1997 AGN AUG 05 I10 - Laserfiche WebLink

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TO: APPROVAL: FROM: SUBJECT: DATE: '_ Ir- -0 /U - CITY OF COLTON AGENDA REPORT i -or Louncil Meeting of AUGUST 5, 1997 Honorable Mayor and City Council Gracie Harmon, Acting City Manager Anna A. Vega, Finance Director n,1,,_ s Resolutions Authorizing'the Levy of the 1997-98 Annual Special Tax for Community Facilities District 90-1. July 22, 1997 Pursuant to the Mello -Roos Community Facilities Act of 1982, the City Council approved the issuance of bonds for the purpose of infrastructure improvements. These bonds are identified as Community Facilities District 90-1. DISCUSSION/ANALYSIS The annual special tax levy is determined by summing the amounts necessary to pay debt service on the bonds and pay administrative expenses for the year. Included in the calculation of Administrative expenses for 90-1 is $18,435 of legal fees. These fees represent a reimbursement to the City for costs incurred related to lawsuit brought against the CFD by the property owner of TRA1. TRA1 is currently the only parcel paying its assessments. TRA2 is in foreclosure. These annual levy calculations have been prepared by Scott Associates, CFD Consultants and were presented to the CFD Commission on July 7, 1997. ALTERNATIVES None. FINANCIAL IMPACT This is not a general fund activity. However, the restricted revenues, debt service payments and administrative expenditures are accounted for in a separate CFD fund. Investment of these funds is in separate bank accounts and/or administered by a fiscal agent. The tax levy and proposed expenditures for CFD 90-1 are $411,195: Anna A. Vega, Finance n r RECOMMENDATION The CFD Commission and staff recommends that the City Council approve the attached resolutions authorizing the 1997-98 annual special tax levy for CFD 90-1. Item No. 10