ACTION:
____________________________
Clerk/Secretary
Department: Finance Item No: C4
Prepared by: Mike Sylvia, Director/Treasurer Meeting Date: May 14, 2024 Approved by: John Conley, City Manager Agenda Location: Consent SUBJECT: COMMUNITY FACILITIES DISTRICT NO. 92-1 (NORTH COUNTY SQUARE) DISTRICT
CLOSEOUT REPORT
RECOMMENDATION: Adopt City Council Resolution No. 2024- , declaring surplus, ordering the disposition of surplus amounts, amending the Operating Budget for Fiscal Years 2023/24 and 2024/25, and approving the District Closeout Analysis and Findings Report for Community Facilities District No. 92- 1 (North County Square) and accepting the Notice of Completion of Public Improvements.
CORRELATION TO CITY COUNCIL GOALS: Fiscal Responsibility PRIOR ACTION: On February 9, 1993, adopted City Council Resolutions Nos. 93-9, 93-10, 93-11, and 93-12, adopting boundary map showing properties and land to be served by certain public capital facilities in a Community Facilities District, declaring its intention to establish a Community Facilities District and to levy a special tax to pay for certain public facilities within the Community Facilities District, ordering and directing the preparing of a “report” for a Community Facilities District, and declaring its intention to incur bond indebtedness with proposed Community Facilities District (Vote 4-0, Cole absent).
STATEMENT ON THE SUBJECT: Community Facilities District (CFD) No. 92-1 was formed in 1993 to fund capital improvements within the CFD including road improvements, wetland improvements, offsite land acquisition, improvements and maintenance for wetland mitigation purposes, regional storm drain improvements, operating and maintenance costs for wetland improvements and incidental costs. These improvements included grading, channel, traffic signals and devices, streets, water and sewer utilities, electrical, gas and communications undergrounding, landscaping, storm drain and drainage, off-site environmental impact mitigation, facilities improvements, and associated maintenance. Annual CFD special taxes were levied through fiscal year (FY) 2020/21 to fund the CFD debt service payments, which funded the improvements.
Prior to the final scheduled CFD special tax levy in FY 2020/21, City staff conducted a funds analysis and determined that sufficient funds were available to pay off the remaining debt service. On October 1, 2021, all of the remaining bonds were redeemed by the CFD Trustee, US Bank. The Promissory Note payoff notice dated November 10, 2021, is attached as Exhibit 2. Confirmation of receipt of the final Fiscal Report for the CFD from the California Debt and Investment Advisory Commission (CDIAC) dated July 5, 2023, is attached as Exhibit 3. After the bond call, staff conducted an informal procurement process for CFD District Closeout Analysis and Findings. NBS Government Finance Group was the lowest responsive bidder and was awarded the contract to complete the Closeout Analysis Report.
AGENDA
REPORT
CITY COUNCIL
COMMUNITY DEVELOPMENT COMMISSION
SUCCESSOR AGENCY
BUENA SANITATION DISTRICT
JOINT POWERS FINANCING AUTHORITY
Approved above recommendation, adopted City Council Resolution No. 2024-55.
Vote: 4-0 (Green absent)
MEETING DATE: MAY 14, 2024 PAGE 2
SUBJECT: COMMUNITY FACILITIES DISTRICT NO. 92-1 (NORTH COUNTY SQUARE) DISTRICT
CLOSEOUT REPORT
The Closeout Analysis Report is attached as Exhibit 4 and details the status of each of the CFD’s funds and accounts. The CFD surplus funds total $278,431.96. Staff recommends City Council approve the resolution declaring these funds as surplus, authorize a budget adjustment appropriating the funds, and direct staff to rebate the funds to the property owners (or tenants with a possessory interest who paid CFD special taxes) within the CFD on the basis of proration of the FY 2020/21 CFD aggregate maximum special tax, as shown in the following table.
