HomeMy WebLinkAbout99-164 - Resolutions RESOLUTION NO. 99-164
A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO CUCAMONGA, CALIFORNIA, TO ESTABLISH
A CITY-WIDE COMMUNITY FACILITIES DISTRICT AND TO
AUTHORIZE THE LEVY OF A SPECIAL TAX WITHIN THE CITY
OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT
NO. 99-1 (CENTRAL PARK)
RECITALS.
WHEREAS, the CITY COUNCIL (the "City Council") of the CITY OF RANCHO
CUCAMONGA, CALIFORNIA (the "City") desires to establish a community facilities district
pursuant to the Metlo-Roos Community Facilities Act of 1982, as amended, commencing with
Section 53311 of the California Government Code (the "Act"), to finance facilities and services to
serve the area of land hereinafter described.
NOW, THEREFORE, THE CiTY COUNCIL OF THE CITY OF RANCHO
CUCAMONGA DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1.
Intention. The City Council hereby declares its intention to conduct
proceedings for the formation of a community facilities
district under the terms of the Act.
SECTION 2.
Name of District. The name of the proposed community facilities
district is "City of Rancho Cucamonga Community
Facilities District No. 99-1 (Centrat Park)" (the "District").
SECTION 3.
Boundaries of District. The exterior boundaries of the District are
shown on that certain map now on file in the office of the
City Clerk entitled "Proposed Boundaries of The City of
Rancho Cucamonga Community Facilities District No.
99-1, (Central Park)" which map indicates by a boundary
line the extent of the territory included in the proposed
District and shall govern for all details as to the extent of
the District. On the original and one copy of such map,
the City Clerk shall endorse the certificate evidencing the
date and adoption of this Resolution. The City Clerk
shall file the original of such map in her office and, within
fifteen (1 5) diays after the adoption of this Resolution, the
City Clerk shall file a copy of such map so endorsed in
the records of the County Recorder, County of San
Bernardino, State of California.
Resolution No. 99-164
Page 2
SECTION 4.
Facilities and Services. The type of public facilities and services
proposed to be financed by the District under the Act
shall consist of those facilities and services set forth on
Exhibit "A," attached hereto and incorporated herein by
reference (the "Facilities and Services").
SECTION 5.
Special Tax.
a. Except where funds are otherwise available to pay
for the Facilities and/or the principal and interest as
it becomes due on bonds of the District issued to
finance the Facilities, and for the Services, it is the
intention of the City Council to levy annually in
accordance with procedures contained in the Act a
special tax (the "Special Tax") sufficient to pay for the
costs thereof, including principal of and interest on
the bonds proposed to be issued to finance the
Facilities and other periodic costs; establishment and
replenishment of reserve funds; remarketing, credit
enhancement and liquidity and activity fees; costs of
administering the levy and collection of the Special
Tax and all other costs of the levy of the Special Tax,
including any foreclosure proceedings, architectural,
engineering, inspection, and legal, fiscal, and
financial consultant fees; election costs; and all costs
of issuar~ce of the bonds, including, but not limited to,
fees for bond counsel, disclosure counsel and
printing costs, discount fees, and interest on bonds
due and payable prior to the expiration of one year
from the date of completion of facilities (but not to
exceed two years); and all other administrative costs
of the tax levy and bond issue. The Special Tax will
be secured by recordation of a continuing lien against
all non-exempt real property in the District and will be
collected in the same manner as ordinary ad valorem
property taxes and shall be subject to the same
penalties, procedure, sale and lien in any case of
delinquency as applicable, for ad valorem property
taxes. In the first year in which such a Special Tax is
levied, the levy shall include a sum sufficient to repay
to the City all amounts, if any, transferred to the
District pursuant to Section 53314 of the Act and
interest thereon.
Resolution No. 99-164
Page 3
The proposed rate and method of apportionment of
the Special tax among parcels of real property in the
District, in sufficient detail to allow each resident or
landowner within the proposed District to estimate
the maximum amount such resident or owner will
have to pay, are shown in Exhibit "B", attached
hereto and incorporated herein by reference. The
Special Tax is based upon the cost of making the
Facilities and Services available to each parcel in the
District. The Special Tax is apportioned to each
parcel on the foregoing basis pursuant to Section
53323.5 of the Act and such Special Tax is not on or
based upon the ownership of real property.
c. In the case of any Special Tax to pay for the Facilities
to be levied against any parcel used for private
residential purposes: (i) the maximum Special Tax
shall be specified as a dollar amount which shall be
calculated and thereby established not later than the
date on which the parcel is first subject to the tax
because of its use for private residential purposes
and which amount shall not be increased over time
over two percent per year; (ii) the tax year after
which no further Special Tax subject to this sentence
shall be levied or collected shall be as set forth in
Exhibit "B" hereto; and (iii) under no circumstances
will the Sp.eciat Tax levied against any parcel subject
to this sentence be, increased as a consequence of
delinquency or default by the owner of any other
parcel within the District by more than 10 percent.
