City of Hesperia
2022/23 Annual Report - CFD No. 2005-1 (Belgate Development Restructuring) SB 165: LOCAL AGENCY SPECIAL TAX AND BOND
ACCOUNTABILITY ACT
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability 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, require that the proceeds of the special tax be applied to those purposes, require the creation of an account into which the proceeds shall be deposited, and require 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 Section 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 Report intends to comply with Section 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, 2002, and at least once a year thereafter. The Annual report shall contain all of the following:
1. The amount of funds collected and expended.
2. The status of any project required or authorized to be funded as identified in subdivision (a) of Section 53410.”
The requirements of the Act apply to the Funds of:
City of Hesperia
CFD No. 2005-1 (Belgate Development Restructuring)
Special Tax Refunding Bonds, Series 2014
Purpose of Special Tax
The original bonds were sold for the purpose of financing the construction and acquisition of certain street, sanitary sewer, water, storm drain, and fire suppression improvements. The 2005 CFD Bonds were issued to refinance the original bonds. The 2014 Bonds issued on December 18, 2014 were issued to refund the full outstanding series of bonds previously issued.
Collections and Expenditures
Fund Name
06/30/2021
Balance
Amount
Collected
Amount
Expended
06/30/2022
Balance
Special Tax Fund $1,569,805.92 $1,912,173.29 (1) $1,860,605.61 $1,621,373.60 (1) Total amount collected is from all sources.
Fund Name Initial Deposit
6/30/2022
Balance
Amount
Expended Status
Escrow Fund $17,826,791.11 $0.00 $17,826,791.11 Closed
Costs of Issuance Fund 148,549.94 0.00 148,549.94 Closed Administrative Expense Fund 15,000.00 0.00 15,000.00 Ongoing Reserve Fund 1,428,212.50 1,453,372.77 0.00 Ongoing
Attachment 1