HomeMy WebLinkAbout91-277 - Resolutions RESOLUTION NO. 91-277
A RESOI//I~ON OF INT~qTION OF THE CITY OOUNCIL OF THE CITY
OF RAN(N~O ~, CALI~0RNIA, TO ESTABLISH ~
FACILITIES DISTRICT NO. 91-1 (VICTORIA OC$$fONITY) OF THE
CITY OF RANf~{O (N3CAMONGA AND TO AUTHORIZE THE LEVY OF A
SPECIAL TAX WITHIN COMMUNITY FACTI.TTIES DISTRICT NO. 91-1
(VICTORIA CC~4UNITY) OF THE CITY OF RANCHO ~
WHerEAS, the owners (collectively the "Owner") of not less than ten
peroent (10%) of the area of land depicted on the bou~ map described
herein have filed a written petition with the City of Rancho Cucamonga (the
"City") to establish C~m~,,~nity Facilities District No. 91-1 (Victoria
C~nity) of the City of Rancho Cucamonga (Victoria C~mm~unity) (the
"C~m~nity Facilities District No. 91-1" or the "District") pursuant to the
Mello-Roos C~m~nity Facilities Act of 1982, as amended, c~m~encing with
Section 53311 of the Govennmuent Code of the State of California (the "Act") to
finance certain public facilities as more particularly described below, and
(2) the incidental expenses to be incurred in connection with financing the
Facilities, all to fulfill the demand for facilities resulting from
development within the City and the District; and
WHEREAS, the City Council has detarmined that the petition submitted
by the Owner cc~plies with the rec~irements of Section 53319 of the ~t and
now intends to form Cc,,m~nity Facilities District No. 91-1 (Victoria
C~,~nity) to serve the Victoria C~,~nity pursuant to such petition and
request; and
WHEREAS, the City Council further intends to approve an estimate of
the costs of the Facilities, as defined below, and the incidental expenses for
C~.~,dnity Facilities District No. 91-1 (Victoria Community); and
WHEREAS, it is the intention of the City Council to finance the
construction Or aoquisition of the Facilities, as defined below, for the
Victoria Ccmm~nity through the formation of C~,m~nity Facilities District No.
91-1 (Victoria C~m~nity) and to pay for certain incidental expenses necessary
to the construction and aoquisition of the Facilities, as defined below,
including costs associated with the creation of the District and the issuance
of bonds, the establishment and replenishment of bond reserve and special
reserve funds; provided that the sale of bonds and the levy of a special tax
to pay for the principal and interest on the bonds and such incidental
expenses is approved at a special election to be held within the boundaries of
Cu~u~,dnity Facilities District No. 91-1 (Victoria C~,,,~nity); and
WHEREAS, the Owner has agreed to advance funds to the City to pay all
costs incurred in creating the District and ba~ incurred certain other d~rect
costs related to the formation of the District and the construction of certain
of the the Facilities, as defined below, which the City desires to reimburse
to the Owner from the proceeds of any boDd~ sold by the District as permitted
by Section 53313.5 and 53314.9 of the Act.
NOW, THEREFORE, the City Ccuncil of the City of Rancho Cucamonga does
hereby resolve, determine and order as follows:
Resolution No. 91-277
Page 2
S~CTION 1: The above recitals are true and correct.
S~iTION 2: A c~mttonity facilities district is proposed to be
established under the terms of the Act. It is further proposed that the
boundaries of the c~t,,,onity facilities district shall be as depicted on a map
thereof as Ccmm~nnity Facilities District 91-1 (Victoria Cr.,atRttt.tnity) a copy of
which is attached as Exhibit "A" hereto and the original of which is on file
with the City Clerk. The City Clerk is hereby directed to sign the original
map of the District and record it with all proper endorsements thereon with
the County Recorder for the County of San Bernardino within fifteen (15) days
after the adoption of this resolution, all as required by Sections 3110 and
3111 of the Streets and Highways Code of the State of California.
S~CION 3: The name of the proposed Community Facilities District
shall be "Ccmut,~nity Facilities District No. 91-1 (Victoria C~mttonity) of the
City of Rancho Cucamonga".
