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HomeMy WebLinkAboutCC Reso No 2007-156RESOLUTION NO. 2007-156 RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CTTY OF LAKE ELSINORE, CALIFORNIA, TO ESTABLISH CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO. 2007-4 (MAKENNA COURT) WHEREAS, the City Council (the "Council") of the City of Lake Elsinore (the "City") has received a petition (the "Petition") requesting the institution of proceedings for (i) formation of a community facilities district (the "CFD") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), (ii) authorization of issuance of bonds for the CFD, and (iii) establishment of an appropriations limit for the CFD; and WHEREAS, the Council has determined that the Petition complies with the requirements of Government Code Section 53318(c) and now intends to initiate such proceedings; and WHEREAS, it is the intention of the Council to finance parks, open space and storm drain maintenance services that are in addition to those provided in the territory within the CFD prior to the formation of the CFD and do not supplant services already available within the territory proposed to be included in the CFD through the formation of the CFD subject to the levy of a special taY to pay for such services, being approved at an election to be held within the boundaries of the CFD; and WHEREAS, it is also the intention of the Council to finance the acquisition and construction of the Facilities (as defined below) or any combination thereof through the formation of the CFD, subject to the authorization of bonds and the levy of a special tax to pay lease payments, installment purchase payments or other payments, ar principal and interest on bonds, being approved at an election to be held within the boundaries of the CFD. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The Council hereby determines to institute proceedings far the formation of a community facilities district under the terms of the Act. The exterior boundaries of the CFD are hereby specified and described to be as shown on that certain map now on file in the office of the Clerk entitled "Proposed CITY COUNCIL RESOLUTION NO. 2007-156 PAGE 2 OF 6 Boundary of Community Facilities District No. 2007-4 of the City of Lake Elsinare (Makenna Court)," which map indicates by a boundary line the extent of the territory included in the proposed community facilities district and shall govern for all details as to the extent of the CFD. On the original and one copy of the map of such CFD on file in the City Clerk's office, the Interim City Clerk shall endorse the certificate evidencing the date and adoption of this Resolution. The Interim City Clerk shall file the original of such map in her office and, within fifteen (15) days after the adoption of this Resolution, the Interim City Clerk shall file a copy of such map so endorsed in the records of the County Recorder, County of Riverside, State of California. SECTION 2. The name of the proposed CFD shall be "City of Lake Elsinore Community Facilities District No. 2007-4 (Makenna Court)." SECTION 3. Except where funds are otherwise available, it is the intention of the Council to levy annually in accordance with procedures contained in the Act a special tax (the "Services Special Ta~c") sufficient to finance a portion of the cost of providing parks, open space and storm drain maintenance services (the "Services") that are in addition to those provided in the territory within the CFD prior to the formation of the CFD and do not supplant services already available within the territory proposed to be included in the CFD, the costs of administering the levy and collection of the Services Special Tax and all other costs of the levy of the Services Special TaY, including any foreclosure proceedings, legal, fiscal, and financial consultant fees, election costs, and all other administrative costs of the taac levy. The Services Special Tax will be secured by recordation of a continuing lien against all real property in the CFD. The schedule of the rate and method of apportionment and manner of collection of the Services Special Tax is described in detail in Exhibit A attached hereto. The Services Special Tax is apportioned to each parcel on the foregoing basis pursuant to Section 53325.3 of the Act. SECTION 4. The facilities proposed to be financed by the CFD are public infrashucture facilities and other governmental facilities with an estimated useful life of five years or longer, which the CFD is authorized by law to construct, own or operate and that are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the proposed CFD, as described in more detail in E~ibit B attached hereto, and related costs including design, inspections, professional fees, annexation fees, connection fees and CITY COUNCIL RESOLUTION NO. 2007-156 PAGE 3 OF 6 acquisition costs (the "Facilities"). Such Facilities need not be physically located within the CFD. SECTION 5. Except where funds are otherwise available, it is the intention of the Council to levy annually in accordance with procedures contained in the Act a special tax (the "Special Taa~") sufficient to pay for the costs of financing the acquisition and/or construction of the Facilities, including the principal of and interest on the bonds proposed to be issued to fmance the Facilities and other periodic costs, the establishment and replenishment of reserve funds, the remarketing, credit enhancement and liquidity fees, the costs of administering the levy and collection of the Special Tax and all other costs of the levy of the Special Tax and issuance of the bonds, including any foreclosure proceedings, architectural, engineering, inspection, legal, fiscal, and fmancial consultant fees, discount fees, 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), election costs and all costs of issuance of the bonds, including, but not limited to, fees for bond counsel, disclosure counsel, financing consultants and printing costs, 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 real property in the CFD. 