HomeMy WebLinkAboutMINUTES - 12162008 - C.95 TO: BOARD OF SUPERVISORS ti---------- Contra
FROM: Steve Ybarra '
ot
s Costa
Auditor-Controller County
DATE: December 16, 2008
. SUBJECT:* County of Contra Costa Community Facilities District No. 2001-1 (Norris Canyon)
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS:
ACCEPT the FY08 Community Facilities District Administration Report on County of Contra Costa Community
Facilities District No. 2001-1 (Norris Canyon) as required by Sections 50075.3 and 53411 of the California
Government Code.
FISCAL IMPACT:
None. The report relates to Special Taxes approved by voters and bonds issued and secured by said Special
Taxes.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
>CECOMMENDA ION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON J�Pr!nvb-er I(o o206 APPROV AS RECOMME ED O HER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
+� UNANIMOUS (ABSENT L4kk1(_0 ) TRUE AND CORRECT COPY OF AN-
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Contact: Jim Kennedy
5-7225
orig: Conservation and Development
cc: County Administrator ATTESTED 'beCjjr
County Counsel DAVID TWA, CLERK OF THE
Public Works BOARD OF SUPERVISORS
Auditor-Controller AND THE COUNTY ADMINISTRATOR
via: DCD (Redevelopment)
Quint& Thimmig
Stone & Youngberg
BNY Western Trust
Toll Brothers -
Goodwin Consulting Group BY , DEPUTY
G:\CDBG-REDEV\MelloRoosCFD\Norris Canyon(2001-1)\BOARD.ORDER.12.6.08.Annual Report.doc 1
BACKGROUND/REASONS FOR RECOMMENDATIONS:
On June 5, 2001 the Contra Costa County Board of Supervisors authorized the establishment of Community
Facilities District No. 2001-1 (Norris Canyon). The creation of the Community Facilities District (CFD)
authorized the levy of a Mello-Roos Special Tax on the Norris Canyon Estates subdivision.The action of the
Board also authorized the issuance of bonded indebtedness secured by the approved Special Tax in the
amount of$7,220,000. The (CFD) bonds were issued on June 14, 2001.
The California Government Code Sections 50075.3 and 53411 require that specified information be provided
to the Board of Supervisors on an annual basis. The report requirements include information on Mello-Roos
CFD Special Taxes collected and CFD Bond issued. The attached CFD Administration Report fulfills the
requirement of the Government Code. The reporting requirements are summarized below:
Section 50075.3
Item (a): Identify amount of special taxes that have been collected and expended.
Response to Item (a): The fiscal year 2007-08 special tax levy was $537,639. Since the CFD is on the
County Teeter Plan, the full amount of the tax levy was collected. Of this amount, $527,065 was used to pay
debt services in March and September 2008 on the CFD bonds. The remaining $10,574 was expended on
administrative costs for the CFD.
Item (b): Identify the status of any project required or authorized to be funded by the special taxes.
Response to Item(b): All CFD No. 2001-1 improvements have been completed and accepted by the Public
Works division of the County.
Section 53411
Item (a): Identify the amount of bonds that have been collected and expended.
Response to Item(a): A total of$7,220,000 in special tax bonds was issued by the County on June 14, 2001.
Upon issuance of the bonds,$6,000,000 from bond proceeds was deposited into the Improvement Fund and
has been used to acquire the CFD No.2001-1 improvements from the developer.An additional$170,000 was
used to pay the costs of issuing the bonds. Approximately$417,000 was deposited in the Reserve Fund,and
the remaining $487,000 was deposited in the Bond Fund to be used for capitalized interest. Through
September 1,2008, principal payments totaling$740,000 have been made to retire matured bonds.As of the
date of this Report, $6,480,000 in bonds are outstanding.
Item (b): Identify the status of any project required or authorized to be funded from bond proceeds:
Response to Item(b): All CFD No. 2001-1 improvements have been completed and accepted by the Public
Works division of the County.
Not part of the Government Code required report, but provided as a matter of information is the following
information on the incidence of delinquencies within the District. The total amount collected bythe Countyfor
the fiscal year 2007-08 CFD special tax levy was$509,289. Property owners for 17 parcels were delinquent a
total of $28,350 in payments of the fiscal year 2007-08 CFD special tax levy. The magnitude of the
delinquencies in the District is below the threshold for which the County is obligated to take affirmative action
to remedy.
G:\CDBG-REDEV\MelloRoosCFD\Norris Canyon(2001-1)\BOARD.ORDER.12.6.08.Annual Report.doc 2