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Home My WebLink About15-135 - Resolutions RESOLUTION NO. 15-135 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 2015/16 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. 2004-01 (Rancho Etiwanda Estates) (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 2015-2016 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; C. Payment of costs and expenses of authorized public facilities and public services. RESOLUTION NO. 15-135 - Page 1 of 3 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 & 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. 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. RESOLUTION NO. 15-135 - Page 2 of 3 PASSED, APPROVED, AND ADOPTED this 15'h day of July 2015:' AYES: Alexander, Kennedy, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None L(tennis Michael, May6r ATTEST: ice . Reynolds, City 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 151h day of July 2015. Executed this 161h day of July 2015, at Rancho Cucamonga, California. Ja ' e C Reynolds, Cit lerk RESOLUTION NO. 15-135 - Page 3 of 3 Resolution No. 15-135 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2004-01 RANCHO ETIWANDA ESTATES ANNUAL STATUS REPORT JULY, 2015 Resolution No. 15-135 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. On January 15, 2014 the City Council adopted Resolution No. 14-005 authorizing the issuance of special tax refunding bonds for this District. The Special Tax Refunding Bonds, Series 2014 in the principal amount not to exceed $37,000,000 were issued on February 7, 2014. The special tax shall be levied only so long as required for each parcel of taxable property to discharge bond obligations through fiscal year 2035-2036. Community Facilities District No. 2004-01 I FY2015/2016 Resolution No. 15-135 FISCAL YEAR 2015-2016 Land Use Developed Floor Maximum Category Area Special Tax 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 Land Use Developed Floor Actual Special Category Area Tax 1 - Residential Property Greater 4,000 sq ft $5,118 per unit 2 - Residential Property 3801 - 4000 sq ft $4,906 per unit 3 - Residential Property 3601 - 3800 sq ft $4,746 per unit 4 - Residential Property 3400 - 3600 sq ft $4,511 per unit 5 - Residential Property Less than 3400 sq ft $4,063 per unit 6 - Non-Residential Property NA $0.00 per acre Community Facilities District No.2004-01 2 FY2015/2016 Resolution No. 15-135 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $ 2,354,230.00 CITY AND TRUSTEE ADMINISTRATION, $ 43,540.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 1,500.00 DELINQUENT ASSESSMENTS $ 0.00 $ 2,399,270.00 SOURCES: DELINQUENT ASSESSMENTS $ 23,500.00 INTEREST REVENUE $ 10,990.00 TRANSFER FROM FUND BALANCES $ 37,660.00 SPECIAL TAX $ 2,327,120.00 $ 2,399,270.00 Community Facilities District No. 2004-01 3 FY2015/2016 o o a Q z Community Facilities District 2004-01 N O.� + E v n I� E v m m N Y , O r g, Hillside Rd a I Wilson Av� z L. 1 - U I❑ W Q Banyan St�, J L� o •�_ 1. --. - - 19th St - -r ----� - ' Base Line Rd r•t _ /BaseRd \ U Foothill BI _ Foothill BI Arro�n�Rt _-_ Y Arron, Rt 8th St� f Legend > mph S ., ; e� Ci- Limits ! w CFD2004-01 4th St:— St —��—.— t=_.—��4th J < 4 a < "'"": 0.5025 0 0 n 1 1._