APN
FY 2020/21 Max CFD
Tax
Proportion of CFD Max
Tax Proportion of Surplus Funds
183-430-07-00 $ 33,409.80 1.39% 3,873.04 183-430-08-00 $ 34,266.45 1.43% 3,972.35 183-430-17-00 $ 24,414.85 1.02% 2,830.30 183-430-33-00 $ 104,941.02 4.37% 12,165.31 183-430-34-00 $ 47,116.37 1.96% 5,461.97 183-430-36-00 $ 9,423.27 0.39% 1,092.39 183-430-37-00 $ 4,711.64 0.20% 546.20 183-430-38-00 $ 23,558.19 0.98% 2,730.99 183-430-40-00 $ 57,396.30 2.39% 6,653.68 183-430-41-00 $ 48,829.69 2.03% 5,660.59 183-430-47-00 $ 139,635.81 5.81% 16,187.31 183-430-48-00 $ 77,956.18 3.25% 9,037.09 183-430-49-00 $ 172,327.84 7.17% 19,977.14 183-430-50-00 $ 30,148.80 1.26% 3,495.01 183-430-56-00 $ 222,004.85 9.24% 25,735.96 183-430-57-00 $ 486,149.51 20.24% 56,356.98 183-430-58-00 $ 31,448.04 1.31% 3,645.62 183-430-60-00 $ 7,101.72 0.30% 823.27 183-431-19-00 $ 300,688.13 12.52% 34,857.33 183-431-20-00 $ 55,682.99 2.32% 6,455.06 183-431-28-00 $ 41,787.95 1.74% 4,844.28 183-431-29-00 $ 27,627.33 1.15% 3,202.70 183-431-30-00 $ 60,784.41 2.53% 7,046.45 183-431-31-00 $ 86,338.61 3.59% 10,008.82 183-431-32-00 $ 28,321.23 1.18% 3,283.14 183-431-33-00 $ 58,364.33 2.43% 6,765.90 183-431-34-00 $ 23,138.42 0.96% 2,682.33 183-431-35-00 $ 32,981.46 1.37% 3,823.38 183-431-36-00 $ 1,310.69 0.05% 151.94 184-112-12-00 $ 6,961.57 0.29% 807.02 184-112-15-00 $ 12,847.59 0.53% 1,489.36 184-112-16-00 $ 4,733.32 0.20% 548.71 184-112-49-00 $ 16,228.53 0.68% 1,881.30 217-030-71-00 $ 8,182.89 0.34% 948.60 217-030-79-00 $ 67,618.67 2.82% 7,838.71 217-031-29-00 $ 4,274.65 0.18% 495.54 217-031-3-000 $ 9,111.11 0.38% 1,056.21 $ 2,401,824.21 100.00% $ 278,431.98
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MEETING DATE: MAY 14, 2024 PAGE 3
SUBJECT: COMMUNITY FACILITIES DISTRICT NO. 92-1 (NORTH COUNTY SQUARE) DISTRICT
CLOSEOUT REPORT
FISCAL IMPACT: The recommended action will liquidate CFD surplus funds in the amount of $278,431.96 (account 7040000.310410) and provide for the reimbursement of the surplus funds to property owners (or Possessory Interest Holders, per the table above) within the CFD on a prorated basis based on each parcel’s share of the CFD’s FY 2020/21 aggregate maximum special tax (account 7040750.555000).
EXHIBITS:
1.City Council Resolution No. 2024- , Declaring surplus, ordering the disposition of surplus amounts, amending the Operating Budget for Fiscal Years 2023/24 and 2024/25, and approving the District Closeout Analysis and Findings Report for Community Facilities District No. 92-1 (North County Square), and accepting the Notice of Completion of Public Improvements
2.Promissory Note payoff notice letter
3.CDIAC confirmation of final Fiscal Report for CFD 92-1
4.Community Facilities District No. 92-1 (North County Square) District Closeout Analysis and Findings Report
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00029213 5
RESOLUTION NO. 2024-
A RESOLUTION OF THE CITY COUNCIL OF THE CHARTERED CITY OF
VISTA, CALIFORNIA, DECLARING SURPLUS, ORDERING THE
DISPOSITION OF SURPLUS AMOUNTS, AMENDING THE OPERATING
BUDGET FOR FISCAL YEARS 2023/24 AND 2024/25, AND APPROVING THE
DISTRICT CLOSEOUT ANALYSIS AND FINDINGS REPORT COMMUNITY FACILITIES DISTRICT NO. 92-1 (NORTH COUNTY SQUARE), AND
ACCEPTING THE NOTICE OF COMPLETION OF PUBLIC IMPROVEMENTS The City Council of the City of Vista does resolve as follows:
1. Findings. The City Council hereby finds and declares the following:
A. The City Council of the City of Vista (“City”) has, by previous resolution and related actions, undertaken proceedings to establish Community Facilities District No. 92-1 (North County Square) (the “District”).
