2002 AGN AUG 06 I22 - Laserfiche WebLink

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Item #22 CITY OF COLTON AGENDA REPORT FOR CITY COUNCIL MEETING OF AUGUST 6, 2002 TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: DILU DE ALWIS, FINANCE DIRECTOR 0 SUBJECT: Resolutions Authorizing the Levy of the 2002-03 Annual Special Tax for Community Facilities District 87-1, 88-1, 89-1, 89-2, and 90-1. DATE: July 23, 2002 BACKGROUND Pursuant to the Mello -Roos Community Facilities Act of 1982, at various times in the past the City Council approved the issuance of bonds for the purpose of infrastructure improvements. These bonds are identified as Community Facilities Districts (CFD's) 87-1, 88-1, 89-1, 89-2 and 90-1. Property owners within the CFD's are obligated to pay the debt service and administrative costs. These costs are paid via annual taxes placed on the tax roll. 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. All original bond issues for the CFD's (87-1, 88-1, 89-1, 89-2, and 90-1) have been refunded (refinanced) in recent years (1996 — 1999). The savings resulting from each refunding have been incorporated into the new levy amounts. CFD 90-1 consists of two Tax Rate Areas (TRA). TRA1 is currently the only parcel paying 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 15, 2002. A detailed parcel listing is available in the Finance Department for public review. 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 $ 87,477.48 CFD 88-1 171,136.40 CFD 89-1 202,637.12 CFD 89-2 255,785.50 CFD 90-1 246,986.20 ENVIRONMENTAL IMPACT None. RECOMMENDATION The CFD Commission and staff recommends that the City Council approve the attached resolutions authorizing the 2002- 2003 annual special tax levy for CFD's 87-1, 88-1, 89-1, 89-2 and 90-1. City Attorney: V[]Ilft� Finance 1 City Manager: /Al [/ OTHER: