HomeMy WebLinkAbout05-190 - Resolutions RESOLUTION NO. 05-190
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX RATE FOR COMMUNITY FACILITIES
DISTRICT 2001-01 FOR FISCAL YEAR 2005-2006
(IMPROVEMENT AREA NOS. 1 & 2), SERIES 2001-A
RECITALS
WHEREAS, by its Resolution No. 01-162, adopted on June 20, 2001, the City
Council of the City of Rancho Cucamonga, California (the "City Council'), pursuant to the Mello-
Roos Community Facilities Act of 1982 (Section 53311 and following of the California
Government Code) (the "Act') established City of Rancho Cucamonga Community Facilities
District No. 2001-01 (the "District') and established within the District improvement areas
designated Improvement Area No. 1 and Improvement Area No. 2 (the `Improvement Areas");
and
WHEREAS, at an election held on June 20, 2001, the qualified electors of the
Improvement Area No. 1 and Improvement Area No. 2 unanimously approved the levy of a
special tax against properties in the Improvement Areas (the "Special Tax'); and
WHEREAS, by its Ordinance No. 658 (the "Ordinance"), adopted on July 18,
2001, the City Council authorized the levy of the Special Tax in accordance with the Act; and
WHEREAS, on September 18, 2001, the District delivered its $14,240,000 City of
Rancho Cucamonga Community Facilities District No. 2001-01 Improvement Area No. 1 and
Improvement Area No. 2 Special Tax Bonds Series 2001-A (the "Bonds"); and
WHEREAS, in a Fiscal Agent Agreement dated as of August 1, 2001, by and
between the City and Wells Fargo Bank, National Association (the "Fiscal Agent'), the City
covenanted to fix and levy the Special Tax within the Improvement Area No. 1 and Improvement
Area No. 2 for each fiscal year in an amount required for the payment of principal and interest
on the Bonds becoming due and payable during that fiscal year, plus administrative expenses,
but taking into account certain balances in funds held by the Fiscal Agent (the "Covenant'); and
WHEREAS, debt service will become due and payable on the Bonds during
Fiscal Year 2005-2006 in an amount exceeding funds held by the Fiscal Agent and designated
for the payment for such debt service; and
WHEREAS, the City Council intends to levy the Special Tax for Fiscal Year
2005-2006 as authorized by the Ordinance and required by the Covenant; and
WHEREAS, the City Council intends to provide for the collection of such Special
Tax for Fiscal Year 2005-2006 by City staff.
NOW THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all true and correct.
Resolution No. 05-190
Page 2 of 13
SECTION 2: That the specific rate and amount of the Special Tax to be
collected to pay for the costs and expenses for Fiscal Year 2005-
2006 for the District is hereby determined and established as set
forth Exhibit "A" to this Resolution, which is attached hereto and
incorporated herein by reference
SECTION 3: That the rate as set forth above does not exceed the amount as
previously authorized by Ordinance of this legislative body, and is
not in excess of that as previously approved by the qualified
electors of the District.
SECTION 4: That the proceeds of the Special Tax shall be used to pay, in
whole or in part, the costs of the following, in the following order of
priority:
A. Payment of principal and interest on any outstanding
authorized bonded indebtedness;
B. Necessary replenishment of bond reserve funds or other
reserve funds;
C. Payment of costs and expenses of authorized public facilities
and public services, and incidental expenses pursuant to the
Act; and
D. Repayment of advances and loans, if appropriate.
The proceeds of the special taxes shall be used as set forth
above, and shall not be used for any other purpose.
SECTION 5: The special tax shall be collected in the same manner as ordinary
ad valorem property taxes are collected, and shall be subject to
the same penalties and same procedure and sale in cases of any
delinquency for ad valorem taxes, and the Tax Collector is hereby
authorized to deduct reasonable administrative costs incurred in
collecting any said special tax.
SECTION 6: All monies collected pursuant to this Resolution shall be paid into
the Community Facilities District funds, including any bond fund
and reserve fund.
SECTION 7: The Auditor of the County is hereby directed to enter in the next
county assessment roll on which taxes will become due, opposite
each lot or parcel of land effected in a space marked "public
improvements, special tax", or by any other suitable designation,
the installment of the special tax, and for the exact rate and
amount of said tax, reference is made to the attached Exhibit "A".