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 CFD pursuant to Section 53314 of the Act and interest thereon. The schedule of the rate and method of apportionment and manner of collection of the Special Tax is described in detail in E~ibit A attached hereto. The Special Tax is apportioned to each parcel pursuant to Section 53325.3 of the Act. In the event that a portion of the property within the CFD shall become for any reason exempt, wholly or partially, from the levy of the Special Tax, the Council shall, on behalf of the CFD, increase the levy to the extent necessary upon the remaining property within the CFD which is not delinquent or exempt in order to yield the required payments, subject to the maximum tax. Under no circumstances, however, shall the Special Tax 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 CFD by mare than 10 percent. Furthermore, the maximum special ta~c authorized to be levied against any parcel used for private residential purposes shall not be increased over time in excess of 2 percent per year. CITY COiJNCIL RESOLUTION NO. 2007-156 PAGE 4 OF 6 SECTION 6. The Council hereby finds that the proposed Facilities are necessary to meet increased demands put upon the City as a result of the new development or rehabilitation within the proposed CFD. SECTION 7. A public hearing (the "Hearing") on the establishment of the CFD and the proposed rate and method of apportionment of the Services Special Tax and the Special Tax shall be held on October 9, 2007, at 7:00 p.m., or as soon thereafter as practicable, at the Lake Elsinore Cultural Center located at 183 North Main Street, Lake Elsinore, California 92530. SECTION 8. At the time and place set forth above for the hearing, any interested person, including all persons owning lands or registered to vote within the proposed CFD, may appear and be heard. SECTION 9. Each City officer who is or will be responsible for the Services and the Facilities to be financed by the CFD, if it is established, is hereby directed to study the proposed CFD and, at or before the time of the above- mentioned Hearing, file a report with the Council, and which is to be made a part of the record of the Hearing, containing a brief description of the Services and the Facilities by type which will in his or her opinion be required to adequately meet the needs of the CFD and his or her estimate of the cost of providing the Services and the Facilities. The City Manager is directed to estimate the fair and reasonable cost of all incidental expenses, including the cost of planning and designing the Facilities to be financed pursuant to the Act, including the cost of environmental evaluations of such facilities, all costs associated with the creation of the CFD, issuance of bonds, determinafion of the amount of any special taxes, collection of any special t~es, or costs otherwise incurred in order to carry out the authorized purposes of the City with respect to the CFD, and any other expenses incidental to the construction, completion and inspection of the authorized work to be paid through the proposed financing. SECTION 10. The City may accept advances of funds from any sources, including private persons or private entities, and is autharized and directed to use such funds far any authorized purpose, including any cost incurred by the City in creating the CFD. The City may enter into an agreement to 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 Services Special Tax and the Special Tax, if the proposal to levy such tax should fail, and to repay all of such funds advanced if the CITY COiTNCIL RESOLUTION NO. 2007-156 PAGE 5 OF 6 levy of the Services Special Taac and the Special Tax shall be approved by the qualified electors of the CFD. SECTION 11. The Interim 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 CFD. Such Notice shall contain information set forth in Section 53322 of the Act. Such publication shall be completed at least 7 days prior to the date of the Hearing. SECTION 12. The Interim Clerk may send a copy of the Notice by first- class mail, postage prepaid, to each registered voter and to each landowner within proposed CFD as shown on the last equalized assessment roll. Said mailing shall be completed not less than fifteen (15) days prior to the date of the Hearing. SECTION 13. Pursuant to Section 53344.1 of the Act, the Council hereby reserves to itself, in its sole discretion, the right and authority by subsequent resolution to allow any owner of property within the CFD, subject to the provisions of Section 53344.1 of the Act and those conditions as it may impose, and any applicable prepayment penalties as prescribed in the bond indenture or comparable instrument or document, to tender to the CFD 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. SECTION 14. The voting procedure with respect to the establishment of the CFD and the imposition of the special tax shall be by hand delivered or mailed ballot election. SECTION 15. This Resolution shall take effect from and after the date of its passage and adoption. CITY COUNCIL RESOLUTION NO. 2007-156 PAGE 6 OF 6 PASSED, APPROVED AND ADOPTED this 28th day of August 2007. AYES: MAYOR ROBERT E. MAGEE MAYOR PRO TEM DARYL HICKMAN COUNCIL MEMBER THOMAS BUCKLEY COUNCIL MEMBER GENIE KELLEY COUNCIL MEMBER ROBERT SCHIFFNER NOES: NONE ABSENT: NONE ABSTAIN: NONE i~obert E. Magee, City of Lake Elsi~ ATTEST: ~~ ~ ~~'~~~~~,(p ~~ Michelle Soto, Interim City Clerk City of Lake Elsinore APPROVED AS TO FORM: ~Krbara Zeid I~ibold, City Attorney City of Lake Elsinore RATE AND METHOD OF APPORTIONMENT FOR COMMiJNITY FACILITIES DISTRICT No. 2007-4 OF THE CITY OF LAKE ELSINORE (MAK~NNA COURT~ A Special Tas shall be levied on all Assessor's Parcels in Community Facilities District No. 2007-4 of the City of Lake Elsinore (Makenna Court) ("CFD No. 2007-4") and collected each Fiscal Year commencing in Fiscal Yeaz 2007-2008, in an amount determined through the application of this Rate and Method of Apportionment as described below. All of the real properry in CFD No. 2007-4, unless exempted by law or by the provisions hereof, shall be tased for the purposes, to the extent and in the manner herein provided. A. The terms hereinafter set forth have the following meanings: "Acre" or "Acreage" means the land area of an Assessor's Pazcel as shown on an Assessar's Parcel Map, or ifthe land area is not shown on an Assessor's Parcel Map, the land area shown on the applicable final map, pazcel map, condominium plan, or other recorded County parcel map. "Act" means the Me11o-Roos Community Facilities Act of 1982, being Chapter 2.5, Part 1, Division 2 of Title 5 of the California Government Code. "Administrative Expenses" means the following actual or reasonably estunated costs directly related to the administration of CFD No. 2007-4: the costs of computing the Special TaYes and preparing the annual Special Tax collection schedules (whether by the City or designee thereof or both); the costs of collecting the Special Taxes (whether by the City or otherwise); the costs of remitting the Special Taaces to the Trustee; the costs of the Trustee (including its legal counsel) in the discharge of the duties required of it under the Indenture; the costs to the City, CFD No. 2007-4 or any designee thereof of complying with arbitrage rebate requirements; the costs to the City, CFD No. 2007-4 or any designee thereof of complying with disclosure requirements of the City, CFD No. 2007-4 or obligated persons associated with applicable federal and state securities laws and the Act; the costs associated with preparing Special Tax disclosure statements and responding to public inquiries regazding