HomeMy WebLinkAboutCC AG PKT 2003-12-08 #N AGENDA REPORT
DATE: December 8, 2003
TO: Honorable Mayor and City Council
THRU: John B. Bahorski, City Manager
FROM: Pamela Arends -King, Director of Administrative Services/Treasurer
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 mello roos financing 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. However,
the special taxes will not be levied until June 2005. Additionally, the bonds are
not expected to be issued until early 2004.
Agenda Item /r/
,
FISCAL IMPACT:
None.
RECOMMENDATION:
Receive and File Report. Under state law, when a mello roos financing 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.
s dil4W4 le-
Pamela Arends -King
Director of Administrative Services/Treasurer
NO D APPRO
John : Bahorski
Ci , anager