B. The $12,555,000 Special Tax Bonds, (North County Square) 1993 Series A (the “Original Bonds”), were issued on October 14, 1993 to finance the costs of acquisition by the City of certain public improvements as described in the formation Resolution for the District.
C. On December 21, 2016, the City authorized the refunding of all outstanding Original Bonds with the issuance of the City of Vista Community Facilities District No. 92-1 (North County Square) Special Tax Refunding Bonds Series 2016A in the aggregate principal amount of $5,485,000 (the “Refunding Bonds”).
D. On October 1, 2021, the final debt service payment for the Refunding Bonds was made and there are no longer any Refunding Bonds outstanding.
E. The public improvements authorized in the formation Resolution for the District have been completed.
F. The City Council is satisfied that the public improvements have been completed and desires to amend the Operating Budget at this time to facilitate the disposition of the CFD surplus funds of $278,431.96.
2. Action.
A. The City Council hereby orders the disposition of said surplus funds, according to the Mello Roos Community Facilities Act of 1982, California Government Code Title 5, Division 2, Part 1, Chapter 2.5 (commencing with Section 53311), and in the manner described in the District Closeout Analysis Report prepared by NBS.
B. A Notice of Completion of Public Improvements was completed and signed by the Director of Public Works of the City of Vista.
C. The City Council declares the fund balance of the District to be surplus. 05/14/2024 C4 4 of 30
EXHIBIT 1
RESOLUTION NO. 2024-
CITY COUNCIL OF THE CHARTERED CITY OF VISTA
PAGE 2
D. The City Council hereby approves the District Closeout Analysis and Report prepared by NBS and the closeout of the CFD.
E. The City Council hereby directs staff to pay surplus funds checks to the CFD property owners or possessory interest holders based upon a proration of the FY 2020/21 CFD Maximum Special Tax.
3. Adoption. PASSED AND ADOPTED at a meeting of the City Council of the City of Vista held on May 14, 2024, by the following vote:
AYES:
NOES:
ABSTAIN:
APPROVED AS TO FORM:
WALTER CHUNG, CITY ATTORNEY
By:
APPROVED
Walter C. Chung
20240502150946
JOHN FRANKLIN, MAYOR
ATTEST:
KATHY VALDEZ, CITY CLERK
By:
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RESOLUTION NO. 2024-
CITY COUNCIL FOR THE CHARTERED CITY OF VISTA
PAGE 1 EXHIBIT A
1. Account Number Account Description Increase Decrease 7040750.555000 Other Debt Related Expense 278,432$
7040000.310410 Fund Balance - Undesignated 278,432$
Appropriations are hereby made to fund CFD 90-2 Closeout net of consultant and auditor expenses. 05/14/2024 C4 6 of 30
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EXHIBIT 2
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EXHIBIT 3
nbsgov.com
Prepared by:
Corporate Headquarters
32605 Temecula Parkway, Suite 100
Temecula, CA 92592
Toll free: 800.676.7516
District Closeout Analysis Report
Community Facilities District No. 92-1 (North
County Square)
Series 2016A Special Tax Refunding Bonds
March 2024
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EXHIBIT 4
EXECUTIVE SUMMARY
Pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (Sections 53311 et seq. of the Government Code of the State of California) (the “Act”), the City of Vista (the “City”) established Community Facilities District No. 92-1 (North County Square) (the “District”) following the special election held on April 26, 1993 to finance the costs of road improvements, wetland improvements; offsite land acquisition, improvements and maintenance for wetland mitigation purposes; regional storm drain improvements; operating and maintenance costs for wetland improvements and incidental costs. These improvements included grading, channel, traffic signals and devices, streets, water and sewer utilities, electrical, gas and communications undergrounding, landscaping, storm drain and drainage, off-site environmental impact mitigation facilities improvements, and associated maintenance.
The Community Facilities District No. 92-1 Special Tax Bonds, (North County Square) 1993 Series A (the “Original Bonds”), were issued in 1993 in the amount of $12,555,000 to finance District improvements. On October 14, 1993, the Vista Joint Powers Financing Authority acquired the Original Bonds from the City via the issuance of the Vista Joint Powers Financing Authority Revenue Bonds (North County Square Project) 1993 Series C (the “Revenue Bonds”).
