City of San Clemente
Community Facilities District No. 2006-1
(Marblehead Coastal)
Special Tax Accountability Report
(SB 165)
Fiscal Year 2023/2024
Prepared for:
City of San Clemente
910 Calle Negocio
San Clemente, CA 92673
949-361-8200
Exhibit 1
City of San Clemente
City of San Clemente
Andy Hall, City Manager
Jake Rahn, Financial Services Officer
910 Calle Negocio
San Clemente, CA 92673
T. 949-361-8200
Bond Counsel
Best, Best & Krieger LLP
655 West Broadway, 15th Floor
San Diego, CA 92101-3542
T. 619-525-1300
Fiscal Agent
The Bank of New York Mellon Trust Company, N.A.
Lena Chan, Client Service Manager
333 South Hope Street, Suite 2525
Los Angeles, CA 90071
T. 213-630-6253
Special Tax Administrator
Koppel & Gruber Public Finance
Scott Koppel/Kara Meverden
334 Via Vera Cruz, Suite 256
San Marcos, CA 92078
T. 760-510-0290
TABLE OF CONTENTS
Section I. Background.................................................................................................................... 1 Section II. Bond Proceeds.............................................................................................................. 2 Section III. City-Held Funds ........................................................................................................... 3 Section IV. Collection of Special Taxes .......................................................................................... 4 Section V. Expenditures to Fund Authorized Facilities.................................................................. 5 Section VI. Authorized Facilities.................................................................................................... 6 ______________________________________________________________________________ City of San Clemente, Community Facilities District No. 2006-1 (Marblehead Coastal) 1 Special Tax Accountability Report (SB 165)
Fiscal Year 2023/2024
SECTION I. BACKGROUND
The Local Agency Special Tax and Bond Accountability Act (“Accountability Act”) was enacted by California State Legislature through Senate Bill 165 to provide accountability measures for any local special tax and/or bond measure subject to voter approval on or after January 1, 2001.
According to the requirements of the Accountability Act (Sections 50075.1 and 53410 of the Government Code of the State of California), an annual report must be filed by the local agency levying a special tax and/or issuing a bond measure on or before each January 1, commencing January 1, 2002, and shall contain a description of the following:
(1) The amount of funds collected and expended to fund authorized facilities. (2) The status of any project required or authorized to be funded by the special tax and/or bond measure.
The information contained in this Report has been compiled and is being presented to and in accordance with the requirements outlined in the Accountability Act for Fiscal Year 2023/2024 for the City of San Clemente (“City”) and their Community Facilities District No. 2006-1 (Marblehead Coastal) (“CFD No. 2006-1” or “CFD”).
______________________________________________________________________________ City of San Clemente, Community Facilities District No. 2006-1 (Marblehead Coastal) 2 Special Tax Accountability Report (SB 165)
Fiscal Year 2023/2024
SECTION II. BOND PROCEEDS
The City issued 2015 Special Tax Bonds (“Bonds”) on December 3, 2015 in the aggregate principal amount of $55,490,000. Proceeds of the Bonds were used to finance the construction of certain facilities within CFD No. 2006-1. The table below summarizes the application of the Bond proceeds:
Fund/Account/Subaccount Bond Proceeds
Improvement Fund $51,600,000.00
Bond Fund1 1,989,713.89
Costs of Issuance Fund 732,809.65
Reserve Fund 4,697,950.96
Administrative Expense Fund 30,000.00
Total2 $59,050,474.50 1 Represents monies used to fund interest on the Bonds through September 1, 2016. 2 Total Bond proceeds deposited include the Original Issue Premium and exclude the Underwriter’s Discount.
______________________________________________________________________________ City of San Clemente, Community Facilities District No. 2006-1 (Marblehead Coastal) 3 Special Tax Accountability Report (SB 165)
Fiscal Year 2023/2024
SECTION III. CITY-HELD FUNDS
Special taxes collected are held by the City prior to being transferred to the Bond Fund held by the Fiscal Agent. The balance of the CFD No. 2006-1 City-held funds that are not required to fund items pursuant to and as further described in the CFD No. 2006-1 Fiscal Agent Agreement (“FAA”) established in connection with the issuance of the Bonds may be used to fund authorized facilities of the CFD. The following table provides a summary of the sources and uses of the CFD No. 2006- 1 special tax funds held at the City for fiscal year ended June 30, 2024.
