Report Prepared by: Faye S. Law, Accountant II
Title
SUBJECT: Correct Typographical Error on Fiscal Year 2015-16 Annual Special Tax Rate (Exhibit A) for Community Facilities District (CFD) No.2003-2 (Services) of the City of Merced
REPORT IN BRIEF
Consider amending Exhibit A of Resolution No. 2015-23, authorizing the establishment of Annual Special Tax Rates for Fiscal Year 2015-16 to correct the Special Tax Rates typographical error for Improvement Area 30.
RECOMMENDATION
City Council - Adopt Resolution No. 2015-35, a Resolution of the City of Merced, California, acting as the Legislative Body of the Community Facilities District No. 2003-2 (Services) of the City of Merced, amending Resolution 2015-23 to correct exhibit A thereto relating to the Annual Special Tax for said district for Fiscal Year 2015-16
Body
ALTERNATIVES
1. Adopt Resolution No. 2015-35; or
2. Take no action
AUTHORITY
Correct a typographical error in Exhibit A of Resolution No. 2015-23, which sets the Annual Special Tax Rates for fiscal year 2015-16 for Community Facilities District No. 2003-2 (Services) (the "District") pursuant to Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act"), commonly known as the "Mello-Roos Community Facilities Act of 1982."
CITY COUNCIL PRIORITIES
Not applicable.
DISCUSSION
Pursuant to the Mello-Roos Community Facilities District Act of 1982 and City's Ordinance No. 2144, specifies that the City Council by resolution annually set the special tax rates. The rates of the special taxes may increase each year by the average of the Consumer Price Index, Urban Wage Earners, and the Clerical Workers category for the San Francisco Oakland, San Jose and the United States' City averages. The rates were to be set at the maximum taking into account the 0.951% allowable increase from 2014-2015 levels.
On June 15, 2015, Council adopted Resolution No. 2015-23, A...
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