REQUEST FOR CITY COUNCIL ACTION
DATE: 06/05/2024
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
RESOLUTION LEVYING SPECIAL TAXES TO BE COLLECTED DURING FISCAL YEAR 2025 FOR THE MAINTENANCE AND SERVICES COMMUNITY FACILITIES DISTRICT NO. 2001-1
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EXECUTIVE SUMMARY:
This staff report asks the City Council to adopt Resolution No. 2024-041. Adopting the recommended resolution will allow the City to levy and collect Fiscal Year 2025 special taxes for Community Facilities District No. 2001-1 maintenance and services.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2024-041, levying special taxes to be collected during Fiscal Year 2025 to pay the annual cost of the operation and maintenance of parkways and open space within Community Facilities District No. 2001-1.
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BACKGROUND & HISTORY:
Pursuant to the Mello-Roos Community Facilities Act of 1982, Community Facilities District No. 2001-1 (the "District") was formed to levy special taxes for the payment of the annual cost of the operation and maintenance of parkways and open space within the District and the surrounding area, and for the payment of administrative expenses incurred in connection with the levy and collection of said special taxes.
ANALYSIS:
The City Council must levy special taxes to pay the annual cost of the operation and maintenance of parkways and open space within the District, pursuant to Section 53340 of the Government Code. Special taxes within the District are levied in an amount necessary to satisfy the Operation and Maintenance Special Tax Requirement, as defined in the District's Rate and Method of Apportionment (the "RMA"). Any necessary replenishment or expenditure of the reserve funds and an amount estimated for administrative expenses during the year are included in the levy. The special taxes levied will not exceed the authorized amounts provided in the RMA.
FINANCIAL IMPACT:
The followin...
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