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. 2020-066, levying special taxes to be collected during Fiscal Year 2021 for Community Facilities District No. 2017-2 (Valencia/Seville), 2018 Special Tax Bonds, Special Tax A.
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RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2020-066, levying special taxes to be collected during Fiscal Year 2021 for the payment of the principal and interest on the outstanding Bonds (the "Bonds") of Community Facilities District No. 2017-2 (Valencia/Seville), 2018 Special Tax Bonds, Special Tax A 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 Bonds to fix and levy the amount of special taxes within Community Facilities District No. 2017-2 (Valencia/Seville), 2018 Special Tax Bonds, Special Tax A (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:
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...
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