HomeMy WebLinkAbout11 Annual Resolutions for Special Tax - Old Greenwood and Grays Crossing CFDsAGENDA ITEM #11
Page 1 of 2
MEETING DATE:March 1, 2023
TO:Board of Directors
FROM:Michael Salmon, CFO
SUBJECT:Consideration of Annual Resolutions for Special Tax:
Gray's Crossing and Old Greenwood Communities Facilities
Districts
APPROVED BY______________________________
Brian C. Wright, General Manager
RECOMMENDATION:
a) Adopt Resolution 2023-02 requesting Nevada County to collect the special taxes
for the Gray's Crossing 04-1 Community Facilities District; and
b) Adopt Resolution 2023-03 requesting Nevada County to collect the special taxes
for the Old Greenwood 03-1 Community Facility 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 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
Page 2 of 2
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.
Goals and Objectives:
This item is in support of the following goals and objectives:
District Code1.05.030 Goals:
1. Manage for Financial Stability and Resiliency
District Code1.05.020 Objectives:
1. Responsibly serve the public.
6.Manage the District in an effective, efficient and fiscally responsible manner.
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 2022-2023 assessment period were $827,200 for
Old Greenwood and $2,933,700 for Gray's Crossing. The assessments for the subject
2023-2024 assessment period are calculated over next few months of 2023.
ATTACHMENTS:
Attachment 1: Resolution 2023-02 for Gray's Crossing Community Facilities District No.
04-1 authorizing Nevada County to collect the special tax for the fiscal year 2023-2024
tax roll.
Attachment 2: Resolution 2023-03 for Old Greenwood Community Facilities District No.
03-1 authorizing Nevada County to collect the special tax for the fiscal year 2023-2024
tax roll.