the Special Taa~es; the costs of the City, CFD No. 2007-4 or any designee thereof related to an appeal of the Special Tax; the costs associated with the release of funds from an escrow account; and the City's annual administration fees and third parry expenses. Administrative Expenses shall also include amounts estimated by the CFD Administrator or advanced by the City or CFD No. 2007-4 for any other administrative purposes of CFD No. 2007-4, including attorney's fees and other costs related to commencing and pursuing to completion any foreclosure of delinquent Special Taxes. "Apartment Property" means all Assessor's Pazcels of Residential Property on which one or more Apartment Units are constructed. City of Lake Elsinore August 15, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page 1 "Apartment UniY' means a dwelling unit within a building comprised or attached residential units auailable for rental by the general public, not for sale to an end user, and under common management. "Assessor's Parcel" means a lot or parcel to which an Assessor's parcel number is assigned as determined from an Assessor's Parcel Map or the applicable assessment roll. "Assessor's Parcel Map" means an official map of the County Assessor of the County designating pazcels by Assessor's Parcel number. "Assigned Special Tax for Facilities" means the Special Tax for Facilities for each Land Use Class of Developed Property, as determined in accordance with Section C.1.(b) below. "Authorized Facilities" means those facilities eligible to be funded by CFD No. 2007-4. "Backup Special Tax for Facilities" means the Special Tas for Facilities applicable to each Assessor's Pazcel of Developed Property, as determined in accordance with Section C.1.(c) below. "Certificate of Occupancy" means a certificate issued by the City that authorizes the actual occupancy of a dwelling unit for habitation by one or more residents. "CFD Administrator" means an official of the City, ar designee thereof, responsible for determining the Special Tax Requirement for Facilities, the Special Tax Requirement for Services as determined in accordance with Section I below, and providing for the levy and collection of the Special Taaces. "CFD No. 2007-4" means Community Facilities District No. 2007-4 of the City of Lake Elsinore (Makenna Court). "CFD No. 2007-4 Bonds" means any bonds ar other debt (as defined in Section 53317(d) of the Act), whether in one or more series, issued by CFD No. 2007-4 and secured solely by the Special TaY for Facilities levy on property within the boundaries of CFD No. 2007-4 under the Act. "City" means the City of Lake Elsinore. "Council" means the City Council of the City of Lake Elsinore, acting as the legislative body of CFD No. 2007-4. "County" means the County of Riverside. "Developed Property" means, with respect to the Special Taac for Facilities, for each Fiscal Year, all Taxable Property, exclusive of Taxable Public Property and Taxable Properry Owner Association Property, for which the Final Subdivision was recorded on or before January 1 of the prior Fiscal Year and a building permit for new construcfion was issued on Ciry ojLake Elsinore August I5, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page 2 or before May 1 of the Fiscal Yeaz preceding the Fiscal Year for which the Special Tas for Facilities is being levied. "Final Subdivision" means a subdivision of property by recordation of (i) a final map, or portion thereof, approved by the City pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) that creates individual lots for which building permits may be issued, or (ii) lot line adjustment approved by the City. "Fiscal Year" means the period starting July 1 and ending on the following June 30. "Indenture" means the indenture, fiscal agent agreement, resolution or other instrument pursuant to which CFD No. 2007-4 Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same. "Land Use Class" means any of the classes listed in Table 1 below. "Maximum Special Tax for Facilities" means the m~imum Special Tax for Facilities, determined in accordance with Section C below, that can be levied in any Fiscal Year on any Assessor's Parcel. "Non-Residential Property" means all Assessor's Parcels of Developed Property for which a building permit permitting the conshuction of one or more non-residential units or facilities has been issued by the City, and which is not otherwise Residential Property. "Outstanding Bonds" means all CFD No. 2007-4 Bonds which aze deemed to be outstanding under the Indenture. "Property Owner Association Property" means, for each Fiscal Yeaz, (i) any property within the boundaries of CFD No. 2007-4 that was owned by a properry owner association, including any master or sub-association, as of January 1 of the prior Fiscal Year, (ii) any property located in a Final Subdivision that was recorded as of the May 1 preceding the Fiscal Year in which the Special Tax is being levied and which, as determined from such Final Subdivision, is or will be open space, a common area recreation facility, or a private street, or (iii) any properiy which, as of the May 1 preceding the Fiscal Yeaz for which the Special Tax is being levied, has been conveyed, irrevocably dedicated, or irrevocably offered to a property owner's association, including any master or sub-association, provided such conveyance, dedication, or offer is submitted to the CFD Administrator by May 1 preceding the Fiscal Year for which the Special Ta~c is being levied. "Proportionately" means for Developed Property that the ratio of the actual Special Tax for Facilities levy to the Assigned Special Tas for Facilities is equal for all Assessor's Parcels of Developed Property. For Undeveloped Proper[y, "Proportionately" means that the ratio of the actual Special Tax for Facilities levy per Acre to the Maacimum Special Ta~c for Facilities per Acre is equal for all Assessor's Parcels of Undeveloped Property. The term "Proportionately" may similarly be applied to other categories of Taa~able Properly as listed in Section D below. City of Lake Elsinore August I5, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page 3 "Public Property" means property within the boundaries of CFD No. 2007-4 owned by, irrevocably offered or dedicated to, or over, through or under which an easement for purposes of public use has been granted, to the federal government, the State, the County, the City, or any local government or other public agency, provided that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act shall be taxed and classified according to its use. "Residential Floor Area" means all of the square footage of living area within the perimeter of a residential structure, not including any carport, walkway, garage, overhang, patio, enclosed patio, or similaz azea. The determination of Residential Floor Area for an Assessor's