HomeMy WebLinkAbout11 Annual Resolutions for Special Tax - Old Greenwood and Grays Crossing CFDsAGENDA ITEM #11
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MEETING DATE:March 2, 2022
TO:Board of Directors
FROM:Michael Salmon, CFO
SUBJECT:Consideration of Annual Resolutions for Special Tax:
Old Greenwood and Gray's Crossing Communities Facilities
Districts
APPROVED BY______________________________
Brian C. Wright, General Manager
RECOMMENDATION:
a) Adopt Resolution 2022-05 requesting Nevada County to collect the special taxes for
the Old Greenwood 03-1 Community Facility District; and
b) Adopt Resolution 2022-04 requesting Nevada County to collect the special taxes for
the Gray's Crossing 04-1 Community Facilities District.
BACKGROUND:
This item concerns requesting Nevada County to collect special taxes in the Old
Greenwood No. 03-1 and Gray's Crossing No. 04-1 Communities Facilities Districts by the
adoption of standard resolutions.
Resolution No. 9723 adopted on November 5, 1997 authorized the execution of a standard
form tax collection services contract on behalf of the District with the County of Nevada.
The contract states that the District must adopt an annual resolution requesting placement
of special taxes, special assessments and/or parcel charges on the County of Nevada tax
rolls. The lists are currently in preliminary form only and are available in the Administrative
Services Department. Final lists will be on record with Nevada County and the District's
Administrative Services Department.
On October 14, 2003, the District adopted Ordinance No. 2003-04, authorizing the levy of
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a special tax within the Old Greenwood Community Facilities District No. 03-1.
On July 21, 2004, the District adopted Ordinance No. 2004-02, authorizing the levy of a
special tax within the Gray's Crossing Community Facilities District No. 04-1.
On January 15, 2014, the Board authorized the District to refinance the bonds of Old
Greenwood Community Facilities District No. 03-1, saving the Old Greenwood property
owners over $3 million over the term of the bond ending in 2032 at no cost to the TDPUD.
This matter comes before the Board each year. The District utilizes Nevada County to
collect special taxes as line items on the annual property tax bills.
FISCAL IMPACT:
The special tax dollars collected are deposited into the Old Greenwood and Gray's
Crossing Communities Facilities District funds on deposit with the Trustee, Bank of New
York Mellon. These funds are used to pay principal and interest payments on the related
bonds sold. The assessments for the 2021-2022 assessment period were $810,800 for
Old Greenwood and $2,655,700 for Gray's Crossing.
ATTACHMENTS:
Attachment 1: Resolution 2022-05 for Old Greenwood Community Facilities District No.
03-1 authorizing Nevada County to collect the special tax for the fiscal year 2022-2023 tax
roll.
Attachment 2: Resolution 2021-04 for Gray's Crossing Community Facilities District No.
04-1 authorizing Nevada County to collect the special tax for the fiscal year 2022-2023 tax
roll.