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CITY OF COLTON AGENDA REPORT FOR COUNCIL MEETING OF AUGUST 1, 2006 TO: HONORABLE MAYOR AND CITY COUNCIL FROM: DILU DE ALWIS, FINANCE DIRECTOR (ZP_ SUBJECT: Resolution Authorizing the Levy of the 2006-2007 Annual Special Tax for Community Facilities Districts 87-1, 88-1, 89-1, 89-2 and 90-1. DATE: BACKGROUND: August 1, 2006 Pursuant to the Mello -Roos Community Facilities Act of 1982, at various times in the past the City Council has approved the issuance of bonds for the purpose of infrastructure improvements. These bonds are identified as Community Facilities Districts (CFDs) 87-1, 88-1, 89-1, 89-2 and 90-1. Property owners within the CFDs 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. The annual levy calculations have been prepared by MuniFinancial, CFD consultants and have been reviewed by City Staff. The annual levy calculations have not been reviewed by the CFD Commission due to lack of quorum. 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. Investments 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 $ 98,662.46 CFD 88-1 207,344.94 CFD 89-1 242,357.75 CFD 89-2 292,146.21 CFD 90-1 269,265.11 ENVIRONMENTAL IMPACT: None CONFLICT OF INTEREST — Gift Disclosure Requirements None