Title
Auditor-Controller recommending the Board:
1) Receive and file the attached annual reports as required by SB165 for Community Facilities District 1992-1 (CFD 1992-1 Serrano), Community Facilities District 2000-1 (CFD 2000-1 South Lake Tahoe Recreation Facilities JPA), Community Facilities District 2001-1 (CFD 2001-1 Promontory), Community Facilities District 2005-1 (CFD 2005-1 Blackstone), and Community Facilities District 2005-2 (CFD 2005-2 Laurel Oaks); and
2) Adopt and authorize the Chair to sign Resolution 198-2016 accepting said reports.
FUNDING: N/A
Body
DEPARTMENT RECOMMENDATION
Auditor-Controller recommending the Board consider the following: 1) Receive and file the attached annual reports as required by SB165 for Community Facilities District 1992-1 (CFD 1992-1 Serrano), Community Facilities District 2000-1 (CFD 2000-1 South Lake Tahoe Recreation Facilities JPA), Community Facilities District 2001-1 (CFD 2001-1 Promontory), Community Facilities District 2005-1 (CFD 2005-1 Blackstone), and Community Facilities District 2005-2 (CFD 2005-2 Laurel Oaks); and 2) Adopt and authorize the Chair to sign a Resolution accepting said reports.
DISCUSSION / BACKGROUND
Senate Bill 165 enacted the Local Agency Special Tax and Bond Accountability Act. This Act requires that any local special tax/local bond measure subject to voter approval contain a statement indicating the specific purposes of the special tax, requires that the proceeds of the special tax be applied to those purposes, requires the creation of an account into which the proceeds shall be deposited, and requires an annual report containing specified information concerning the use of the proceeds. The Act only applies to bonds issued on or after January 1, 2001 in accordance with Section 53410 of the California Government Code.
Some of the requirements of the Act are handled at the formation (bond issuance) of the Special Tax District and others are handled through annual reports. These reports i...
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