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HomeMy WebLinkAbout00-222 - Resolutions RESOLUTION NO. 00-222 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, FORMING AND ESTABLISHING COMMUNITY FACILITIES DISTRICT NO. 2000-02 (RANCHO CUCAMONGA CORPORATE PARK) AND AUTHORIZING SUBMITTAL OF LEVY OF SPECIAL TAXES TO THE QUALIFIED ELECTORS WHEREAS, the CITY COUNCIL of the CITY OF RANCHO CUCAMONGA, CALIFORNIA(the"City Council"), has previously declared its intention and ordered the preparation of a Community Facilities District Report relating to the initiation of proceedings to create a Community Facilities District pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2,Title 5 of the Government Code of the State of California (the "Act"). This Community Facilities District shall hereinafter be referred to as COMMUNITY FACILITIES DISTRICT NO. 2000-02 (RANCHO CUCAMONGA CORPORATE PARK) (the "District"); and, WHEREAS, notice of a public hearing relating to the establishment of the District,the extent of the District, the financing of the acquisition of certain public facilities and the provision of certain public services and all other related matters has been given, and a Community Facilities District Report, as ordered by this City Council, has been presented to this City Council and has been made a part of the record of the hearing on the Resolution of Intention to establish such District; and, WHEREAS, all communications relating to the establishment of the District, the proposed public facilities and public services and the proposed rate and method of apportionment of special tax have been presented, and it has further been determined that a majority protest as defined by law has not been received against these proceedings; and, WHEREAS, inasmuch as there have been less than twelve (12) registered voters residing within the territoryof the District for at least the preceding ninety(90)days,the authorization to levy special taxes within the District shall be submitted to the landowners of the District, such landowners being the qualified electors as authorized by law. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: SECTION 1: Recitals. The above recitals are all true and correct. SECTION 2: Determinations. It is hereby determined by this City Council that: A. All prior proceedings pertaining to the formation of the District were valid and taken in conformitywith the requirements of the law, and specifically the provisions of the Act, and that this finding and determination is made pursuant to the provisions of Government Code Section 53325.1. Resolution No. 00-222 Page 2 of 12 B. No written protests to the formation of the District or the levy of the special taxes have been received and, therefore, the special taxes proposed to be levied within the District have not been precluded by majority protest pursuant to Section 53324 of the Government Code of the State of California. C. The District as proposed conforms with the City's goals and policies regarding the establishment of community facilities districts. D. Less than twelve (12) registered voters have resided within the territory of the District for each of the ninety (90) days preceding the close of the public hearing, therefore, pursuant to the Act the qualified electors of the District shall be the landowners of the District as such term is defined in Government Code Section 53317(f) and each landowner who is the owner of record as of the close of the public hearing, or the authorized representative thereof, shall have one vote for each acre or portion of an acre of land that she or he owns within the District. E. The time limit specified by the Act for conducting an election to submit the levy of the special taxes to the qualified electors of the District and the requirements for impartial analysis and ballot arguments have been waived with the unanimous consent of the qualified electors of the District. F. The City Clerk, acting as the election official, has consented to conducting any required election on a date which is less than 125 days following the adoption of any resolution forming and establishing the District. G. The Board of Directors of the Cucamonga County Water District ("CCWD") and this City Council have each approved a joint community facilities agreement pursuant to the provisions of the Act pertaining to the acquisition of certain water and sewer improvements to be owned, operated and maintained by CCWD. Resolution No. 00-222 Page 3 of 12 SECTION 3: Community Facilities District Report. The Community Facilities District Report for the District (the "Report"), as now submitted by Willdan/MuniFinancial, Special Tax Consultant, shall stand as the report as required pursuant to Government Code Section 53321.5 for all future proceedings and all terms and contents are approved as set forth therein. SECTION 4: Name of District. The City Council does hereby establish and declare the formation of the District known and designated as "COMMUNITY FACILITIES DISTRICT NO. 2000-02 (RANCHO CUCAMONGA CORPORATE PARK)." SECTION 5: Boundaries of District. The boundaries and parcels of land in which the public facilities are to be provided and on which special taxes will be levied in order to pay the costs and expenses to provide the authorized public services and to acquire the authorized public facilities are generally described as follows: All property within the boundaries of COMMUNITY FACILITIES DISTRICT NO. 2000-02 (RANCHO CUCAMONGA CORPORATE PARK), as shown on a boundary map as previously approved by this legislative body, such map designated by the name of this District, a copy of which is on file in the Office of the City Clerk. The boundary map