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Home My WebLink About16-096 - Resolutions RESOLUTION NO. 16-096 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, PROVIDING FOR THE LEVY OF SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 2000-03 (RANCHO SUMMIT) 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. 2000-03 (Rancho Summit)(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 District, and this legislative body is desirous to establish the specific rate of the special tax to be collected for the fiscal year. 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 referenced District are 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 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 authorized public facilities and public services. D. Repayment of advances and loans, if appropriate. Resolution No. 16-096 — Page 1 of 7 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 Community Facilities District funds, including any 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. 16-096 — Page 2 of 7 PASSED, APPROVED, AND ADOPTED this 20th day of July 2016. AYES: Alexarider, Kennedy, Michael, Spagnolo, Williams NOES: None ABSENT: None ABSTAINED: None , D nnis Michael, M:yor ATTEST: ii//ll,((�P_ice C. Reynold4760/41/0— , 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. & . R4itylerk C Resolution No. 16-096 — Page 3 of 7 CITY OF RANCHO CUCAMONGA MELLO-ROOS COMMUNITY FACILITIES DISTRICT NO. 2000-03 A (RANCHO SUMMIT) ANNUAL STATUS REPORT JULY, 2016 Resolution No. 16-096 — Page 4 of 7 Resolution No.16-096 BACKGROUND On October 11 , 2000 an election was held and the property owners within the boundary of Community Facilities District No. 2000-03 (Rancho Summit) (the "District") authorized the District to incur bonded indebtedness in the principal amount of $9,835,000. On July 6, 2005, the City Council adopted Ordinance No. 744 approving the levy of the special tax, and on September 21 , 2005 approved Resolution No. 05-278 authorizing the issuance of bonds. The District was authorized to finance park improvements including clearing and grading of park sites, park hardscape and restrooms, street improvements and parkway hardscape landscaping of parks and parkways and park equipment with a useful life of five (5) years or more. The District is bounded by the San Bernardino National Forest to the north; the 210 Freeway to the south; Interstate 15 Freeway to the east and East to the west. On July 16, 2014 the City Council adopted Resolution No. 14-127 authorizing the issuance of special tax refunding bonds for this District. The Special Tax Refunding Bonds, Series 2014 in the principal amount of $8,500,000 were issued on July 31 , 2014. By authorizing this refunding, the City Council provided annual savings to the property owners of approximately $120,000 for the remaining life of the bond issue. 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 Fiscal Year, all Taxable Property within the District shall be assigned to a Zone and further classified as Developed Property, Taxable Public Property, Taxable Property Owner Association Property, or Undeveloped Property, and shall be subject to Special Taxes in accordance with this Amended and Restated Rate and Method of Apportionment. Residential Property shall be assigned to Land Use Classes 1 through 10 and Non-Residential Property shall be assigned to Land Use Class 11. Community Facilities District No. 2000-03 (Rancho Summit) 1 Fiscal Year 2016/17 Resolution No. 16-096 — Page 5 of 7 Resolution No.16-096 Community Facilities District NO. 2000-03 ANNUAL SPECIAL TAX FISCAL YEAR 2016/17 Land Use Description Residential Floor Area Assigned Special Class Tax 1 Residential Property <1 ,850 Sq. Ft N/A 2 Residential Properly 1,850 - 2,049 Sq. Ft $1,386.74 3 Residential Property 2,050 - 2,249 Sq. Ft $1,480.21 4 Residential Property 2,250 - 2,449 Sq. Ft $1,494.09 5 Residential Property 2,450 - 2,649 Sq. Ft $1 ,505.04 6 Residential Property 2,650 - 2,849 Sq. Ft $1 ,632.10 7 Residential Property 2,850 - 3,049 Sq. Ft $1,797.87 8 Residential Property 3,050 - 3,049 Sq. Ft $1,845.33 9 Residential Property 3,250 - 3,249 Sq. Ft $1,954.87 10 Residential Property => 3,450 Sq. Ft $1 ,968.75 11 Non-Residential N/A $9,201 .11 per Acre Property Community Facilities District No. 2000-03 (Rancho Summit) 2 Fiscal Year 2016/17 Resolution No. 16-096 - Page 6 of 7 Resolution No.16-096 COMMUNITY FACILITIES DISTRICT NO. 2000-03 PROPOSED USES AND SOURCES OF FUNDS Fiscal Year 2016/17 Budget Sources Taxes: Estimated Assessments, Net of Estimated Delinquencies $ 536,270 Anticipated Prior Year Delinquencies Collection 8,250 Subtotal - Taxes 544,520 Interest Revenue 1 ,760 Total Proposed Sources $ 546,280 Uses Debt Service: Principal Repayments $ 265,660 Interest Expense 256,000 Subtotal - Debt Service 521 ,660 Contract Services 3,500 Assessment Administration 41,610 Admin./General Overhead 620 Total Proposed Uses $ 567,390 Contribution to/(Use of) Fund Balance $ (21,110) Community Facilities District No. 2000-03 (Rancho Summit) 3 Fiscal Year 2016/17 Resolution No. 16-096 — Page 7 of 7