Pazcel shall be made by reference to the building permit(s) issued far such Assessor's Parcel. Such determination shall be final following the issuance of a Certificate of Occupancy for the dwelling unit. "Residential Property" means all Assessor's Pazcels of Developed Property for which a building permit permitting the construction thereon of one or more residential dwelling units has been issued by the City. "Single Family Property" means all Assessor's Parcels of Residential Property other than Apartment Property. "Special Tax" means any of the special tases authorized to be levied by CFD No. 2007-4 pursuant to the Act. "Special Tax for Facilities" means the special tas to be levied in each Fiscal Yeaz on each Assessor's Parcel of Developed Property, Taxable Property Owner Association Property, Taacable Public Property, and Undeveloped Properly to fund the Special T~ Requirement for Facilities. "Special Tax Requirement for Facilities" means that amount required in any Fiscal Yeaz for CFD No. 2007-4 to: (i) pay debt service on all Outstanding Bonds due in the calendaz year commencing in such Fiscal Year; (ii) pay periodic costs on the CFD No. 2007-4 Bonds, including but not limited to, credit enhancement and rebate payments on the CFD No. 2007-4 Bonds due in the calendaz year commencing in such Fiscal Yeaz; (iii) pay a proportionate shaze of Administrative Expenses; (iv) pay any amounts required to establish or replenish any reserve funds for all Outstanding Bonds; (v) pay for reasonably anticipated Special T~ for Facilities delinquencies; (vi) pay directly for acquisition ar construction of Authorized Facilities to the extent that the inclusion of such amount does not increase the Special Tas for Facilities levy on Undeveloped Properry; less (vii) a credit for funds available to reduce the annual Special Tas for Facilities levy, as determined by the CFD Administrator pursuant to the Indenture. "State" means the State of California. Ciry of Lake Elsinore August I5, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page 4 "Taxable Property" means a11 of the Assessar's Parcels within the boundaries of CFD No. 2007-4 which are not exempt from the Special Tax for Facilides pursuant to law or Section E below. "Taxable Property Owner Association Properly" means all Assessor's Parcels of Property Owner Association Property that aze not exempt pursuant to Section E below. "Taxable Public Property" means all Assessor's Parcels of Public Properry that aze not exempt pursuant to Section E below. "Trustee" means the trustee or fiscal agent under the Indenture. "Undeveloped Property" means, for each Fiscal Year, all Taacable Property not classified as Developed Properiy, Taa~able Property Owner Association Property, or Taxable Public Property. B. ASSIGNMENT TO LAND USE CATEGORIES Each Fiscal Year, all Tasable Properiy within CFD No. 2007-4 shall be classified as Developed Property, Taxable Public Properry, Tasable Property Owner Association Property, ar Undeveloped Property, and shall be subject to the Special Tax for Facilities in accordance with this Rate and Method of Apportionment determined pursuant to Sections C and D below. Each Assessor's Pazcel of Residential Property shall be assigned to Land Use Classes 1 through 7 as listed in Table 1 below based on unit type and Residential Floor Area. Each Assessor's parcel of Non-Residential Properiy shall be assigned to Land Use Class 8. C. MAXIMUM SPECIAL TAX FOR FACILITIES Prior to the issuance of CFD No. 2007-4 Bonds, the Assigned Special Tax for Facilities on Developed Properry (set forth in Table 1), and the Backup Special Tax for Facilities attributable to a Final Subdivision, may be reduced in accordance with, and subject to the conditions set forth in this pazagraph. If it is reasonably determined by the CFD Administrator that the overlapping debt burden (as defined in the Statement of Goals and Policies for the Use of the Mello-Roos Communitv Facilities Act of 1982 adopted by the Council, the "Goals and Policies") calculated pursuant to the Goals and Policies based upon the Assigned Special Taac far Facilities on Developed Property exceeds the City's maximum level objective set forth in such document, the Assigned Special Tax far Facilities on Developed Property, and the Backup Special Tax for Facilities attributable to a Final Subdivision, may be reduced to the amount necessary to satisfy the City's objective with respect to the maximum overlapping debt burden level with the written consent of the CFD Administrator. The reductions permitted pursuant to this paragraph shall be reflected in an amended notice of Special Tax lien which the City shall cause to be recorded by executing a certificate in substantially the form attached hereto as Exhibit "A". Developed Pronertv City of Lake Elsinore August I5, 2007 Communiry Facilities Disbict No. 2007-4 (Makenna Court) page S (a) Masimum Special Taac for Facilities The Maximum Special Taat for Facilities far each Assessor's Parcel classified as Developed Property sha11 be the greater of (i) the amount derived by application of the Assigned Special Taa~ for Facilities or (ii) the amount derived by application of the Backup Special Tax for Facilities. (b) Assigned Special Tax for Facilities The Assigned Special Taac for Facilities for each Land Use Class is shown below in Table 1. TABLE 1 (c) Backup Special Taac for Facilities The Fiscal Year 2007-2008 Backup Special Taac for Facilities attributable to a Fina1 Subdivision will equal $13,395 multiplied by the Acreage of all Taxable Property, exclusive of any Taxable Property Owner Association Property and T~able Public Properry, therein. The Backup Special TaY for Facilities for each Assessor's Parcel of Residential Properiy shall be computed by dividing the Backup Special Tax for Facilities attributable to the applicable Final Subdivision by the number ofAssessor's Parcels and/or residential units for which building pemuts for residential conshuction have or may be issued (i.e., the number or residential lots and/or units). The Backup City of Lake Elsinore August 1 S, 2007 Community Facilities Disdict No. 2007-4 (Makenna Court) page 6 Assigned Special Tax for Facilities for Developed Property Community Facilities District No. 2007-4 Fiscal Year 2007-2008 Special Taac for Facilities for each Assessor's Parcel of Non-Residential Property therein sha11 equal $13,395 multiplied by the Acreage of such Assessor's Parcel. If a Final Subdivision includes Assessor's Parcels of Taacable Property for which building permits far both residential and non-residential construction may be issued, exclusive of Tasable Property Owner Association Property and Taxable Public Properry, then the Backup Special Tas for Facilities for each Assessor's Pazcel of Residential Properiy shall be computed exclusive of the Acreage and Assessor's Parcels of properiy for which building permits for non-residential construction may be issued. Notwithstanding the foregoing, if all or any portion of the Final Subdivision(s) described in the preceding paragraphs is subsequently changed or modified by recordation of a lot line adjustment or similaz instrument, and only if the CFD Administrator deternunes that such change or modification results in a decrease in the number of Assessor's Parcels of Taxable Properiy for which building pemuts for residential construction have or may be issued within such Final Subdivision, then the Backup Special Ta~c for Facilities for each Assessor's Pazcel of Developed Property that is part of the lot line adjustment or similar instrument for such Final Subdivision shall be a rate per Acre as calculated below. The Backup Special Taa~ for Facilities previously determined for an Assessor's Pazcel of Developed Property that is not a part of the lot line adjustment ar similar instrument for such Final Subdivision shall not be recalculated. 