TITLE
Recommendation to receive and file annual reports on Community Facilities District No. 6 - Pike Public Improvements (CFD No. 6) and Community Facilities District No. 2007-1 - Douglas Park Commercial Area (CFD No. 2007-1) 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) and CFD No. 2007-1 (Exhibit B).
The CFD No.6, 2002 Special Tax Bonds, referred to as the Pike Public Improvement Bonds, fall within these reporting requirements. The 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, referred to as the Douglas Park Commercial Area Special Tax Bonds, fall within these reporting requirements. The bond totaled $15.1 million of which $12.9 million are deposited into an improvement fund to fund 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.
This matter was reviewed by Assistant City Attorney Heather Mahood on November 30, 2007 and Budget Management Officer Victoria Bell on December 4, 2007.
TIMING CONSIDERATIONS
State law requires this report to be filed by the end of the calendar year; therefore, City Council action is requested on December 18, 2007.
FISCAL IMPACT
There is no fi...
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