S~TION 4: The following facilities (collectively, the "Facilities")
proposed to be provided within C~t,,ttonity Facilities District No. 91-1
(Victoria C~mnonity) are public facilities as defined in the Act, which the
City and the District are authorized by law to construct, acquire, own and
operate: (1) traffic signalization; (2) street in~:~n~t~; (3) sewer
facilities; (4) water facilities; (5) storm drainage and flood control
facilities; (6) utilities, including, but not limited to, natural gas
transmission and electric generation and transmission facilities; (7) park
improven~nts; (8) any other public facilities which the City and the District
are authorized to contribute revenue to, own, operate or construct; and (9)
acquisition of all necessary real property, rights of w~y and easements for
the above-described facilities. None of the Facilities has been completed as
of the date hereof.
It is the further intention of the City Council that the
Facilities District No. 91-1 (Victoria C~t~.~nity) f~ such incidental
expenses incurred in the formation of the District as my be permitted by the
Act, including, without limitation, engineering, inspection, legal, fiscal and
financial consultant fees; election costs and City staff time.
S~-TION 5: Exoept where funds are otherwise available, it is the
intention of the City Council to levy annually in aocordance with the
procedures 'contained in the Act a special tax sufficient to pay for: (i) the
Facilities (including incidental expenses for the design, planning, engineer-
ing and ir~ion of the Facilities); (ii) the principal and interest and
other periodic costs on the bonds proposed to be issued to finance the
Facilities, including the est_m__blishn~t and replenishment of reserve funds,
any remarketing, credit enhanc~nerd= and liquidity facility fees; and (iii) the
costs of forming C~mt~-tity Facilities District No. 91-1 (Victoria C~tm~ity)
and administering the levy and collection of the special tax and all other
administrative costs of the special tax levy and bond issue and (iv) such
other incidental expenses as my be permitted by the Act. The rate and method
of apportionment of the special tax are described in detail in Exhibit "B"
Resolution No. 91-277
Page 3
attached hereto. Exhibit "B" allows each landowner and resident within the
District to estimate the maximum amount that my b~ levied against each
parcel. ~ne special tax is, in part, based on tb~ expected demand that each
parcel of real property within C~,~nity Facilities District No. 91-1
(Victoria C~m,~nity) will place on the Facilities and, in part, on the benefit
that each parcel derives frcm the right to access the Facilities. ~ne City
Council hereby determines the rate and method of apportionment of the special
tax set forth in Exhibit "B" to be reasor~_ble. ~ne special tax is apportioned
to each parcel on the foregoing basis pursuant to Section 53325.3 of the Act
and such special tax is not on or based upon the ~wnership of real property.
Upon recordation of a notice of special tax lien pursuant to Section 3114.5 of
the Streets and Highways Code of the State of California, and as provided in
Section 53340 of the ~t, a continuing lien to secure each levy of the special
taxes shall attach to all ta~ble real property in the District, and that lien
shall continue in full force and effect until the special tax obligation is
prepaid and permanently satisfied and the lien cancelled in accordance with
law or until collection of the special taxes by the City Council ceases. In
the event, that a portion of the property within C~,,~onity Facilities District
No. 91-1 (Victoria Ccmm~ity) shall be~x~ for any reason exempt, wholly or
partially, frc~ the levy of the special tax specified on Exhibit "B", the City
Council shall, on behalf of Community Facilities District No. 91-1 (Victoria
C~,,~%nity), cause the levy to be increased, subject to the limitation of the
Maximum Special Tax for a parcel as set forth in Exhibit "B", to the extent
necessary upon the r~aining property within Cc~m~,~nity Facilities District No.
91-1 (Victoria C~,-,u~ity) which is not delinquent or exempt in order to yield
the required debt service payments.
The obligation to pay the special tax my be prepaid and satisfied
pursuant to the provisions of Exhibit "A" hereto.
S~fION 6: The City Council hereby finds that the proposed
Facilities are necessary to meet the increased demand placed upon the City and
the existing infrastructure in the City as a result of development occurring
therein and within the District.
S~CTION 7: A public hearing (the "Hearing") on the est~__blishment of
the proposed C~,~nity Facilities District No. 91-1 (Victoria C~,~nity) and
the proposed rate and method of apportionment of the special tax shall be held
at 7:00 o'clock P.M., or as soon thereafter as practicable, on November 6,
1991, at the CitY Council Chambers, 10500 Civic Center Drive, Rancho
Cucamonga, California 91730. Should the City Council determine to form the
District, a special election will be held to authorize the issuance of the
bonds and the levy of the special tax in accordance with the procedures
contained in Section 53326 of the Act. If held, the proposed voting procedure
at the special election will be a landowner vote with each landowner having
one vote for each acre of land or portion thereof owned within the District.
