Report to Mayor and City Council
Tuesday, January 24, 2017
Consent
SUBJECT:
Title
ACTING AS THE BOARD OF THE COMMUNITY FACILITIES DISTRICT NO. 2012-1, PLEDGE COMMUNITY FACILITIES DISTRICT 2012-1 REVENUES TOWARD THE DEPARTMENT OF TOXIC SUBSTANCES CONTROL'S FINANCIAL ASSURANCE REQUIREMENTS FOR THE 157-ACRE FORMER CAL-COMPACT LANDFILL, IN THE AMOUNT OF $2,323,750 PER YEAR AT BUILD OUT OVER THE LIFE OF THE DISTRICT PURSUANT TO TITLE 27, CALIFORNIA CODE OF REGULATIONS, DIVISION 2, SUBDIVISION 1, CHAPTER 6.
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I. SUMMARY
As part of the current approval of the Carson Reclamation Authority's Financial Assurance package with the DTSC, necessary to obtain approval of the Tetra Tech termination, the dissolution of the Remediation Trust and the AIG EPP policy, a pledge of future CFD revenues must be made by the CFD's governing body, which is the City Council. Such revenues will supplement the revenues received as part of the dissolution and commutation and ensure the ongoing operation of the remedial systems. In this case, the City Council, acting solely as the governing board for Carson Community Facilities District 2012-1, is asked to pledge $2,323,750 per year in CFD revenues pursuant to Title 27, California Code of Regulations, Division 2, Subdivision 1, Chapter 6. This pledge would be over the life of the CFD toward the maintenance of the project's remedial systems. Such a pledge counts toward the CRA's Financial Assurance obligations toward ongoing operation and maintenance.
II. RECOMMENDATION
Recommendation
ACTING AS THE BOARD OF THE COMMUNITY FACILITIES DISTRICT NO. 2012-1, APPROVE the pledge of CFD revenues in the amount of $2,323,750 per year in CFD revenues pursuant to Title 27, California Code of Regulations, Division 2, Subdivision 1, Chapter 6 over the life of the CFD, toward the operation and maintenance of the remedial systems at the former Cal-Compact landfill.
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III. ALTERNATIVES
TAKE another action the CFD Board deems appropriate and...
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