of the proposed District has been filed pursuant to Sections 3111 and 3113 of the Streets and Highways Code of the State of California in the Office of the County Recorder of the County of San Bernardino, at Page 73 of Book 54/55 of the Book of Maps of Assessment and Community Facilities Districts for such County. SECTION 6: Description of Facilities and Services. A general description of the public facilities which are to be financed underthese proceedings,are generally described in Exhibit "A" attached hereto and incorporated herein by this reference. The facilities are facilities which the City Council is authorized by law to contribute revenue to or to construct, own or operate. It is hereby further determined that the proposed facilities and services are necessary to meet increased demands and needs placed upon the City and CCWD as a result of proposed development within the District, and the costs and expenses charged to this District represent the fair share costs of the facilities and services attributable to this District. Resolution No. 00-222 Page 4 of 12 For a full and complete description of such facilities and services, reference is made to the Community Facilities District Report, a copy of which is on file in the Office of the City Clerk. In addition to financing the authorized facilities and services, the financing of those incidental expenses described in the Community Facilities District Report are also approved and authorized. SECTION 7: Special Tax. Except where funds are otherwise available a special tax, secured by recordation of a continuing lien against all non- exempt real property in the proposed District, is hereby authorized, subject to voter approval, to be levied within the boundaries of such District. For particulars as to the rate and method of apportionment of the proposed special tax, reference is made to the attached and incorporated Exhibit "B" (the"Special Tax Formula"), which sets forth in sufficient detail the method of apportionment to allow each landowner or resident within the proposed District to estimate the maximum amount that such person will have to pay. Such special tax shall be utilized to pay directly for the facilities and services, to pay debt service on authorized bonds to assist in financing the acquisition of such facilities, to replenish any reserve fund established for such bonds,and to pay the costs of administering the bonds and the District. The special taxes herein authorized, to the extent possible, shall be collected in the same manner as ad valorem property taxes and shall be subject to the same penalties, procedure, sale and lien priority in any case of delinquency as applicable for ad valorem taxes; provided, however, the District may utilize a direct billing procedure for any special taxes that cannot be collected on the County tax roll or may, by resolution, elect to collect the special taxes at a different time or in a different manner if necessary to meet its financial obligations. Under no circumstances will the special tax to be levied against any parcel used for private residential purposes be increased as a consequence of delinquency or default by the owner of any other parcel or parcels within the District by more than 10 percent. This legislative body further authorizes that special taxes may be prepaid and satisfied by payment of the prepayment amount calculated pursuant to the Special Tax Formula. 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, a continuing lien to secure each levy of the special tax shall attach to all non-exempt real property in Resolution No. 00-222 Page 5 of 12 the District and this lien shall continue in force and effect until the special tax obligation is prepaid and permanently satisfied and the lien canceled in accordance with law or until collection of the tax by the legislative body ceases. SECTION 8: Preparation of Annual Tax Roll. The name, address and telephone number of the office, department or bureau which will be responsible for preparing annually a current roll of special tax levy obligations by Assessor's parcel number and which shall be responsible for estimating future special tax levies pursuant to Section 53340.1 of the Government Code of the State of California, are as follows: GIS/Special Districts Supervisor City of Rancho Cucamonga 10500 Civic Center Drive Rancho Cucamonga,CA 91729 (909)477-2700,Ext 2567 SECTION 9: Substitution Facilities. The description of the public facilities, as:set forth above,Js, general in its nature. The final nature and location of`st)ch facilities will be determined upon the preparation of final plans and specifications therefor. Such final plans may show substitutes in lieu of, or modification to, the facilities described in Exhibit"A"and any such substitution shall not be a change or modification in the proceedings as long as the facilities serve a function substantially similar to the facilities described in Exhibit"A". SECTION 10: Election. This City Council herewith submits the levy of the special tax to the qualified electors of the District,such electors being the landowners in the District, with each landowner having one (1)voter for each acre or portion thereof of land which he or 'Shtj owns within the District. This legislative body hereby further directs that the ballot proposition relating to the levy of the special tax be combined and consolidated with the proposition relating to the incurring of a bonded indebtedness. This Resolution shall not constitute the notice of the election, and the Resolution declaring the necessity to incur the bonded indebtedness shall constitute the notice of the election relating to the combined proposition on the authorization