SECTION 8: At the time and place set forth above for the Hearing,
the CitY Council will receive testimony as to whether the proposed C~,,,~nitY
Facilities District No. 91-1'(Victoria CommunitY) shall be est~_blished and as
to the rate and method of apportionment of the special tax and shall consider:
Resolution No. 91-277
Page 4
(a) if an ad valorem property tax is currently being levied on
property within proposed Col~,,~,unity Facilities District No. 91-1 (Victoria
C~unity) for the exclusive purpose of making lease payments or paying
principal or interest on bonds or other indebtedness, including state school
building loans, incurred to finance construction of capital facilities; and
(b) if the capital facilities to be financed and constructed by
C~m,~nity Facilities District No. 91-1 (Victoria C~u~ity) will provide the
same services to the Victoria C~u,unity as were provided by the capital
facilities mentioned in subsection (a); and
(c) if the City Council makes the findings specified in
subsections (a) and (b) above, it will consider appropriate action to
determine that the total annual amount of ad valorem property tax revenue due
from parcels within Community Facilities District No. 91-1 (Victoria
C~.~,unity), for purposes of making lease payments or paying principal and
interest on the debt identified in subsection (a) above, shall not be
increased after the date on which ~ity Facilities District No. 91-1
(Victoria C~m, unity) is created, or after a later date determined by the City
Council with the concurrence of the legislative body which levied the property
tax in question.
S~'~ION 9: At the time and place set forth above for the Hearing,
any interested person, including all persons owning lands or registered to
vote within proposed Cc~unity Facilities District No. 91-1 (Victoria
C~,,~unity), may appear and be heard.
SECTION 10: Each City officer who is or will be responsible for
providing the Facilities within Custom,unity Facilities District No. 91-1
(Victoria C~m~,unity), if it is established, is hereby directed to study the
proposed District and, at or before the time of the above-mentioned Hearing,
file a report with the City Council containing a brief description of the
public facilities by type which will in his or her opinion be re~red to meet
adequately the needs of Ccm,,~unity Facilities District No. 91-1 (Victoria
Community), an estimate of the cost of providing those public facilities and
an estimate of the fair and reasonable cost of any incidental expenses to be
S~/F/ON 11: The City Clerk is hereby directed to publish a notice
(the "Notice") of the Hearing pursuant to Section 6061 of the Gove~'D,~nt Code
in a newspaper of general circulation published in the area of proposed
C~,,~nity Facilities District No. 91-1 (Victoria C~u~nity). The Notice shall
contain t_he text of this Resolution, the time and place of the Hearing, a
statement that the testimony of all interested persons or taxpayers will be
heard, a description of the protest rights of the registered voters and
landowners in the proposed district and a description of the proposed voting
procedure for the election required by the Act. Such publication shall be
comple~ at least seven (7) days prior to the date of the Hearing.
Resolution No. 91-277
Page 5
SECTION 12: The City Clerk is directed to send a copy of the Notice
of the Hearing by first-class mail, postage prepaid, to each registered voter
and to each landowner within proposed C~m~nity Facilities District No. 91-1
(Victoria C~u,~rtity) as shown on' the last equalized assessment roll of the
County of San Bernardino. Said mailing shall be cc~pleted not less than
fifteen (15) days prior to the date of the Hearing.
PASS~D, AP~, and ADOPI~D this 18th day of September, 1991.
AYES: Alexander, Buquet, Stout, Williams, Wright
NOES: None
ABS~qT: None ~
, Mayor
I, DRRRA J. ADAMS, CITY CLVRK of the City of Rancho Cucamonga,
California, do hereby certify that the foregoing Resolution was duly passed,
approved, and adopted by the City Council of the City of Rancho Cucamonga,
California, at a regular meeting of said City Council held on the 18th day of
~, 1991.
Executed this 19th day of September, 1991 at Rancho Cucamonga,
California.
~_~a J. ~, City Clerk-
PROPOSED BOUNDARIES
COMMUNITY FACILITIES DISTRICT NO. 90-1
( VICTORIA COMMUNITY}
CITY OF RANCHO CUCAMI3NGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA
I
wo 91-t62
PROPOSED BOUNDARIES
COMMUNITY FACILITIES DISTRICT NO. 90-1
( VICTORIA COMMUNITY
CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA
~ ¥&TCH SEE eHEET I~ - OF ~ ~J
~ ''*~ LIN[ SE[ SHEET 3 O~ ~.
