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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)