TITLE
Recommendation to receive and file annual reports on Community Facilities District No. 6 - Pike Public Improvements (CFD No. 6); Community Facilities District No. 2007-1 - Douglas Park Commercial Area A (CFD No. 2007-1); and Community Facilities District No. 5 - Long Beach Towne Center (CFD No. 5) to comply with the Local Agency Special Tax Bond and Accountability Act. (Districts 2,5)
DISCUSSION
The Local Agency Special Tax Bond and Accountability Act, enacted by Senate Bill 165 and codified in the California Government Code Sections 53410 through 53412, requires local agencies to submit an annual report to its governing body on local bond measures sold after January 1, 2001. This annual report requirement applies to CFD No.6 (Exhibit A), CFD No. 2007-1 (Exhibit B) and CFD No.5 (Exhibit C).
The CFD No.6 - Pike Public Improvement bonds, totaling $32.1 million, were issued to finance acquisition, construction and installation of the Pike Parking Structure and the Catalina Landing Parking Lot, in addition to ancillary improvements which included storm drains, metered on-street parking stalls, installation of underground utilities and related improvements.
The CFD No. 2007-1 - Douglas Park Commercial Area A bonds, totaling $15.1 million of which $12.9 million were deposited into an improvement fund to support 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 irrig.ation improvements.
The CFD No.5 - Long Beach Towne Center refunding bonds, totaling $14.6 million, of which $826,000 was deposited in the Improvement Fund to finance certain sidewalk and/or drainage improvements. The remainder was used to defease outstanding bonds issued by the City for the District in 2000.
This matter was reviewed by Assistant City Attorney Heather A. Mahood and Budget and Performance Management Bureau Manager Dav...
Click here for full text