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Home My WebLink About93-099 - ResolutionsRESOLUTION NO. 93-099 A RESOII3TION OF THE CITY ~OUNCIL OF THE CITY OF RAN~O ~, CALIFRONIA ~TABLISHING ~ SPECIAL TAX FOR OC~9~qITY FACYI.YTIES DISTRICT 84-1 (DAY C~ DRAINAGE sYS~M) ~{EREAS, the City Council of the City of Rancho Cucamonga, California, (hereinafter referred to as the "legislative body of the local ~ency"), btam 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 '~4ello Roos C~%m~lnity Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Govel~,,~nt Code for the State of California. To_is Ccmm-~n%ity Facilities District shall hereinafter be referred to as ~TY FACILITIES DISTRICT NO. 84-1 (DaY C~K DRAINAGE SYSTEM) (hereinafter referred to as the "District"); and WHEREAS, at this time, bonds have been authorized for ~ of financing the project facilities for said District; and WHEREAS, this legislative body, by Ordinance as authorized by Section 53340 of the Gove~-f~_nt Code of the State of California, btam authorized the levy of a special tax to pay for costs and expenses related to said C~m~nity 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 RESOLV~DAS FOLIDWS: S~iTION 1: That the above recitals are all true and correct. S~2TION 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 1993-94 for the referenced district is hereby determined and established as set forth in the attached, referenced and incorporated Exhibit "A". S~CTION 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. S~CTION 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 order of priority: Payment of principal of and interest on any outstanding authorized bonded indebtedness; Necessary replenishment of bond reserve funds or other reserve funds; R~solution No. 93-099 Page 2 Payment of costs and expenses of authorized public facilities and public services. D. Repayment of advances and loans, if appropriate. The proceeds of the special taxes shall be used as set forth above, and shall not beused 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 C~onity 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, and for the exact rate and amount of said tax, reference is made to the attached Exhibit "A". 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. PASSED, APPROVED, and ADOPlOD this 5th day of May, 1993. Alexander, Buquet, Gutierrez, Stout, Williams NOES: None ABSENT: None Dennis L. Stout, Mayor J. Ad~, City Clerk Resolution No. 93-099 Page 3 I, D~RRA J. ADAMS, CITY CLFRK 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 onthe 5thday of May, 1993. Executed this 6th day of May, 1993, at Rancho Cucamonga, California. City Clerk Resolution No. 93-099 Page 5 crI-f OF RANCHO CUCAMON~ COMMUNITY FACHJTIES DISTRICT NO. 84-1 {DAY CREEK DRAINAGE SYSTEM) EXHIBIT "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 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 HASELINE ROAD. and on the West by MuJ-.'KEN AVENUE. The rate. method and formula for the levy of the special tax for the respective zones, being Zone "A" and Zone '~", is as follows, based upon an estimated bond amount of $18,000.000 payable over a period of twenty (20) years. ZONE "A": $297.48 PER ACRE. ZONE '~": $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. 93-099 Page 6 CITY OF RANCHO CUCAMONGA MELLO-ROO8 COMMUNITY FACILITIES DISTRICT NO. 84-1 DAY CREEK DRAINAGE SYSTEM YEARLY STATUS REPORT MAY 1993 Resolution No. 93-099 Page 7 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 Facfiities 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. All phases of construction for the Day Creek Drainage System are completed. The construction contract was administered by the County of San Bernardino. The current rate of $297.48 per acre for fiscal year 1993/94 along with the Redevelopment Agency contribution of $945,062 will provide sufficient funding to pay debt service in the amount of $1,777,103. Resolution No. 93-099 Page 8 COMMUNITY FACILITIF.~ DISTRICT PROPOSED USES AND ~OURCF~ OF FUNDS USE ; DEBT SER~qCE ADMINISTRAq~ON, GENERAL OVERHEAD & LLABILITY DELINQUENT ASSESSMENTS $1,777,103 $ 109,409 $ 76.830 $1,963,342 SOURCES: DELINQUENT ASSESSMENTS INTEREST REVENUE SPECIAL TAX REDEVELOPMENT AGENCY $297.48PER ACRE $ 40,000 $ · 17,850 $ 960,430 $ 945,062 $1,963,342 Resolution No. 93-099 Page 9