For the purposes hereof, a parcel is used fo.r "private
residential purposes" not later than the date on which
an occupancy permit for private residential use is
issued.
d. Subject to the limitations set forth in paragraph (c),
above, in the event that a portion of the property
within the District shall become exempt for any
reason, wholly or partially, from the levy of the
Special Tax, the City Council shall, on behalf of the
District, 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 remaining property within the District which is not
delinquent or exempt in order to yield the Special Tax
revenues required for the purposes described herein.
Resolution No. 99-164
Page 4
SECTION 6.
Bonds. It is the intent of the City Council, acting as the legislative
body of the District, to cause bonds to be issued on
behalf of the District under the Act to finance, in whole or
in part, the construct:ion of the Facilities. Such bonds will
be in the aggregate principal amount of not to exceed
$30 million, shall be issued in one or more series at a
maximum interest rate not in excess of 12 percent per
annum or such rate not in excess of the maximum rate
permitted by law at the time the bonds are issued, and
shall have a term not to exceed 40 years or such longer
term as is then permitted by law.
SECTION 7.
Hearing. A public hearing (the "Hearing") on the establishment of
the District, the extent of the District, the furnishing of
specified types of public facilities and services within the
District, and the proposed rate and method of
apportionment of the Special Tax shall be held on
September 1, 1999, at 7:00 P.M., or as soon thereafter
as practicable, at the chambers of the City Council of the
City of Rancho Cucamonga, 10500 Civic Center Dr.,
Rancho Cucamonga, California 91730. At the Hearing,
any interested person or taxpayer, including all persons
owning lands or registered to vote within the proposed
District, may appear and be heard.
_SECTION 8.
Report. Each City Officer who is or will be responsible for the
Facilities and Services to be financed by the District, if it
is established, is hereby directed to study the proposed
District and, at or before the time of the above mentioned
Hearing, file, or cause to be filed, a report with the City
Council, which is to be made a part of the record of the
Hearing, containing the following:
a. a brief description of the Facilities and Services by
type which will in his or her opinion be required to
adequately meet the needs of the District; and
b. an estimate of the cost of financing the Facilities and
Services, including incidental expenses and including
the costs of the proposed bond financing and all
other related costs as provided for in Section 53345.3
of the Act, and including the cost of planning and
designing the Facilities to be financed pursuant to the
Resolution No. 99-164
Page 5
Act, including the cost of environmental evaluations
of such facilities, all costs associated with the
creation of the District, issuance of bonds,
determination of the amount of any special taxes,
collection of any special taxes, or costs otherwise
associated with the creation of the District, issuance
of bonds, determination of the amount of any special
taxes, collection of any special taxes, or costs
otherwise incurred in order to carry out the
authorized purposes of the City with respect to the
District, and any other expenses incidental to the
construction, completion and inspection of the
authorized work to be paid through the proposed
financing.
SECTION 9.
Advances. The City may accept advances of funds from any
sources, including private persons or private entities, and
is authorized and directed to use such funds for any
authorized purpose, including any cost incurred by the
City in creating the District. The City may enter into an
agreement io repay all of such funds as are not
expended or committed for any authorized purpose at
the time of the election on the levy of the Special Tax, if
the proposal to levy such tax should fail, and to repay all
of such funds advanced if the levy of the Special Tax
shall be approved by the qualified electors of the District.
SECTION 10.
Published Notice. The City Clerk is hereby directed to publish a
notice ("Notice") of the Hearing pursuant to Section 6061
of the Government Code in a newspaper of general
circulation published in the area of the proposed District.
Such Notice shall be substantially in the form specified in
Section 53222 of the Act. Publication of the Notice shall
be completed at least 7 days prior to the date of the
Hearing.
SECTION 11.
