HomeMy WebLinkAbout502 - Ordinances CK)INANCE NO 502
AN Ci~~ OF ~IE CITY ~ OF ~ CI'TY OF RAiK:H)
(IXIAM2F.~, CAT.~, AUI}]CRIZING 'II{E LEVY OF A SPECIAL
']IXI~IAND~c~3VI~II~AREAOFANEX~~
~ DTS"II~CT
MtI~EAS, the City Council of the City of ~ Cucammr3a, California
(the "City Council"), has initiated proceei/rgs, held a tmblic hearing,
~ an election and received a fav<~=able vote free the qualified
area within an existing c~...unity facilities district, bejaxl Cc-,.mity
Facilities District No. 91-1 (Victoria C~..mity) of the City of ~
O_kT~--_--w~a (the "District"), all as authorized parsuant to the terms euxl
~-ov~ics~s of the '~ello-Rooe Oasam~ty Facilities Act of 1982", be/rig Chapter
2.5, Part 1, Division 2, Title 5 of the Govek'~ment Code of the State of
California (hereimfter referred to as the "'Act"). ~ tmtzovm~mt area
shall hereinafter he referred to as I)~I)DVIM)~ AREA NO. 1 OF CllMlfi~
FAc'rn'.Ire:~ DIblI~CT NO. 91-1 (VICTCRIA ClXSa4I~) OF ~IE CITY OF RANCa3
NOW, ~{~REF~URE, the City Council of the City of Rancho (~
hereby ordains as follows:
Ordinance, authurize the levy of additiak31 special tames at the rate and
formula as set furth in Exh/bit "A" attadv~__ hereto, referenced arE] so
the special tax may he levied at a l~er rate.
SECTIfIq 4: Properties or entities of the State, Federal cr other
local 9ovet,~ shall, ex~ as otherwise provided in Section 53317.3 of
t.he Gove],,~ (3{xle Of the State of California, he exertlYe frxm the above-
referenced and approved special tax.
SMCTI(IN 5: ~he proceeds of the above authorized and levied special
tax may only he used to pay, in whole or in part, the costs of the following,
in the following c~d__er of priority:
z. Payment of principaZ of and interest on any outstanding
autharized banded indebtedness of the District.
2. Necessary re~leni-~3nmnt of band reserve funds or other
reserve funds;
~ No. 502
3. Payment of costs ard expenses of authorized public
facilities, services, ar~ inci_aental expenses pursuant to the Act;
4. Repayment of advances and loans, as appropriate.
Ihe proceeds of the special tax shall be levied only so lc~g as
nccded for its purpose, and shall not be used for any otbar puq3ose.
SECTIC~ 6: ~3e above authorized special tax shall be collected in
SMCT/ON 7: ~he above authorized special tax shall be secured by tba
lien imposed pursuant to Sections 3114.5 and 3115.5 of the Streets and
Highways Code of the State of California, which lien shall be a continuir~
lien and shall secure each levy of the special tax. ~he lien of the special
tax shall continue in force and effect until the special tax obligatic~ is
prepaid, ~ermntly satisfied and cancelled in accordance with Sectira 53344
of the Gove~a~ COde of the State of CalifcTnia cr until the special tax
ceases to be levied by the legislative body of the local/~3ency in the manner
provided in Sectic~ 53330.5 of said Govei~-,~nt Oode.
SECTION 8: ~ Ordinance and special tax shall be applicable for
SMCT~ 9: ~ Ordinance shall be effective thirty (30) days after
its _____~m. Within fifteen (15) days afar its adeptly, the City C~erk
Govei,~_nt Code Sectic~ 36933.
~ AND FIRST READ at a regular meeting of the City Council of
the City of Rancho Cuc~, Califc~llia, c~1 Sept~ 2, 1992;
AND HB~~ ADOPTED at a regular meetin~ of the City Council of
the City of Rand~ Cuc~m~r/a, California, held m the 16th day of September,
1992, by the following vote:
P/~, AP~, axld ADO~ tb4-~ 16th day of Se[~, 1992.
AYES: Alexander, Buquet, Stout, Williams, Wright
Ordir,axx~ No, 502
Page3
i)gL,-<~ J. ~, City Clerk
I, DN~A J. ADAM~, ClTY cr.~RK of the City of Rancho
California, do hereby certify that the fcre~oir~ Ordinance was intro~ at a
regular meet/n~ of the Council of the City of Ra~o Owv~r3a k~ld c~ the 2rid
day of ~, 1992, and w~s finally passed at a regular meetir~ of the
City Council of the City of Rand~ O~-~r3a held c~ the 16th day of
~, 1992.
