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Home My WebLink About13-140 - Resolutions RESOLUTION NO. 13-140 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 2013/2014 (IMPROVEMENT AREA NO. 1 ZONES 1, 2 & 3) SERIES 2003-A 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. 2003-01 (Improvement Area No. 1 Zones 1, 2 & 3) Series 2003-A (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 are 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; Resolution No. 13-140 Page I of 7 C. Payment of costs and expenses of authorized public facilities and public services. 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. 13-140 Page 2 of 7 PASSED, APPROVED,AND ADOPTED this 7th day of August 2013. AYES: Alexander, Michael, Spagnolo, Steinorth, Williams NOES: None ABSENT: None ABSTAINED: None L e is ichael, Maya ATTEST: �✓ 1 nice C. Reynolds, ity Clerk" 1, 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°i day of August 2013. Executed this 8'h day of August 2013, at Rancho Cucamonga, California. nice C. Reynolds, rty Cler Resolution No. 13-140 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 ANNUAL STATUS REPORT JULY 2013 Resolution No. 13-140 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), along with a cultural center owned by the City, including a performing arts center, public library and banquet hall/meeting room. 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. On July 30, 2013 CFD 2003-01, Improvement Area No. 1(IA No.1) was refinanced for a total of $14,170,000. 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 2013-2014 CFD2003-01 IMPROVEMENT AREA No. 1 ASSIGNED BACKUP NOTE SPECIAL TAX SPECIAL TAX ZONE 1 DEVELOPED Both Assigned and PROPERTY $5,200.00/ACRE $5,263.62/ACRE Backup can increase 2% every year ZONE 1 Backup can increase UNDEVELOPED $ 0.00/ACRE $5,848.74/ACRE 2% every year PROPERTY ZONE 2 DEVELOPED Both Assigned and PROPERTY $9,385.00/ACRE $44,242.18/ACRE Backup can increase 2% every year ZONE 2 Backup can increase UNDEVELOPED $ 0.00/ACRE $15,623.18/ACRE 2% every year PROPERTY ZONE 3 DEVELOPED Both Assigned and PROPERTY $8,768.00ACRE $12,521.51/ACRE Backup can increase 2% every year ZONE 3 Backup can increase UNDEVELOPED $ 0.00/ACRE $13,912.38/ACRE 2% every year PROPERTY Resolution No. 13-140 Page 5 of 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $1,002,810.00 CITY AND TRUSTEE ADMINISTRATION, $ 47,260.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 1,500.00 DELINQUENT ASSESSMENTS $ 0.00 $1,051,570.00 SOURCES: INTEREST REVENUE $ 9,780.00 DELINQUENT TAXES $ 850.00 SPECIAL TAX $1,051,570.00 $1,062,200.00 Resolution No. 13-140 Page 6 of 7 nM Q Community Facilities District 2003-01 o c 1:-•ti _ � E Y_ Series 2003-A ._ RANCH(, �..� j (o N N > L(:AMUNGAU z Q z z 1 1.._.._.._.._.._.._.._.._.._.._.._.._.._.._ ._.._.._.._..� r_. _.._.._ _..—.._..—..—.._.._1.._..�� 1 eI 1 m 1 1 1 Q I U CU 1 Hillside Rd 1 Wilson Av 1 of w I i ' 1 I ._.. - 1 i I I I Banyan St` 7— % I r~ 19th St��.,�----- ---- — ---a - --— --T-- w Base Line Rd r:�;- - - ----- -- ----} —!--1-- -�- - Base Line Rd ! - 1 - Q ,.fir• - o r Foothill BI U Foothill BI i - -- — -- - -- 1--- - -- - - ---- ----- -- j ---- - Legend Arrow Rt _ — __ ______ ________—__ Arrow Rt i er• � � - --�- --- —- ��- � City Limits 1 -- --- - - CFD2003-01 SERIES A 8th St._.._.._.._ r Q Q �� '---4 �•• e•> C3 Improvement Area 1 Zone 1 O --- ... ----!- -- ------- - J ------ --- —i > w6th S` i CU ce Improvement Area 1 Zone 2 f',,�-- -- 0 E � i W C 4th Stl 4t Improvement Area 1 Zone 3 -- .._.._.._.._.._.:_.._.._.._.._!.m.._..o. _.._....._.._..1 t Q Q Q Q > > > Q Q Q The maps.deti.am geog,spMc nlormatlnn('Inbm ,arnW)eva+ab'e by and thougn C N C C �• (U me Cby of RaZo Cummongs are W—rad as a pubbc resource of general nbrmalron M (n "6 The Cay of Rv J,o Cucs—nge malls nor x hm no wan.nsy,repos Wrt or pue,- p > Y 2 C s Is ftoonteM,s nu,—so,,conplearness or Wean—of any Infcrnlnban provltlatl b youneem. 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