AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 07/01/2020
TO: Honorable Mayor and City Council Members
FROM: Administrative Services Department
SUBJECT:
Title
City Council consideration of Resolution No. 2020-063, levying special taxes to be collected during Fiscal Year 2021 for Community Facilities District No. 2003-2 (Highlands Collection), 2020 Special Tax Refunding Bond.
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RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2020-063, levying special taxes to be collected during Fiscal Year 2021 for the payment of the principal and interest on the outstanding bond (the “Bond”) of Community Facilities District No. 2003-2 (Highlands Collection), 2020 Special Tax Refunding Bond and the administrative expenses with respect to the Bond.
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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 Community Facilities District No. 2003-2 (Highlands Collection), 2020 Special Tax Refunding Bond (the “District”) required for the payment of the principal and interest on the Bond 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:
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 actions. The recommended action will help achieve these goals by providing concise, forthright information regarding the annual special taxes that will be levied on each subject parcel within the District.
FISCAL IMPACT:
The special tax revenues and related debt service expenditures are included in the District’s Fiscal Year 2021 debt service budget.
ENVIRONMENTAL ANALYSIS:
This action is exempt pursuant to Section 15061(b)(3) of the Guidelines for the California Environmental Quality Act (CEQA), which states that a project is exempt from CEQA if the activity is covered by the general rule that CEQA applies only to projects that have the potential for causing a significant effect on the environment. Where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment, the action is not subject to CEQA. This action merely sets the special taxes to be levied and collected within the District for Fiscal Year 2021, and there is no possibility that adopting the resolution will have a significant effect on the environment.
PREPARED BY: LIEN-CHI CANTUBA, FINANCIAL ANALYST III
REVIEWED BY: JENNIFER SCHAEFER, FINANCE MANAGER III
REVIEWED BY: KIM SITTON, ACTING ADMINISTRATIVE SERVICES DIRECTOR
SUBMITTED BY: JACOB ELLIS, CITY MANAGER
Attachments:
1. CFD No. 2003-2 District Map
2. Resolution No. 2020-063