Title
Auditor-Controller recommending the Board:
1) Receive and file the attached Report of Special Tax Delinquencies for Community Facilities District No. 2001-1 (CFD 2001-1 Promontory), Report of Special Tax Delinquencies for Community Facilities District No. 2005-1 (CFD 2005-1 Blackstone) and Community Facilities District No. 2005-2 (CFD 2005-2 Laurel Oaks); and
2) Adopt and authorize the Chair to sign the attached Resolutions authorizing judicial foreclosure of delinquent special tax installments pursuant to the CFD 2001-1, Resolution 192-2021; CFD 2005-1, Resolution 193-2021; and CFD 2005-2, Resolution 194-2021 Bond Indentures.
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DISCUSSION / BACKGROUND
The Bond Indentures for CFD 1992-1 (Serrano), 2001-1 (Promontory), 2005-1 (Blackstone), 2005-2 (Laurel Oaks), CFD 2014-1 (Carson Creek), and CFD 2018-1 (Bass Lake Hills) require the Auditor-Controller to annually provide the Board of Supervisors with a list of Special Tax delinquencies that exceed the threshold amounts identified in individual bond issuance documents for these CFDs. Attached are such lists as of November 7, 2021 for CFD 2001-1 (Promontory), CFD 2005-1 (Blackstone), and CFD 2005-2 (Laurel Oaks). CFD 1992-1 (Serrano), CFD 2014-1 (Carson Creek), and CFD 2018-1 (Bass Lake Hills) have no delinquencies that exceed the threshold amounts.
The Bond Indentures for these CFDs require the County to institute foreclosure proceedings on parcels that are delinquent in the amount exceeding the threshold identified in the bond issuance documents. As of November 7, 2021 there are twelve (12) such parcels.
Ten (10) parcels are located within Promontory, one (1) parcel is located within Blackstone, and one (1) parcel is located within Laurel Oaks. Attached are the Resolutions authorizing the judicial foreclosure of these delinquent special assessment taxes. The County is currently under contract with Calfee & Konwinski as counsel for foreclosure on liens of unpaid special taxes. Upon approval of the attached Resolutions, these matters of foreclosure may be referred to counsel to begin foreclosure proceedings.
ALTERNATIVES
N/A
PRIOR BOARD ACTION
N/A
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
No impact. Foreclosure costs should be reimbursed from foreclosure proceeds or funded by Special Tax proceeds collected for the CFDs.
CLERK OF THE BOARD FOLLOW UP ACTIONS
1. The Board Clerk will file the attached Report of Special Tax Delinquencies for CFD 2001-1.
2. The Board Clerk will file the attached Report of Special Tax Delinquencies for CFD 2005-1.
3. The Board Clerk will file the attached Report of Special Tax Delinquencies for CFD 2005-2.
4. The Board of Supervisors will adopt Resolutions of the County of El Dorado ordering judicial foreclosure of delinquent special assessment installments pursuant to the CFD 2001-1, CFD 2005-1, and CFD 2005-2 Bond Indentures. The Board Clerk will forward two (2) certified Resolutions to the Auditor-Controller for processing.
STRATEGIC PLAN COMPONENT
N/A
CONTACT
Joe Harn