AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 7/18/2018
TO: Honorable Mayor and City Council Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council consideration to adopt Resolution No. 2018-056 levying special taxes for Fiscal Year 2018-19 for Special Tax Refunding Bond 2014 Series A of Community Facilities District No. 89-1 (Foothill Ranch) Improvement Area No. 1.
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RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2018-056 levying special taxes to be collected during Fiscal Year 2018-19 for the payment of the principal and interest on the outstanding bonds (the "Bonds") of the Special Tax Refunding Bond 2014 Series A of Community Facilities District No. 89-1 (Foothill Ranch) Improvement Area No. 1, and the administrative expenses with respect to the Bonds.
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ANALYSIS:
The City has covenanted for the benefit of the owners of the Bond to fix and levy the amount of special taxes within the Special Tax Refunding Bond 2014 Series A of Community Facilities District No. 89-1 Improvement Area No. 1 (the "District") required for the payment of the principal and interest on the Bonds of the District becoming due and payable during the ensuing year. Any necessary replenishment or expenditure of the Reserve Fund and an amount estimated to be sufficient to pay administrative expenses during the year are also included in the levy. The special taxes levied will not exceed the authorized amounts as provided in the Rate and Method of Apportionment for the District.
A summary of the special tax levy for the District is shown below:
CFD Issue
Final Bond Year
No. of Parcels
FY 18-19 Total Levy
Percentage of Maximum Tax
Average Change Over Prior Year
CFD 89-1 IA 1
2020
1,289
$998,910
50.48%
$7
COMMITTEE ACTION:
Not Applicable.
STRATEGIC PLAN:
This item supports the City's Strategic Plan Goal 6: Improve Communications with Our Community; Objective a: Commit to transparency in all City actio...
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