HomeMy WebLinkAbout15-152 - Resolutions RESOLUTION NO. 15-152
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 2015/2016
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. 2006-02
(Amador on Route 66)
(hereinafter referred to as the "District'); and
WHEREAS, at this time, bonds were previously issued for purposes of financing the
project facilities for said District (the "Prior Special Tax Bonds"); 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 District, and this legislative body, by the adoption of
Resolution No. 15-137 on July 15, 2015, previously established the specific rate of the special
tax to be collected for the next fiscal year based, in part, upon the debt service payable on the
Prior Special Tax Bonds; and
WHEREAS, on July 30, 2015, special tax refunding bonds were issued by the
Community Facilities District to refund the Prior Special Tax Bonds resulting a reduction in the
debt service payable from the special taxes levied within the District; and
WHEREAS, this legislative body desires to adjust the specific rate rates established in
Resolution No. 15-137 to reflect the savings in debt service resulting from the issuance of the
Special Tax Refunding Bonds.
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 2015-2016 for the District is hereby
determined and established as set forth in the attached, referenced and incorporated in the
Annual Status Report August, 2015 which shall supersede and replace the Annual Status
Report July, 2015.
SECTION 3: That the rates as set forth in such Annual Status Report August, 2015 do
not exceed the amount as previously authorized by Ordinance of this legislative body, and are
not in excess of that as previously approved by the qualified electors of the District.
RESOLUTION NO. 15-152 - Page 1 of 3
SECTION 4: That the proceeds of the special tax are used to pay, in whole or in part,
the costs of the following, in the following order of priority:
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 administering the District and any bonds of
the District.
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 above collected shall be paid into the District funds, including
but not limited to, any special tax fund, 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 August, 2015.
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.
SECTION 9. This Resolution No. 15-152 shall supersede and replace Resolution No.
15-137.
RESOLUTION NO. 15-152 - Page 2 of 3
PASSED, APPROVED, AND ADOPTED this 5" day of August 2015.
AYES: Alexander, Kennedy, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
ennis Michael, Msyor
ATTEST:
Qw�j' e"' w
`w^
ce 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 51" day of August 2015.
Executed this 61" day of August 2015, at Rancho Cucamonga, California.
nice C. Reynolds, City C rk
RESOLUTION NO. 15-152 - Page 3 of 3
Resolution No. 15-152
CITY OF RANCHO CUCAMONGA
MELLO-ROOS COMMUNITY
FACILITIES DISTRICT NO. 2006-02
AMADOR ON ROUTE 66
ANNUAL STATUS REPORT
AUGUST, 2015
Resolution No. 15-152
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 $2,980,000 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.
On July 01 , 2015 the City Council adopted Resolution No. 15-115 authorizing the
issuance of special tax refunding bonds for this District. The 2015 Special Tax
Refunding Bonds, Various Communities Facilities Districts in the principal amount of
$18,546,000 were issued on July 30, 2015.
By authorizing this refunding, the City Council provided savings to the property owners
for the remaining life of the bond issue. The annual debt service payment to the
bondholders was reduced from $255,882 for FY 2014/2015 to $183,158 for FY
2015/2016. This translates to a 28.42% overall reduction in the annual debt service
payment.
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.
Community Facilities District No. 2006-02 I
FY2015/2016
FISCAL YEAR 2015-2016
CFD 2006-02
AMADOR ON ROUTE 66
Land Use Residential Floor Assigned Special # of
Class Description Area Tax Units
1 Single Family < 1 ,850 Sq. Ft. $2,015.67 per unit 33
Detached Property
2 Single Family 1 ,601 - 1,850 Sq. $1,930.49 per unit 33
Detached Property Ft.
3 Single Family 1 ,351 - 1,600 Sq. $1,767.30 per unit 0
Detached Property Ft.
4 Single Family >1 ,351 Sq. Ft. $1,604.09 per unit 33
Detached Property
5 Non-Residential NSA $46,345.90 per 0
Property acre
Community Facilitics District No.2006-02 2
FY2015/2016
Resolution No. 15-152
COMMUNITY FACILITIES DISTRICT
PROPOSED USES AND SOURCES OF FUNDS
USES:
DEBT SERVICE $157,860.00
CITY AND TRUSTEE ADMINISTRATION,
GENERAL OVERHEAD & LIABILITY, AND
CONTRACT SERVICES $25,300.00
$183,160.00
SOURCES:
INTEREST REVENUE $3,680.00
TRANSFER FROM FUND BALANCES $0.00
DELINQUENT TAXES $12,500.00
SPECIAL TAX $183,160.00
$199,340.00
Community Facilities District No. 2006-02 3
FY2015/2016
N v
� N
.N. O
C4 J LLo
Fr Q U U n
U m
i $
nyAuayD
u.
Of
Ej
h t j
CO
� w
� AV 1Se3 (7
LL
■
IAV epuenn!13 �AV epuem!13
1
�9 pa_o Ae(] _
AVtaisatpoa i nVJaisayooa
O
I � ■
1
ny uaneH I ,�
Iny uaneH
AVesowtaH I` 1 'nVesowtaH
nV PIeQ!lptV 1 t�i 1
IAV pleQ!WiV
1
AV uewpaH I �.- AV uewlleH
I =
1 Iv
i` AV pieAau!A
wf
1S ue!lae� i '��
i 3
! _ [
i V
PH
in ° m_ nyana�
,mayy ,.• c � ���•�39�tjtt
L._. CO
Let
N m
^. laTlr V
- FtF.iiF�aliY
Community Facilities District No. 2006-02 4
FY2015/2016