No Election of Property Owners to Take a Contract. ~
to Section 53329.5 (c) of the Act, the City Council hereby
finds that, in its opinion, the public interest will not be
served by allowing the property owners in the proposed
District to enter into a contract for the construction of the
Facilities and that the property owners may not elect to
enter into such a contract.
Resolution No. 99-164
Page 6
SECTION 12.
Voting. The levy of the proposed Special Tax shall be subject to
the approvat of the qualified electors of the District at a
special election. The qualified electors shall be the
registered voters of the District, with each voter having
one vote. The polls for the special election shall be open
at 7:00 A.M. on the day of the election and shall remain
open continuously from that time until 8:00 P.M. of the
same day when the polls shall be closed, except as
provided in Section 14401 of the California Elections
Code.
SECTION 13.
Exemptions From Special Tax. Except as may otherwise be
provided by law, all lands owned by any public entity,
including the United States, the State of California and/or
the City, or any departments or political subdivisions
thereof, shall be omitted from the levy of the Special Tax
to be made to cover the costs and expenses of the
Facilities and Services..
SECTION 14.
Reimbursement. The City Council hereby declares its intent to
reimburse expenditures relating to the Facilities from the
proceeds of obligations to be issued by the City Council,
acting as legislative body of the District. The City
expects that all such expenditures will be reimbursed
with proceeds of such obligations. The maximum
principal amount of obligations expected to be issued for
the Facilities is $30 million. This official intent is not
declared as a matter of course and is not declared in an
amount substantially in excess of the amounts expected
to be necessary for the Facilities.
Please See Next Page for Formal
Adoption and Signatures
Resolution No. 99-164
Page 7
PASSED, APPROVED, AND ADOPTED this 21st day of July, 1999.
AYES: Alexander, Biane, Curatalo, Dutton, Williams
NOES: None
ABSENT: None
ABSTAINED: None
William J. Mayor
ATTEST:
Debra J. s, CMC, 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 o.f Rancho Cucamonga, California, at a regular meeting of said City Council held
on the 21st day of July, 1999.
Executed this 22n~ day of July, 1999, at Rancho Cucamonga, California.
J. ¥1C, City Clerk
Resolution No. 99-164
Page 8
EXHIBIT "A"
DESCRIPTION OF FACILITIES AND SERVICES
The facilities and services described below are proposed to be financed by City of Rancho
Cucamonga Community Facilities District No. 99-1 (Central Park) (the "District"). The facilities and
services shall include the attributable costs of engineering, design, planning and coordination,
together with: the expenses related to the issuance and sale of any special tax bonds, including
underwriter's discount, appraisals, reserve fund, capitalized interest, bond counsel, special tax
consultant, bond and official statement printing and all other expenses incidental thereto. The
facilities will be constructed pursuant to plans and specifications approved by the City and the
officials thereof..
Facilities
The facilities inctude the purchase, construction, expansion, improvement or rehabilitation of certain
real or other tangible property described below, to serve the area located within the District,
including all furnishings, equipment and supplies related thereto (collectively, the "Facilities"), which
Facilities have a useful life of five years or longer and which the City Council is authorized by law
to contribute revenue to or construct, own or operate:
A general description of the improvements is as follows:
The park includes lakes, arboretum, group picnic areas, performance
pavilion, trails, and play areas.
The aquatic complex features opportunities for recreation and
competitive swimming, including pools with spectator seating, changing
facilities and shaded picnic areas, as well as offices for personnel and
storage facilities for pool and maintenance equipment.
The tennis complex provides an opportunity to play tennis, take lessons,
watch tournaments and exhibitions and includes lighted tennis courts,
training alleys, a center court with terraced seating and an area for
temporary grandstands, racquetball courts, a pro shop with offices and
repair shop, and a courtyard for concession sites.
~, T'he grounds maintenance facility will also be included to provide a
location for equipment storage, offices and work areas for maintenance
personnel.
F'inally, if funding allows, the gymnasium will include court facilities,
lockers and showers, areas for concessions, as well as, offices for
personnel and storage for maintenance equipment.
Services
The services include recreation program services and maintenance of parks, parkways and open
space (collectively, the "Services"). Also included are services with respect to removal or remedial
action for the cleanup of hazardous substances, if any, released or threatened to be released into
the environment, provided that a remedial action plan, if required, has been approved. The cost
of the Services shall include the performance by employees of all functions, including operation,
maintenance and repair activities.