ExBcuted this 17th day of Se[feember, 1992, at Rancho CucamcrrJa,
Calif~nia o
":a. J. ,
~ No. 502
June15,1992
EXHIBIT D
RATES AND METHOD OF APPORTIONMENT OF SPECIAL TAXES
FOR IMPROVEMENT AREA NO. 1 OF
COMMUNITY FACILITIES DISTRICT NO. 91-1
(VICTORIA COMMUNITY) OF THE
CITY OF RANCHO CUCAMONGA
A Special Tax, the "Special Tax(es)" (defined below), shall be applicable to each Parcel (defined
below) located in Improvement Area No. 1 of Community Facilities Disu'ict No. 91-1 (Victoria
Community) of the City of Rancho Cucamonga (hereinafter "Improvement Area No. 1" and "CFD
No. 91-1"). The amount of Special Tax to be collected from each Parcel in any Fiscal Year
(defined below) shall be determined in accordance with the rate and method of apportionment
described below. All of the property in Improvement Area No. 1 unless exempted by law or
Section F below, shall be taxed for the purposes, to the extent, and in the manner provided herein.
A. DEFINITIONS
"Assessor's Parcel Map" means an official map of the County Assessor of the County
of San Bernardino designating Parcels by Assessor's Parcel Number.
"Developed Property" means, as of July 1 of any Fiscal Year, all Parcels for which a
final subdivision map, parcel map or functionally equivalent map or instrument creating lots
or parcels for commercial and indusu'ial development or creating lots or parcels upon which
residential units may be constructed has been recorded prior to March i of the preceding
Fiscal Year.
"Exempt Property" means any Parcel or other property within Improvement Area No. 1
described in Section E which is exempt from the levy of the Special Tax.
92-86/Exhibit D
~ No. 502
I~c:je5
June 15, 1992
"Fiscal Year" means the period starting on July 1 of any year and ending the following
June. 30.
"Full Buildout" means the Fiscal Year in which all Taxable Property within
Improvement Area No. 1 is classified as Developed Property for purposes of levying the
Special Tax.
"Net Taxable Acre" means an acre of Developed Property or Undeveloped Property,
exclusive of property exempted by law or the pwvisions of Section F below from the
Special Tax; the acreage calculation for Developed Properly will be based on the
dimensions as shown on or calculated from the recorded final subdivision map, parcel
map, or functionally equivalent map or insu'ument; the acreage calculation for Undeveloped
Property shall be the acreage shown on or calculated from the Assessors Parcel Map.
"Parcel" means a lot or parcel shown on an Assessors Parcel Map with an assigned
Assessor's Parcel number as of the date of the levy of the Special Taxes for each Fiscal
Year.
"Special Tax Requirement" means that mount required in any Fiscal Year to pay: (1)
debt service on all Bonds or other indebtedness of the District, (2) costs incurred by the
City in the annual levy and collection of the Special Taxes, (3) other reasonable costs
related to the adminiswation of the Bonds, and (4) any mounts required to replenish any
reserve funds established in association with the Bonds. In calculating the Special Tax
Requirement for a Fiscal Year items (1) through (4) shall be net of bond reserve earnings
and other interest earnings described in the bond resolution for the Bonds reasonably
expected to be available, except those earnings that may be r~luired for rebate purposes.
92-86/Exhibit D
502
June 15, 1~92
"Special Tax(es)" means the Special Tax to be levied in each Fiscal Year on all Parcels
to fund the Special Tax Requirement.
"Taxable Property" means all Parcels in Impwvement Area No. 1 which are not exempt
fi'om the levy of Special Taxes pursuant to law or Section E below.
"Undeveloped Property" means all Parcels in knpmvement Area No. I whjch are not
classified as Developed Property or Exempt Property.
B. ASSIGNMENT TO TAX CLASS
For each Fiscal Year, all Parcels within Improvement Area No. 1 shall be classified either
as Developed Property, Undeveloped Property, or Exempt Property and shall be subject to
the levy of the Special Tax in accordance with the rates and method of apportionment set
forth in Sections C and D below.