WO. 91-t62
PROPOSED BOUNDARI ES
COMMUNITY FACILITIES DISTRICT NO. 90-1
( VICTORIA COMMUNITY)
CITY OF RANCHO CUCAMONGA, COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA
Resolution No. 91-277
Page 9
EXHIBIT B
RATES AND METHOD OF APPORTIONMENT OF SPECIAL TAXES
FOR COMMUNITY FACILITIES DISTRICT NO. 91-1
(VICTORIA COMMUNITY) OF THE
CITY OF RANCHO CUCAMONGA
A Special Tax, the "Special Tax(es)" (defined below), shall be applicable to each Parcel (defined
below) located in Community Facilities District No. 91-1 (Victoria Community) of the City of
Rancho Cucamonga (hereinafter "CFD No. 91-1"). The amount of Special Tax to be collected
from each Parcel in any Fiscal Year (defined below) shall be determined by the City Council of the
City of Rancho Cucamonga (hereinafter the "Council" and the "City"), acting in its capacity as the
legislative body of CFD No. 91-1, in accordance with the rate and method of apportionment
described below. All of the property in CFD No. 91-1 unless exempted by law or Section F
below, shall be taxed for the purposes, to the extent, and in the manner provided herein.
A. DEFINITIONS
"Assessor's Parcel Map" means an official map of the County Assessor of the County
of San Bemardino designating Parcels by Assessor's Parcel Number.
"Alternate Special Tax Rate" for Developed Property which is Residential Property
means that amount of tax computed by multiplying the numbers of Net Taxable Acres
contained within a final subdivision map, parcel map, or functionally equivalent map or
instrument by the applicable Alternate Special Tax Rate as specified in Table 1 below. The
resulting product is then divided by the number of Parcels or dwelling units contained in
said map. The resulting quotient is the Alternate Special Tax Rate for each Parcel or
dwelling unit created by said final subdivision map, parcel map, or functionally equivalent
map or instrument. For Developed Property which is Non-Residential Property, the
Alternate Special Tax Rate shall be the amount per Net Taxable Acre as specified in Table 1
below.
B-1
Resolution No. 91-277
Page 10
"Assigned Special Tax Rate" means the applicable Special Tax per Parcel based on
the applicable rate per dwelling unit or Net Taxable Acre as specified in Table 1 below.
"Developed Property" means, as of July 1 of any Fiscal Year, all Parcels for which a
final subdivision map, parcel map or functionally equivalent map or instrument creating lots
or parcels upon which residential units may be constructed or creating lots or parcels for
commercial and industrial development has been recorded prior to March 1 of the preceding
Fiscal Year.
"Exempt Property" means any Parcel or other property within CFD No. 91-1 described
in Section E wi'deb is exempt from the levy of the Special Tax.
"Fiscal Year" means the period starting on July 1 of any year and ending the following
June. 30.
"Maximum Special Tax" for a Parcel of Developed Property, means the greater of the
Assigned Special Tax Rate or the Alternative Special Tax Rate applicable to such Parcel.
Maximum Special Tax for a Parcel of Undeveloped Property, means the Assigned Special
Tax Rate applicable to such Parcel as set forth in Table 1 below.
"Net Taxable Acre" means an acre of Developed Property or Undeveloped Property,
exclusive of property exempted by law or the provisions of Section F below from the
Special Tax; the acreage calculation for Developed Property will be based on the
dimensions as shown on or calculated from the recorded final subdivision map, parcel
map, or functionally equivalent map or insmarnent; the acreage calculation for Undeveloped
Property shall be the acreage shown on or calculated from the Assessor's Parcel Map.
B-2
Resolution No. 91-277
Page 11
"Residential Property" means those Parcels upon which residential units may build.
"Series A Bonds" means those bonds issued by CFD No. 1 to fund domestic water
improvements, sanitary sewer improvements, mad improvements, flood conurol and storm
drain improvements, utility improvements, and right-of-way acquisition.
"Series B Bonds" means those bonds issued by CFI) No. 1 to fund construction of the
Lakes Park in the Village of Victoria Lakes.
"Non-Residential Property" means those Parcels which are not classified as
Residential Property or exempt property pursuant to Section F.
