CFD No. 23 (Folsom Ranch) special tax

“Landowners within the FPA requested to form the proposed City of Folsom Community Facilities District No. 23 (Folsom Ranch) ("CFD No. 23"), and designate six separate Improvement Areas (each an "IA") therein (designated as Improvement Area No. 1 through Improvement Area No. 6). Special tax revenues generated from each IA within CFD No. 23 will help fund all or a portion of the project's share of PFFP backbone infrastructure and facilities, including related environmental mitigation obligations.”

“A summary of the facilities authorized to be funded by CFD No. 23 include, but are not limited to: • Transportation Improvements including all public roadway improvements designed to meet the needs of development within CFD No. 23, including internal subdivision streets and related underground utilities • Water System Improvements • Recycled Water System Improvements • Drainage System Improvements • Wastewater System Improvements • Park, Parkway and Open Space Improvements • Specific Plan Infrastructure Fee Improvements • Payment of Specific Plan Infrastructure Fee Program Obligation • Other Incidental Expenses and Bond Issuance Costs”

“The proposed CFD No. 23 is located within the FPA and is generally bounded by U.S. Highway 50 on the north, Placerville Road on the east, and White Rock Road on the south. Each IA within CFD No. 23 includes several Assessor's Parcel Numbers, which are identified in the CFD No. 23 boundary map, which is included in the CFD Public Hearing Report.”

2020-06-09

“This ordinance was introduced and the title thereof read at the regular meeting of the City Council on May 26, 2020, and the second reading is to occur at the regular meeting of the City Council on June 9, 2020.”

Ordinance No. 1305 (levying ordinance); district formed by Resolution No. 10435, adopted 2020-05-26

“This ordinance was introduced and the title thereof read at the regular meeting of the City Council on May 26, 2020, and the second reading is to occur at the regular meeting of the City Council on June 9, 2020.”

“A special tax is hereby levied on all Taxable Property (as defined in Exhibit D-1 of the Resolution of Formation) within Improvement Area No. 1 for the 2020-21 fiscal year and for all subsequent fiscal years in the amount of the maximum authorized tax, provided that this amount may be adjusted annually, subject to the maximum authorized special tax limit, by resolution of the City Council.”

“The Finance Director of the City of Folsom or designee thereof (the "CFD Administrator") is authorized and directed, to determine each year, without further action of the City Council, each Special Tax, to prepare the annual Special Tax roll in the amount of each Special Tax in accordance with the related exhibit and, without further action of the City Council, to provide all necessary and appropriate information to the Sacramento County Auditor-Controller's Office (the "County") in proper form, and in proper time, necessary to effect the correct and timely billing and collection of each Special Tax on the secured property tax roll of the County; provided, that as provided in the Resolution of Formation and Section 53340 of the California Government Code, the City has reserved the right to utilize any method of collecting each Special Tax which it shall, from time to time, determine to be in the best interests of the City of Folsom (the "City"), including but not limited to, direct billing by the City to the property owners and supplemental billing.”

“100% of the PAYGO revenue is intended to be available to the landowners to fund eligible facilities for the first 20 years, beginning the Fiscal Year following the earlier of the first building permit being issued or the first series of bonds or other debt issued for the respective IA. After that, any PAYGO revenues may be used at the City's discretion to continue to fund or acquire eligible facilities, or the City may elect to reduce the special tax levy amount to eliminate PAYGO revenues.”