Resolution No. 05-190
Page 3 of 13
SECTION 8: The County Auditor shall then, at the close of the tax collection
period, promptly render to this Agency a detailed report showing
the amount and/or amounts of such special tax installments,
interest, penalties and percentages so collected and from what
property collected, and also provide a statement of any
percentages retained for the expense of making any such
collection.
PASSED, APPROVED, AND ADOPTED this 1" day of June 2005.
AYES: Alexander, Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
WillianjA Alexan er, Mayor
ATTEST:
'6j'.Z a,---)
Okebra J. d s, CIVIC, City Clerk
I, DEBRA J. ADAMS, CITY CLERK 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 1't day of June 2005.
Executed this god day of June 2005, at Rancho Cucamonga, California.
/ . a 9) ,L 4041-..- —
bra J. da City Clerk
Resolution No. 05-190
Page 4 of 13
CITY OF RANCHO CUCAMONGA
COMMUNITY FACILITIES DISTRICT NO. 2001-01
(IMPROVEMENT AREA NO. 1 & IMPROVEMENT AREA N0. 2)
SERIES 2001-A
EXHIBIT "A"
The Resolution establishing the annual special tax refers to this Exhibit for an explanation of the
rate and method of apportionment of the Special Taxes for Fiscal Year 2005/2006.
CLASSIFICATION OF PARCELS
Improvement Area No. 1
Each Fiscal Year, all Taxable Property within Improvement Area No. 1 shall be classified as
Developed Property, Final Mapped Property, Taxable Property Owner Association Property,
Taxable Public Property, or Undeveloped Property, and all such Taxable Property shall be
subject to the levy of Special Taxes in accordance with the rate and method of apportionment
determined pursuant to the sections below.
MAXIMUM SPECIAL TAX RATE
1. Developed Property
(a) Maximum Special Tax
The Maximum Special Tax for each Assessor's Parcel classified as Developed
Property shall be the greater of (i) the amount derived by application of the
assigned Special tax or (ii) the amount derived by application of the Backup
Special Tax.
(b) Assigned Special Tax
The Assigned Special Tax for each Land Use class is shown in Table 1.
Resolution No. 05-190
Page 5 of 13
TABLE 1
Assigned Special Taxes For Developed Property
Improvement Area No. I
Land
Use Description Residential Assigned
Class Floor Area Special Tax
1 Single Family Property => 3,250 sq. ft. $2,100 per residential dwelling unit
2 Single Family Property 2,950 to 3,249 sq. ft. $1,684 per residential dwelling unit
3 Single Family Property 2,650 to 2,949 sq. ft. $1,515 per residential dwelling unit
4 Single Family Property 2,350 to 2,649 sq. ft. $1,301 per residential dwelling unit
5 Single Family Property 2,150 to 2,349 sq. ft. $1,217 per residential dwelling unit
6 Single Family Property 1,950 to 2,149 sq. ft. $1,119 per residential dwelling unit
7 Single Family Property < 1,950 sq. ft. $938 per residential dwelling unit
8 Apartment Property Not Applicable $237 per residential dwelling unit
9 Non Residential Property Not Applicable $8,398 per Acre
(c). Multiple Land Use Classes
In some instances an assessor's Parcel of Developed Property may contain
more than one Land Use Class. The Assigned Special tax levied on an
Assessor's Parcel shall be the sum of the Assigned Special Taxes for all Land
Use Classes located on that Assessor's Parcel. The Maximum Special Tax
that can be levied on an Assessor's Parcel shall be the sum of the Maximum
Special Taxes that can be levied for all Land Use Classes located on that
Assessor's Parcel derived by application of the Backup Special Tax. For an
Assessor's Parcel that contains both Residential Property and Non-Residential
Property, the Acreage of such Assessor's Parcel shall be allocated to each type
of property based on the amount of Acreage designated for each Land Use
Class as determined by reference to the site plan approved for such Assessor's
Parcel. The CFD Administrator's allocation to each type of property shall be
final.
Resolution No. 05-190
Page 6 of 13
(c) Backup Special Tax
The Backup Special Tax shall equal $10, 768 per acre.
