1998 AGN AUG 04 I14 - Laserfiche WebLink

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CITY OF COLTON AGENDA REPORT -. a .I ISI I^ -r A wnnn For Countai meeting Ui MUWUQ I Er, IUV7v TO: Honorable Mayor and City Council APPROVAL: Henry Garcia, City Man4r FROM: Anna A. Vega, Finance Director c�)'�� SUBJECT: Resolutions Authorizing the Levy of the 1998-99 Annual Special Tax for Community Facilities District 87-1, 88-19 89-1, 89-21 90-1. DATE: July 27, 1998 BACKGROUND 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, 89-2, and 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. 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. The calculations for CFD 89-2 are based on amounts resulting from the refunding of these bonds. Included in the calculation for CFD 90-1 is $37,814, which represents a reimbursement to the City for costs incurred related to lawsuit brought by the property owner of Tax Rate Area (TRA)1. 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 23, 1998. A detailed parcel listing is available in the Finance Department for public review. 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 $ 77,926.32 CFD 88-1 187,541.92 CFD 89-1 226,582.47 CFD 89-2 297,880.94 CFD 90-1 434,923.88 Anna A. Vega, Finan rector RECOMMENDATION The CFD Commission and staff recommends that the City Council approve the attached resolutions authorizing the 1998-99 annual special tax levy for CFD's 87-1, 88-1, 89-1, 89-2, and 90-1. Prepared by Tom Steele, Senior Accountant Item # 14