HomeMy WebLinkAboutCC AG PKT 2006-12-11 #K
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AGENDA REPORT
DATE:
December 11, 2006
TO: Honorable Mayor and City Council
THRU: John B. Bahorski, City Manager
FROM: Lee Whittenberg, Director of Development Services
SUBJECT: ANNUAL REPORT FOR CITY OF SEAL BEACH
COMMUNITY FACILITIES DISTRICT NO. 2002-1
(HERON POINTE) - PURSUANT TO THE LOCAL
AGENCY SPECIAL TAX AND BOND
ACCOUNTABILITY ACT
SUMMARY OF REQUEST:
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Receive and File Report. Under state law, when a Community Facilities District (also
known as Mello-Roos District) is formed, the Finance Department is required to submit a
report to the City Council reporting on its activity over the past year and its status. This
report meets the criteria of the state law. -
BACKGROUND:
The purpose of this report is to comply with the provisions of the Local Agency Special
Tax and Bond Accountability Act (the "Act"). The Act provides that any local special
tax measure that is subject to voter approval on or after January 1, 2001, that would
provide for the imposition of a special tax by a local agency shall require the cbief fiscal
officer of the levying local agency to file a report with its governing body no later than
January 1, 2002, and at least once a year thereafter. The annual report shall contain both
of the fOllowing:
lJ The amount of funds collected and expended, and
lJ The status of any proj ect required or. authorized to be funded as identified in
subdivision (a) of Section 50075.1 and Article 1.5, Section 53410.
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In compliance with the required report the Finance Department submits the following
information:
lJ City of Seal Beach Community Facilities District No. 2002-1 (Heron Pointe) - Oa
September 23, 2002, the landowners within Community Facilities District No.
2002-1 (Heron Pointe) voted to incur an indebtedness and issue bonds in the
maximum amount of $5,000,000, and for the levying of a special tax.
a The City of Seal Beach Community Facility District No. 2002-1 (Heron Pointe)
bonds were issued on August 4, 2005 in the amount of $3,985,000.00.
A~ENDA ITEM k
Z \My DocumentsIJohn Laing Hom..ICFDICFD 2002-1.2006 Annual Report.CC SlIIffReportdocIL Wlll-27-06
Receive and File Annual Report re:
Community Faciliti.. District 2002-1 (Heron Pointe)
City Council St<rff Report
December 11. 2006
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lJ The amount of funds collected and expended between November 1, 2005 and
October 31, 2006 are shown on the attached report.
At this time, the following approximate amounts of work have been completed within the
CFD boundary:
CJ Sanitary Sewer Facilities - 100%
lJ Water Facilities - 100%
lJ Roadway Facilities - 98%
lJ Park, Access, Landscape and Wall Facilities - 98%
CJ Dry Utilities and Joint Trench-l00%
lJ Grading - 100%
lJ Engineering Plan Preparation - 100%
FISCAL IMPACT:
None.
RECOMMENDATION:
Receive and File Report.
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NOTED AND APPROVED:
Attachment: City of Seal Beach Community Facilities District No. 2002-1 (Heron
Pointe) Special Tax Bonds, Series 2005 Annual Report
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CfD 2002-1.2006 Annuol Repartce Staff Report
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CITY OF SEAL BEACH
COMMUNITY FACILITIES DISTRICT No. 2002-01
(BERON POINTE)
SPECIAL TAX BONDS, SERIES 2005
ANNUAL REPORT
The purpose of this report is to comply with the provisions of the Local Agency Special Tax and
Bond Accountability Act (the "Act"). The Act provides that any local special tax measure that is
subject to voter approval on or after January 1,2001, that would provide for the imposition of a
special tax by a local agency shall require the chief fiscal officer of the levying local agency to file a
report with its governing body no later than January 1,2002, and at least once a year thereafter. The
annual report shall contain both of the following:
. The amount of funds collected and expended.
· The status of any project required or authorized to be funded as identified in
subdivision (a) of Section 50075.1 and Article 1.5, Section 53410.
In compliance with the required report the Finance Department submits the following:
· City of Seal Beach issued $3,985,000 in Community Facilities District No. 2002-01 (Heron
Pointe) Special Tax Bonds in August 2005. The bonds were issued to finance the acquisition
and construction of certain public street improvements, water and sanitary sewer
improvements, dry utility improvements, park and landscaping improvements, and sewer,
water, park, storm drain, and transportation improvements to be funded through development
fees, which will serve the new construction in the CPD 2002-01.
· Separate accounts have been established with a third party trustee and/or the Director of
Finance to administer the receipt and subsequent disbursement of the bond proceeds as the
City accepts completed improvements. A summary sheet showing the receipt of funds as
well as all disbursements made during the reporting period (November 1, 2005 to October
31,2006) is attached as a part of this report. One hundred percent of the initial deposit to the
improvement fund has been spent to fund authorized facilities. The FY 2006-07 tax levy is
equal to $278,482.
K:\CLlENTS2ISea1 Boochladminlcfd2002-1I06.07Isb_16S\SB165 lIIlDualroport_2006.doc
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D1iVlll TauuIg I........... lnc
CITY OF SEAL BEACH CFD NO. 2002.1
(HERON PDINTEI
SB1SS FUND SUMMARY
Fund
Beginning Balance
IBalance.. 01 11/1IllS)
Special Ta. Fund [21
Bond Fund [1]
Re.erve Account [1]
Admlni.trati"" Expen.e Account [2J
RedempUon Fund [1]
~Fuml111
Cost oll..uance Account [1]
Capitalized IntIlrest Subaccount [1]
$0
$0
$270,538
$40,000
$0
$3,080,434
$209.428
$208,251
$3,808,649
Grand Total
Funds Received
111111llB through 10J31108)
Funds Expended
(11/1JOBlhrough 10J31JOS)
$0
$208,251
$10.214
$0
$0
$124,932
$2,736
$4,743
$348,878
(1 J FundlAclXlcrlt held by Fiscal Agent pursu.nt to fhe FISCIll' Agent Agreement daI8d 81 of July 1. 200!5.
12l FundlAccDunt held by cnctar of Admlnlstralfve ServICBsIT'nMlaurer puralsnt to the F11Cl11 Agent Agreement dated as of July 1, 2005.
K."Cl8IiIZ\lEN,.IEACH'ADN\H'\CfD1OII2o'-..cmBIl.1e5\881'15JoCCT_~..2l1D112S
$0
($208,251)
($10,214)
($4,667)
$0
($3,085,254)
($212,164)
($21 0,994)
($3,709,544)
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,,-
1204:1IPM
Ending Balance
sa ot 10J31106
$0
$0
$270,538
$35,333
$0
S140,112
SO
($0)
5445,981
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