"Parcel" means a lot or parcel shown on an Assessor's Parcel Map with an assigned
Assessor's Parcel number as of the date of the levy of the Special Taxes for each Fiscal
Year.
"Special Tax Requirement - A" means that amount required to be collected from Tax
Rate Zones 1 through 15 in any Fiscal Year to pay: (1) debt service on all Series A Bonds
or other indebtedness of CFD No. 91-1 related to the improvements as described in the
definition of the Series A Bonds, (2) costs incurred by the City and CFD No. 91-1 in the
annual levy and collection of the Special Taxes related to the Series A Bonds, (3) other
reasonable costs of CID No. 91-1 related to the administration of the Series A Bonds, and
(4) any amounts required to replenish any reserve funds established in association with the
Series A Bonds. In calculating the Special Tax Requirement - A for a Fiscal Year items (1)
through (4) shall be net of bond reserve earnings and other interest earnings described in
B-3
Resolution No. 91-277
Page 12
the bond resolution for the Series A Bonds reasonably expected to be available, except
those earnings that may be required for rebate purposes.
"Special Tax Requirement - B" means that amount required to be collected from Tax
Rate Zone 16 in any Fiscal Year to pay: (1) debt service on all Series B Bonds or other
indebtedness of CFD No. 91-1 related to improvements described in the definition of the
Series B Bonds, (2) costs incurred by the City and CFD No. 91-1 in the annual levy and
collection of the Special Taxes related to the Series B Bonds, (3) other reasonable costs of
CFI) No. 91-I related to the adminisu'ation of the Series B Bonds, and (4) any amounts
required to replenish any reserve funds established in association with the Series B Bonds
issued and sold for CID No. 91-1. In calculating the Special Tax Requirement for a Fiscal
Year, items (1) through (4) shall be net of bond reserve earnings and other interest earnings
described in the bond resolution for the Series B Bonds reasonably expected to be
available, except those earnings that may be required for rebate purposes.
"Special Tax(es)" means the Special Tax to be levied in each Fiscal Year on all Parcels
to fund either the Special Tax Requirement - A or the Special Tax Requirement - B.
"Taxable Property" means all Parcels in CID No. 91-1 which are not exempt from the
levy of Special Taxes pursuant to law or Section F below.
"Tax Rate Zone" means any of the sixteen (16) Tax Rate Zones listed in Table 1 hereof
to which a Parcel is assigned as a result of its location on the Tax Rate Zone Map included
as Figure 1.
B-4
Resolution No. 91-277
Page 13
"Undeveloped Property" means all Parcels in CFD No. 91-1 which are not classified
as Developed Property or exempt property pursuant to Section F.
"Victoria community Plan" means the Victoria Community Plan of the City of
Rancho Cucamonga adopted by the City Council on May 20, 1981 as may be subsequently
modified, supplemented or amended.
"Victoria Lakes" means the Village of Victoria Lakes as shown in the Victoria
Community Plan.
"Victoria Windrows" means the Village of Victoria Windrows as shown in the Victoria
Community Plan.
B. ASSIGNMENT TO TAX RATE ZONE
For purposes of determining the applicable Maximum Special Tax as specified in Table 1 in
Section D below, Parcels shall be assigned to one of the Tax Rate Zones pursuant to Figure
1.
C. ASSIGNMENT TO TAX CLASS
For each Fiscal Year, all Parcels within CFD No. 1 shall be classified either as Developed
Property, Undeveloped Property, or Exempt Property. Additionally, each Parcel of
Developed Property within Tax Rate Zones 1 and 4 shall be assigned to a Tax Class within
such Tax Rate Zone depending upon its density calculated by dividing the number of
Parcels or dwelling units in the recorded subdivision map, parcel map, or functionally
equivalent map or instrument in which the Parcel is included by the Net Taxable Acres as
B-5
Resolution No. 91-277
Page 14
contained therein and shall be subject to the levy of the Special Tax in accordance with the
rates and method of apportionment set forth in Sections D and E below.
D. MAXIMUM SPECIAL TAX RATES
The Maximum Special Tax for Parcels within each Tax Rate Zone for each Fiscal Year for
Developed Property shall be the greater of the Assigned Special Tax Rate or the Alternate
Special Tax Rate, and for Undeveloped Property shall be the Assigned Special Tax Rate all
as set forth in Table 1 below.
