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Home My WebLink About16-095 - Resolutions RESOLUTION NO. 16-095 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT 2000-02 (RANCHO CUCAMONGA CORPORATE PARK) FOR FISCAL YEAR 2016/17 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. 2000-02 (Rancho Cucamonga Corporate Park) (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. 15-148 on August 5, 2015, previously established the specific rate of the special tax to be collected for the 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 District to refund the Prior Special Tax Bonds resulting in a reduction in the debt service payable from the special taxes levied within the District. NOW, THEREFORE, the City Council of the City of Rancho Cucamonga 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 Fiscal Year 2016/17 for the District are hereby determined and established as set forth in the attached, referenced and incorporated in the Annual Status Report. SECTION 3: That the rates as set forth in such Annual Status Report 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. 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: Resolution No. 16-095 — Page 1 of 7 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 County Auditor 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. Resolution No. 16-095 — Page 2 of 7 PASSED, APPROVED, AND ADOPTED this 20th day of July 2016. AYES: Alexander, Kennedy, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None L. ennis Michael, M yor ATTEST: • � C. n "rah— ice Reynolds, 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 20th day of July 2016. Executed this 21St day of July 2016, at Rancho Cucamonga, California. aii ce C. Reynolds, city Clerk Resolution No. 16-095 — Page 3 of 7 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2000-02 RANCHO CUCAMONGA CORPORATE PARK ANNUAL STATUS REPORT JULY, 2016 Resolution No. 16-095 — Page 4 of 7 Resolution No. 16-095 BACKGROUND On November 7, 2000, the electors within the boundary of Community Facilities District No. 2000-02 (Rancho Cucamonga Corporate Park) (the "District") authorized the District to incur bonded indebtedness in the principal amount of $6,835,000 for the purpose of financing the acquisition of street improvements on public street improvements required as a condition of approval of development of the property within the proposed district including Milliken, Arrow and Foothill; such street improvements to include, but not to be limited to: demolition and grading, curb, gutter and sidewalks, traffic signals; entry feature and signs; fire hydrants; storm drains; water and sewer improvements; paving; striping; landscaping and irrigation improvements; public utilities and appurtenances. On December 7, 2011, the City Council adopted Resolution No. 11-179 authorizing the issuance of special tax refunding bonds for this District. The Special Tax Refunding Bonds, Series 2011 , in the principal amount of $5,407,000 were issued on December 21, 2011. This amount represented the outstanding principal balance of the original bonds as of this date. On July 1 , 2015 the City Council adopted Resolution No. 15-115 authorizing the issuance of special tax refunding bonds for this District in conjunction with various other Community Facilities Districts. The Special Tax Refunding Bonds, Series 2015 were refunded with a total principal amount of $18,546,000 and 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, that translated to a 4.72% overall reduction in the annual debt service payment paid by property owners. Consequently, the rates for the District will not increase in Fiscal Year 2016/17 because the current rate is sufficient to meet fiscal obligations for the District. Each July 1, commencing July 1 , 2012 the maximum annual special tax will be increased by two percent (2%) of the amount in effect for the previous fiscal year. The special taxes will be levied as follows: (1) The special tax will be levied on each taxable parcel in an amount equal to 100% of the applicable maximum annual special tax; or (2) If the special tax requirement will be satisfied by an amount less than the maximum annual special tax the special tax will be levied proportionately on each taxable parcel at less than 100% of the maximum annual special tax. Therefore, for Fiscal Year 2016/17 the current rate is sufficient to meet fiscal obligations and there is no need for an increase of the special tax by 2%. This special tax shall be levied only so long as required for each parcel of taxable property to discharge bond obligations. Community Facilities District No. 2000-02 1 Fiscal Year 2016/17 Resolution No. 16-095 — Page 5 of 7 Resolution No. 16-095 COMMUNITY FACILITIES DISTRICT NO. 2000-02 ANNUAL SPECIAL TAX FISCAL YEAR 2016/17 There will be no increase to the special tax for the District. The annual tax rate for Fiscal Year 2016/17 will be $3,792.06 per acre, and will provide sufficient funding for the estimated uses and contribution to fund balance in the amount of $548,390. Community Facilities District No. 2000-02 2 Fiscal Year 2016/17 Resolution No. 16-095 — Page 6 of 7 Resolution No. 16-095 COMMUNITY FACILITIES DISTRICT NO. 2000-02 PROPOSED SOURCES AND USES OF FUNDS Fiscal Year 2016/17 Budget Sources Taxes: Estimated Assessments, Net of Estimated Delinquencies $ 527,000 Anticipated Prior Year Delinquencies Collection 19,000 Subtotal - Taxes 546,000 Interest Revenue 2,390 Total Proposed Sources $ 548,390 Uses Debt Service Principal Repayments $ 117,630 Interest Expense 351 ,000 Subtotal - Debt Service 468,630 Contract Services 3,440 Assessment Administration 58,370 Admin./General Overhead 730 Total Proposed Uses $ 531,170 Contribution to/(Use of) Fund Balance $ 17,220 Community Facilities District No. 2000-02 3 Fiscal Year 2016/17 Resolution No. 16-095 — Page 7 of 7