1. Determine the total Backup Special TaY for Facilities anticipated to apply to the changed or modified portion of the Final Subdivision area prior to the change or modification. 2. The result of pazagraph 1 above shall be divided by the Acreage of Taxable Property which is ultimately expected to exist in such changed or modified portion of the Fina1 Subdivision area, as reasonably determined by the CFD Administrator. 3. The result of pazagraph 2 above shall be the Backup Special Taac for Facilities per Acre which shall be applicable to Assessor's Pazcels of Developed Properry in such changed ar modified portion ofthe Final Subdivision azea for all remaining Fiscal Years in which the Special Ta~c far Facilities may be levied. (d) Increase in the Assigned Special Tax for Facilities and Backup Special Ta~c for Facilities The Fiscal Year 2007-2008 Assigned Special Taac for Facilities, identified in Table 1 above, and Backup Special Tax for Facilities shall increase thereafter, commencing on July 1, 2008 and on July 1 of each Fiscal Yeaz thereafter, by an amount equal to two percent (2%) of the amount in effect for the previous Fiscal Year. City of Lake Elsinore August I5, 2007 Community Facilities District No. 2007-4 (Makenna Court) page 7 (e) Multiple Land Use Classes In some instances an Assessor's Parcel of Developed Property may contain more than one Land Use Class. The M~imum Special TaY for Facilities levied on an Assessor's Parcel sha11 be the sum of the Masimum Special Tas for Facilities for all Land Use Classes located on that Assessor's Pazcel. The CFD Administrator's allocation to each type of property shall be finaL 2. Taxable Proroertv Owner Association Property, Taacable Public Pronertv, and Undeveloped Propertv The Fiscal Year 2007-2008 Ma~mum Special Tax for Facilities for Taafable Property Owner Association Properry, Taatable Public Properly, and Undeveloped Property shall be $13,395 per Acre and shall increase thereafter, commencing on July 1, 2008 and on July 1 of each Fiscal Yeaz thereafter, by an amount equal to two percent (2%) of the M~imum Special Tax for Facilities in effect for the previous Fiscal Yeaz. D. METHOD OF APPORTIONMENT OF THE SPECIAL TAX FOR FACILITIES Commencing with Fiscal Yeaz 2007-2008 and for each following Fiscal Year, the Council shall determine the Special Tax Requirement for Facilities and levy the Special Taac for Facilities until the amount of Special Taac for Facilities levy equals the Special Tax Requirement for Facilities. The Special Tax for Facilities shall be levied each Fiscal Year as follows: First: The Special Tax for Facilities shall be levied on each Assessor's Parcel of Developed Property in an amount equal to 100% of the applicable Assigned Special Tax for Facilities; Second: If additional monies are needed to satisfy the Special Tax Requirement for Faciliries after the first step has been completed, the Special Tax for Facilities sha11 be levied Proportionately on each Assessor's Parcel of Undeveloped Property at up to 100% of the Maximum Special Taac for Facilities for Undeveloped Properry; Third: If additional monies aze needed to satisfy the Special Tax Requirement for Facilities after the first two steps have been completed, then the levy of the Special Tax for Facilities on each Assessor's Parcel of Developed Property whose Masimum Special T~ for Facilities is determined through the application of the Backup Special Tax for Facilities shall be increased in equal percentages from the Assigned Special Taac for Facilities up to the Maacimum Special Tax for Facilities for each such Assessor's Pazcel; Fourth: If additional monies aze needed to satisfy the Special Taac Requirement for Facilities after the first three steps have been completed, then the Special Tax for Facilities shall be levied Proportionately on each Assessor's Pazcel of Taxable Property Owner Association Property and Taxable Public Property at up to 100% of the Maa~imum Special TaY for Facilities for Taxable Property Owner Association Property or Taxable Public Property. City af Lake E[sinore August 15, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page 8 Notwithstanding the above, the Council may, in any Fiscal Year, levy Proportionately less than 100% of the Assigned Special Tax for Facilities in step one (above), when (i) the Council is no longer required to levy the Special Tax for Facilities pursuant to steps two through four above in order to meet the Special Tax Requirement for Facilities; (ii) all authorized CFD No. 2007-4 Bonds have already been issued or the Council has covenanted that it will not issue any additional CFD No. 2007-4 Bonds (except refunding bonds) to be supported by the Special Tax for Facilities; and (iii) all Authorized Facilities have been constructed and/or acquired and all reimbursements to the developer for the construction and/or acquisition of such facilities have been paid as permitted by law. Further notwithstanding the above, under no circumstances will the Special Tax for Facilities levied against any Assessor's Parcel of Residential Property for which a Certificate of Occupancy 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 CFD No. 2007-4. E. No Special Tax for Facilities shall be levied on up to 5.3 Acres of Properry Owner Association Property and/or Public Property in CFD No. 2007-4. Tax-exempt status will be assigned by the CFD Administrator in the chronological order in which property becomes Property Owner Association Properiy or Public Property. However, should an Assessor's Parcel no longer be classified as Property Owner Association Property or Public Properry, its tas-exempt status will be revoked. Property Owner Association Property or Public Property that is not exempt from Special Tax for Facilities under this section shall be subject to the levy of the Special Taac for Facilities and shall be