HomeMy WebLinkAbout1999-09-28 - AGENDA REPORTS - CFD92-1 VALENCIATOWNCENTER TAX (2)CITY OF SANTA CLARITA
AGENDA REPORT
City Manage Approva
Item to be presented by: Barbara Boswell
CONSENT CALENDAR
DATE: September 28, 1999
SUBJECT: COMMUNITY FACILITIES DISTRICT NO. 92-1 OF THE CITY OF SANTA
CLARITA (VALENCIA TOWN CENTER)
RESOLUTION NO. CFD 92-1-12
DEPARTMENT: Administrative Services
RECOMMENDED ACTION
City Council approve Resolution No. CFD 92-1-12, authorizing and providing for the levying
of special taxes within said District and directing staff to prepare and deliver special tax bills
to the property owners.
BACKGROUND
On August 25, 1992, the City Council passed Ordinance No. CFD 92-1-1, authorizing the levy
of a special tax within Community Facilities District No. 92-1 (Valencia Town Center).
Adoption of Resolution No. CFD 92-1-12 will levy the special taxes for Fiscal Year 1999-00 upon
all properties within the Community Facilities District No. 92-1 which are not otherwise
exempt from taxation. The amount of the levy on each assessor's parcel is set forth in Exhibit A
to the Resolution.
State statutes require that each year prior to the payment date for the bonds' debt service, a
resolution be adopted, levying the special tax at an amount sufficient to meet debt service but
not to exceed the maximum special tax as set forth in the original Engineer's Report on file with
the City Clerk.
The special tax will be separately billed by City staff to be collected prior to the November 15,
1999 and May 15, 2000 payments due on the bonds issued for this District.
ALTERNATIVE ACTION
Other direction as determined by the City Council.
FISCAL IMPACT
All debt service payments are covered by the Special Tax, which is paid by the Valencia Town
Center.
ATTACHMENTS
Resolution No. CFD 92-1-12 Agenda Item
Exhibit A
Boundary Map aP P 0 oEl
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CITY OF SANTA CLARITA
Community Facilities District
District No. 92-1
(Valencia Town Center)
199"0 ANNUAL TAX LEVY
RECONCILIATION
City of Santa Clarita Admin. Costs
TOTAL RECEIVED 11/15/98:
($4,190.00)
Director of Admin. Svcs. - 4 hours @ $137.62/hr. $550.48
Accountant -8 hours @ $67.82/hr. 542.56
Associate Engineer - 4 hours @ $98.22/hr. 392,88
US Bank Administrative Fees 1,650.00
US Bank Annual Fee for Arbitrage Rebate Services for 1998 1,500.00
TOTAL EXPENSES INCURRED FY 1998-99
TOTAL EXPENSES LESS ADVANCES:
($4,190.00)
$4,635.92
$445.92
City of Santa Clarita Admin. Costs $1,500.00
US Bank Administrative Fees 1,150.00
US Bank Annual Fee for Arbitrage Rebate Services for 1999 1,500.00
TOTAL ANTICIPATED EXPENSES $4,150.00
ADMIN. COSTS TO BE COLLECTED FY 1999-00 �xwxo®ronpwae�rrevmi $4,600.00
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Debt Service Payment Due 11/15/99
Debt Service Payment Due 05/15/00
TOTAL DEBT SERVICE PAYMENTS FY 1999-00
TOTAL DEBT SERVICE PMT'S AND ADMIN. COSTS
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Excess in Reserve Fund to Apply Toward Bond Pmt.
Cash on Hand in Bond Fund
TOTAL AMOUNT TO BE COLLECTED FY 1999-00
$1,237,091.25
638,676.25
$1,875,767.50
$1,880,367.50
N/A
N/A
N/A
$1,880,367.50
CITY OF SANTA CLARITA
Exhibit "A"
PROPOSED BOUNDARIES
COMMUNITY FACILITIES DISTRICT
NO. 92-1
VALENCIA TOWN CENTER
Boundary Map
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