CITY OF CORONA
FISCAL YEAR ENDING
JUNE 30, 2022
SENATE BILL 165
ANNUAL REPORT ON VOTER APPROVED DEBT SECTION 53411
Table of Contents
City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Sections
1. Introduction of Bond Accountability Act (Senate Bill 165) 1
2. Community Facilities District No. 2000-1 (Eagle Glen II) 2
3. Community Facilities District No. 2001-2 (Creste Verde Hills and Vista Grande) 3
4. Community Facilities District No. 2002-1 (Dos Lagos) 4
5. Community Facilities District No. 2002-1 IA 1 (Dos Lagos) 5
6. Community Facilities District No. 2002-4 (Corona Crossings) 7
7. Community Facilities District No. 2003-2 (Highlands Collection) 8
8. Community Facilities District No. 2004-1 (Buchanan Street) 9
9. Community Facilities District No. 2016-2 (Terrassa) 10
10. Community Facilities District No. 2017-2 (Valencia/Seville) 11
11. Community Facilities District No. 2018-1 IA 1 (Bedford) 12
12. Community Facilities District No. 2018-2 (Sierra Bella) 14
1. Introduction Page | 1
City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Bond Accountability Act (Senate Bill 165)
Senate Bill 165 (SB 165) shall be cited as the Local Agency Special Tax and Bond Accountability Act (the “Act”). This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, requires that the proceeds of the special tax be applied to those purposes, requires the creation of an account into which the proceeds shall be deposited, and requires an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Sections 50075.1 and 53410 of the California Government Code.
Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. This section of the report intends to comply with Sections 50075.3 and 53411 of the California Government Code that states:
The chief fiscal officer of the issuing local agency shall file a report with its governing body no later than January 1, after the bonds have been issued and at least once a year thereafter. The Annual report shall contain all of the following:
(a) The amount of funds collected and expended.
(b) The status of any project required or authorized to be funded as identified in subdivision (a) of Section 50075.1 and Section 53410.
2. Community Facilities District No. 2000-1 (Eagle Glen II) Page | 2 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2000-1 (Eagle Glen II) 2020 Special Tax Refunding Bond
Location
Community Facilities District No. 2000-1 (the “CFD No. 2000-1”) is generally located in the Bedford Canyon area, southeasterly of the downtown area of the City, westerly of the Route 15/Cajalco Road freeway interchange and approximately 5 miles south of the interchange between State Route 91 and the Interstate 15 Freeway.
Authorized Facilities and Bonds
CFD No. 2000-1 was formed to finance major public improvements which include roadway, drainage, park, water and sewer improvements. On January 15, 2020 the 2020 Special Tax Refunding Bond refunded the 2002 Series A and 2003 Series B Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $423,772
Less: Delinquency as of 6/30/2022 $1,005
Total Special Taxes Collected $422,767
2022 Expenditures
Bond Interest – 3/1/2022 $40,980
Bond Interest – 9/1/2022 $40,980
Bond Principal – 9/1/2022 $305,000
Administrative Expenses (1) $28,000
Total Expenditures $414,960
Ending Special Tax Fund Balance $7,807
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2000-1. All improvements funded by the prior bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2000-
1. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2000-1.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2000-1 N/A N/A N/A Complete
3. Community Facilities District No. 2001-2 (Cresta Verde Hills and Vista Grande) Page | 3 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2001-2 Improvement Area 1 and 2 (Cresta Verde Hills and Vista Grande) 2020 Special Tax Refunding Bond
Location
Community Facilities District No. 2001-2 (the “CFD No. 2001-2”) is located in the northeasterly and southerly portion of the City. CFD No. 2001-2 consists of two non-contiguous Improvement Areas. Improvement Area No. 1, known as “Cresta Verde Hills”, consists of approximately 55 gross acres. It is located approximately 1-mile northeast of the interchange between State Route 91 and the Interstate 15 Freeway. Improvement Area No. 2, known as “Vista Grande”, consists of approximately 12.5 gross acres. It is located approximately 3 miles south of the interchange between State Route 91 and the Interstate 15 Freeway.