On December 21, 2016, the City authorized the refunding of the Original Bonds via the issuance of the Community Facilities District No. 92-1 (North County Square) Special Tax Refunding Bonds Series 2016A (the “Bonds” or “Refunding Bonds”). The Refunding Bonds were issued pursuant to provisions of the Act and sold via a private placement agreement in accordance with Section 53360.4 of the Government Code of the State of California.
The final levy for the District occurred in Fiscal Year 2020/21 and parcel owners were billed a total of $1,248,633 in that final year levy. Following the final debt service payment for the Refunding Bonds on September 2, 2021, a surplus fund balance remained in the District.
The City retained NBS to review and prepare a District Closeout Analysis Report (the “Closeout Report”) for the District. This Closeout Report summarizes the recommendations for the disposition of the remaining funds in accordance with applicable laws and bond documents.
As part of the closeout process, NBS coordinated with BLX to prepare a Final Arbitrage Rebate Analysis report associated with the Refunding Bonds, which verified that no final arbitrage rebate payment is due.
Ultimately, District surplus funds available at this time should be retained for future maintenance of District improvements.
NBS
Andrew Kraus, Administrator
Stephanie Parson, Project Manager
Pablo Perez, Client Services Director
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TABLE OF CONTENTS
Executive Summary .................................................................................................................
1. Fund Analysis ................................................................................................................. 1
2. Disposition of Funds ....................................................................................................... 2
2.1 Administrative Expense Account of the Special Tax Fund ........................................ 2
2.2 Interest Account and Principal Account of the Special Tax Fund ............................. 2
2.3 Redemption Account of the Special Tax Fund. ......................................................... 3
2.4 Rebate Fund. ............................................................................................................. 4
2.5 Surplus Fund .............................................................................................................. 5
2.6 Costs of Issuance Fund .............................................................................................. 5
3. Notice of Completion ...................................................................................................... 6
4. Notice of Cessation of Special Tax Lien ............................................................................ 7
5. Resolution Declaring Surplus........................................................................................... 8 05/14/2024 C4 18 of 30
City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 1
1. FUND ANALYSIS
The following tables show the fund analysis prepared for the District. The analysis reflects the funds set forth in the Bond Indenture for the District and the March 11, 2024 fund balances associated with the District.
Costs of Issuance Fund
Costs of Issuance Fund Balance as of 3/11/24 $0.00
Less amount to be transferred to the Surplus Fund 0.00
Ending Balance $0.00
Special Tax Fund
Special Tax Fund Balance as of 3/11/24 $0.00
Less amount to be transferred to the Surplus Fund 0.00
Ending Balance $0.00
Rebate Fund
Rebate Fund Balance as of 3/11/24 $0.00
Less amount to be transferred to the Surplus Fund 0.00
Ending Balance $0.00
Surplus Fund
Surplus Fund Balance as of 3/11/24 (1) $278,431.96
Less previously unrecovered City administrative fees 0.00 Less City fee for District Closeout 0.00
Less Arbitrage Analysis fees 0.00
Less Closeout administrative fees 0.00
Less amount available for maintenance of District improvements (278,431.96)
Ending Balance $0.00
Total amount available for maintenance of District improvements $278,431.96 (1) Surplus Fund balance represents the cash balance held by the City. Arbitrage Analysis fees in the amount of $5,250 and Closeout administrative fees in the amount of $12,500 have already been expended from the stated Surplus Fund Balance.
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City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 2
2. DISPOSITION OF FUNDS
The following section summarizes the disposition of each fund and account that was established per the Refunding Bonds Indenture. Refer to the Bond Indenture for full details.