Resolution No. 99-164
Page 9
EXHIBIT "B"
CITY OF RANCHO CUCAMONGA
COMMUNITY FACILITIES DISTRICT NO. 99-1 (CENTRAL PARK)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
A Special Tax applicable to each assessor's parcel or portion thereof in CFD No. 99-1 shall be
levied and collected according t:o the tax liability determined by the Governing Board, through the
application of the rate and method of apportionment of the Special Tax set forth below. All of the
property in CFD No. 99-1, unless exempted by law or by the provisions of this Rate and Method
of Apportionment o,f Special Tax, shall be taxed to the extent and in the manner herein provided.
I. DEFINITIONS
"Aq~" means the Mello-Roos Community Facilities Act of 1982, as amended,
being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code
of the State of California.
"Admirtistrative Fees or Expenses" means the following actual or reasonably
estimated costs: the costs of computing the Special Taxes and preparing
the annual Special Tax Collection Schedule (whether by the City, a designee
thereof or both); the costs of collecting the Special Taxes (whether by the
County or otherwise); the costs of remitting the Special Taxes to the Fiscal
Agent; the costs of the Fiscal Agent (including its legal counsel)in the
discharge of the duties required of it under the Fiscal Agent Agreement; the
costs to the City, CFD No. 99-1 or any designee of either thereof of
complying with arbitrage rebate requirements; the costs of the City, CFD No.
99-1 or any designee or either thereof of complying with City, CFD No. 99-1
or obligated persons disclosure requirements; the costs associated with
I:~reparing Special Tax disclosure statements and responding to public
i,~lquiries regarding the Special Taxes; the costs of the City, CFD No. 99-1
or any designee of either thereof related to an appeal of the Special Tax;
and the City's annual administration fee and third party expenses.
Adrninistrative Fees or Expenses shall also include amounts estimated or
advanced by the City or CFD No. 99-1 for any other administrative purposes
c,f CFD No. 99-1, including attorney's fees and other costs related to
c:ommencing and pursuing to completion any foreclosure of delinquent
~!;pecial Taxes.
"Annual Costs" for any Fiscal Year,i equals the sum of (i) amounts required to
pay for the Facilities and related Incidental Expenses, (ii) Debt Service for
s~uch Fiscal Year; (iii) Administrative Fees or Expenses for such Fiscal Year;
(iv) the amount, if any, necessary to replenish the Reserve Fund for the
Bonds, plus an amount equal to delinquencies in the payment of Special
Tax levied in the previous Fiscal Year [subject to the limitations of
Government Code Section 53321 (d)]; and (iv) any other payment required
under the Fiscal Agent Agreement and any supplement or amendment
thereto for such Fiscal Year.
Resolution No. 99-164
Page 10
"Bond Fund" means the fund of that name created under the Fiscal Agent
Agreement.
"Bonds" means the City of Rancho Cucamonga Community Facilities District
I',1o. 99-1 (Central Park) Special Tax Bonds.
"CFD No. 99-1" means the City of Rancho Cucamonga Community Facilities
District No. 99-1 (Central Park).
"City" means the City of Rancho Cucamonga, California.
"County.." means the County of San Bernardino, California.
"Debt Service" for each Fiscal Year, means the total annual principal and
interest payable on the Bonds during the calendar year commencing on
J~anuary 1 of such Fiscal Year, less investment earnings on the Reserve
Fund not required to be set aside pursuant to the Fiscal Agent Agreement
for purposes of rebate pursuant to the Internal Revenue Code of 1986, and
less any capitalized interest and any other amounts remaining in the Bond
Fund held under the Fiscal Agent Agreement from the previous Fiscal Year.
"Facilities'" means the purchase, construction, expansion, improvement or
rehabilitation of certain real or other tangible property described below, to
serve the area located within the District, including all furnishings, equipment
and supplies related thereto, which facilities have a useful life of five years
or longer and which the City Council of the City is authorized by law to
contribute revenue to or constrL,ct, own or operate. Facilities include a park,
including lakes, an arboretum, group picnic areas, a performance pavilion,
trails and play areas; an aquatic complex, including pools with spectator
seating, changing facilities and shaded picnic areas, as well as offices for
personnel and storage facilities for pool and maintenance equipment; a
tennis complex, including lighted tennis courts, training alleys, a center court
with terraced seating and an area for temporary grandstands, racquetball
courts, a pro shop with offices and a repair shop, and a courtyard for
concession sites; a grounds rnaintenance facility, including a location for
equipment storage, offices, and work areas for maintenance personnel; and,
if funding allows, a gymnasium, including court facilities, lockers and
showers, areas for concessions, offices for personnel and storage for
mainterlance equipment.