2. Final Mapped Property
(a). Intermediate Special Tax
The Intermediate Special Tax shall only be levied on Assessor's Parcels of
the Final Mapped Property. To compute the Intermediate Special Tax
attributable to a Final Subdivision, the Acreage of all Developed Property
and Final Mapped Property within that Final Subdivision shall be multiplied
by $7,500. The Intermediate Special Tax for each Assessor's Parcel of Final
Mapped Property planned for residential development shall then be
computed by dividing the Intermediate Special Tax attributable to the
applicable Final Subdivision by the total number of Assessor's Parcels
planned for residential development within that Final Subdivision (i.e., the
number of residential lots). The Intermediate Special Tax for each Assessor's
Parcel of Final Mapped Property in a Final Subdivision planned exclusively
for non-residential development shall equal $7,500 multiplied by the Acreage
of such Assessor's Parcel.
If a final Subdivision includes Assessor's Parcels of Developed Property and
Final Mapped Property planned for both residential and non-residential
development, then the Intermediate Special Tax for each Assessor's Parcel of
Final Mapped Property planned for residential development shall be
calculated as described above based exclusively on the Acreage of the
residential Final Mapped Property. Conversely, the Intermediate Special Tax
for each assessor's Parcel of Final Mapped Property planned for non-
residential development shall be calculated as described above based
exclusively on the Acreage of the non-residential Final Mapped Property.
The CFD Administrator shall allocate the Acreage of each Assessor's Parcel
in the Final Subdivision to residential and non-residential development based
on the projected use of each such Assessor's Parcel.
(b) Maximum Special Tax
The Maximum Special Tax for Final Mapped Property shall be $10,768 per
Acre.
3. Taxable Property Owner Association Property, Taxable Public Property, and
Undeveloped Property.
The Maximum Special Tax for Taxable Property Owner Association Property,
Taxable Public Property, and Undeveloped Property shall be $10, 768 per Acre.
Resolution No. 05-190
Page 7 of 13
APPORTIONMENT OF SPECIAL TAX
For each Fiscal Year the Council shall determine the Special Tax Requirement and levy the
Special Tax, taking into consideration the levy of the Improvement Area No. 2 (I A No. 2)
Special Tax, until the amount of Special Taxes and Improvement Area No. 2 Special Taxes equal
the Special Tax Requirement. The Special Tax shall be levied each Fiscal Year as follows:
First: The Special Tax shall be levied on each Assessor's Parcel of Developed Property in an
amount equal to 100% of the applicable Assigned Special Tax; and the City Council shall be
notified by the CFD Administrator that under the terms of I A No. 2 Rate and Method (RMA),
the I A No. 2 Special Tax shall be levied on each Assessor's Parcel of I A No. 2 Developed
Property in an amount equal to 100% of the applicable I A No. 2 Assigned Special Tax;
Second: If additional monies are needed to satisfy the Special Tax Requirement after the first
step has been completed, the Special tax shall be levied on each assessor's Parcel of Final
Mapped Property at up to 100% of the Intermediate Special Tax for Final Mapped Property; and
the City Council shall be notified by the CFD Administrator that under the terms of I A No. 2
RMA, the I A No. 2 Special Tax shall be levied on each Assessor's Parcel of I A No. 2 Final
Mapped Property up to 100% of the I A No. 2 Intermediate Special Tax for I A No. 2 Final
Mapped Property, with the levy on Final Mapped Property and i A No. 2 Final Mapped Property
being Proportionate;
Third: If additional monies are needed to satisfy the Special tax Requirement after the first two
steps have been completed, the Special Tax shall be levied on each Assessor's Parcel of
Undeveloped Property at up $7,500 per acre; and the City Council shall be notified by the CFD
Administrator that under the terns of the I A No. 2 RMA, the I A No. 2 RMA, the I A No. 2
Special Tax shall be levied on each Assessor's Parcel of I A No. 2 Underdeveloped Property at
up to $7,500 per Acre, with the levy on Undeveloped Property and I A No. 2 Undeveloped
Property being Proportionate;
Fourth: If additional monies are needed to satisfy the Special Tax Requirement after the first
steps have been completed, the Special Tax shall be levied on each Assessor's Parcel of Final
Mapped Property and Undeveloped Property at up to 100% of the Maximum Special Tax for
Final Mapped Property and Undeveloped Property; and the City Council shall be notified by the
CFD Administrator that under the terms of the I A No. 2 RMA, the I A No. 2 Special Tax shall