Item Balance
Beginning Balance as of July 1, 2023 $2,329,687.19
Sources of Funds:
Special Tax Receipts1 $3,274,114.63
Interest Accrued 38,109.79
Subtotal: Sources of Funds $3,312,224.42
Uses of Funds:
Transfers to Bond Fund2 ($2,643,529.88)
Administrative Expenses (14,751.71)
Subtotal: Uses of Funds ($2,658,281.59)
Ending Balance as of June 30, 2024 $2,983,630.02 1 Includes Special Taxes and any delinquent amounts collected by the County and transferred to the City. Excludes any special taxes that were charged for FY 2023/2024 but not apportioned to the City until after June 30, 2024. 2 Represents funds used for the September 1, 2023 and March 1, 2024 debt service payments. ______________________________________________________________________________ City of San Clemente, Community Facilities District No. 2006-1 (Marblehead Coastal) 4 Special Tax Accountability Report (SB 165)
Fiscal Year 2023/2024
SECTION IV. COLLECTION OF SPECIAL TAXES
The table below provides a summary of the Special Taxes deposited, interest accrued, transfers, and other transactions within the Bond Fund for fiscal year ended June 30, 2024.
Item Balance
Beginning Balance as of July 1, 2023 $788.97
Sources of Funds:
Special Tax Receipts $3,049,667.67
Interest Accrued 13,354.70
Subtotal: Sources of Funds $3,063,022.37
Uses of Funds:
Transfers to Principal and Interest Accounts (Debt Service) ($3,055,600.00) Subtotal: Uses of Funds ($3,055,600.00)
Ending Balance as of June 30, 2024 $8,211.34
______________________________________________________________________________ City of San Clemente, Community Facilities District No. 2006-1 (Marblehead Coastal) 5 Special Tax Accountability Report (SB 165)
Fiscal Year 2023/2024
SECTION V. EXPENDITURES TO FUND AUTHORIZED
FACILITIES
The FAA established an Improvement Fund of which proceeds from the Bonds shall be deposited and disbursed for the costs of the authorized facilities. The following table shows the initial Bond proceeds deposited, interest accrued, transfers and expenditures made to fund the authorized facilities from Bond inception through June 30, 2024 for the Improvement Fund.
Item Balance
Sources of Funds:
Deposit into the Improvement Fund $51,600,000.00
Interest Accrued 1,156,721.04
Total Sources of Funds $52,756,721.04
Expenditures:
Authorized Facilities ($49,663,929.56)
Total Expenditures ($49,663,929.56)
Ending Balance as of June 30, 2024 $3,092,791.48
______________________________________________________________________________ City of San Clemente, Community Facilities District No. 2006-1 (Marblehead Coastal) 6 Special Tax Accountability Report (SB 165)
Fiscal Year 2023/2024
SECTION VI. AUTHORIZED FACILITIES
The purpose of CFD No. 2006-1 is to provide for the cost of financing the construction and engineering design of the Facilities (described generally below), the payment of development impact fees and the incidental expenses related to financing, forming and administering CFD No. 2006-1. Descriptions of the Authorized Facilities are as follows:
Arterial Roadways
o Ave. Vista Hermosa
o Ave. Vista Hermosa Bridge
o Ave. Pico
o El Camino Real
Local Public Roadways
o Los Molinos & Via Socorro
Public Parks & Trails
o Sports Park
o Pico Park
o 2 Passive Parks
o Regional Public Trails
o Courtney Sand Castle
o Artificial Turf (Sports Park)
Storm Drains
o Offsite Drain Line
o Residential Drain Lines
o Water Quality Improvements
Low-Flow 1st Flush System
o Off-Site System
o Residential System
Water System
o Offsite 12” Line
o Residential Line with 2 PRS
o Pump Station
Sewer System
o Offsite 12” Line
o Residential Line
Fees and Assessment
o Transportation RCFPP (Residential Portion)
o Water Capacity and Connection Fees (Residential Portion) o Sewer Assessment District No. 85-1 Obligation