HomeMy WebLinkAboutCC AG PKT 2005-01-24 #K •
City Council Staff Report
January 24, 2005
AGENDA REPORT
•
DATE: January 24, 2005
TO: Honorable Mayor and City. Council •
THRU: John B. Bahorski, City Manager
FROM: Pam Arends -King, Director.of Finance •
•
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:
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 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 Community Facilities District No. 2002 -1 (Heron Pointe) — On
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. To date, the
bonds have not been issued. It is expected the bonds will be issued in 2005. The
special taxes will not be levied until after bond issuance.
• Agenda Item
City of Seal Beach
Community Facilities District No. 2002 -1 (Heron Pointe) "
' City Council Staff Report
January 24, 2005
FISCAL IMPACT: -
None. `
RECOMMENDATION:
Receive and File Report. Under state law, when a Community Facilities 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.
a iiettA
Pam Arends -King, Finance Directo
NOTED AND • 4gC-------7
Jo t' Bahorski, City Manager
•
Page 2 ,
City of Seal Beach
Community Facilities District No. 2002 -1 (Heron Pointe)