be levied on each Assessor's Parcel of I A No. 2 Final Mapped Property and I A No. 2
Undeveloped Property at up to 100% of the 1 A No. 2 Maximum Special Tax for I A No. 2 Final
Mapped Property and I A No. 2 Undeveloped Property, with the levy on Final Mapped Property
and Undeveloped Property and I A No. 2 Final Mapped Property and I A No. 2 Undeveloped
Property being Proportionate;
Resolution No. 05-190
Page 8 of 13
Fifth: If additional monies are needed to satisfy the Special Tax Requirement after the first four
steps have been completed, then the levy of the Special Tax on each Assessor's Parcel of
Developed Property whose Maximum Special Tax is determined through the application of the
Backup Special Tax shall be increased in equal percentages from the Assigned Special Tax up to
the Maximum Special Tax for each such Assessor's Parcel; and the City Council shall be notified
by the CFD Administrator that under the terms of the I A No. 2 RMA, the levy of the I A No. 2
Special Tax on each Assessor's Parcel of I A No. 2 Developed Property whose I A No. 2
Maximum Special Tax is detennined through the application of the I A No. 2 Backup Special
Tax shall be increased in equal percentages from the I A No. 2 Assigned Special Tax up to the I
A No. 2 Maximum Special Tax for each such Assessor's Parcel, with the levy on Developed
Property and I A No. 2 Developed Property being Proportionate;
Sixth: If additional monies are needed to satisfy the Special Tax Requirement after the first five
steps have been completed, then the Special Tax shall be levied on each Assessor's Parcel of
Taxable Property Owner Association Property or Taxable Public Property at up to the Maximum
Special Tax for Taxable Property Owner Association Property or Taxable Public Property; and
the City Council shall be notified by the CFD Administrator that under the terms of the I A No. 2
RMA, the I A No. 2 Special Tax shall be levied on each Assessor's Parcel of I A No. 2 Taxable
Property Owner Association Property or I A No. 2 Taxable Public Property at up to the I A No. 2
Maximum Special Tax for I A No. 2 Taxable Property Owner Association Property or I A No. 2
Taxable Public Property, with the levy on Taxable Property Owner Association Property or
Taxable Public Property and I A No. 2 Taxable Property Owner Association Property or I A No.
2 Taxable Public Property being Proportionate.
Notwithstanding the above the city Council may, in any Fiscal Year, levy proportionately less
than 100% of the Assigned Special Tax and the I A No. 2 Assigned Special Tax in step one
(above) when (i) the City Council is no longer required to levy a Special Tax pursuant to steps
two through six above and the City Council is no longer required to levy an 1 A No. 2 Special
Tax pursuant to steps two through six (above) of the I A No. 2 RMA in order to meet the Special
Tax Requirement; (ii) all authorized I A No. 1 and I A No. 2 Bonds have already been issued or
the City Council has covenanted that it will not issue any additional I A No. 1 and I A No. 2
Bonds (except refunding bonds) to be supported by Special Taxes and I A No. 2 Special Taxes;
and (iii) all Authorized Facilities have been constructed and/or acquired.
Further notwithstanding the above, under no circumstances will the Special Tax levied against
any Assessor's Parcel or Residential Property for which an occupancy permit for private
residential use has been issued be increased by more than ten percent as a consequence of
delinquency or default by the owner of any other Assessor's Parcel within I A No. 1 or I A No. 2,
except for those Residential Properties whose owners are also delinquent or in default on their
Special Tax payments for one or more other properties within I A No. I or I A No. 2.
Resolution No. 05-190
Page 9 of 13
CLASSIFICATION OF PARCELS
Improvement Area No. 2
Each Fiscal Year, all Taxable Property within Improvement Area No. 2 shall be classified as
Developed Property, Final Mapped Property, Taxable Property Owner Association Property,
Taxable Public Property, or Undeveloped Property, and all such Taxable Property shall be
subject to the levy of Special Taxes in accordance with the rate and method of apportionment
determined pursuant to the Sections III, IV and V below.
MAXIMUM SPECIAL TAX RATE
1. Developed Property
(a) Maximum Special Tax
The Maximum Special Tax for each Assessor's Parcel classified as Developed
Property shall be the greater of (i) the amount derived by application of the
Assigned Special tax or (ii) the amount derived by application of the Backup
Special Tax.
(b) Assignedpecial Tax
The Assigned Special Tax for each Land Use class is shown in Table 1.
