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 Accountability Act was enacted by the California State Legislature through Senate Bill 165 to provide accountability measures for any local special tax and/or bond measure subject to voter approval on or after January 1, 2001. This requires the City to submit an annual report on Community Facilities District (CFD) project funds to the City Council for CFD Special Tax bonds issued after January 1, 2001. The Accountability Act also requires that the annual report contain a statement indicating the specific purposes of the Special Tax, a requirement that the proceeds of the Special Tax be applied only for those purposes, that the funds be separately held, and the amount of funds collected and expended. This annual report requirement applies to CFD No. 2007-1 (Attachment A), CFD 2007-2 (Attachment B), CFD No. 5 (Attachment C), CFD No. 6 (Attachment D), and CFD No. 2011-1 (Attachment 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 attachments 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 sy...
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