Authorized Facilities and Bonds
CFD No. 2001-2 was formed to finance the costs of certain improvements which include water and sewer system improvements, street improvements and traffic signals, storm drainage improvements, park and recreation improvements, public safety improvements, landscape and appurtenant improvements, library improvements, and the acquisition of parkland and open space. On January 15, 2020 the 2020 Special Tax Refunding Bond refunded the 2002 Series A Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $230,916
Less: Delinquency as of 6/30/2022 $1,588
Total Special Taxes Collected $229,328
2022 Expenditures
Bond Interest – 3/1/2022 $21,777
Bond Interest – 9/1/2022 $21,777
Bond Principal – 9/1/2022 $145,000
Administrative Expenses (1) $40,000
Total Expenditures $228,554
Ending Special Tax Fund Balance $774
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2001-2. All improvements funded by the prior bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2001-
2. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2001-2.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2001-2 N/A N/A N/A Complete
4. Community Facilities District No. 2002-1 (Dos Lagos) Page | 4 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2002-1 (Dos Lagos)
2017 Special Tax Refunding Bonds
Location
Community Facilities District No. 2002-1 (the “CFD No. 2002-1”) is located in the southeastern portion of the City on both sides of Temescal Canyon Road between Cajalco Road and Weirick Road and east of Interstate 15.
Authorized Facilities and Bonds
CFD No. 2002-1 was formed for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Corona as a result of development within the boundaries of CFD No. 2002-1. The public facilities financed by CFD No. 2002-1 include water, reclaimed water and sewer system master plan improvements, drainage and flood control master plan improvements, Temescal Canyon Road and Weirick Road improvements, qualified undergrounding of utilities, master plan signals, public improvements within Westside Area (Tract 32538), and I-15 at Weirick Road northbound and southbound ramps. On January 26, 2017 the 2017 Special Tax Refunding Bonds refunded the 2005 Series A Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $1,175,145
Transfer from Surplus Funds $37,984
Less: Delinquency as of 6/30/2022 $31,479
Total Special Taxes Collected $1,181,650
2022 Expenditures
Bond Interest – 3/1/2022 $250,825
Bond Interest – 9/1/2022 $250,825
Bond Principal – 9/1/2022 $650,000
Administrative Expenses (1) $30,000
Total Expenditures $1,181,650
Ending Special Tax Fund Balance $0
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2002-1. All improvements funded by the prior bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2002-
1. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2002-1.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2002-1 N/A N/A N/A Complete
5. Community Facilities District No. 2002-1 IA 1 (Dos Lagos) Page | 5 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District 2002-1 IA 1 (Dos Lagos)
2017 Special Tax Refunding Bonds
Location
Community Facilities District No. 2002-1 Improvement Area 1 (the “CFD No. 2002-1 IA 1”) is located in the southeastern portion of the City on both sides of Temescal Canyon Road between Cajalco Road and Weirick Road and east of Interstate 15. CFD No. 2002-1 IA 1 consists approximately of 98 gross acres and comprises planning Areas 1, 2, 3 (portion only), 4, 5, and 6.
Authorized Facilities and Bonds
CFD No. 2002-1 IA 1 was formed for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Corona as a result of development within the boundaries of CFD No. 2002-1 IA 1. The public facilities financed by CFD No. 2002-1 IA 1 include water, reclaimed water and sewer system master plan improvements, drainage and flood control master plan improvements, Temescal Canyon Road and Weirick Road improvements, qualified undergrounding of utilities, master plan signals, landscaping and irrigation of street improvements, public improvements within Westside Area (Tract 32538), I-15 at Weirick Road northbound and southbound ramps, and Bedford wash bridge and channel. On January 26, 2017 the 2017 Special Tax Refunding Bonds refunded the 2007 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $535,061
Transfer from Surplus Funds $1,345
Less: Delinquency as of 6/30/2022 $0
Total Special Taxes Collected $536,406
2022 Expenditures
Bond Interest – 3/1/2022 $115,703
Bond Interest – 9/1/2022 $115,703
Bond Principal – 9/1/2022 $285,000
Administrative Expenses (1) $20,000
Total Expenditures $536,406
Ending Special Tax Fund Balance $0
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
5. Community Facilities District No. 2002-1 IA 1 (Dos Lagos) Page | 6 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2002-1 IA 1. All improvements funded by the prior bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2002- 1 IA 1. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2002-1 IA 1.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2002-1 IA 1 N/A N/A N/A Complete
6. Community Facilities District No. 2002-4 (Corona Crossings) Page | 7 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2002-4 (Corona Crossings) 2017 Special Tax Refunding Bonds
Location
Community Facilities District No. 2002-4 (the “CFD No. 2002-4”) is located in the southeastern portion of the City at the northwest corner of Cajalco Road and Temescal Canyon Road, east of Interstate 15.
