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City of Patterson 2013 Bond Refunding Transactions Review City Workshop December 18, 2014 Prepared by:
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Table of Contents I. Heartland Ranch Refunding Summary Q & A II. West Patterson Financing Authority Mello-Roos Refunding Summary Q & A III. Key Topics for Discussion Q & A III. Round Table Assistance 2
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3 Source: City of Patterson
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I.Heartland Ranch Refunding Summary 4
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5 Source: City of Patterson
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Municipal Market Interest Rates Source: The Bond Buyer & Bloomberg 6
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Heartland Ranch Cashflow Chart 8
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Heartland Ranch Overview of Transaction Prepared by Wulff, Hansen & Co. 9
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Heartland Ranch Application of Refunding Proceeds Source: City of Patterson 10
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Heartland Ranch Reassessment Tax Levy Analysis Source: County of Stanislaus Tax Collector 11
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Heartland Ranch Tax Bills Source: County of Stanislaus 12
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Heartland Ranch Tax Bills Source: County of Stanislaus 13
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II. West Patterson Financing Authority Mello-Roos Refunding Summary 14
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15 Source: City of Patterson
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The Mello-Roos Community Facilities Act of 1982 The Mello-Roos Community Facilities Act of 1982 was enacted with the express purpose of helping growing communities fund new public facilities that are required by new development such as the West Patterson Financing Authority Mello-Roos district. The core concept is that new development should pay the costs associated with new development. The reduction in property tax revenue that resulted from the passage of Proposition 13 in 1978 required public agencies and real estate developers to look for other means to fund public infrastructure. In response, the California State Legislature approved the Mello-Roos Community Facilities Act of 1982, which provides for the levy of a special tax within a defined geographic area, namely a community facilities district, if such a levy is approved by two-thirds of the qualified electors in the area. Community facilities districts can generate funding for a broad range of facilities, and special taxes can be allocated to property in any reasonable manner other than on an ad valorem basis. A community facilities district is authorized to issue tax-exempt bonds that are secured by land within the district. If a parcel does not pay the special tax levied on it, a public agency can foreclose on the parcel and use the proceeds of the foreclosure sale to ensure that bondholders receive interest and principal payments on the bonds. Because bonds issued by a community facilities district are land-secured, there is no risk to a public agency’s general fund or taxing capacity. 16 Source: Goodwin Consulting Group CFD Tax Administration Report Fiscal Year 2014-15
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Municipal Market Interest Rates Source: The Bond Buyer & Bloomberg 17
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Source: The Bond Buyer & Bloomberg 18
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Timeline for WPFA Mello-Roos Bond Refunding Prepared by Wulff, Hansen & Co. 19
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WPFA Mello-Roos Bonds Cashflow Chart 20
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WPFA Flow of Funds – Sources & Uses 21
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WPFA Application of Proceeds Source: City of Patterson 22
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Authorized Facilities to be Financed with Mello-Roos Bond Proceeds 23 Source: Goodwin Consulting Group CFD Tax Administration Report Fiscal Year 2014-15
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WPFA Mello-Roos Special Tax 24 Source: Goodwin Consulting Group CFD Tax Administration Report Fiscal Year 2014-15
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WPFA Mello-Roos Tax Levy on Different Property Categories Source: Goodwin Consulting Group, Inc 25
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WPFA Mello-Roos Special Taxes Analysis Source: County of Stanislaus Tax Collector 26
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Mello-Roos Special Tax Levy Estimate with New Building Permits Source: Goodwin Consulting Group, Inc. 27
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WPFA Mello-Roos Tax Bills Source: County of Stanislaus 28
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WPFA Mello-Roos Tax Bills Source: County of Stanislaus 29
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WPFA Mello-Roos Prepayment Analysis Source: Goodwin Consulting Group, Inc. 30
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WPFA Mello-Roos Prepaid Parcels 31 Source: Goodwin Consulting Group CFD Tax Administration Report Fiscal Year 2014-15
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Appeal of Mello-Roos Special Tax Levy 32 Source: Goodwin Consulting Group CFD Tax Administration Report Fiscal Year 2014-15
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