2.1 Administrative Expense Account of the Special Tax Fund The Trustee shall transfer from the Special Tax Fund and deposit in the Administrative Expense Account of the Special Tax Fund from time to time amounts necessary to make timely payment of Administrative Expenses as set forth in a Certificate of an Authorized Representative of the District; provided, however, that, except as set forth in the following sentence, the total amount transferred in a Bond Year shall not exceed the Administrative Expenses Cap until such time as there has been deposited to the Interest Account and the Principal Account an amount, together with any amounts already on deposit therein, that is sufficient to pay the interest and principal on all Bonds and Parity Bonds due in such Bond Year, as determined by the District. Notwithstanding the foregoing, amounts in excess of the Administrative Expenses Cap may be transferred to the Administrative Expense Account to the extent necessary to collect delinquent Special Taxes, as directed in writing by an Authorized Representative of the District. Moneys in the Administrative Expense Account of the Special Tax Fund shall be invested in any Authorized Investments as directed in writing by an Authorized Representative of the District and shall be disbursed as directed in a Certificate of an Authorized Representative.
2.2 Interest Account and Principal Account of the Special Tax Fund The principal of and interest due on the Bonds and any Parity Bonds until maturity, other than principal due upon redemption, shall be paid by the Trustee from the Principal Account and the Interest Account of the Special Tax Fund, respectively. For the purpose of assuring that the payment of principal of and interest on the Bonds and any Parity Bonds will be made when due, after making the transfer required by Section
3.3 of the Bond Indenture, at least one Business Day prior to each April 1 and October 1, the Trustee shall make the following transfers from the Special Tax Fund, first to the Interest Account and then to the Principal Account; provided, however, that to the extent that deposits have been made in the Interest Account or the Principal Account from the proceeds of the sale of an issue of the Bonds, any Parity Bonds, or otherwise, the transfer from the Special Tax Fund need not be made; and provided, further, that, if amounts in the Special Tax Fund (exclusive of any reserve account established with respect to an issue of Parity Bonds) are inadequate to make the foregoing transfers, then any deficiency shall be made up by an immediate transfer from a reserve account established for the Parity Bonds, if any:
a) To the Interest Account, an amount such that the balance in the Interest Account one Business Day prior to each Interest Payment Date shall be equal to the installment of interest due on the Bonds and any Parity Bonds on said Interest Payment Date and any installment of interest due on a previous Interest Payment Date which remains unpaid. Moneys in the Interest Account shall be used for the payment of interest on the Bonds and any Parity Bonds as the same become due. b) To the Principal Account, an amount such that the balance in the Principal Account one Business Day prior to October 1 of each year shall equal the principal payment due on the Bonds and any Parity Bonds maturing on such October 1 and any principal payment due on a previous October 1 05/14/2024 C4 20 of 30
City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 3 which remains unpaid. Moneys in the Principal Account shall be used for the payment of the principal of such Bonds and any Parity Bonds as the same become due at maturity.
2.3 Redemption Account of the Special Tax Fund
With respect to each October 1 on which a Sinking Fund Payment is due, after the deposits have been made to the Administrative Expenses Account, the Interest Account and the Principal Account of the Special Tax Fund as required by Sections 3.3 and 3.4 of the Bond Indenture, the Trustee shall next transfer into the Redemption Account of the Special Tax Fund from the Special Tax Fund the amount needed to make the balance in the Redemption Account one Business Day prior to each October 1 equal to the Sinking Fund Payment due on any Outstanding Bonds and Parity Bonds on such October 1; provided, however, that, if amounts in the Special Tax Fund (exclusive of any reserve account established with respect to an issue of Parity Bonds) are inadequate to make the foregoing transfers, then any deficiency shall be made up by an immediate transfer from a reserve account established for the Parity Bonds, if any.
Moneys so deposited in the Redemption Account shall be used and applied by the Trustee to call and redeem Bonds in accordance with the Sinking Fund Payment schedules set forth in Section 4.1(b) of the Bond Indenture, and to redeem Parity Bonds in accordance with any Sinking Fund Payment schedule in the Supplemental Indenture for such Parity Bonds.
After making the deposits to the Administrative Expenses Account, the Interest Account and the Principal Account of the Special Tax Fund pursuant to Sections 3.3 and 3.4 of the Bond Indenture and to the Redemption Account for Sinking Fund Payments then due pursuant to subparagraph (a) of this Section, and in accordance with the District’s election to call Bonds for optional redemption as set forth in Section 4.1(a) of the Bond Indenture, or to call Parity Bonds for optional redemption as set forth in any Supplemental Indenture for Parity Bonds, the Trustee shall transfer from the Special Tax Fund and deposit in the Redemption Account moneys available for the purpose and sufficient to pay the principal and premiums, if any, payable on the Bonds or Parity Bonds called for optional redemption; provided, however, that amounts in the Special Tax Fund (other than the Administrative Expenses Account therein) may be applied to optionally redeem Bonds and Parity Bonds only if immediately following such redemption the amount in any reserve account required for Parity Bonds will equal the reserve requirement for such Parity Bonds, as determined by the District.
