For City Council Meeting [July 14, 2020]
TO: Honorable City Council
APPROVAL: Rod Foster, City Manager
FROM: Bob Chandler, Interim Finance Director
Title
Request City Council to Adopt the Following Resolutions Setting the Fiscal Year 2020-21 Special Tax Levies for Community Facilities Districts 2006-1, 2016-1, 87-1 and 87-2:
(1) Resolution No.7650 of The City Council of the City of Rialto, State of California, Community Facilities District 2006-1 (Elm Park) Establishing Annual Special Tax for Fiscal Year 2020-21.(2) Resolution No.7651 of The City Council of the City of Rialto, State of California, Community Facilities District 2016-1 (Public Services) Establishing Annual Special Tax for Fiscal Year 2020-21. (3) Resolution No.7652 of The City Council of the City of Rialto, State of California, Community Facilities District 87-1 (Las Colinas) Establishing Annual Special Tax for Fiscal Year 2020-21. (4) Resolution No.7653 of The City Council of the City of Rialto, State of California, Community Facilities District 87-2 (Las Colinas) Establishing Annual Special Tax for Fiscal Year 2020-21.
Body
BACKGROUND
The City annually sets the special tax rates levied within Community Facilities Districts (CFDs) 2006-1 (Elm Park), 2016-1 (Public Services), 87-1 and 87-2 (Las Colinas). Property owners established these districts through ballot procedures when the districts were formed to complete various public improvements and provide additional public safety services in the subject areas.
ANALYSIS/DISCUSSION
The levy for CFD 2006-1 for Special Tax A is required to pay annual principal and interest on the Mello-Roos bonds issued in 2006 and refinanced in 2016, plus administrative costs associated with the district. The levy for 2006-1 Special Tax B is assessed to pay for the increased costs of public safety and other City services related to new developments. The proceeds of the bonds issued for the district paid for development impact fees, the acquisition and construc...
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