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Home My WebLink About92-167 - Resolutions RESOLUTIC~qNO. 92-167 A RESOLUTIfN~ OF ~{E CITY ~ OF ~HE CITY OF RANf~D ~, OkLIP~IA, ESTABLISHING ~ SPECIAL TAX PC~ ~ ~ DISIRICT NO. 84-1 (DAY ~( ~{~REAS, the City Council of the City of Rancho Cucamonga (herein- after referred to as the "legislative body of the local Agency"), has initiated ~-oceedings, held a public hearing, conducted an election and received a fa~ak~able vote frc~ the qualified electok-s relating to the levy of a special tax in a C~m~nity Facilities District, all as authorized pursuant to the terms and p~-o-~isic~ of the '9~ello-Rooe Cc~m/nity Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Gove~m~ COde for the State of California. This (kmm~nity Facilities District shall herein- after be referred to as ~ ~ DISTRICT NO. 84-1 (Day Creek WHEREAS, at this t/me, bonds have been authorized for purposes of financing the project facilities for said District; and WHt~EAS, this legislative body, by c~dinance as authorized by Section 53340 of the Gove~-~m~J~t Code of the State of California, has authorized the levy of a special tax to pay for coets and expense relat~__ to said C~ma~ity 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, ~REFORE, the City Council of the City of Randuo Cucamonga does hereby resolve as follow~: S~CTION 2: ~hat the specific rate and amount of the special tax to be collected to pay for the costs and expenses for the next fiscal year 1992-93 for the referenoed di~trict is hereby determined ar~ established as set fox%h in the attached, referenced and incoxporated Exhibit "A." amount as p~eviously authorized by Ordi~anoe of this legislative body, and is not in excess of that as previously ap~ by the qualified electors of the District. SECITON 4: That the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the following, in the following ord_eT of priority: A. Payment of principal of and interest on any outstanding authorized bonded indebtedness; and B. Necessary replenishment of bond reserve funds or other reserve C. Payment of costs and expenses of authorized public facilities and public services; and Resol~ion No. 92-167 Page2 D. R~payment of advances and loans, if appTopriate. ordinary ad valorem property tax~s are collected, and shall be subject to the same penalties and same procedure and sale in cases of any delknquency for ad valor~ taxes, and the Tax Collector is hereby authorized to deduct reascn~__ble admi~tive costs incurred in collecting any said special tax. O~m~nity Facilities District funds, including any bond fund and reserve fund. lot or parcel of land effected in a space mark~d '~ublic i~~, special tax," or by any other suit_~ble designation, the installment of the special tax, and for the exact rate and amount of said tax, referenoe is made to the attached Exhibit "A." S~CTION 8: The CUunty Auditor shall then, at the cloee of the tax also provide a statement of any peroe~ reta/ned for the expense of making PASS~D, APPROVED, and ADOPTED this 3rd day of June, 1992. AYES: Alexander, Buquet, Stout, Williams, Wright Dennis L. Stout, Mayor 9/~<9City . Clerk Resolution No. 92-167 Page 3 I, D~A J. ADAMS, CITY cr.wRK of the City of Rancho Cucamo~, Calif<~Tuia, do here~ certify that the fcx~3oing ~esolution was duly passed, ap~, ard ____~9opted by the City Co%u~3il of the City of Rancho Cucamonga, Calif~x~ia, at a regular meeting of said City (~uncil held on the 3rd day of June, 1992. Executed th~ 4th day of June, 1992, at Rancho Cucamonga, California. D~}.,-~ J. '~ms, City Clerk ~ Resolution No. 92-167 Page 4 CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 84-1 (DAY CREEK DRAINAGE SYSTEM) EXItIB~ 'A" The Community Facilities District has been divided into two zones: 1. ZONE 'A': General areas to be served by the drainage facilities,' exclusive of Zone "B". 2. ZONE "B": A limited area, being only partially served by drainage facilities. Zone "B": consists of those properties bounded on the south by FOOTHILL BOULEVARD, on the East by ROCHESTER AVENUE, on the North by BASELINE ROAD, and on the West by MILLIKEN AVENUE. The rate, method and formula for the levy of the special tax for the respective zones, being Zone "A" and zone 'B", is as follows, based upon an estimated bond amount of $16,530,000 payable over a period of twenty (14) years. ZONE 'A": $297.48 PER ACRE. ZONE "B': $297.48 PER ACRE FOR 190 ACRES. For the purpose of defining the maximum special Tax, "ACRE" shall mean acres contained in the area of the parcel as determined using the acres as shown on the latest San Bernardino County Assessor's maps. Resolution No. 92-167 Page 5 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 84-1 DAY CREEK DRAINAGE SYSTEM YEARLY STATUS REPORT JUNE 1992 Resol~ion No. 92-167 Page6 BACKGROUND On June 26, 1984, the electors within the boundaries of Community Facilities District No. 84-1 (Day Creek Drainage System) authorized the District to incur bonded indebtedness in the principal amount of $20,225,000. In August 1985 bonds in the amount of $18,000,000 were issued to finance the construction and installation of public capital drainage facilities to serve and provide drainage protection to all properties located within the boundaries of Community Facilities District No. 84-1 (Day Creek Drainage System). In March of 1986 the area bounded on the west by Milliken Avenue, on the north by the northerly City limits, on the east by. Rochester Avenue and on the south by Highland Avenue was annexed into the district. The first annual special tax rate of $350 per acre was set by City Council in Fiscal Year 1985/86. This rate has never been increased in the ensuing fiscal years. However. on May 5, 1992, the City conducted a refunding of this district. Bonds were issued for $16,530,000.00 to cover the remaining debt. The savings from this refunding were passed on to the residents and decreased the special annual tax from $350 per acre to $297.48 per acre. Under the Loan and Pledge Agreement the Redevelopment Agency contributes sufficient funds each fiscal year, that when combined with the special tax meet the requirements of the annual debt service payment. During fiscal year 1987/88 construction of Phase I improvement began and was completed in 1988/89. Construction of Phases II and Ilia has also been completed. Construction of Phase IIIB is currently being completed. The construction contract is administered by the County of San Bernardino. FISCAL YEAR 1992/93 The current rate of $297.48 per acre for fiscal year 1992/93 along with the Redevelopment Agency contribution of $918,830 will provide sufficient funding to pay debt service in the amount of $1,777,103. Resolution No. 92-167 Page 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $1,777,103 ADMINISTRATION & OVERHEAD $ 93,646 DELINQUENT ASSESSMENTS ~ $1,950,915 sOURCES: INTEREST REVENUE $ 30,000 SPECIAL TAX $1,002,085 REDEVELOPMENT AGENCY ~ $1,950,915 $297.48 PER ACRE Note: In fiscal year 1993/94, prior year delinquent special ti~xes received will be included as a SOURCE. Resolution No. 92-167 Page 8 LEGEND: BIIOLU?IOI 14-18 BO4.JNOAIIY MAP 1~3.LO ROO8 ¢OMIdI. ff41TY FACILITIES DISTRICT NO. S4'1 (:fly OW RANCHO CUCAMONGA EXHIBIT A COUNT, O4B' SAJ4 BERNARD#dO. STATE OF CAL.JFORNIA