Authorized Facilities and Bonds
CFD No. 2002-4 was formed for the purpose of constructing and acquiring certain public facilities within or serving CFD No. 2002-4 including road improvements, storm drain improvements, water system capacity improvements, and sewer system capacity improvements. CFD No. 2002-4 currently has one series of bonds: the Special Tax Refunding Bonds, Series 2017, which refunded the 2004 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $598,325
Transfer from Surplus Funds $3,325
Less: Delinquency as of 6/30/2022 $0
Total Special Taxes Collected $601,650
2022 Expenditures
Bond Interest – 3/1/2022 $124,825
Bond Interest – 9/1/2022 $124,825
Bond Principal – 9/1/2022 $330,000
Administrative Expenses (1) $22,000
Total Expenditures $601,650
Ending Special Tax Fund Balance $0
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2002-4. All improvements funded by the prior bond series is complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2002-
4. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2002-4.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2002-4 N/A N/A N/A Complete
7. Community Facilities District No. 2003-2 (Highlands Collection) Page | 8 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2003-2 (Highlands Collection) 2020 Special Tax Refunding Bond
Location
Community Facilities District No. 2003-2 (the “CFD No. 2003-2”) is comprised of the Highlands Collection and is located in the southern portion of the City. CFD No. 2003-2 consists of five residential neighborhoods: Citrus Highlands is located south of Ontario Avenue, east of Taylor Avenue and west of Main Street; Fieldstone Collection-Magnolia Street is located south of Magnolia Avenue and east of Garretson Avenue; Fieldstone Collection-Main Street is located south of Ontario Avenue and west of Main Street; Fieldstone CollectionLincoln Avenue is located east of Lincoln Avenue and south of Highgrove Street; and Montara is located at the northwest corner of Lincoln and Ontario Avenue.
Authorized Facilities and Bonds
CFD No. 2003-2 was formed to finance the cost of constructing and acquiring certain public facilities within CFD No. 2003-2 including street and signal improvements, storm drain improvements, water and sewer improvements, landscape improvements, park and open space improvements, and other public facilities. On January 15, 2020 the 2020 Special Tax Refunding Bond refunded the 2005 Special Tax Bonds and the 2006 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $449,540
Less: Delinquency as of 6/30/2022 $1,423
Total Special Taxes Collected $448,117
2022 Expenditures
Bond Interest – 3/1/2022 $55,180
Bond Interest – 9/1/2022 $55,180
Bond Principal – 9/1/2022 $305,000
Administrative Expenses (1) $25,000
Total Expenditures $440,360
Ending Special Tax Fund Balance $7,757
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2003-2. All improvements funded by the prior bond series is complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2003-
2. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2003-2.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2003-2 N/A N/A N/A Complete
8. Community Facilities District No. 2004-1 (Buchanan Street) Page | 9 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2004-1 (Buchanan Street) 2020 Special Tax Refunding Bond
Location
The boundaries of Community Facilities District No. 2004-1 (the “CFD No. 2004-1”) comprises of 27 developable acres located in the northeastern portion of the City adjacent to the City of Riverside.
