HomeMy WebLinkAbout16-099 - Resolutions RESOLUTION NO. 16-099
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES
DISTRICT 2001-01 (IMPROVEMENT AREA NO. 3) FOR FISCAL
YEAR 2016/17
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. 2001-01(Improvement Area No. 3)
(hereinafter referred to as the "District"); and
WHEREAS, at this time, bonds were previously issued for purposes of financing the
project facilities for said District (the "Prior Special Tax Bonds"); 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 District, and this legislative body, by the adoption of
Resolution No. 15-150 on August 5, 2015, previously established the specific rate of the special
tax to be collected for the fiscal year based, in part, upon the debt service payable on the Prior
Special Tax Bonds; and
WHEREAS, on July 30, 2015, special tax refunding bonds were issued by the
Community Facilities District to refund the Prior Special Tax Bonds resulting in a reduction in the
debt service payable from the special taxes levied within the District.
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does hereby
resolve 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 Fiscal Year 2016/17 for the District are hereby determined
and established as set forth in the attached, referenced and incorporated in the Annual Status
Report.
SECTION 3: That the rates as set forth in such Annual Status Report do not exceed
the amount as previously authorized by Ordinance of this legislative body, and are 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:
Resolution No. 16-099 — Page 1 of 7
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 administering the District and any bonds of
the District.
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 District funds, including
but not limited to, any special tax fund, bond fund and reserve fund.
SECTION 7: The County Auditor 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.
Resolution No. 16-099 — Page 2 of 7
PASSED, APPROVED, AND ADOPTED this 201h day of July 2016.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
ennis Michael, ayor
ATTEST:
taned--
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 20' day of July 2016.
Executed this 21st day of July 2016, at Rancho Cucamonga, California.
nice C. Reynolds, ' ity Clerk
Resolution No. 16-099 — Page 3 of 7
Resolution No. 16-099
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 2001-01
IMPROVEMENT AREA NO. 3
ANNUAL STATUS REPORT
JULY, 2016
Resolution No. 16-099 — Page 4 of 7
Resolution No. 16-099
BACKGROUND
On June 20, 2001, an election was held and the property owners within the boundary of
Community Facilities District No. 2001-01 (Improvement Area Nos. 3) (the "District")
authorized the District to incur bonded indebtedness in the principal amount of
$935,000. On August 15, 2001, the City Council adopted Ordinance No. 01-019
authorizing the issuance of bonds.
Bonds were issued on August 29, 2001, to share in the financing of public street
improvements required for the development of the property within the District; including,
improvements to Day Creek, Victoria Park, Church, Foothill, Base Line, and Arbor;
landscaping improvements within public right-of-way; and storm drain and flood control
improvements.
On December 7, 2011, the City Council adopted Resolution No. 11-179 authorizing the
issuance of special tax refunding bonds for this District. The Special Tax Refunding
Bonds, Series 2012, in the principal amount of $9,093,000 were issued on December
21, 2011. This amount represented the outstanding principal balance of the original
bonds as of this date.
On July 1 , 2015, the City Council adopted Resolution No. 15-115 authorizing the
issuance of special tax refunding bonds for this District in conjunction with various other
Community Facilities Districts. The Special Tax Refunding Bonds, Series 2015 were
refunded with a total principal amount of $18,546,000 and were issued on July 30,
2015.
By authorizing this refunding, the City Council provided savings to the property owners
for the remaining life of the bond issue, that translated to a 6.29% overall reduction in
the annual debt service payment paid by property owners. Consequently, the rates for
the District will not increase in Fiscal Year 2016/17 because the current rate is sufficient
to meet fiscal obligations for the District.
The special tax shall be levied only so long as required for each parcel of taxable
property to discharge bond obligations.
Each fiscal year, all Taxable Property within each Zone of Improvement Area No. 3 shall
be classified as Taxable or Non-Taxable Property and all such Taxable Property shall
be subject to the levy of Special Taxes in accordance with the rate and method of
apportionment pursuant to the section below.
Community Facilities District No. 2001-01 (Improvement Area 3) 1
Fiscal Year 2016/17 Resolution No. 16-099 — Page 5 of 7
Resolution No. 16-099
COMMUNITY FACILITIES DISTRICT NO. 2001-01
ANNUAL SPECIAL TAX
FISCAL YEAR 2016/17
TAXABLE ACREAGE BOND SHARE ASSIGNED TAX PER ACRE
ZONE 7-LEGGIO 37.48 8.30% $1,640.00
Community Facilities District No. 2001-01 (Improvement Area 3) 2
Fiscal Year 2016/17 Resolution No. 16-099 — Page 6 of 7
Resolution No. 16-099
COMMUNITY FACILITIES DISTRICT NO. 2001-01
PROPOSED SOURCES AND USES OF FUNDS
Fiscal Year
2016/17 Budget
Sources
Taxes:
Estimated Assessments, Net of Estimated Delinquencies $ 62,220
Interest Revenue 20
Total Proposed Sources $ 62,240
Uses
Debt Service
Principal Repayments $ 23,820
Interest Expense 35,000
Subtotal - Debt Service 58,820
Admin./General Overhead 40
Total Proposed Uses $ 58,860
Contribution to/(Use of) Fund Balance $ 3,380
Community Facilities District No. 2001-01 (Improvement Area 3) 3
Fiscal Year 2016/17 Resolution No. 16-099 — Page 7 of 7