REQUEST FOR CITY COUNCIL ACTION
DATE: 07/07/2021
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
Resolution levying special taxes to be collected during Fiscal Year 2022 for Community Facilities District No. 97-2 (Eagle Glen), Special Tax Refunding Bond 2014 Series A.
End
EXECUTIVE SUMMARY:
Adoption of the recommended resolution will allow the City to levy and collect Fiscal Year 2022 special taxes for the District.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2021-065, levying special taxes to be collected during Fiscal Year 2022 for the payment of the principal and interest on the outstanding bond of Community Facilities District No. 97-2 (Eagle Glen), Special Tax Refunding Bond 2014 Series A and the administrative expenses with respect to the bond.
Body
BACKGROUND & HISTORY:
Pursuant to the Mello-Roos Community Facilities Act of 1982, Community Facilities District No. 97-2 ("District") was formed to finance the construction and acquisition of public improvements and facilities within the District.
ANALYSIS:
The City has covenanted for the benefit of the owners of the bonds to fix and levy the amount of the special taxes within the District required for the payment of the principal and interest on the bond becoming due and payable during the ensuing year. Any necessary replenishment or expenditure of the Reserve Fund and any 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 Apportionments (the "RMA") for the District.
A summary of the special tax levy for the District is shown below:
As shown in the "YOY % Change in Levy Rate" column, the proposed levy rate in Fiscal Year 2022 for the District will decrease by 2.86% compared to Fiscal Year 2021.
The Assigned Tax rates in the RMA, which were set at th...
Click here for full text