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Council Memorandum • Pae 2
<br />the responsibility of the CFD.
<br />An exhibit is attached to each ordinance listing the special tax amount for each parcel in the CFDs.
<br />The ordinances will be effective upon adoption in accordance with section 416 (c) of the Charter
<br />and after being published in a newspaper of general circulation in accordance with Section 414 of
<br />the Charter. The levy of the special taxes will be delivered to the County Auditor-Controller for
<br />collection through the annual property tax bills.
<br />FISCAL IMPACT:
<br />The annual special tax levies for each District are the amounts necessary to pay annual principal
<br />and interest due on the outstanding bonds issued for the Districts plus applicable administrative
<br />expenses. Bond Reserve requirements of all Districts are fully funded and there are no delinquency
<br />problems within any of the districts. Variations in the amount of special taxes levied from the prior
<br />year are normal, and primarily due to a fluctuation in the availability of interest earnings to apply to
<br />the Districts' debt service requirements. For the 2009/10 fiscal year, special taxes must be levied
<br />on the following CFDs:
<br />Orangecrest CFD 86-1, $19,000,000 of bonds sold in June 1987, refinanced in 2001. This is the
<br />twenty-third of twenty-nine annual levies of special taxes. For 2009/10, special taxes are
<br />$1,081,125 and for 2008/09, they were $951,663
<br />Highlander CFD 90-1, $20,400,000 of bonds sold in March 1991, refinanced in 2001. This is the
<br />eighteenth of twenty-four annual levies of special taxes. For 2009/10, special taxes are
<br />$1,232,768 and for 2008/09, they were $1,325,033.
<br />Tyler Mall CFD 90-2, $8,945,980 of bonds sold in September 1991. This is the eighteenth of
<br />nineteen annual levies of special taxes. For 2009/10, special taxes are $1,200,000 and for
<br />2008/09, they were $1,180,000.
<br />Sycamore Canyon CFD 92-1, $9,700,000 of bonds sold July 2005, including the refinancing a
<br />previous $1,200,000 issue from July 2003. This is the fifth of twenty-nine annual levies of
<br />special taxes. For 2009/10, special taxes are $618,377 and for 2008/09, they were $595,342.
<br />Orangecrest CFD 2002-1, a $1,955,000 carve-out of the Orangecrest CFD 86-1 approved in
<br />January 2003. This is the seventh year of thirteen annual levies. For 2009/10, special taxes are
<br />$230,249 and for 2008/09, they were $215,379.
<br />Tyler Mall CFD 2004-1, related to the City's 2006 Certificates of Participation issue of
<br />$19,945,000. For 2009/10, special taxes are $690,000.
<br />Prepared by: Paul C. Sundeen, Assistant City Manager/CFO
<br />Approved by: Paul C. Sundeen, Assistant City Manager/CFO
<br />for Bradley J. Hudson, City Manager
<br />Approved as to form: Gregory P. Priamos, City Attorney
<br />Attachments:
<br />1. Ordinances (6), each with an attachment
<br />34-2
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