HomeMy WebLinkAbout14-CON~1Agenda Item # 14
CONSENT
To: Board of Directors
From: Robert Mescher
Date: June 05, 2013
Subject: Consideration of Annual Resolutions for Special Tax: Old
Greenwood and Gray's Crossing Communities Facilities Districts
1. WHY THIS MATTER IS BEFORE THE BOARD
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. Only the Board can adopt these resolutions.
2. HISTORY
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 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.
3. NEW INFORMATION
This matter comes before the Board each year. We rely on Nevada County to collect
special taxes as line items on the annual property tax bills.
Attachment 1 is Resolution 2013-13 for Old Greenwood Community Facilities District
No. 03-1 authorizing Nevada County to collect the special tax for the fiscal year
2013-2014.
Attachment 2 is Resolution 2013-14 for Gray's Crossing Community Facilities District
No. 04-1 authorizing Nevada County to collect the special tax for the fiscal year
2013-2014.
The Board is considering the refinancing of the Old Greenwood bonds, not included in
this action item. If the bonds are refunded, the special taxes would be reduced by
approximately $200,000 for the fiscal year 2013-2014.
4. 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 estimated assessments for the 2013-2014 assessment period
are $904,000 for Old Greenwood and $2,516,000 for Gray's Crossing.
If the Old Greenwood bonds are refinanced, the estimated assessment would be
$704,000.
5. RECOMMENDATION
a) Adopt Resolution 2013-13 requesting Nevada County to collect the special taxes for
the Old Greenwood 03-1 Communities Facilities District; and
b) Adopt Resolution 2013-14 requesting Nevada County to collect the special taxes for
the Gray's Crossing 04-1 Communities Facilities District.
Robert Mescher
Administrative Services Manager
Michael D. Holley
General Manager