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Home My WebLink About11-129 - Resolutions RESOLUTION NO. 11-129 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 2006-02 (AMADOR ON ROUTE 66) FOR FISCAL YEAR 2011-2012 Recitals WHEREAS, by its Resolution No. 06-327, adopted on October 18, 2006, the City Council of the City of Rancho Cucamonga, California (the "City Council"), pursuant to the Mello- Roos Community Facilities Act of 1982 (Section 53311 and following of the California Government Code) (the "Act") established City of Rancho Cucamonga Community Facilities District No. 2006-02 (the "District"); and WHEREAS, at an election held on October 18, 2006, the qualified electors unanimously approved the levy of a special tax (the "Special Tax"); and WHEREAS, by its Ordinance No. 770 (the "Ordinance"), adopted on November 1, 2006 the City Council authorized the levy of the Special Tax in accordance with the Act; and WHEREAS, on January 25, 2007, the District delivered its $2,980,000 City of Rancho Cucamonga Community Facilities District No. 2006-01 Special Tax Bonds (the "Bonds"); and WHEREAS, in a Fiscal Agent Agreement dated as of January 01, 2007 by and between the City and Wells Fargo Bank, National Association (the "Fiscal Agent"), the City covenanted to fix and levy the Special Tax for each fiscal year in an amount required for the payment of principal and interest on the Bonds becoming due and payable during that fiscal year, plus administrative expenses, but taking into account certain balances in funds held by the Fiscal Agent (the "Covenant'); and WHEREAS, principal and interest will become due and payable on the Bonds during Fiscal Year 2011-2012 in an amount exceeding funds held by the Fiscal Agent and designated for the payment for such principal interest; and WHEREAS, the City Council intends to levy the Special Tax for Fiscal Year 2011-2012 as authorized by the Ordinance and required by the Covenant; and WHEREAS, the City Council intends to provide for the collection of such Special Tax for Fiscal Year 2011-2012 by City staff. 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 Fiscal Year 2011-2012 for the District is hereby determined and established as set forth Annual Status Report to this Resolution, which is attached hereto and incorporated herein by reference. 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: A. Payment of principal 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. 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. SECTION 6: All monies collected pursuant to this Resolution shall be paid into the Community 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", 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. Please see the following page for formal adoption,ceritification and signatoms Resolution No. 11-129 - Page 2 of 7 PASSED, APPROVED, AND ADOPTED this 20th day of July 2011. AYES: Alexander, Buquet, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None L. Dennis Michael, Mayor ATTEST: olfl✓t Le es t.-/LGc ice C. Reynolds, Cit Clerk I, JANICE C. REYNOLDS, CITY CLERK 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 on the 20`h day of July 2011. Executed this 21 s' day of July 2011, at Rancho Cucamonga, California. nice C. Reynolds, Ciq Clerk Resolution No. 11-129 - Page 3 of 7 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2006-02 AMADOR ON ROUTE 66 ANNUALSTATUSREPORT JULY 2011 Resolution No. 11-129 - Page 4 of 7 BACKGROUND On October 18, 2006, the electors within the boundary of Community Facilities District (CFD) No. 2006-02 authorized the District to incur bonded indebtedness in the maximum principal amount of$3,100,000 to provide financing for a portion of the cost of for the acquisition and construction of the facilities which consist of street and transportation, landscaping, dry utilities, parks and recreation, drainage, water and sewer in addition to the engineering, design, planning, permitting and construction, coordination, together with other incidental costs. The District is located south of Garcia Drive, east of Etiwanda Avenue, north of Foothill Boulevard and west of East Avenue. Each Fiscal Year, all Taxable Property within CFD No. 2006-02 shall be classified as Developed Property, Taxable Public Property, Taxable Property Owner Association Property or Undeveloped Property, and shall be subject to the levy of Special Taxes in accordance with the rate and method of apportionment determined pursuant to the section below. FISCAL YEAR 2011-2012 Land Use Residential Floor Maximum Special Class Description Area Tax 4 of Units Single Family Detached 1 Property < 1,850 Sq. Ft. $2,816 per unit 33 Single Family Detached 2 Property 1,601 - 1,850 Sq. Ft. $2,697 per unit 33 Single Family Detached 3 Property 1,351 - 1,600 Sq. Ft. $2,469 per unit 0 Single Family Detached 4 Property >1,351 Sq. Ft. $2,241 per unit 33 5 Non-Residential Property N/A $64,747 per acre 0 99 Resolution No. 11-129 - Page 5 of 7 COMMUNITY FACILITIES DISTRICT PROPOSED USES AND SOURCES OF FUNDS USES: DEBT SERVICE $196,530.00 CITY AND TRUSTEE ADMINISTRATION, $ 27,000.00 GENERAL OVERHEAD & LIABILITY CONTRACT SERVICES $ 2,000.00 $225,530.00 SOURCES: INTEREST REVENUE $ 2,250.00 DELINQUENT TAXES $ 0.00 SPECIAL TAX $227,170.00 $229,420.00 Resolution No. 11-129 - Page 6 of 7 Q M > Q Community Facilities District 2006-02 CIO _ ¢ _ _.� E E _ s _ RANCHO r..1 (D C CUCAMONGA U = ¢ .e_.._.._.._.._.._.._.._.._.o_.._.•_.a_.._.�_u_e.�.._..� 100.......................CIO .. 11 I I ¢ ¢ U = Hillside Rd -----i- -- - -- L CIOi --- Wilson Av • �, I o w Lm..o..m.. Banyan St�� ---- - - I, -� • e..o i I — i CD •I • i Cn j I � 19th St*-. --!— -- I-- Z t NBase Line Rd r._�•, _! —� i— I_— Base Line Rd c° CD it J Foothill BI _ —___-- ! ___ �� i ®_—, Foothill BI i l I I I Arrow Rt�__ -__-___ i i ___ I __! 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