Prepayments deposited to the Redemption Account shall be applied on the redemption date established pursuant to Section 4.1(c) of the Bond Indenture for the use of such Prepayments to the payment of the principal of, premium, and interest on the Bonds and Parity Bonds to be redeemed with such Prepayments.
Moneys set aside in the Redemption Account shall be used solely for the purpose of redeeming Bonds and Parity Bonds and shall be applied on or after the redemption date to the payment of principal of and premium, if any, on the Bonds or Parity Bonds to be redeemed upon presentation and surrender (if required) of such Bonds or Parity Bonds and in the case of an optional redemption or an extraordinary redemption from Prepayments to pay the interest thereon; provided, however, that in lieu or partially in lieu of such call and redemption, moneys deposited in the Redemption Account may be used to purchase Outstanding Bonds or Parity Bonds in the manner hereinafter provided. Purchases of Outstanding Bonds or Parity Bonds may be made by the District at public or private sale as and when and at such prices as the District may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, plus, in the case of moneys set aside for an optional redemption or an 05/14/2024 C4 21 of 30
City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 4 extraordinary redemption, the premium applicable at the next following call date according to the premium schedule established pursuant to Section 4.1(a) or 4.1(d) of the Bond Indenture, as applicable, or in the case of Parity Bonds the premium established in any Supplemental Indenture. Any accrued interest payable upon the purchase of Bonds or Parity Bonds may be paid from the amount reserved in the Interest Account of the Special Tax Fund for the payment of interest on the next following Interest Payment Date.
2.4 Rebate Fund
The Trustee shall establish and maintain a fund separate from any other fund established and maintained hereunder designated as the Rebate Fund and shall establish a separate Rebate Account and Alternative Penalty Account therein. All money at any time deposited in the Rebate Account or the Alternative Penalty Account of the Rebate Fund shall be held by the Trustee in trust, for payment to the United States Treasury. A separate subaccount of the Rebate Account and the Alternative Penalty Account shall be established for the Bonds and each issue of Parity Bonds the interest on which is excluded from gross income for federal income tax purposes. All amounts on deposit in the Rebate Fund with respect to the Bonds or an issue of Parity Bonds shall be governed by Section 3.7 of the Bond Indenture and the Tax Certificate for such issue, unless the District obtains an opinion of Bond Counsel that the exclusion from gross income for federal income tax purposes of interest payments on the Bonds and Parity Bonds will not be adversely affected if such requirements are not satisfied.
In the event that, prior to the time of any payment required to be made from the Rebate Account, the amount in the Rebate Account is not sufficient to make such payment when such payment is due, the District shall calculate or cause to be calculated the amount of such deficiency and deposit an amount received from any legally available source equal to such deficient prior to the time such payment is due. (a) Disposition of Unexpended Funds. Any funds remaining in the Accounts of the Rebate Fund with respect to the Bonds or an issue of Parity Bonds after redemption and payment of such issue and after making the payments described in Section 3.7 of the Bond Indenture, may be withdrawn by the Trustee at the written direction of the District and utilized in any manner by the District. (b) Survival of Defeasance and Final Payment. Notwithstanding anything in this Section or Bond Indenture to the contrary, the obligation to comply with the requirements of this Section shall survive the defeasance and final payment of the Bonds and any Parity Bonds with respect to which an Account has been created in the Rebate Fund.
(c) Amendment Without Consent of Owners. Section 3.7 of the Bond Indenture may be deleted or amended in any manner without the consent of the Owners, provided that prior to such event there is delivered to the District an opinion of Bond Counsel to the effect that such deletion or amendment will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds and any issue of Parity Bonds issued on a tax-exempt basis.
