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Home My WebLink About2020-070 - Resolution RESOLUTION NO. 2020-070 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 (IMPROVEMENT AREA NO. 1) FOR FISCAL YEAR 2020/21 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) (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 2020/21 for the referenced District are 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; 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. 2020-070— 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 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. 2020-070 — Page 2 of 3 PASSED, APPROVED and ADOPTED this 15th day of July, 2020. s L. Dennis Michael, M or ATTEST: nic eynolds, City erk 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 15th day of July 2020. AYES: Hutchison, Kennedy, Michael, Scott, Spagnolo NOES: None ABSENT: None ABSTAINED: None Executed this 16th day of July, 2020, at Rancho Cucamonga, California. /1 nice eynolds, City Cleriz Resolution No. 2020-070 — Page 3 of 3 RESOLUTION NO.2020-070 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2003-01 IMPROVEMENT AREA NO. 1 ANNUAL STATUS REPORT J U LY 2020 BACKGROUND On February 19, 2003, an election was held and the property owners within the boundary of Community Facilities District No. 2003-01 (Improvement Area No. 1) authorized the District to incur bonded indebtedness in the principal amount of $14,645,000. On March 5, 2003, the City Council adopted Ordinance No. 699 approving the levy of the special tax and on May 21, 2003 approved Resolution No. 03-125 authorizing the issuance of bonds. The District consists of approximately 229 gross acres, of which 147 acres are designated as Improvement Area No. 1. The District boundary is located in the eastern part of the City generally west of Interstate 15, south of Church, north of Arrow and east of the Southern California Edison easement corridor from Arrow north, to Foothill and Day Creek from Foothill north, to Church. The District is located within the Victoria Planned Community. Bonds were issued on August 20, 2003, to share in the provision of funds for the purpose of financing the acquisition and construction of the facilities which consist of Day Creek, Victoria Park, Church, Foothill, Base Line and Arbor; storm drain and flood control facilities and water and sewer improvements to be owned and operated by Cucamonga Valley Water District; and a cultural center owned by the City, that includes a performing arts center, public library and banquet hall/meeting room. On July 3, 2013, the City Council adopted Resolution No. 13-110 authorizing the issuance of special tax refunding bonds for this District. The Special Tax Refunding Bonds, Series 2013, in the principal amount of $14,170,000 were issued on July 30, 2013. This amount represented the outstanding principal balance of the original bonds as of this date. The rates for the District will increase by 2.0 % in Fiscal Year 2020/21 because the current rate is not 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 Zone 1, Zone 2 and Zone 3 of the District 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. Community Facilities District No. 2003-01 (Improvement Area 1) 1 Fiscal Year 2020/21 RESOLUTION 2020-070 COMMUNITY FACILITIES DISTRICT NO. 2003-01 ANNUAL SPECIAL TAX FISCAL YEAR 2020/21 ASSIGNED SPECIAL BACKUP TAX SPECIAL TAX (per acre (per acre NOTE ZONE 1 DEVELOPED Both Assigned and Backup PROPERTY $6,090.93 $6,718.36 can increase 2% every year ZONE 1 UNDEVELOPED Backup can increase 2% PROPERTY $0.00 $6,718.36 every year ZONE 2 DEVELOPED Both Assigned and Backup PROPERTY $11,018.70 $56,467.54 can increase 2% every year ZONE 2 UNDEVELOPED Backup can increase 2% PROPERTY $0.00 $17,946.90 every year ZONE 3 DEVELOPED Both Assigned and Backup PROPERTY $10,296.47 $15,980.96 can increase 2% every year ZONE 3 UNDEVELOPED Backup can increase 2% PROPERTY $0.00 $15,980.96 every year Community Facilities District No. 2003-01 (Improvement Area 1) 2 Fiscal Year 2020/21 RESOLUTION 2020-070 COMMUNITY FACILITIES DISTRICT NO. 2003-01 PROPOSED SOURCES AND USES OF FUNDS Fiscal Year 2020/21 Budget Sources Taxes: Estimated Assessments, Net of Estimated Delinquencies $ 1,177,770 Anticipated Prior Year Delinquencies Collection 660 Subtotal - Taxes 1,178,430 Interest Revenue 6,350 Total Proposed Sources $ 1,184,780 Uses Debt Service Principal Repayments $ 475,000 Interest Expense 605,160 Subtotal - Debt Service 1,080,160 Contract Services 2,000 Assessment Administration 36,050 Admin./General Overhead 450 Total Proposed Uses $ 1,118,660 Contribution to/(Use of) Fund Balance $ 66,120 Community Facilities District No. 2003-01 (Improvement Area 1) 3 Fiscal Year 2020/21 RESOLUTION 2020-070 -nn F' o v 3 > a > > City of Rancho Cucamonga 2 V) ¢> r_ Community Facilities District No. 2003-01 Improvement Area No. 1 �1 C RANCHO Y N n N i� > ■ U) �� Y ■ j 0 ` Q I c Hillside Rd 0. a ,, p i Wilson Av —Z i Y" im w Z O oBanyan St w O M 1 3 19th St;.-% > O i ¢CCD ? m Base Line Rd ;I"6 U Base Line Rd > CD .� Foothill BI i Foothill Bi Arrow Rt! 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