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); and Community Facilities District No. 6 - Pike Public Improvements (CFD No. 6), 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, requires the City to submit an annual report to its City Council on Community Facility Districts Special Tax bonds issued after January 1, 2001. This Act requires that any local special tax bond, issued after 2001 requiring voter approval, contain a statement indicating the specific purposes of the special tax, requires that the proceeds of the Special Tax be used for these 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), and CFD No. 6 (Exhibit D). Total issued bond amounts will vary from funds used for construction and/or improvements due to costs related to issuing the bonds and amounts required be held in reserve accounts. Interest earned on balances 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. As of September 30, 2012, the fund balance of $51,283 remains for administrative service from Department of Public Works for CFD 2007-1 activity oversight.
The CFD No. 2007-2 - Belmont Shore 2009 bonds, totaling $3.7 million were issued, of whic...
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