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City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 5
2.5 Surplus Fund
After making the required transfers according to the Bond Indenture, as soon as practicable after each October 1, and in any event prior to each October 1, the Trustee shall transfer all remaining amounts in the Special Tax Fund to the Surplus Fund, unless on or prior to such date, it has received a Certificate of an Authorized Representative of the District directing that certain amounts be retained in the Special Tax Fund because the District has included such amounts as being available in the Special Tax Fund in calculating the amount of the levy of Special Taxes for such Fiscal Year pursuant to Section 5.2(b) of the Bond Indenture. Moneys deposited in the Surplus Fund will be transferred by the Trustee at the direction of an Authorized Representative of the District (i) to the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund to pay the principal of, including Sinking Fund Payments, premium, if any, and interest on the Bonds and any Parity Bonds when due in the event that moneys in the Special Tax Fund and any reserve account established with respect to Parity Bonds, if applicable, are insufficient therefor, (ii) to any reserve account established for Parity Bonds in order to replenish such reserve account to the reserve requirement established for such Parity Bonds, if required, (iii) to the Administrative Expense Account of the Special Tax Fund to pay Administrative Expenses to the extent that the amounts on deposit in the Administrative Expense Account of the Special Tax Fund are insufficient to pay Administrative Expenses; or (iv) for any other lawful purpose of the District.
The amounts in the Surplus Fund are not pledged to the repayment of the Bonds or the Parity Bonds and may be used by the District for any lawful purpose. In the event that the District reasonably expects to use any portion of the moneys in the Surplus Fund to pay debt service on any Outstanding Bonds or Parity Bonds, the District will notify the Trustee in a Certificate of an Authorized Representative and the Trustee will segregate such amount into a separate subaccount and the moneys on deposit in such subaccount of the Surplus Fund shall be invested at the written direction of the District in Authorized Investments the interest on which is excludable from gross income under Section 103 of the Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals and corporations under the Code) or in Authorized Investments at a yield not in excess of the yield on the issue of Bonds or Parity Bonds to which such amounts are to be applied, unless, in the opinion of Bond Counsel, investment at a higher yield will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds or any Parity Bonds which were issued on a tax exempt basis for federal income tax purposes.
2.6 Costs of Issuance Fund
The moneys in the Costs of Issuance Fund shall be disbursed by the Trustee pursuant to a Certificate of an Authorized Representative of the District, and any balance therein shall be transferred by the Trustee to the Interest Account as directed in writing by an Authorized Representative of the District or 90 days following the issuance of Bonds, whichever is earlier. Following such transfer, the Trustee shall close the Costs of Issuance Fund.
All money in the Costs of Issuance Fund was expended and the Costs of Issuance Fund was closed prior to the retirement of the Bonds.
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City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 6
3. NOTICE OF COMPLETION
The following page provides the Notice of Completion of Public Improvements to be signed by the Director of Public Works.
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City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 7
4. NOTICE OF CESSATION OF SPECIAL TAX LIEN
The following pages provide the Notice of Cessation of Special Tax Lien to be signed by the City Clerk.
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City of Vista
District Closeout Analysis Report – CFD No. 92-1 (North County Square) 8
5. RESOLUTION DECLARING SURPLUS
The following pages provide the Resolution entitled “A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF VISTA DECLARING THE SPECIAL TAX FUND AS SURPLUS, ORDERING THE
DISPOSITION OF SURPLUS AMOUNTS, APPROVING THE DISTRICT CLOSEOUT ANALYSIS REPORT PREPARED BY NBS FOR COMMUNITY FACILITIES DISTRICT NO. 92-1 (NORTH COUNTY SQUARE), AND ACCEPTING THE NOTICE OF COMPLETION OF PUBLIC IMPROVEMENTS” to be adopted by the City Council.
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Recording requested by and
when recorded mail to:
City of Vista
c/o Andrew Kraus
NBS
32605 Temecula Parkway, Suite 100
Temecula, CA 92592
NO RECORDING FEES ARE DUE. This Notice of
Special Tax Lien is recorded for the benefit of the
City of Vista, California and is exempt from
recording fees pursuant to Sections 6103 and
27383 of the California Government Code.