Authorized Facilities and Bonds
CFD No. 2004-1 was formed to finance the costs of constructing and acquiring certain public facilities within CFD No. 2004-1 including street improvements, storm drain improvements, water and sewer improvements, Quimby fee, street and signal fee, sewer, drainage and water fees, and park and recreation fee. On January 15, 2020 the 2020 Special Tax Refunding Bond refund the 2006 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $202,455
Less: Delinquency as of 6/30/2022 $0
Total Special Taxes Collected $202,455
2022 Expenditures
Bond Interest – 3/1/2022 $27,720
Bond Interest – 9/1/2022 $27,720
Bond Principal – 9/1/2022 $125,000
Administrative Expenses (1) $20,000
Total Expenditures $200,440
Ending Special Tax Fund Balance $2,015
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement/Construction Funds of CFD No. 2004-1. All improvements funded by the prior bond series are complete. There were no Improvement/Construction Funds associated with the refunding of the bonds in CFD No. 2004-
1. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2004-1.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2004-1 N/A N/A N/A Complete
9. Community Facilities District No. 2016-2 (Terrassa) Page | 10 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2016-2 (Terrassa)
2018 Special Tax Bonds
Location
The boundaries of Community Facilities District No. 2016-2 (the “CFD No. 2016-2”) is located in the southwestern portion of the City, on the north side of Foothill Parkway and is bound by State Street to the west and Marquez Way to the east.
Authorized Facilities and Bonds
CFD No. 2016-2 was formed to finance the costs of constructing and acquiring certain public facilities within CFD No. 2016-2 including street and road facilities, street lights and traffic signals, law enforcement and fire protection facilities, library and park facilities, public meeting facilities, aquatic center facilities, radio communication facilities and sewer facilities, as well as to pay for incidental expenses related to planning, design and completion of such facilities. CFD No. 2016-2 has one series of bonds, the 2018 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $357,221
Less: Delinquency as of 6/30/2022 $2,596
Total Special Taxes Collected $354,625
2022 Expenditures
Bond Interest – 3/1/2022 $100,716
Bond Interest – 9/1/2022 $100,716
Bond Principal – 9/1/2022 $120,000
Administrative Expenses (1) $25,000
Total Expenditures $346,432
Ending Special Tax Fund Balance $8,193
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement Fund of CFD No. 2016-2. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2016-2.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2016-2 2018 $4,975,894.49 $0.00 Complete
10. Community Facilities District No. 2017-2 (Valencia/Seville) Page | 11 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2017-2 (Valencia/Seville) 2018 Special Tax Bonds
Location
The boundaries of Community Facilities District No. 2017-2 (the “CFD No. 2017-2”) is located in the south-central portion of the City, on the northeast corner of the intersection of Santana Way and Kellogg Avenue, south of State Route 91 and west of Interstate 15. CFD No. 2017-2 is included within Tract Map No. 37057 and is planned for 92 single family detached homes at buildout.
Authorized Facilities and Bonds
CFD No. 2017-2 was formed to finance facilities consisting of certain public facilities and improvements, to be owned, operated and maintained by the City for park improvements, street and traffic signal improvements and other public facilities of the City, Corona-Norco Unified School District for the payment of certain fees to the School District, and all appurtenances and appurtenant work in connection with the foregoing facilities. CFD No. 2017-2 has one series of bonds, the 2018 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $276,850
Less: Delinquency as of 6/30/2022 $0
Total Special Taxes Collected $276,850
2022 Expenditures
Bond Interest – 3/1/2022 $77,084
Bond Interest – 9/1/2022 $77,084
Bond Principal – 9/1/2022 $70,000
Administrative Expenses (1) $30,000
Total Expenditures $254,168
Ending Special Tax Fund Balance $22,682
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement Fund of CFD No. 2017-2. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2017-2.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance(2
Project
Status
CFD No. 2017-2 2018 $3,213,492.82 $0.00 Complete
(2) Balance includes added interest.
11. Community Facilities District No. 2018-1 IA 1 (Bedford) Page | 12 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2018-1 IA 1 (Bedford) 2018 Special Tax Bonds, Series A
2020 Special Tax Bonds
Location
The boundaries of Community Facilities District No. 2018-1 Improvement Area 1 (the “CFD No. 2018-1 IA 1”) is located west of Interstate 15 freeway and south of Eagle Glen Parkway in the southeastern portion of the City. CFD 2018-1 IA 1 consists of approximately 54 gross acres and consists of the first phase of a new master-planned community known as “Bedford”. Five Improvement Areas were designated and planned at build out.