TABLE 1
Assigned Special Taxes For Developed Property
Improvement Area No. 2
Land
Use Description Assigned Special Tax
Class
1 Apartment Property $237 per unit
2 Other Residential $10,768 per Acre
Property
3 Non-Residential $0.63 per square foot of Non-
Property Residential Floor Area
Resolution No. 05-190
Page 10 of 13
(c). Multiple Land Use Classes
In some instances an Assessor's Parcel of Developed Property may contain
more than one Land Use Class. The Assigned Special Tax levied on an
Assessor's Parcel shall be the sum of the Assigned Special Taxes for all Land
Use Classes located on that Assessor's Parcel. The Maximum Special Tax
that can be levied on an Assessor's Parcel shall be the sum of the Maximum
Special Taxes that can be levied for all Land Use Classes located on that
Assessor's Parcel derived by application of the Backup Special Tax. For an
Assessor's Parcel that contains both Residential Property and Non-Residential
Property, the Acreage of such Assessor's Parcel shall be allocated to each type
of property based on the amount of Acreage designated for each Land Use
Class as determined by reference to the site plan approved for such Assessor's
Parcel. The CFD Administrator's allocation to each type of property shall be
final.
(c) Backup Special Tax
The Backup Special Tax shall equal $10, 061 per acre.
2. Final Mapped Property
(a). Intermediate Special Tax
The Intermediate Special Tax shall only be levied on Assessor's Parcels of
the Final Mapped Property. To compute the Intermediate Special Tax
attributable to a Final Subdivision, the Acreage of all Developed Property
and Final Mapped Property within that Final Subdivision shall be multiplied
by $7,500. The Intermediate Special Tax for each Assessor's Parcel of Final
Mapped Property planned for residential development shall then be
computed by dividing the Intermediate Special Tax attributable to the
applicable Final Subdivision by the total number of Assessor's Parcels
planned for residential development within that Final Subdivision (i.e., the
number of residential lots). The Intermediate Special Tax for each Assessor's
Parcel of Final Mapped Property in a Final Subdivision planned exclusively
for non-residential development shall equal $7,500 multiplied by the Acreage
of such Assessor's Parcel.
If a final Subdivision includes Assessor's Parcels of Developed Property and
Final Mapped Property planned for both residential and non-residential
development, then the Intermediate Special Tax for each Assessor's Parcel of
Final Mapped Property planned for residential development shall be
calculated as described above based exclusively on the Acreage of the
residential Final Mapped Property. Conversely, the Intermediate Special Tax
Resolution No. 05-190
Page 11 of 13
for each Assessor's Parcel of Final Mapped Property planned for non-
residential development shall be calculated as described above based
exclusively on the Acreage of the non-residential Final Mapped Property.
The CFD Administrator shall allocate the Acreage of each Assessor's Parcel
in the Final Subdivision to residential and non-residential development based
on the projected use of each such Assessor's Parcel.
(c) Maximum Special Tax
The Maximum Special Tax for Final Mapped Property shall be $10,768 per
Acre.
3. Taxable Property Owner Association Property, Taxable Public Property, and
Undeveloped Property.
The Maximum Special Tax for Taxable Property Owner Association Property,
Taxable Public Property, and Undeveloped Property shall be $10, 768 per Acre.
APPORTIONMENT OF SPECIAL TAX
For each Fiscal Year the City Council shall determine the Special Tax Requirement and levy the
Special Tax, taking into consideration the levy of the Improvement Area No. 1 (I A No. 1)
Special Tax, until the amount of Special Taxes and Improvement Area No. 1 Special Taxes equal
the Special Tax Requirement. The Special Tax shall be levied each Fiscal Year as follows:
First: The Special Tax shall be levied on each Assessor's Parcel of Developed Property in an
amount equal to 100% of the applicable Assigned Special Tax; and the City Council shall be
notified by the CFD Administrator that under the terms of I A No. 1 Rate and Method (RMA),
the I A No. I Special Tax shall be levied on each Assessor's Parcel of I A No. I Developed
Property in an amount equal to 100% of the applicable I A No. 1 Assigned Special Tax;
Second: If additional monies are needed to satisfy the Special Tax Requirement after the first
step has been completed, the Special tax shall be levied on each Assessor's Parcel of Final
Mapped Property at up to 100% of the Intermediate Special Tax for Final Mapped Property; and
the City Council shall be notified by the CFD Administrator that under the terms of I A No. 1
RMA, the I A No. 1 Special Tax shall be levied on each Assessor's Parcel of I A No. 1 Final
Mapped Property up to 100% of the I A No. I Intermediate Special Tax for I A No. 1 Final
