1994-1 Community Facilities District
(Marketplace Public Pedestrian, Traffic Circulation and Parking Facilities) 2012 Special Tax Refunding Bonds
Local Agency Special Tax and Bond Accountability Report Fiscal Year Ended June 30, 2024
4 4
2 2
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act (the “Act”) and was codified in California Government Code Sections 53410 through 53412 and 50075 through 50077.5. Some of the requirements of the Act are handled at the formation of the Community Facilities District and/or at bond issuance while others are handled through an annual report. This report is intended to comply with the requirements of the Act setting forth annual reporting requirements and Section 5.19 (C) of the Fiscal Agent Agreement requiring the Finance Director to file an annual report with the City Council no later than January 1.
City Council approved the creation of a Community Facilities District for the Janss Marketplace mall and the issuance of the 1994 Special Tax Bonds to construct a parking structure, pedestrian walkways and other public improvements. In July 2012, City Council approved the issuance of the 2012 Special Tax Refunding Bonds to refund the 1994 Special Tax Bonds.
1. Status
The construction of the parking structure and pedestrian walkways authorized to be funded by the 1994 Special Tax Bonds was completed prior to the issuance of the 2012 Special Tax Refunding Bonds.
2. Bond Proceeds Collected and Expended
As of June 30, 2024, all bond proceeds were expended except for $1,994,713 used to satisfy the 2012 Special Tax Refunding Bonds Reserve requirement. On June 27, 2024, a property owner made a $1,650,895 prepayment of the special tax associated with two parcels within the District and received a Reserve Fund Credit of $354,972 per the Rate and Method of Apportionment. The prepayment and the Reserve Fund credit were transferred to an escrow account established to defease $2,010,000 in bonds on September 1, 2024.
3. Special Taxes Collected and Expended for Fiscal Year 2023-24 (unaudited) Collections
Special Taxes $1,980,570
Interest Earnings 95,478
Property Owner Prepayments Deposited in Defeasance Escrow 1,650,895 Bond Proceeds from Reserve Fund Deposited in Defeasance Escrow 354,972 Property Owner Deposit for Prepayment Costs 25,000
Total Revenue $4,106,915
Expenditures
Bond Principal and Interest Payments $1,960,278
Community Facilities District Administration Expenditures 48,228 Total Expenditures $2,008,506
Beginning Balance July 1, 2023 $1,801,881
ATTACHMENT #3
1994-1 Community Facilities District
(Marketplace Public Pedestrian, Traffic Circulation and Parking Facilities) 2012 Special Tax Refunding Bonds
Local Agency Special Tax and Bond Accountability Report Fiscal Year Ended June 30, 2024
4 4
2 2
Ending Balance June 30, 2024 3,900,290
Net Change in Fund Balance $2,098,409
FIN:340-70\ja\H:\COMMON\Council\2024\Administration\111924 1994-1 CFD Annual Report - Attach 3.docx