Authorized Facilities and Bonds
CFD No. 2018-1 IA 1 was formed to finance the types of facilities that consist of the construction, purchase, modification, expansion and/or improvement of certain roadways and roadway improvements, tunnels, regional hiking and biking trails, storm drain facilities, flood control facilities, water and wastewater facilities (including, without limitation, domestic and recycled water facilities, water tank facilities, wells, reservoirs, pipelines, waterlines, storm and sewer drains and related infrastructure and improvements), wet and dry utilities, bridges and pedestrian bridges, parks, street lights, traffic signals, aquatic center facilities and equipment, fire protection facilities and equipment, law enforcement facilities and equipment, library facilities and equipment, public meeting facilities and equipment, radio communication facilities and equipment, sewer facilities and equipment and related infrastructure improvements, both onsite and offsite, and all appurtenances and appurtenant work in connection with the foregoing including utility line relocations and electric, gas and cable utilities.
CFD No. 2018-1 IA 1 has two series of bonds, the 2018 Series A Special Tax Bonds and the 2020 Special Tax Bonds.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $1,099,449
Less: Delinquency as of 6/30/2022 $7,210
Total Special Taxes Collected $1,092,239
2022 Expenditures(1)
Bond Interest – 3/1/2022 $425,225
Bond Interest – 9/1/2022 $425,225
Bond Principal – 9/1/2022 $85,000
Administrative Expenses (2) $50,000
Total Expenditures $985,450
Ending Special Tax Fund Balance $106,789
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
11. Community Facilities District No. 2018-1 IA 1 (Bedford) Page | 13 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Project Status
The requirements of the Act apply to the Improvement Fund of CFD No. 2018-1 IA 1. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2018-1 IA 1.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance
Project
Status
CFD No. 2018-1 IA 1 2018 Series A $8,332,079.33 $0.00 Complete CFD No. 2018-1 IA 1 2020 Series $9,781,924.12 $0.00 Complete
12. Community Facilities District No. 2018-2 (Sierra Bella) Page | 14 City of Corona
Local Agency Special Tax and Bond Accountability Act Report Fiscal Year Ending June 30, 2022
Community Facilities District No. 2018-2 (Sierra Bella) 2022 Special Tax Bonds, Series A
Location
The boundaries of Community Facilities District No. 2018-2 (the “CFD No. 2018-2”) is currently comprised of approximately 319 gross acres. The proposed development includes 237 single family detached homes, included in two district project lines known as Sonata and Adagio. CFD No. 2018-2 is generally located south of Green River Road, beyond Calle Del Oro and west of Paseo Grande.
Authorized Facilities and Bonds
CFD No. 2018-2 was formed to finance the costs of constructing and acquiring certain public facilities. The Authorized Facilities financed are: streets and road facilities, including street lights and traffic signals; law enforcement and fire protection facilities; library and park facilities; open space, public meeting facilities, aquatic center facilities; water facilities, and sewer facilities. CFD No. 2018-2 has one series of bonds, the 2022 Special Tax Bonds, Series A.
Funds Collected and Expended
The table below shows the amount of special taxes collected in Fiscal Year 2022 for the principal, interest and administrative expenses in the Calendar Year 2022.
Description Amount
FY 2022 Revenues
Special Taxes Levied $504,896
Less: Delinquency as of 6/30/2022 $4,762
Total Special Taxes Collected $500,134
2022 Expenditures
Bond Interest – 3/1/2022 $0
Bond Interest – 9/1/2022 $98,745
Bond Principal – 9/1/2022 $0
Administrative Expenses (1) $30,000
Total Expenditures $128,745
Ending Special Tax Fund Balance $371,389
(1) Amount allocated to Administrative Expenses and may not have been expended in its entirety.
Project Status
The requirements of the Act apply to the Improvement Fund of CFD No. 2018-2. The following table shows the initial amount deposited to the Improvement Fund, the amount expended, the June 30, 2022 Improvement Fund balance, and the project status. The amounts levied pay the administrative expenses, debt service (principal and interest), and remaining facilities eligible to be financed for CFD No. 2018-2.
District Series
Initial Deposit
Amount to
Improvement Fund
June 30, 2022
Balance(2)
Project
Status
CFD No. 2018-2 2022A $13,939,655.44 $13,939,655.44 Ongoing (2) Balance includes interest.