If Developed Property which is Residential Property has been subdivided and/or developed
so as to result in a density which does not fall within any of the Tax Classes defined for
any Tax Rate Zones set forth in Table 1, the Assigned Special Tax Rate for each Parcel or
unit within such final subdivision maP, parcel map, or functionally equivalent map or
instrument shall be the greater amount of the applicable Assigned Special Tax Rate set forth
in Table 1 or the amount calculated using the applicable Alternate Special Tax Rate set forth
in Table 1.
If the land use of a Parcel within any given Tax Rate Zone changes from the applicable land
use shown on Table 1, the Assigned Special Tax Rate for such Parcel shall be the Alternate
Special Tax Rate, which would have been applicable to such Parcel had its land use not
changed.
B-6
Ret..d September 11, 1991
TABLE 1
ASSIGNED AND ALTERNATE SPECIAL TAX RATES
Tax Rate Tax Density Assigned Special Alternate Special
Zone Class Land Use Dwellin~ Unit/Acre Tax Rate Tax Rate
1 A Victoria Lakes-Residential 4.0-7.9 DU/AC $1,298 per unit $8,183 per Net Taxable Acre
B Victoria Lakes-Residential 8.0-13.9 DU/AC $821 per unit $8,183 per Net Taxable Acre
C Victoria Lakes-Residential 14.0-24.0 DU/AC $349 per unit $8,183 per Net Taxable Acre
D Victoria Windrows-Residential 8.0-13.9 DU/AC $722 per unit $8,183 per Net Taxable Acre
E Victoria Windrows-Residential 14.0-24 DU/AC $600 per unit $8,183 per Net Taxable Acre
F Undeveloped $6,956 per
Net Taxable Acre
~,1 2 A Regional Related $15,901 per $15,901 per Net Taxable Acre
'-~ Net Taxable Acre
B Undeveloped $13,516 per
Net Taxable Acre
3 A Regional Center $2,243 per $2,243 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $1,906 per
Net Taxable Acre
4 A Residential 4.0-7.9 DU/AC $2,802 per unit $21,388 per Net Taxable Acre
B Residential 14.0-24.0 DU/AC $1,326 per unit $21,388 per Net Taxable Acre
C Undeveloped $18,179 per
Net Taxable Acre
Revised September I1, 1991
Table 1 Continued
Tax Rate Tax Density Assigned Special Alternate Special
Zone Class Land Use Dwelling Unit/Acre Tax Rate Tax Rate
5 A Residential 14.0-24.0 DU/AC $75 per unit $1,682 per Net Taxable Acre
B Undeveloped $1,430 per
Net Taxable Acre
6 A Residential 14.0-24.0 DU/AC $91 per unit $2,031 per Net Taxable Acre
B Undeveloped $1,626 per
Net Taxable Acre
7 A Residential 14.0-24.0 DU/AC $315 per unit $7,051 per Net Taxable Acre
t~ B Undeveloped $5,993 per
I
~o Net Taxable Acre
8 A Commercial $10,495 per $10,495 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $8,921 per
Net Taxable Acre
9 A Commercial $6,784 per $6,784 per Net Taxable Acre
Net Taxable Acre
r-- B Undeveloped $5,767 per
e4 Net Taxable Acre
o~'~ 10 A Commercial $15,806 per $15,806 per Net Taxable Acre
Net Taxable Acre
:~ B Undeveloped $13,435 per
~ Net Taxable Acre
Revtsed September 1 I, 1991
Table 1 Continued
Tax Rate Tax Density Assigned Special Alternate Special
Zone Class Land Use Dwellin~ Unit/Acre Tax Rate Tax Rate
11 A Industrial $4,670 per $4,670 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $3,970 per
Net Taxable Acre
12 A Industrial $7,786 per $7,786 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $6,619 per
Net Taxable Acre
13 A Industrial $10,111 per $10,111 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $8,594 per
Net Taxable Acre
14 A Industrial $6,028 per $6,028 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $5,124 per
Net Taxable Acre
15 A Regional Related $14,128 per $14,128 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $12,009 per
Net Taxable Acre
16 A Residential $1,450 per Unit $16,450 per Net Taxable Acre
B Undeveloped $13,980 per
Net Taxable Acre
Rev.~ed September 11, 1991
Table 1 Continued
Tax Rate Tax Density Assigned Special Alternate Special
Zone Class Land Use Dwelling, Unit/Acre Tax Rate Tax Rate
11 A Industrial $4,670 per $4,670 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $3,970 per
Net Taxable Acre
12 A Industrial $7,786 per $7,786 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $6,619 per
Net Taxable Acre
13 A Induswial $10,111 per $10,111 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $8,594 per
Net Taxable Acre