"Finance Director" means the Finance Director of the City or his or her designee.
"Fiscal Agent" means the fiscal agent or trustee under the Fiscal Agent
Agreement.
"Fiscal .Agent Agreement" means any agreement by and between the City and
the :Fiscal Agent approved pursuant to the Resolution of Issuance.
Resolution No. 99-164
Page 11
"Fiscal Year" means the period starting on July 1 and ending the following
June 30.
"Governing Board" means the City Council of the City acting as the legislative
body for CFD No. 99-1.
"Incidental Expenses" means the attributable costs of engineering, design,
planning and coordination, together with the expenses related to the
issuance and sale of any special tax bonds, including underwriter's discount,
appraisals, reserve fund, capitalized interest, bond counsel, special tax
consultant, bond and official statement printing and all other expenses
irlcidental thereto.
"Maximum Special Tax" means the maximum Special Tax, determined in
accordance with Section III below, that can be levied in any Fiscal Year on
any Parcel.
"Original Parcel" means a Parcel as it existed at the time of the adoption of the
Resolution of Formation by the City Council of the City and as described in
the map of Proposed Boundaries for CFD No. 99-1 and by this reference
made a part hereof.
"Parcel" means any County of San Bernardino assessor's parcel that is within the
boundaries of CFD No. 99-1, based on the equalized tax rolls of the County
of San Bernardino as of January 1 in the prior Fiscal Year and includes
Original Parcels and Successor Parcels.
"Proportionally" means for each Taxable Parcel that the ratio of the actual Special
Tax levy to the Maximum Special Tax: is equal for all Taxable Parcels within
CFD No. 99-1.
"Reserve Fund means the fund of that name created under the Fiscal Agent
Agreement.
"Resolution of Formation" means the resolution of the City Council of the City
adopted under the Act to establish CFD No. 99-1.
"Resolution of Issuance" means the resolution of the City Council of the City
adopted under the Act authorizing the issuance of Bonds by CFD No. 99~1.
"Services" means the costs of recreation program services; the costs of
maintenance of parks (including and aquatic complex, a tennis complex, and
a gymnasium), parkways and open space, including the performance by
empl;oyees of all functions,, including operation, maintenance and repair
activities; and related Incidental Expenses and Administrative Fees and
Expenses. Also included are services with respect to removal or remedial
action for the clean up of hazardous substances, if any, released or
threatened to be released into the environment, provided that a remedial
action plan, if required, has been approved.
Resolution No. 99-164
Page 12
"Special Tax" means any tax levied within CFD No. 99-1 pursuant to the Act
and this Rate and Method of Apportionment of Special Tax.
"Special Tax Collection Schedule" means the document prepared by the
Finance Director and sent to the County' Auditor for use in collecting the
Special Tax each Fiscal Year.
"Special Tax Requirement" means, for any Fiscal Year, the sum of, listed by
priority, (i) Annual Costs and (ii) Services.
"Successor Parcel" means a Parcel created by subdivision, lot line adjustment or
parcel map from an Original Parcel.
"Taxable Parcel" means any Parcel that is not a Tax-Exempt Parcel.
"Tax-Exempt Parcel" means, as of January 1st of each year, (i) any parcel
owned by a governmental entity, or irrew~cably offered for dedication to a
governmental entity, (ii) any Parcel which constitutes public right-of-way or
which is encumbered by an unmanned utility easement, making impractical
its utilization for other than the purpose set fodh in the easement, o.r (iii) any
Parcel assigned a zero value by the San Bernardino County Assessor.
Notwithstanding the foregoing., (i) a Taxable Parcel acquired by a public
entity after the adoption of the Resolution of Formation by means of
negotiated transaction, or by gift or devise, or by eminent domain
proceedings, shall remain a Taxable Parcel, and (ii) if a public agency
owning a Tax-Exempt Parcel, including a Tax-Exempt Parcel held in trust
for any beneficiary, grants a leasehold or other p.ossessory interest in the
parcel to a non-exempt person or entity, the Special Tax shall be levied on
the leasehold or possessory interest and shall be payable by the owner of
the leasehold or possessory interest.
