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Home My WebLink About19-065 - ResolutionRESOLUTION NO. 19-065 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 2019/20 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 District, and this legislative body is desirous to establish the specific rate of the special tax to be collected for the fiscal year. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA HEREBY RESOLVES: 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 2019/20 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 asset 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; 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. 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. Resolution No. 19-065 — Page 1 of 3 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 & 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. 19-065 — Page 2 of 3 PASSED, APPROVED, AND ADOPTED this 1711 day of July, 2019. L. Dennis Michael, ATTEST: Vanice C. Reynolds, Clerk STATE OF CALIFORNIA COUNTY OF SAN BERNARDINO ) ss CITY OF RANCHO CUCAMONGA ) I, Janice C. Reynolds, City Clerk of the City of Rancho Cucamonga, do hereby certify that the foregoing Resolution was duly passed, approved, and adopted by the City Council of the City of Rancho Cucamonga, at a Regular Meeting of said Council held on the 171h day of July 2019. AYES: Hutchison, Kennedy, Michael, Scott, Spagnolo NOES: None ABSENT: None ABSTAINED: None Executed this 181h day of July, 2019, at Rancho Cucamonga, California. Qa't'� e. 4P!4� �/anice C. Reynolds, Clerk Resolution No. 19-065 — Page 3 of 3 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2004-01 RANCHO ETIWANDA ESTATES ANNUAL STATUS REPORT JULY 2019 RESOLUTION NO. 19-065 ATTACHMENT BACKGROUND On September 15, 2004, an election was held and the property owners within the boundary of Community Facilities District No. 2004-01 (the "District") authorized the District to incur bonded indebtedness in the maximum principal amount of $45,000,000. On October 6, 2004, the City Council adopted Ordinance No. 735 approving the levy of the special tax and on June 7, 2006 approved Resolution No. 06-185 authorizing the issuance of bonds. Bonds were issued on July 13, 2006 to share in the provision of funds for the acquisition and construction of certain public facilities, to serve property located within the District. The District was authorized to finance the following improvements: • Day Creek Boulevard - grading, storm drain, sewer, water, dry utilities, streets and landscaping, • Etiwanda Avenue - grading, sewer, water, dry utilities, streets and landscaping; • Cucamonga Valley Water District ("CVWD") reservoir transmission main, • Storm drain facilities including the northern property line storm drain and the Etiwanda Avenue storm drain, • Park facilities, • Equestrian facilities, • School facilities now owned by the Etiwanda School District and by the Chaffey Joint Union High School District, • Water and sewer facilities now owned by CVWD which were authorized and financed from the proceeds of capacity charges levied by CVWD, • Flood control facilities now owned by the San Bernardino County Flood Control District and • Open space owned by the County of San Bernardino. 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 of $34,384,000 were issued on February 07, 2014. This amount represented the outstanding principal of the original bonds as of this date. The rates for the District will not increase in Fiscal Year 2019/20 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. Community Facilities District No. 2004-01 (Rancho Etiwanda Estates) 1 Fiscal Year 2019/20 RESOLUTION NO. 19-065 ATTACHMENT 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 Community Facilities District Administrator has determined (i) that all required interest and principal payments on the District's bonds have been paid; and (ii) all authorized facilities have been constructed. ANNUAL SPECIAL TAX Land Use Category 1-Residential Property 2-Residential Property 3-Residential Property 4-Residential Property 5-Residential Property 6-Non-Residential Property FISCAL YEAR 2019/20 Maximum Special Actual Special Developed Floor Area Tax Tax Greater than 4,000 sq ft $5,555 per unit $4,908 per unit 3,801 - 4,000 sq ft $5,325 per unit $4,705 per unit 3,601 - 3,800 sq ft $5,151 per unit $4,552 per unit 3,401 - 3,600 sq ft $4,896 per unit $4,326 per unit Less than 3,400 sq ft $4,410 per unit $3,897 per unit NA $14,800 per acre $0.00 per acre Community Facilities District No. 2004-01 (Rancho Etiwanda Estates) 2 Fiscal Year 2019/20 RESOLUTION NO. 19-065 ATTACHMENT COMMUNITY FACILITIES DISTRICT NO. 2004-01 PROPOSED SOURCES AND USES OF FUNDS Fiscal Year 2019/20 Budget Sources Taxes: Estimated Assessments, Net of Estimated Delinquencies $ 2,646,840 Anticipated Prior Year Delinquencies Collection 23,500 Subtotal - Taxes 2,670,340 Interest Revenue 23,080 Total Proposed Sources $ 2,693,420 Uses Debt Service Principal Repayments Interest Expense Subtotal - Debt Service Contract Services Assessment Administration Admin./General Overhead Total Proposed Uses Contribution to/(Use of) Fund Balance $ 1,135, 000 1,214,960 2,349,960 2,000 28,300 720 $ 2,380,980 $ 312,440 Community Facilities District No. 2004-01 (Rancho Etiwanda Estates) 3 Fiscal Year 2019/20 RESOLUTION NO. 19-065 ATTACHMENT J+ " SOW ¢ 7 M ! 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