Report Prepared by: Faye S. Law, Accountant III
Title
SUBJECT: Correct Typographical Error on Fiscal Year 2018-19 Annual Special Tax Rates (Exhibit A) for Community Facilities District (CFD) No. 2003-2 (Services) of the City of Merced
REPORT IN BRIEF
Considers amending Exhibit A of Resolution No. 2018-38, authorizing the establishment of Annual Special Tax Rates for Fiscal Year 2018-19 to correct Special Tax Rates typographical error for Improvement Area 35.
RECOMMENDATION
City Council - Adopt a motion adopting Resolution 2018-53, a Resolution of the City of Merced, California, acting as the Legislative Body of the Community Facilities No. 2003-2 (Services) of the City of Merced, amending Resolution No. 2018-38 to correct Exhibit A thereto related to the Annual Special Tax Rates for said district for Fiscal Year 2018-19.
Body
ALTERNATIVES
1. Approve, as recommended by staff; or
2. Approve, subject to other than recommended by staff (identify); or
3. Deny.
AUTHORITY
Correct a typographical error in Exhibit A of Resolution No. 2018-38, 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
As provided for in the FY2018-19 Adopted Budget.
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 3.068% allowable increas...
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