NOTICE OF CESSATION OF SPECIAL TAX LIEN
(RELEASE OF LIEN)
COMMUNITY FACILITIES DISTRICT NO. 92-1
(NORTH COUNTY SQUARE)
Pursuant to the provisions of Section 53330.5 of the Government Code of the State of California, the City of Vista (“City”), County of San Diego, State of California, with respect to Community Facilities District No. 92-1 (North County Square) (“CFD No. 92-1”), NOTICE IS HEREBY GIVEN that:
1. The City Council finds that no bonded indebtedness has been or will be incurred by CFD No. 92-1 to finance principal and interest on bonds, the proceeds of which are being used to finance certain improvements including grading, channel, traffic signals and devices, streets, water and sewer utilities, electrical, gas and communications undergrounding, landscaping, storm drain and drainage, and off-site environmental impact mitigation facilities improvements, and associated maintenance and CFD No. 92-1 has no outstanding indebtedness of any kind for which the levy of a special tax may be made consistent with the terms of the rate and method of apportionment of the special tax.
2. The obligation to pay the special tax has ceased and that the lien imposed by the Notice of Special Tax Lien recorded as Document No. 0300852 on May 12, 1993 in the records of the County Recorder of San Diego County, State of California is extinguished.
3. Reference is made to the boundary map of CFD No. 92-1 recorded at Book 27 of Maps of Assessments and Community Facilities Districts at Page 16, as instrument no. 1993-143223, in the office of the County Recorder for the County of Sacramento, State of California.
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NOTICE IS HEREBY GIVEN that the special tax lien recorded against the parcels identified herein in “Exhibit A” have ceased and that the liens against said properties have been fully discharged.
Dated: _______________ By: _________________________________________ Kathy Valdez, City Clerk
City of Vista
County of San Diego, State of California
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Assessor's Parcel Number Owner
1834300700 VALBEACH GARFIELD L L C
1834300800 VALVISTA NORTH L L C
1834301700 CARL KARCHER ENTERPRISES INC & PACIFIC COAST INC 1834303300 PETSMART INC & VISTA P S L L C
1834303400 PETSMART INC & VISTA P S L L C
1834303600 PETSMART INC & VISTA P S L L C
1834303700 PETSMART INC & VISTA P S L L C
1834303800 BANK OF AMERICA N A & STERLING DEVELOPMENT CORP ET AL 1834304000 VALVISTA NORTH L L C
1834304100 OFFICE DEPOT INC & VALVISTA NORTH L L C
1834306000 VALVISTA NORTH LLC
1834305800 TONG JAMES & MAY 1997 TRUST 04-28-97
1834304700 VISTA PARTNERS EIGHT LLC
1834304800 VALVISTA NORTH L L C
1834304900 1900 UNIVERSITY DR L L C
1834305000 WAL-MART STORES EAST L P
1834305600 1900 UNIVERSITY DR L L C
1834305700 WAL-MART STORES EAST L P
1834311900 DAYTON HUDSON CORP
1834312000 DAYTON HUDSON CORP
1834312800 VALVISTA SOUTH L L C
1834312900 VALVISTA SOUTH L L C
1834313000 VALVISTA SOUTH L L C
1834313100 VALVISTA SOUTH L L C
1834313200 VALVISTA SOUTH L L C
1834313300 VALVISTA SOUTH L L C
1834313400 VALVISTA SOUTH L L C
1834313500 VALVISTA SOUTH L L C
1834313600 VALVISTA SOUTH L L C
1841121500 7-ELEVEN INC & VISTA MORE PLAZA L L C
1841121600 7-ELEVEN INC & VISTA MORE PLAZA L L C
1841124900 7-ELEVEN INC & VISTA MORE PLAZA L L C
2170307900 WALGREEN CO & 310 SYCAMORE AVENUE LLC
1841121200 IRASERVICES-D G LLC
2170307100 SYCAMORE TERRACE VISTA CA LLC & BROWN VERA TR & SHEVCHUK RUTH M 2170312900 SYCAMORE TERRACE VISTA CA LLC & BROWN VERA TR & SHEVCHUK RUTH M 2170313000 400 SYCAMORE LLC
2170733000 CITY OF VISTA
1834302200 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834302300 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834302400 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834302500 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834302700 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834302800 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834304400 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834304500 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834304600 NORTH COUNTY SQUARE OWNERS ASSOCIATION
1834311600 CITY OF VISTA
EXHIBIT "A"
CITY OF VISTA
COMMUNITY FACILITIES DISTRICT NO. 92-1
(NORTH COUNTY SQUARE)
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