I/. CLASSIFICATION OF PARCELS
At the beginning of each Fiscal Year, using the definitions above, the Governing Board shall cause
each Parcel to be classified as a Tax-Exempt Parcel or a Taxable Parcel.
II/. MAXIMUM SPECIAL TAX RATE
The Maximum Special Tax for each Taxable Parcel shall equal $129.00.
I_~V. APPORTIONMENT OF SPECIAL TAX
Commencing with the first Fiscal Year for which the Special Tax is levied and for each following
Fiscal Year, the Governing Board shall determine the Special Tax Requirement and levy the
Resolution No. 99-164
Page 13
Special Tax until the amount of Special Taxes levied equals the Special Tax Requirement. The
Special Taxes shall be levied each Fiscal Year as follows:
(1) The Special Tax shall be levied on each Taxable Parcel in an
amount equal to 100% of the applicable Maximum Special Tax;
or,
(2) If less monies are needed to satisfy the Special Tax
Requirement, the Special Tax shall be levied Proportionally on
each Taxable Parcel at less than 100% of the Maximum Special
Tax; provided that, the Governing Board may levy an amount in
excess of the Special Tax Requirement if all authorized CFD No.
99-1 Bonds have not already been issued.
V. MANNER O,F COLLECTION
Collection of the Special Tax shall be by the County of San Bernardino in the same manner as
ordinary ad valorem property taxes are collected and the Special Tax shall be subject to the same
penalties and tile same lien priority in the case of delinquency as ad valorem taxes; provided,
however, that the City may provide in the Fiscal Agent Agreement or in the Resolution of Issuance
for (i) other means of collecting the Special Tax, including direct billings thereof to the property
owners and (ii) judicial foreclosure of delinquent Special Taxes.
VJ, TERM OF "SPECIAL TAX"
The Special "Tax shall be collected only so long as required to pay the Annual Costs and/or the
Services. No Special Tax to pay for Annual Costs shall be levied or collected after the 2035-2036
fiscal year. The Special Tax to pay for Services may continue to be levied and collected so long
as required to pay for Services.
Vl__l. REVIEW/APPEAL COMMITTEE
The Governing Board shall establish as part of the proceedings and administration of CFD No. 99-1
a Special 3-member Review/Appeal Committee. Any landowner or resident who feels that the
amount of the Special Tax levied on their Taxable Parcel is in error may file a notice with the
Review/Appeal Committee appealing the amount of the Special Tax levied on such Parcel. The
Review/Appeal Committee shall interpret this Rate and Method of Apportionment and make
determinations relative to the annual administration of the Special Tax and any landowner or
resident appeals, as herein specified. The decision of the Review/Appeal Committee shall be final
and binding on all persons.
Resolution No. 99-164
Page 14
VIII. TENDER OF BONDS
The City Council, as the Governing Board, reserves to itself the right and authority to allow any
interested owner of property with CFD No. 99-1, subject to the provisions of Section 53344.1 of the
Act and to those, conditions it may impose, and any applicable prepayment penalties as prescribed
in the Fiscal Agent Agreement or comparable instrument or document, to tender to the CFD No.
99-1 treasurer in full payment or part payment of any installment of the Special Taxes or the
interest or penalties thereon which may be due or delinquent, but for which a bill has been
received, any Bond or other obligation secured thereby, the Bond or other obligation to be taken
at par and credit to be given for the accrued interest shown thereby computed to the date of tender.
The CFD No. 99-1 treasurer shall thereupon cancel the Bond debt and shall cause proper credit
therefor to be entered on the records of CFD No. 99-1 and in the office of the auditor and tax
collector.
In addition, provided the City Council, as the Governing Board, permits Bonds or debt to be
tendered for Special Taxes and the penalties and interest thereon, if the highest bid for a lot or
Parcel sold pursuant to a judgment of foreclosure and order of sale exceeds five thousand dollars
($5,000) and the highest bidder elects to treat the sale as a credit transaction pursuant to Section
701.590 (c) of the Code of Civil Procedure, the balance due as provided in that Section may be
paid in full or in part by tender of Bonds or debt, provided, however, that Bonds or debt may not
be tendered for costs of foreclosure, including attorney's fees and administrative charges incurred
by the City with respect to removing the Special Taxes from the rolls of the treasurer or tax
collector, or other administrative charges.