Mapped Property, with the levy on Final Mapped Property and I A No. 1 Final Mapped Property
being Proportionate;
Resolution No. 05-190
Page 12 of 13
Third: If additional monies are needed to satisfy the Special tax Requirement after the first two
steps have been completed, the Special Tax shall be levied on each Assessor's Parcel of
Undeveloped Property at up $7,500 per acre; and the City Council shall be notified by the CFD
Administrator that under the terms of the I A No. 1 RMA, the I A No. 1 Special Tax shall be
levied on each Assessor's Parcel of I A No. 1 Underdeveloped Property at up to $7,500 per Acre,
with the levy on Undeveloped Property and I A No. lUndeveloped Property being Proportionate;
Fourth: If additional monies are needed to satisfy the Special Tax Requirement after the first
steps have been completed, the Special Tax shall be levied on each Assessor's Parcel of Final
Mapped Property and Undeveloped Property at up to 100% of the Maximum Special Tax for
Final Mapped Property and Undeveloped Property; and the City Council shall be notified by the
CFD Administrator that under the terms of the I A No. 1 RMA, the I A No. 1 Special Tax shall
be levied on each Assessor's Parcel of I A No. 1 Final Mapped Property and I A No. 1
Undeveloped Property at up to 100% of the I A No. 1 Maximum Special Tax for I A No. 1 Final
Mapped Property and I A No. 1 Undeveloped Property, with the levy on Final Mapped Property
and Undeveloped Property and I A No. 1 Final Mapped Property and I A No. 1 Undeveloped
Property being Proportionate;
Fifth: If additional monies are needed to satisfy the Special Tax Requirement after the first four
steps have been completed, then the levy of the Special Tax on each Assessor's Parcel of
Developed Property whose Maximum Special Tax is determined through the application of the
Backup Special Tax shall be increased in equal percentages from the Assigned Special Tax up to
the Maximum Special Tax for each such Assessor's Parcel; and the City Council shall be notified
by the CFD Administrator that under the terms of the I A No. 1 RMA, the levy of the I A No. 1
Special Tax on each Assessor's Parcel of I A No. 1 Developed Property whose I A No. 1
Maximum Special Tax is determined through the application of the I A No. 1 Backup Special
Tax shall be increased in equal percentages from the I A No. 12 Assigned Special Tax up to the I
A No. 1 Maximum Special Tax for each such Assessor's Parcel, with the levy on Developed
Property and I A No. 1 Developed Property being Proportionate;
Sixth: If additional monies are needed to satisfy the Special Tax Requirement after the first five
steps have been completed, then the levy of the Special Tax on each Assessor's Parcel of Taxable
Property Owner Association Property or Taxable Public Property at up to the Maximum Special
Tax for Taxable Property Owner Association Property or Taxable Public Property; and the City
Council shall be notified by the CFD Administrator that under the terms of the I A No. 1 RMA,
the I A No. 1 Special Tax shall be levied on each Assessor's Parcel of I A No. 1 Taxable
Property Owner Association Property or I A No. 1 Taxable Public Property at up to the I A No.I
Maximum Special Tax for I A No. 1 Taxable Property Owner Association Property or I A No. 1
Taxable Public Property, with the levy on Taxable Property Owner Association Property or
Taxable Public Property and I A No. 1 Taxable Property Owner Association Property or I A No.
1 Taxable Public Property being Proportionate.
Resolution No. 05-190
Page 13 of 13
Notwithstanding the above the City Council may, in any Fiscal Year, levy proportionately less
than 100% of the Assigned Special Tax and the I A No. 1 Assigned Special Tax in step one
(above) when (i) the City Council is no longer required to levy a Special Tax pursuant to steps
two through six above and the City Council is no longer required to levy an I A No. 1 Special
Tax pursuant to steps two through six (above) of the I A No. 1 RMA in order to meet the Special
Tax Requirement; (ii) all authorized Bonds have already been issued or the City Council has
covenanted that it will not issue any additional Bonds (except refunding bonds) to be supported
by Special Taxes and I A No. I Special Taxes; and (iii) all Authorized Facilities have been
constructed and/or acquired.
Further notwithstanding the above, under no circumstances will the Special Tax levied against
any Assessor's Parcel or Residential Property for which an occupancy pemlit for private
residential use has been issued be increased by more than ten percent as a consequence of
delinquency or default by the owner of any other Assessor's Parcel within I A No. 1 or I A No. 2,
except for those Residential Properties whose owners are also delinquent or in default on their
Special Tax payments for one or more other properties within I A No. 1 or I A No. 2.