REQUEST FOR CITY COUNCIL ACTION
DATE: 11/15/2023
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
CONTINUED PUBLIC HEARING FOR COMMUNITY FACILITIES DISTRICT NO. 2018-1 (BEDFORD) CHANGE PROCEEDINGS FOR IMPROVEMENT AREA NO. 3 AND IMPROVEMENT AREA NO. 4; CONDUCTING AN ELECTION AND CONSIDER ADOPTION OF RESOLUTIONS AND OTHER OFFICIAL ACTIONS FOR CHANGE PROCEEDINGS
End
EXECUTIVE SUMMARY:
This staff report asks the City Council to conduct a public hearing to increase the amount of authorized bonded indebtedness of Improvement Area No. 3 of CFD No. 2018-1 (Bedford) and to revise each of the Rate and Method of Apportionment of Special Tax levied for Improvement Area No. 3 and Improvement Area No. 4 (the "Change Proceedings") of CFD No. 2018-1 (Bedford). As part of the public hearing, staff recommends that the City Council adopt a Resolution calling for a special election, conduct the special election for the Change Proceedings and canvass the ballots, adopt a Resolution declaring election results, and conduct the first reading of the Ordinance for such Change Proceedings.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Adopt Resolution No. 2023-109 determining the necessity for Improvement Area No. 3 of CFD No. 2018-1 (Bedford) of the City of Corona to incur an increase in the bonded indebtedness and that the rate and method of apportionment of special tax for Improvement Area No. 3 and Improvement Area No. 4 be revised and calling a special election on a proposition for incurring such bonded indebtedness.
b. Adopt Resolution No. 2023-110 calling a special election and submitting to the voters of CFD No. 2018-1 (Bedford) of the City of Corona the propositions of (i) whether the amount of the authorized bonded indebtedness of Improvement Area No. 3 of said community facilities district should be increased from $25,000,000 to $37,000,000 and (ii) whether the rate and method of apportionment of speci...
Click here for full text