to incur a bonded indebtedness and authorization for the special tax levy and the proposition to establish an appropriations limit for the District. Resolution No. 00-222 Page 6 of 12 PASSED, APPROVED, AND ADOPTED this 1"day of November 2000. AYES: Alexander, Biane, Curatalo, Dutton, Williams NOES: None ABSENT: None ABSTAINED: None William J. Alex der, Mayor ATTEST: 4���k Debra J. Ada , 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 of Rancho Cucamonga, California,at a Regular Meeting of said City Council held on the 15' day of November 2000. Executed this 2nd day of November, at Rancho Cucamonga, California. Adams C, City Clerk Resolution No. 00-222 Page 7 of 12 Exhibit "A" Description of Public Facilities and Public Services The types of public facilities proposed to be financed by the District shall include: Street improvements on public street improvements required as a condition of approval of development of the property within the proposed District; such street improvements to include but not be limited to: Demolition and grading, curb, gutter and sidewalks, traffic signals; entry feature and signs; fire hydrants; storm drains; water and sewer improvements; paving;striping; landscaping and irrigation improvements; public utilities and appurtenances. Resolution No. 00-222 Page 8 of 12 Exhibit "B" CITY OF RANCHO CUCAMONGA COMMUNITY FACILITIES DISTRICT NO. 2000-02 (RANCHO CUCAMONGA CORPORATE PARK) RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX Special Tax applicable to each assessor's parcel or portion thereof in the CFD shall be levied and collected according to the tax liability determined by the Council,through the application of the rate and method of apportionment of the Special Tax set forth below. All of the property in the CFD, unless exempted by law or by the provisions of this Rate and Method of Apportionment of Special Tax, shall be taxed to the extent and in the manner herein provided. I. DEFINITIONS "Act" 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. "Acre or Acreage" means the land area of a Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor's Parcel Map, the land area shown on the applicable final map, parcel map,condominium plan, or other map or plan recorded with the County. "Administrative Fees or Expenses" means the actual or estimated costs incurred by the City to determine, levy and collect the Special Taxes, including salaries of City employees and the fees of consultants, legal counsel, paying agents, fiscal agents, and trustees; the costs of collecting installments of the Special Taxes; cost of arbitrage calculation and arbitrage rebates, preparation of required reports;and any other costs required to administer the CFD as determined by the City. "Administrative Services Director" means the Administrative Services Director of the City or his or her designee. "Assessor" means the Assessor of the County. "Bond Share" means the share of Bonds assigned to a Developed Parcel calculated pursuant to Section VI. "Bonds" means any bonds issued by the CFD or other debt as defined in Section 53317(d) of the Act incurred by CFD 2000-02. "CFD" means the City of Rancho Cucamonga Community Facilities District No. 2000-02 (RANCHO CUCAMONGA CORPORATE PARK). "City" means the City of Rancho Cucamonga, California. Resolution No. 00-222 Page 9 of 12 "Council" means the City Council of the City of Rancho Cucamonga acting for the CFD under the Act. "County" means the County of San Bernardino, California. "Debt Service" means for each calendar year, the total scheduled amount of the principal of and the interest payable on any Outstanding Bonds during the calendar year commencing on January 1 of such Fiscal Year. "Fiscal Year" means the period starting on July 1 and ending the following June 30. "Indenture" means the bond indenture, fiscal agent agreement, indenture of trust, trust agreement, resolution of issuance of other instrument pursuant to which the Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same. "Maximum Annual Special Tax" means the greatest amount of Special Tax,determined in accordance with Section III, that can be levied in a any Fiscal Year on any parcel. "Maximum Special Tax Revenue"means the sum of the Maximum Annual Special Tax for all of the Taxable Parcels in the CFD. "Outstanding Bonds" means the total principal amount of Bonds that have been issued and not retired or defeased. "Parcel" means any County of San Bernardino assessor's parcel that is within the boundaries of the CFD, based on the equalized tax rolls of the County of San Bernardino as of January 1 of the prior Fiscal Year. "Parcel's Allocated Share" means the Maximum Annual Special Tax for a Parcel divided by the Maximum Annual Special Tax Revenue. "Payoff Parcel" means any Taxable Parcel for which a prepayment of the Special Tax Obligation is being calculated pursuant to Section VI. "Reserve Fund" means the total amount held in any bond reserve fund established for the Outstanding Bonds of the CFD. "Reserve Fund Share" is equal to the lesser of the Reserve Requirement or existing monies in the Reserve Fund, if any, for the Outstanding Bonds multiplied by the Parcel's Allocated Share. "Reserve Requirement" shall have the meaning given such term in the Indenture. "Special Tax" means the special tax to be levied within CFD pursuant to the Act and this Rate and Method of Apportionment of Special Tax. "Special Tax Obligation" means the total obligation of a Taxable Parcel to pay the Special Tax for the remaining life of the CFD. Resolution No. 00-222 Page 10 of 12 "Special Tax Requirement"means for any Fiscal Year,the total of(i)Debt Service for such Fiscal Year; (ii) related Administrative Expenses