14 A Industrial $6,028 per $6,028 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $5,124 per
Net Taxable Acre
15 A Regional Related $14,128 per $14,128 per Net Taxable Acre
Net Taxable Acre
B Undeveloped $12,009 per
Net Taxable Acre
16 A Residential $1,450 per Unit $16,450 per Net Taxable Acre
B Undeveloped $13,980 per
Net Taxable Acre
Resolution No. 91-277
Page 18
E. METHOD OF APPORTIONMENT OF THE SPECIAL TAXES
1. Method of Apportionment of Special Taxes for Special Tax
Requirement - A
On or prior to August 1 of each Fiscal Year or such other date as may be established by
law, the Council shall determine Special Tax Requirement - A for such Fiscal Year and
shall levy the Special Taxes as follows:
Step 1; The Special Taxes shall be levied on all Parcels of Developed Property in Tax Rate
Zones 1 through 15 at 100 percent of the Assigned Special Tax Rate; however, if this
amount exceeds Special Tax Requh'ement - A, the levy of Special Taxes on all Parcels of
Developed Property shall be proportionally decreased until the revenues produced thereby
will be equal to Special Tax Requirement - A.
Step 2: If the revenues which may be produced by levying the Special Tax pursuant to
Step 1 are less than Special Tax Requirement - A, the Special Taxes shall be levied
proportionally on all Parcels of Undeveloped Property in Tax Rate Zones 1 through 15 up
to 100 percent of the Assigned Special Tax Rate to produce aggregate revenues equal to
Special Tax Requirement - A.
Step 3: If the revenues which may be produced by levying the Special Tax pursuant to
Steps 1 and 2 are less than the Special Tax Requirement - A, the Special Taxes shall be
levied proportionally on all Parcels of Developed Property up to 100% of the Alternate
Special Tax Rate to produce revenues equal to the Special Tax Requirement - A.
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Resolution No. 91-277
Page 19
2. Method of Apportionment of Special Taxes for Special Tax
Requirement- B
On or prior to August 1 of each Fiscal Year or such other date as may be established by
law, the Council shall determine Special Tax Requirement - B for such Fiscal Year and
shall levy the Special Taxes as follows:
Step 1: The Special Taxes shall be levied on all Parcels of Developed Property in Tax Rate
Zone 16 at 100 percent of the Assigned Special Tax Rate; however, if this amount exceeds
Special Tax Requirement - B, the levy of Special Taxes on all Parcels of Developed
Property shall be proportionally decreased until the revenues produced thereby will be
equal to Special Tax Requirement - B.
Step 2: If the revenues which may be produced by levying the Special Tax pursuant to
Step 1 are less than Special Tax Requirement - B, the Special Taxes shall be levied
proportionally on all Parcels of Undeveloped Property in Tax Rate Zone 16 up to 100
percent of the Assigned Special Tax Rate to produce aggregate revenues equal to Special
Tax Requirement- B.
Step 3; If the revenues which may be produced by levying the Special Tax pursuant to
Steps 1 and 2 are less than the Special Tax Requirement - B, the Special Taxes shall be
levied proportionally on all Parcels of Developed Property up to 100% of the Alternate
Special Tax Rate to produce revenues equal to the Special Tax Requirement - B.
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Resolution No. 91-277
Page 20
F. EXEMPTIONS
The Board shall not levy a Special Tax on the following properties which may as of the
date of formation of CFD No. 91-1 be:
· Properties owned by state, federal, or other local governments, except as otherwise
provided in Section 53317.3 of the Government Code;
· Property within CFD No. 1 which is dedicated for the purposes of constructing CFD
funded road facilities;
· Approximately 25 acres of property within CFD No. 1 which are to be dedicated to the
City for the Lake Park within the Village of Victoria Lakes;
· Property within CFD No. 1 to be dedicated to or owned by the Southern California
Edison Company, the use of which is limited to utility purposes.
· Those Parcels at entry ways and along perimeter areas used for landscaping which are
dedicated to and maintained by the City.
