1996 AGN AUG 06 I03 - Laserfiche WebLink

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City of Colton AGENDA REPORT FOR COUNCIL MEETING OF AUGUST 6, 1996 TO: HONORABLE MAYOR AND CITY COUNCIL APPROVAL: MALIK FREEMAN, INTERIM CITY MANAGER FROM: ANNA A. VEGA, FINANCE DIRECTOR SUBJECT: SECOND READING OF ORDINANCE NOS. 0-21-96, 0-22-96 AND 0-23-96 AUTHORIZING THE LEVY OF A SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NOS 87-1, 88-1 AND 90-1 DATE: JULY 23, 1996 On July 16, 1996 the City Council approved first reading of ordinances authorizing the annual levy of special tax for CFD nos. 87-1, 88-1 and 90-1, for the current tax year 1996- 97. These ordinances also provide for all subsequent tax years levy to be undertaken by the adoption of a resolution versus and ordinance. DISCUSSION/ANALYSIS: This is the second reading required for the adoption for these ordinances. Within fifteen (15) days following the date of adoption of the ordinances, each ordinance will be published one (1) time in a newspaper of general circulation which is published in the City of Colton. Each ordinance will become effective upon its adoption. ALTERNATIVES: None. FIANCIAL IMPACT: This is not a general fund activity. However, the restricted revenues, debt service payments and administrative expenditures are accounted for in each respective CFD fund. Investment of these funds are in separate bank accounts and/or administered by a fiscal agent. The tax levy and proposed expenditures are as follows: CFD 87-1 $173,556.56 CFD 88-1 103,092.93 CFD 90-1 365,233.13 (TRA 2 is in foreclosure, therefore, a shortfall of $32,957 will be paid from CFD 90-1 reserves. Total 1996/97 expenditures are projected to be $398,191.03.) RECOMMENDATION: The CFD Commission and staff recommends that the City Council approve the second reading of ordinance 0-21-96, 0-22-96 and 0-23-96 authorizing the 1996-97 annual tax levy for CFDs 87-1, 88-1 and 90-1 and waive the reading in full. ATTACHMENTS: ORDIANCES ITEM NO.—3