HomeMy WebLinkAbout09-115 - Resolutions RESOLUTION NO. 09-115
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, RE-ESTABLISHING
ANNUAL SPECIAL TAX FOR COMMUNITY FACILITIES
DISTRICT 2001-01 FOR FISCAL YEAR 2009-2010
(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
2008-2009 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 2009-2010
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 2009-2010 by City staff.
NOW THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
SECTION 1: That the above recitals are all true and correct.
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 2009-2010 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
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".
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
expense of making any such collection.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 09-115 — Page 2 of 14
PASSED, APPROVED, AND ADOPTED this 3d day of June 2009.
AYES: Gutierrez, Kurth, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
.ti
Donald J. Kurth, M.D., ayor
ATTEST:
nice C. Reynolds, City Orerk
I, JANICE C. REYNOLDS, 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 3rd day of June 2009.
Executed this 4th day of June 2009, at Rancho Cucamonga, California.
Ctrij2C Pit e--- -
J nice C. Reynolds, City Jerk
Resolution No. 09-115 - Page 3 of 14
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 2009/2010.
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. 09-115—Page 4 of 14
TABLE 1
Assigned Special Taxes For Developed Property
Improvement Area No. 1
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. 09-115—Page 5 of 14
(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. 09-115—Page 6 of 14
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 terms 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; -�P._
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 I 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;
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
Resolution No. 09-115—Page 7 of 14
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 determined 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 I 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 constricted 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. 1 or I A No. 2.
Resolution No. 09-115—Page 8 of 14
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) Assigned Special 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. 09-115—Page 9 of 14
(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
Resolution No. 09-115— Page 10 of 14
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.
(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. 1 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 1 A No. 1 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;
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. l Special Tax shall be
Resolution No. 09-115—Page 11 of 14
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. IUndeveloped 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. i
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. I 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.1
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.
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
Resolution No. 09-115—Page 12 of 14
by Special Taxes and I A No. 1 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. I 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.
Resolution No. 09-115—Page 13 of 14
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