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HomeMy WebLinkAbout98-071 - ResolutionsRESOLUTION NO. 98-071 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 93-3 (FOOTHILL MARKETPLACE) 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. 93-3 (FOOTHILL MARKETPLACE) (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 Community 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 RESOLVED 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 1998-99 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 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 shall be used to pay, in whole or in part, the costs of the following, in the following order of priority: Resolution No. 98-071 Page 2 SECTION 5: SECTION 6: SECTION 7: SECTION 8: 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 incidental expenses pursuant to the Act; 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. 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. All monies above collected shall be paid into the Community Facilities District funds, including any bond fund and reserve fund. 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", 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. 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 ADOPTED this 15th day of April, 1998. Alexander, Biane, Curatalo, Williams None None None AYES: NOES: ABSENT: ABSTAINED: William J. Alexander, ~ayor Resolution No. 98-071 Page 3 ATTEST: Debra J. Adams, CMC, City Clerk I, DEBRA J. ADAMS, CITY CLERKof 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 on the 15th day of April, 1998. Executed this 16th day of April, 1998, at Rancho Cucamonga, California. ~' "~'"~"'~D~bra J. Adams,~"MC, City Clerk Resolution No. 98-071 Page 4 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 93-3 FOOTHILL MARKETPLACE ANNUAL STATUS REPORT APRIL 1998 Resolution No. 98-071 Page 5 BACKGROUND On December 15, 1993, the electors within the boundary of Community Facilities District No. 93-3 (Foothill Marketplace) authorized the Distric! to incur bonded indebtedness in the principal amount of $4,825,000 for the purpose of financing the acquisition of the street, storm drain, sewer and water improvements. The district. is bounded on the north by Foothill Blvd., on the east by Etiwanda Ave. and on the west by Interstate 15~. The maximum rate has been set at $20,000 per acre. This amount can be levied at a lower rate but cannot exceed the maximum tax rate as set. FISCALYEAR1998/99 The first annual tax rate of $14,670 for fiscal year 1998/99 will provide sufficient funding to pay debt service in the amount of $398,000. Resolution No. 98-071 Page 6 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE ADMINISTRATION, GENERAL & LIABILITY CONTRACT SERVICES DELINQUENT ASSESSMENTS OVERHEAD $391,480 $ 35.240 S 3,000 $ o $429,720 SOURCES: DELINQUENT ASSESSMENTS INTEREST REVENUE SPECIAL TAX $ 0 $ 5,800 $432,500 $438,300 $14,670 PER ACRE Resolution No. 98-071 Page 7