taated Proportionately as part of the fourth step in Section D above, at up to 100% of the Maacimum Special Taac for Facilities for Taacable Property Owner Association Property or Taxable Public Properly. F. MANNER OF COLLECTION The Special Ta~c for Facilities shall be collected in the same manner and at the same time as ordinary ad valorem properiy taxes; provided, however, that CFD No. 2007-4 may directly bill the Special Tax for Facilities, may collect the Special Taac for Facilities at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on delinquent Assessor's Parcels as permitted by the Act. G. PREPAYMENT OF SPECIAL TAX FOR FACILITIES The following additional defuutions apply to this Section G: City of Lake Elsinore August I5, 2007 Community Facilities District Na. 2007-4 (Makenna Cou~t) Page 9 "Buildout" means, for CFD No. 2007-4, that all expected building permits for dwelling units to be constructed in CFD No. 2007-4 have been issued, as reasonably deternvned by the CFD Administrator. "CFD Public Facilities" means either $2,550,000 in 2007 dollars, which shall increase by the Construction Inflation Index on July l, 2007, and on each July 1 thereafter, or such lower number as (i) shall be determined by the CFD Administrator as sufficient to provide funding for a11 of the Authorized Facilities, or (ii) shall be determined by the Council concurrently with a covenant that it will not issue any more CFD No. 2007-4 Bonds (except refunding bonds) to be supported by the Special Tax for Facilities levy under this Rate and Method of Apportionment as described in Section D above. "Construction Inflation Index" means the annual percentage change in the Engineering News Recard Building Cost Index for the City of Los Angeles, measured as of the calendar year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the CFD Administrator that is reasonably comparable to the Engineering News Record Building Cost Index for the City of Los Angeles. "Future Facilities Costs" means the CFD Public Facilities minus (i) costs of Authorized Facilities previously paid from the Improvement Fund, (ii) moneys currently on deposit in the Improvement Fund available to pay costs of Authorized Facilities, and (iii) moneys currently on deposit in an escrow fund that are expected to be auailable to finance the cost of Authorized Facilities. "Improvement Fund" means an account specifically identified in the Indenture to hold funds which are currently available for expenditure to acquire or construct Authorized Facilities. "Previously Issued Bonds" means, for any Fiscal Year, all Outstanding Bonds that are deemed to be outstanding under the Indenture after the first interest and/or principal payment date following the current Fiscal Yeaz. 1. Prepayment in Full Only an Assessor's Parcel of Developed Properry, or Undeveloped Property for which a building pernut has been issued, may be prepaid. The obligation of the Assessor's Pazcel to pay the Special Taac for Facilities may be permanently satisfied as described herein, provided that a prepayment may be made with respect to a particular Assessor's Pazcel only if there aze no delinquent Special Taxes with respect to such Assessor's Pazcel at the time of prepayment. An owner of an Assessor's Pazcel intending to prepay the Special Tax for Facilities obligation shall provide the CFD Administrator with written notice of intent to prepay. Within 30 days of receipt of such written notice, the CFD Administratar shall notify such owner of the prepayment amount for such Assessor's Parcel. The CFD Administrator may charge a reasonable fee for providing this service. Prepayment must be made not less than 45 days prior to the neact occurring date that notice of redemption of CFD No. 2007-4 City of Lake Elsinore August I5, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page ZO Bonds from the proceeds of such prepayment may be given by the Trustee pursuant to the Indenture. The Special Taac for Facilities Prepayment Amount (defined below) shall be calculated as sununarized below (capitalized terms as defined below): Bond Redemption Amount plus Redemption Premium plus Future Facilities Amount plus Defeasance Amount plus Administrative Fees and Expenses less Reserve Fund Credit less Canitalized Interest Credit Total: equals Special Taac for Facilities Prepayment Amount As of the proposed date of prepayment, the Special Tax for Facilities Prepayment Amount shall be calculated as follows: Para¢raph No.• Confirm that no Special Tax delinquencies apply to such Assessor's Pazcel. 2. For Assessor's Parcels of Developed Property, compute the Assigned Special Tax for Facilities and Backup Special Tas for Facilities. For Assessor's Parcels of Undeveloped Properiy for which a building permit has been issued, compute the Assigned Special Tax for Facilities and Backup Special TaY for Facilities for that Assessor's Pazcel as though it was already designated as Developed Property, based upon the building permit which has already been issued for that Assessor's Parcel. 3. (a) Divide the Assigned Special Tax for Facilities computed pursuant to pazagraph 2 by the total estimated Assigned Special Tax for Facilities for the entire CFD No. 2007-4 based on the Developed Property Special T~ for Facilities which could be levied in the cunent Fiscal Yeaz on all expected development through Buildout of CFD No. 2007-4, excluding any Assessor's Pazcels which have been prepaid, and (b) Divide the Backup Special Tas for Facilities computed pursuant to pazagraph 2 by the total estimated Backup Special Taac for Facilities at Buildout for the entire CFD No. 2007-4, excluding any Assessor's Pazcels which have been prepaid. 4. Multiply the larger quotient computed pursuant to paragraph 3(a) or 3(b) by the Previously Issued Bonds to compute the amount of Previously Issued Bonds to be retired and prepaid (the "Bond Redemption Amount"). Multiply the Bond Redemption Amount computed pursuant to paragraph 4 by the applicable redemption premium (e.g., the redemption price-100%), if any, on the Previously Issued Bonds to be redeemed (the "Redemption Premium"). City ofLake Elsinore August I5, 2007 Community Facilities District No. 2007-4 (Makenna Courtf Page ll 6. Compute the current Future Facilities Costs. Multiply the larger quotient computed pursuant to pazagraph 3(a) or 3(b) by the amount determined pursuant to paragraph 6 to compute the amount of Future Facilities Costs to be prepaid (the "Future Facilities Amount"). 8. Compute the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the eazliest redemption date for the Previously Issued Bonds. 9. Determine the Special Taac for Facilities levied on the Assessor's Parcel in the cturent Fiscal Year which has not yet been paid. 10. Compute the minimum amount the CFD Administrator reasonably expects to derive from the reinvestment of the Special Tax for Facilities Prepayment Amount less the Future Facilities Amount and the Administrative Fees and Expenses (defined below) from the date of prepayment until the redemption date far the Previously Issued Bonds to be redeemed with the prepayment. 