3/7/2024
1 RiversideCA.gov
1 RiversideCA.gov
COMMUNITY FACILITIES DISTRICT NO. 2013-1
(KUNNY RANCH) SPECIAL TAX BONDS SERIES
2024
City Council Meeting
March 19, 2024
Finance Department
RiversideCA.gov
2 1. CFD 2013-1 (Kunny Ranch) formed December 3, 2013
1. Incur Bonded Indebtedness NTE $5,500,000
2. Levy Special Tax A Upon Developed Properties for Debt Service
3. Levy Special Tax B Upon Developed Properties for Services
2. Levied Special Taxes Starting FY 2023
3. Requested Bond Sale from Developer
4. 74 Parcels -- All developed and conveyed to owners
BACKGROUND
MC0
1 2
3/7/2024
2 RiversideCA.gov
3 • Special Tax Bonds Secured by Special Tax Revenue levied on the CFD 2013-1 (Kunny Ranch)
• Principal Not-to-Exceed $5,500,000
• 30 Year Maturity
• Special Reserve Funded with Special Tax Revenue to
minimize default risk
• Reimburse Developer for Fees associated with Water,
Storm Drain, Landscaping/Street Lighting Facilities
• Appraised Value of Property - $ 64.6 million
PROPOSED TRANSACTION
RiversideCA.gov
4 • Total Finance Charge - $226,300
• Aggregate Principal - $4,170,000
• Estimated True Interest Cost of Bonds – 4.77%
• Amount of Estimated Bond Proceeds - $4,317,044
• Total Payment Amount to Final Maturity - $8,730,200
GOOD FAITH ESTIMATES
3 4
3/7/2024
3 RiversideCA.gov
5 This item contributes to Strategic Priority No. 5- High Performing Government and Goal No. 5.3 Enhance
communication and collaboration with transparency, build public trust, and encourage shared decision-making.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov
6 That the City Council:
1. Adopt a Resolution authorizin g the issuance of the Community Facilities District No. 2013-1 (Kunny Ranch) Special Tax Bonds, Series 2024 (Tax Exempt) in an aggregate principal amount not to exceed $5,500,000;
2. Approve the financing team, as identified herein, for this transaction and authorize the City Treasurer or any duly authorized designee, to pay the costs of such firms in connection with this financing from CFD 2013-1 Series 2024 bond proceeds;
3. Authorize the City Manager and Chief Financial Officer, or designees to execute all documents related to the issuance of the Special Tax Bonds for Community Facilities District No. 2013-1 (Kunny Ranch) and the ability to make minor changes to these documents as required to carry out the financing; and
4. With at least five affirmative votes, au thorize the Chief Financial Officer, or designee, to record supplemental appropriations in the CFD 2013-1 Kunny Ranch Fund related to the issuance of the Community Facilities District No. 2013-1 (Kunny Ranch) Special Tax Bonds,S e r i e s 2024 (Tax Exempt).
RECOMMENDATIONS
5 6