TITLE
Recommendation to receive and file annual reports on Community Facilities District No. 2007-1 - Douglas Park Commercial Area (CFD No. 2007-1); Community Facilities District No. 2007-2 - Belmont Shore (CFD No. 2007-2); Community Facilities District No. 5 - Long Beach Towne Center (CFD No. 5); Community Facilities District No. 6 - Pike Public Improvements (CFD No. 6); and, Community Facilities District No. 2011-1 Douglas Park - North of Cover Street Area (CFD No. 2011-1), to comply with the Local Agency Special Tax Bond and Accountability Act. (Districts 2,3,5)
DISCUSSION
The Local Agency Special Tax Bond and Accountability Act (Act), requires the City to submit an annual report on CFD project funds to its City Council for Community Facilities District Special Tax bonds issued after January 1, 2001. The Act requires that the annual report contain a statement indicating the specific purposes of the Special Tax, that the proceeds of the Special Tax be used for those purposes, and that the funds be separately held. This annual report requirement applies to CFD No. 2007-1 (Exhibit A), CFD 2007-2 (Exhibit B), CFD No. 5 (Exhibit C), CFD No. 6 (Exhibit D), and CFD No. 2011-1 (Exhibit E). The issued bond amounts include funds for construction and/or improvements due to costs related to issuing the bonds and amounts required to be held in reserve accounts. Interest earned on funds is generally included in balances, see exhibits for details.
The CFD No. 2007-1 - Douglas Park Commercial Area A bonds, totaling $15.1 million were issued, of which $12.9 million funded the acquisition, construction of various public improvements including sewer, water, roadway, and traffic signalization systems, installation of street lights and construction of dry utilities and landscaping and irrigation improvements. CFD 2007-1 assesses Special Tax A for construction of infrastructure, debt service payments and District administration costs. The District also assesses Special Tax...
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