for such Fiscal Year; (iii) any amounts needed to replenish the Reserve Fund to the Reserve Requirement and (iv)the amount, if any, equal to reasonably anticipated Special Tax delinquencies for the current Fiscal Year [subject to the limitations of Government Code Section 53321(d)), less a credit for funds available to reduce the annual Special Tax levy as determined pursuant to the Indenture. "Taxable Acreage" or "Taxable Acre" is the acre with in each Taxable Parcel that is suitable for commercial or other improvements when considering existing easements for streets. The minimum Taxable Acreage in this CFD is 137.38 acres. If the total Acreage of all Taxable Parcels falls below the minimum Taxable Acreage of 137.38 acres,the Taxable Acreage for each Taxable Parcel shall be increased proportionally based on the Acreage of such Parcel until the minimum Taxable Acreage is reached. "Taxable Parcel" means any Parcel that is not a Tax-Exempt Parcel. "Tax-Exempt Property" means , as of January 1"of each year, (i)any Parcel owned by a governmental entity, or irrevocably offered for dedication to a governmental entity, (ii) any Parcel which constitutes public right-of-way or which is encumbered bya an unmanned utility easement, making impractical its utilization for other than the purpose set forth in the easement, or (iii) any Parcel assigned a zero value by the 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 possessory 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. II. CLASSIFICATION OF PARCELS At the beginning of each Fiscal Year, using the definitions above, the Council shall cause each Parcel to be classified as a Tax-Exempt Parcel or a Taxable Parcel. III. MAXIMUM SPECIAL TAX RATES The Maximum Annual Special Tax Rate is $3,896.00 per Taxable Acre. On each July 1, commencing on July 1, 2002, the Maximum Annual Special Tax shall be increased by two percent (2%) of the amount in effect for the previous Fiscal year. Resolution No. 00-222 Page 11 of 12 IV. APPORTIONMENT OF SPECIAL TAX Commencing with the first Fiscal Year for Which the Special Tax is levied and for each following Fiscal Year, the Council shall determine the Special Tax Requirement and levey the 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 Annual 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 Annual Special Tax;provided that the Council may levy an amount in excess of the Special Tax Requirement if all authorized CFD Bonds have not already been issued. V. MANNER OF COLLECTION Collection of the Special Tax shall be by the County of san Bernardino in the same manner as ordinary ad valorem property taxes; provide, however, that the City may provide in Indenture 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. VI. SATISFACTION OF SPECIAL TAX OBLIGATION Property owners may prepay and permanently satisfy the Special Tax Obligation ("Special Tax Prepayment') by a cash settlement with the City as permitted under Government Code Section 53344. Prepayment is permitted only under the following conditions: The City determines that the prepayment of the Special Tax Obligation does not jeopardize its ability to make timely payments of Debt Service on Outstanding. No Special Tax prepayment shall be allowed unless the Maximum Annual Special Tax that may be levied on all Taxable Parcels other than the Payoff Parcel is at least 110% of the maximum annual Debt Service on the Outstanding Bonds. Any property owner prepaying the Special Tax Obligation must pay any and all delinquent Special Taxes and penalties for the Payoff Parcel prior to prepayment. The amount of the Special Tax Prepayment shall be established by the following steps: Step 1: Determine the Maximum Annual Special Tax for the Payoff Parcel based on the assignment of the Maximum Annual Special Tax described in Section III above. Resolution No. 00-222 Page 12 of 12 Step 2: Divide the Maximum Annual Special Tax forthe Payoff Parcel from Step 1 by the Maximum Special Tax Revenue to arrive at the Parcel's Allocated Share. Step 3: Determine the Bond Share for the Payoff Parcel by multiplying the Parcel's Allocated Share from Step 2 by the total amount of Outstanding Bonds issued by the CFD. Step 4: Determine the Reserve Fund Share associated with the Bond Share determined in Step 3. The Reserve Fund Share is equal to the lesser of Reserve Requirement or existing monies in the Reserve Fund, if any, for the Outstanding Bonds multiplied by the Parcel's Allocated Share. Step 5: Calculate the amount needed to pay interest on the Bond Share from the first Bond interest and/or principal payment date established pursuant to the Indenture following the current Fiscal Year until the earliest redemption date for the Bonds on which Bonds may be redeemed from the proceeds of a Special Tax Prepayment. Subtract from this amount,the amount of interest that is reasonably expected to be earned from the reinvestment of the Special Tax Repayment less money kept by the City to cover costs form the date of the prepayment until the first redemption date for the Bonds. Step 6: Determine the Total Prepayment Amount by subtracting the Reserve Fund Share calculated in Step 4 from the Bond Share calculated in Step 3, adding the interest amount calculated in Step 5 and by adding Debt Service not yet paid for the current calendar year to the date of bond redemption and all fees, call premiums, and expenses incurred by the City in connection with the prepayment calculation or with the application of the proceeds of the Special Tax Prepayment. V. TERM OF "SPECIAL TAX" The Special Tax shall be collected only so long as required to make payments on the Bonds, but in no event shall it be levied after Fiscal Year 2035-2036.