C. MAXIMUM SPECIAL TAX RATES
1. Developed Property
The Maximum Special Tax for each Parcel of Developed Property shall be $10,000 per Net
Taxable Acre.
2. Undeveloped Property
The Maximum Special Tax for each Parcel of Undeveloped Property shall be $8,600 per
Net Taxable Acre.
92-86AEx~bit D
Ordixnnce Ho. 502
June 15, 1992
D. METHOD OF APPORTIONMENT OF THE SPECIAL TAXES
On or prior to August 1 of each Fiscal Year or such other date as may be established by
law. the Special Tax Requirement for such Fiscal Year shall be determined and the Special
Taxes levied as follows:,
Step 1: The Special Taxes shall be levied on all Parcels of Developed Property at 100
percent of the Maximum Special Tax Rate; however, ff this amount exceeds the Special Tax
Requirement, the levy of Special Taxes on all Parcels of Developed Property shall be
proportionally decreased until the revenues produced thereby will be equal to ~e Special
Tax Requirement.
Step 2; If the revenues which may be produced by levying the Special Tax pursuant to
Step 1 are less than the Special Tax Requirement, the Special 'Taxes shall be levied
proportionally on all Parcels of Undeveloped Property up to 100 percent of the Maximum
Special Tax Rate to produce aggregate revenues equal to the Special Tax Requirement.
E. EXEMPTIONS
A Special Tax shall not be levied on the following pwperties which may as of the date of
formation of Impwvement Area No. 91-1 be:
· Properties owned by state, federal, or other local governments, except as otherwise
provided in Section 53317.3 of the Government Code;
* Property within Improvement Area No. 1 which is dedicated for the purposes of
constructing CFD funded wad facilities;
92-86/Exhibit D
Ordh'k3xx~ No. 502
June 15, 2992
· Property within Improvement Area No. 1 to be dedicated to or owned by the Southern
California Edison Company, the use of which is limited to utilit~ purposes.
· Those Parcels at entry ways and along perimeter areas used for landscaping which are
dedicated to and maintained by the City.
Notwithstanding the above, Parcels or portion of Parcels conveyed or ix~vocably offered
for dedication to a public agency after formation of Improvement Area No. 91 - 1 , and not
otherwise exempt pursuant to this Section E, shall be subject to the levy of the Special
Taxes pursuant to Section 53317.3 or Section 53317.5 of the Government Code and
classified as Undeveloped Property.
F. MANNER OF COLLECTION
Except for the prepayment of Special Taxes as pwvided for herein, the Special Taxes shall
be collected in the same manner and at the same time as ad valorera property taxes,
provided; however, that the City Council may authorize the collection of delinquent Special
Taxes by judicial foreclosure proceedings pursuant to Section 53356.1 of the Government
Code.
G. PREPAYMENT AND SATISFACTION OF SPECIAL TAX OBLIGATION
The Special Tax obligation for a Net Acre of Developed Property and Undeveloped
Property may be prepaid and permanen~y satisfied by the owner as follows:
1. Prepayment Prior to Full Buildout
The amount to discharge the Special Tax obligation of any Net Taxable Acre of Developed
Property or Undeveloped Property within the Improvement Area prior to Full Buildout
shall be (i) the remaining bond principal outstanding, plus (ii) any premium required to be
92-86/Exhibit D
~ No. 5O2
Page9
June 15, 2992
paid on the payoff date for all outstanding bonds, less (iii) the Bond Reserve Fund,
multiplied by 1.15, divided by the total Net Taxable Acres in the Improvement Area. The
amount derived on a Net Acreage basis shall be multiplied by 1.15 to determine the payoff
amount on a Net Acreage basis for Developed Property and 1.0 to determine the payoff
amount on a Net Acreage basis for Undeveloped Property.
2. Prepayment After Full Buildout
The amount to discharge the Special Tax obligation of any Net Acr~ of Developed Property
or Undeveloped Property within the Improvement Area after Full Buildout shall be (i) the
remaining bond principal outstanding, plus (ii) any premium required to be paid on the
payoff date for all outstanding bonds, less (ill) the Bond Reserve Fund, multiplied by 1.15,
divided by the total Net Acres in the Improvement Area.
Notwithstanding the foregoing, no prepayment shall be made on any Parcel of property in
Improvement Area No. 1 until such time as no more Bonds will be issued by the City for
Improvement Area No. 1, as determined by the Council.
92-86/Exh.ibit D