Parcels or portion of Parcels conveyed or irrevocably offered for dedication to a public
agency after formation of CFD No. 91-1, and not otherwise exempt pursuant to this
Section F, shall be subject to the levy of the Special Taxes pursuant to Section 53317.3 or
Section 53317.5 of the Government Code and shall be assigned a Tax Rate pursuant to
Section B.
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Resolution No. 91-277
Page 21
G. MANNER OF COLLECTION
Except for the prepayment of Special Taxes as provided for herein, the Special Taxes shall
be collected in the same manner and at the same time a~ ad valorem property taxes,
provided. However, that the Council may authorize the collection of delinquent Special
Taxes by judicial foreclosure proceedings pursuant to Section 53356.1 of the Government
Code.
H. PAYOFF OF SPECIAL TAXES
1. Prepa_ymCnt of Sp¢ci~j Taxes for Tax Rate Zones 1 through 15.
The owner of any Parcel within Tax Rate Zones 1 through 15 may discharge the
Special Tax obligation applicable to such Parcel in whole or in part at any time by
making a one-time payment calculated as follows:
(a) Compute the present value of the Parcel's remaining payments of the Maximura
Special Tax at the weighted average yield on Series A Bonds issued for CFD No.
91-1.
(b) Multiply (a) above by the proposed prepayment percentage to determine the
prepayment amount.
(c)Add the following amounts to (b) above:
· Call premium as required in the bond instrument, and
· Interest on (b) at the applicable bond rate for each year from the date of
prepayment, if any, to the earliest available bond call date.
(d) Subtract the following amount from (c) above:
· The applicable portion of the Parcels pro rata share of the bond reserve fund
of the Series A Bonds issued for CFD No. 91-1.
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Resolution No. 91-277
Page 22
(e) Subtract the following amount from (d) above:
· Interest earnings to be generated at a reinvestment rate as determined by
CFI) No. 91-1 from the date of prepayment to the earliest available bond
call date.
(f) Add the following amounts to (e) above to determine the Parcels prepayment
amount:
· Unpaid Special Taxes which may have been enrolled on the Assessor's tax
roll;
· Interest and penalties, if applicable, which may be associated with unpaid
Special Taxes; and
· An administrative fee to cover the costs incurred by CFD No. 91-1
associated with calculating the amount of prepayment, redeeming bonds,
· md preparing amended tax bills.
The Maximum Special Taxes as set forth in Section D for a Parcel utilizing a
prepayment percentage less than 100% shall be reduced in subsequent Fiscal Years by
multiplying the Maximum Special Tax by the prepayment percentage actually used in
Secy.'on H.1 (b).
An owner may also pre?,,; md discharge a portion of the Special Tax obligation
applicable to a Parcel by dedicating right-of-way, the application of which would
otherwise be financed by CFI) No. 91-1, so long as such dedication is consummated
prior to such deadline as may be established by the City Council.
2. Prepayment of S~cial Taxes for Tax Rate Zone 16
The owner of any Parcel within Tax Rate Zone 16 must discharge the Special Tax
obligation applicable to such Parcel in full through the prepayment of the Special Tax
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Resolution No. 91-277
Page 23
per lot or unit as a precondition to the issuance of a building permit for such Parcel.
The amount of the prepayment shall be calculated as follows:
(a) Determine the total remaining bond principal outstanding for Series B Bonds.
(b) Subtract from (a) above the the total remaining bond reserve fund for the Series B
Bonds.
(c) Divide the result of (b) above by the total remaining planned residential lots or
units in Tax Rate Zone 16, including the units for which this calculation is being
performed.
(d) Subtract the following amount from (c) above:
· Interest earnings to be generated at a reinvestment rate as determined by
CFD No. 91-1 from the date of prepayment to the earliest available bond
call date.
(e) Add the following amounts to (d) above to determine the Parcel's prepayment
~mount:
· Call premium as required in the bond instrument,
· Interest on (v) at the applicable bond rate from the date of prepayment to the
earliest available bond call date,
· Unpaid Special Taxes which may have been enrolled on the Assessor's tax
roll,
· Interest and penalties, if applicable, which may be associated with unpaid
Special Taxes, and
· An administrative fee to cover the costs incurred by CFD No. 91-1
associated with calculating the amount of prepayment, redeeming bonds,
and preparing amended tax bills.
B-15
Resolution No. 91-277 FIGURE 1
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