1997 AGN JUL 15 I18 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT e. .. ..., vvuu%.n IWIVO ,MU Of JULT 15, IUU[ TO: Honorable Mayor and City Council APPROVAL: Gracie Harmon, Acting City Manager FROM: Anna A. Vega, Finance Director -- SUBJECT: Resolutions Authorizing the Levy of the 1997-98 Annual Special Tax for Community Facilities District 87-1, 88-1, 89-1, and 89-2. DATE: July 9, 1997 RACKnRni wn 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 Districts 87-1, 88-1, 89-1, and 89-2. 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. Also included in the calculation for 87-1, 88-1, 89-1 is a credit to the levy (refunded bond savings) generated by the refinancing of these CFD's. In CFD 88-1, an annual credit reduction was not recognized due to the annual levy on the Colton parcels because the repayment period was shortened by five years. 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 each respective CFD fund. Investment of these funds is in separate bank accounts and/or administered by a fiscal agent. The tax levy and proposed expenditures are as follows: CFD 87-1 $ 77,748.30 CFD 88-1 179,779.76 CFD 89-1 224,188.22 CFD 89-2 al___�__ — 290,548.70 Anna A. Vega, Finance Direc rr 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's 87-1, 88-1, 89-1 and 89-2. Item No. 18