Loading...
HomeMy WebLinkAbout91-216 - Resolutions RESOLUTION NO. 91-216 A RESOI33I~ON OF THE CITY ODUNCIL OF THE CITY OF RANCHO DRAINAGE SYST~4) WHEREAS, the City Council of the city of Rancho Cucamor~a (herein- after referred to as the "legislative body of the local A~3ea-~y"), has initiated proceedings, held a public hearing, conducted an election and received a favorable vote frc~ the qualified electors relating to the levy of a special tax in a Ccat,~,,i/nJ_ty Facilities District, all as authorized pursuant to the terms and provisions of the '9~ello Roos C~t~L~nity Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title 5 of the Govez-~m~ Code for the State of California. This C~L~nity Facilities District shall hereinafter be referred to as c ek mrai ge (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 Gov~t Code of the State of California, has authorized the levy of a special tax to pay for costs and expenses related to said (katat'~u~ity Facilities District, and this legislative body is desirous to est_mblish tb~ specific rate of the special tax to be collected for the next fiscal year. NCW, THEREFORE, the City Council of the City of Rancho Cucamong~ 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 next fiscal year 1991- 92 for the referenced district is hereby determined and est_~_blished as set forth in the attached, referenced and inco~rated Exhibit "A". S~2TION 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: ~hat the proceeds of the special tax shall be used to pay, in whole or in part, the costs of the followir~, in the follc~ing order of priority: A. Payment of principal of and interest on any oatsta~d/ng authorized bonded indebteda~s; and Resolution No. 91-216 Page2 B. Necessary replenishment of bond reserve funds or other reserve funds; and C. Payment of costs and expenses of authorized public facilities and public servioes; and D. Repayment of ~ and loans, if appropriate. The proceeds of the special taxes shall be used as set forth above, and shall S~ION 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 ~alox~ taxes, and the Tax Collector is hereby authorized to deduct reasonable adm~tive costs incurred in collecting any said special tax. SMCTION 6: All monies above collected shall be paid into the C~mL~lnity Facilities District funds, including any bond fund and reserve fund. S~CTION 7: ~ Auditor of the C~ is hereby directed to enter in lot or parcel of land effected in a space marked "public i~pr~m~m~_nts, 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 Exhibit "A". S~CTION 8: The County Auditor shall then, at the close of the tax collection period, prc~ptly render to tb~m Agency a detailed report showing the amount and/or amot~ts of such special tax installments, interest, penalties and percentages so collected and from what prop~ collected, and also provide a statement of any percentages retained for the expense of making any such collection. PASS~D, APPROVED, and ADOPI~D this 17th day of July, 1991. AYES: Alexander, Buquet, Stout, Williams NOES: Nc~e · L. Stout, Mayor Resolution No. 91-216 Page3 - - ~:~ms, City Clerk I, DEBRA 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 Cucamo~, California, at a regular meeting of said City Council held on the 17th day of July, 1991. Executed this 18th day of July, 1991 at Rancho Cucamo~, California. D~a J. ~ City Clerk Resolution No. 91-216 Page4 C~f OF RANCHO CUCAMONGA COMMUNITY FACILrI~ES 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 "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 $18,000,000 payable over a period of twenty (20) years. ZONE "A": $350.00 PER ACRE. ZONE "B': $350.00 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. 91-216 p~e5 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 84-1 DAY CREEK DRAINAGE SYSTEM YEARLY STATUS REPORT JULY 1991 Resolution No. 91-216 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 drntnage 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. 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 Phase IIA began shortly thereafter and that was completed in Fiscal Year 1989/90. The construction contract is administered by the County of San Bernardino. Construction contract payments to date total $22,000,000. ez m ,991/92 The current rate of $350.00 per acre for fiscal year 1991/92 along with the Redevelopment Agency contribution of $845,248 will provide sufficient funding to pay debt service in the amount of $2,032,290. Resolution No. 91-216 Page7 COMMUNITY FACUATI]~ DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $2,032,290 ADMINISTRATION $ 18,400 DELINQUENT ASSESSMENTS $ 33.573 $2,084,263 INTEREST REVENUE $ 47,654 SPECIAL TAX $1,191,361 REDEVELOPMENT AGENCY ~ $2,084,263 $350 PER ACRE ~O].UtiOn NO. ~1-216 P ~tcje 8 LEGEND: -- DETAIL ; ': EXHIBIT A c~ ~ 'AN ~N~OI~. STATE OF