 $429,740.00 $14,369 PER ACRE Resolution No. 13-133 Page 6 of 7 C Q a CO > Q Community Facilities District 93-3 M C N Q r_. p C N 1 I c E E a) �c CUCAMONGA 1 1.._.._.._.._.._.._.._.._.._.._.._..i.._.._.._.._.._.._.... 100 .._.._.Q.._.._.._.._.._.._L.._..�1 i 1 N 1 I i i 1 � i U CU ; Hillside Rd Wilson Av 1 -- --- — ------- -- i a� l o, — w 1 I _ v 1 Banyan St 0 19th St i O --- Base Line Rd f-. Base Line Rd w -- -- IICJ CD -- - - =- � Foothill BI �- :._-__- � _ � - _ - '--- _ - a Foothill BI t Arrow Rt 1 Arrow R t i stn Sty.............. 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