11. Add the amounts computed pursuant to pazagraphs 8 and 9 and subtract the amount computed pursuant to paragraph 10 (the "Defeasance Amount"). 12. The administrative fees and expenses of CFD No. 2007-4 aze as calculated by the CFD Administrator and include the wsts of computation of the prepayment, the costs to invest the prepayment proceeds, the costs of redeeming CFD No. 2007-4 Bonds, and the costs of recording any notices to evidence the prepayxnent and the redemption (the "Administrative Fees and Expenses"). 13. The reserve fund credit (the "Reserve Fund Credit") shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Previously Issued Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Previously Issued Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero. No Reserve Fund Credit shall be granted if the amount then on deposit in the reserve fund far the Previously Issued Bonds is below 100% of the reserve requirement (as defined in the Indenture). 14. If any capitalized interest for the Previously Issued Bonds will not have been expended as of the date immediately following the first interest and/ar principal payment following the current Fiscal Year, a capitalized interest credit shall be calculated by multiplying the larger quotient computed pursuant to paragraph 3(a) or 3(b) by the expected balance in the capitalized interest fund or account under the Indenture after such first interest and/or principal payment (the "Capitalized Interest Credit"). City of Lake Elsino~e August I5, 2007 Community Facilities District No. 2007-4 (Makenna Court) Page 12 15. The Special Taac for Facilities prepayment is equal to the sum of the amounts computed pursuant to paragraphs 4, 5, 7, 11 and 12, less the amounts computed pursuant to paragraphs 13 and 14 (the "Special Tuz~ for Facilities Prepayment AmounP'). From the Special Taac for Facilities Prepayment Amount, the amounts computed pursuant to pazagraphs 4, 5, 11, 13 and 14 shall be deposited into the appropriate fund as established under the Indenture and be used to retire CFD No. 2007-4 Bonds or make debt service payments. The amount computed pursuant to paragraph 7 shall be deposited into the Improvement Fund. The amount computed pursuant to pazagraph 12 shall be retained by CFD No. 2007-4. The Special TaY for Facilities Prepayment Amount may be insufficient to redeem a full $5,000 increment of CFD No. 2007-4 Bonds. In such cases, the increment above $5,000 or integral multiple thereof will be retained in the appropriate fund established under the Indenture to be used with the next prepayment of CFD No. 2007-4 Bonds or to make debt service payments. As a result of the payment of the current Fiscal Year's Special Tax for Facilities levy as determined under paragraph 9(above), the CFD Administrator shall remove the current Fiscal Year's Special Tas for Facilities lery for such Assessor's Pazcel from the County tax rolls. With respect to any Assessor's Parcel that is prepaid, the Council shall cause a suitable notice to be recorded in compliance with the Act, to indicate the prepayment of the Special Tas for Facilities and the release of the Special Tax for Facilities lien on such Assessor's Parcel, and the obligarion of such Assessor's Parcel to pay the Special Tax for Facilities shall cease. Notwithstanding the foregoing, no Special Tax for Facilities prepayment shall be allowed unless, at the time of such proposed prepayment, the amount of Maacimum Special Tax for Facilities that may be levied on Tasable Properry within CFD No. 2007-4 (after excluding 53 Acres of Property Owner Association Property and Public Property as set forth in Section E) both prior to and after the proposed prepayment is at least equal to the sum of (i) the Administrative Expenses, as defined in Section A above, and (ii) 1.10 times maacimum annual debt service, in each remaining Fiscal Year on the Outstanding Bonds. 2. Prepayment in Part The Special Tax for Facilities on an Assessor's Parcel of Developed Properiy or an Assessor's Pazcel of Undeveloped Property for which a building permit has been issued may be partially prepaid. The amount of the prepayment shall be calculated as in Section G.1; except that a partial prepayment shall be calculated according to the following formula: PP =[(PE - A) x F] + A These terms have the following meaning: Ciry af Lake Elsinore August I5, 2007 Communiry Facilities District No. 2007-4 (Makenna Court) Page l3 PP = the partial prepayment. PE = the Special Taac for Facilities Prepayment Amount calculated according to Section G.1. F= the percentage, expressed as a decimal, by which the owner of the Assessor's Parcel is partially prepaying the Special Tax for Facilities. A= the Administrative Fees and Expenses calculated accarding to Section G.1. The owner of any Assessor's Pazcel who desires such prepayment sha11 notify the CFD Administrator of such owner's intent to partially prepay the Special Tax for Facilities and the percentage by which the Special Taat for Facilities shall be prepaid. The CFD Administrator shall provide the owner with a statement of the amount required for the partial prepayment of the Special Tax for Facilities for an Assessor's Pazcel within 30 days of the request and may charge a reasonable fee for providing this service. With respect to any Assessor's Pazcel that is partially prepaid, the Council shall (i) distribute the funds remitted to it according to Section G.1, and (ii) indicate in the records of CFD No. 2007-4 that there has been a partial prepayment of the Special Tax for Facilities and that a portion of the Special T~ for Facilities with respect to such Assessor's Parcel, equal to the outstanding percentage (1.00 - F) of the remaining Maximum Special Tas for Facilities, shall continue to be levied on such Assessor's Pazcel pursuant to Section D above. H. TERM OF SPECIAL TAX FOR FACILITIES The Special Tax far Facilities shall be levied for a period not to exceed forty yeazs commencing with Fiscal Year 2007-2008, provided however that the Special Tax for Facilities will cease to be levied in an earlier Fiscal Year if the CFD Administrator has determined (i) that all required interest and principal payments on the CFD No. 2007-4 Bonds have been paid; (ii) all Authorized Facilities have been constructed and/or acquired and a11 reimbursements to the developer for the construction and/or acquisition of such facilities have been paid as permitted by law; and (iii) all other obligations of CFD No. 2007- 4 have been satisfied. I. SPECIAL TAX FOR SERVICES The following additional definitions apply to this Section I: "Developed Multifamily Unit" means a residential dwelling unit within a building in which each of the individual dwelling units has or shall haue at least one common wall with another dwelling unit and a building permit has been issued by the City for such dwelling unit on or prior to May 1 preceding the Fiscal Yeaz in which the Special Tax for Services is being levied. "Developed Non-Residentiai Property" means all Assessor's Parcels for which a building permit was issued by the City for any type of non-residential use, excluding property owned by local, state, or federal government, on or prior to May 1 preceding the Fiscal Year in which the Special Tax is being levied. Ciry of Lake E[sinore August I5, 2007 Communiry Facilities District No. 2007-4 (Makenna Court) Page 14 "Developed Single Family Unit" means a residential dwelling unit other than a Developed Multifamily Unit on an Assessor's Pazcel for which a building permit has been issued by the City on or prior to May 1 preceding the Fiscal Yeaz in which the Special Tax for Services is being levied. "Maximum Special Tax for Services" means the m~imum Special Tax for Services that can be levied by CFD No. 2007-4 in any Fiscal Year on any Assessor's Parcel. "Operating Fund" means a fiznd that shall be maintained for CFD No. 2007-4 for any Fiscal Year to pay for the actual costs of maintenance related to the Service Area, and the applicable Administrative Expenses. "Operating Fund Balance" means the amount of funds in the Operaring Fund at the end of the preceding Fiscal Yeaz. "Service Area" means parks, open space, and storm drains. "Special Tax for Services" means any of the special tases authorized to be levied within CFD No. 2007-4 pursuant to the Act to fund the Special TaY Requirement for Services. "Special Tax Requirement for Services" means the amount determined in any Fiscal Yeaz for CFD No. 2007-4 equal to (i) the budgeted costs directly related to the Service Area, including maintenance, repair and replacement of certain components of the Service Area which have been accepted and maintained or are reasonably expected to be accepted and maintained during the current Fiscal Year, (ii) pay a proportionate shaze of Administrative Expenses, and (iii) anticipated Special Tax for Services delinquencies based on the delinquency rate for the Special Taac for Services levy in CFD No. 2007-4 for the previous Fiscal Year, less (iv) the Operating Fund Balance, as determined by the CFD Administratar. 1. Rate and Method of Apportionment of the Special Tax for Services Commencing with Fiscal Yeaz 2007-2008 and for each subsequent Fiscal Yeaz, the Council shall levy the Special Taa~ for Services on (i) all Assessor's Parcels containing a Developed Single Family Unit or Developed Multifamily Unit and (ii) all Assessor's Parcels of Non- Residential Properiy, up to the applicable Masimum Special Tax for Services to fund the Special Taac Requirement for Services. The Maa~imum Special Taaf for Services for Fiscal Yeaz 2007-2008 shall be $251.78 per Developed Single Family Unit, $125.89 per Developed Multifamily Unit, and $567.02 per Acre for each Assessor's Parcel of Developed Non-Residential Property. On each July 1, commencing July 1, 2008, the Maxiinum Special Tax for Services shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. 2. Duration of the Special Tax for Services Ciry of Lake Elsinore August I5, 2007 Community Facilities D'utrict No. 2007-4 (Makenna Court) Page I S The Special Tax for Services shall be levied in perpetuity to fund the Special Tax Requirement for Services, unless no longer required as determined at the sole discretion of the Council. 3. Collection of the Special Tax for Services The Special Tas for Services shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2007-4 may collect the Special Tas for Services at a different time or in a different manner if necessary to meet its funding requirements. J. APPEALS AND INTERPRETATIONS Any landowner or resident who feels that the amount of the Special Tax levied on their Assessor's Parcel is in enor may submit a written appeal to CFD No. 2007-4. The CFD Administrator shall review the appeal and if the CFD Administrator concurs, the amount of the Special Tax levied shall be appropriately modified. The Council may interpret this Rate and Method of Apportionment for purposes of clarifying any ambiguity and make determinations relative to the annual administration of the Special Tax and any landowner or resident appeals. Any decision of the Council shall be final and binding as to all persons. K:ICLIENTS2ICLCIMakennaCaurtIRNAIMakenna Cour! CFD RMA Draft3.doc Revised: 9/27/07 City of Lake Elsinore ,suguar ~~, ~vo~ Community Facilities District No. 2007-4 (Makenna Court) Page 16 EXHIBIT A CERTIFICATE TO AMEND SPECIAL TAXFOR FACILITIES CITY OF LAKE ELSINORE AND CFD No. 2007-4 CERTIFICATE Pursuant to Section C of the Rate and Method of Apportionment, the City of Lake Elsinore ("City") and Community Facilities District No. 2007-4 of the City of Lake Elsinore ("CFD No. 2007-4") hereby agree to a reduction in the Assigned Special Tax for Facilities for Developed Property, and the Backup Special Ta~c for Facilities attributable to a Final Subdivision within CFD No. 2007-4: ~a~ The information in Table 1 relating to the Assigned Special Taac for Facilities for Developed Property within CFD No. 2007-4 shall be modified as follows: Acre. 2. The Special Taac for Facilities may only be modified prior to the first issuance of CFD No. 2007- 4 Bonds. Upon execution of the Certificate by the City and CFD No. 2007-4, the City shall cause an amended notice of Special Tax lien for CFD No. 2007-4 t o be recorded reflecting the modifications set forth herein. By execution hereof, the undersigned acknowledges, on behalf of the City and CFD No. 2007-4, receipt of this Certificate and modification of the Rate and Method of Apportionment as set forth in this Certificate. CITY OF LAKE ELSINORE By: CFD Administrator COMMUNITY FACILITIES DISTRICTNO. 2007-4 OF THE CITY OF LAKE ELSINORE By: Date: ro~ The Backup Special Taaf for Facilities attributable to a Final Subdivision within CFD No. 2007-4, as stated in Section C.1.(c), shall be reduced from $13,395 per Acre to $ pet EXHIBIT A RATE AND METHOD OF APPORTIONMENT EXHIBIT B DESCRIPTION OF FACILITIES City of Lake Elsinore Fees Library Fee Master Plan of Drainage Fee Park In-Lieu Fee Traffic Impact Fee Fire Facilities Impact Fee Public Building Impact Fee Transportation Uniform Mitigation Fee Multiple Species Habitat Conservation Plan Fee City of Lake Elsinore Facilities Storm Drain Facilities Traffic Signal Improvements Street Improvements Lake Elsinore Unified School District Fees Elsinore Valley Municipal Water District Fees Water Connection Fee Sewer Connection Fee Landscape Irrigation Meters - 2" Fee Landscape Irrigation Meters - 1" Fee Landscape Irrigation Meters - Backflow Inspection Fee