HomeMy WebLinkAboutRDA Reso No 1990RESOLUTION NO. RDA 90-1
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE AUTHORIZING ISSUANCE OF
$3,800,000 PRINCIPAL AMOUNT OF RANCHO LAGUNA
REDEVELOPMENT PROJECT AREA NO. III TAXABLE
REFUNDING BOND ANTICIPATION NOTES, 1990 SERIES,
APPROVING AND AUTHORIZING AND DIRECTING
~ EXECUTION OF INDENTURE OF TRUST RELATING
THERETO, AUTHORIZING SALE OF SUCH NOTES,
~ APPROVING OFFICIAL STATEMENT AND PROVIDING
OTHER MATTERS.PROPERLY RELATING THERETO.
WHEREAS; the Agency is authorized pursuant to the
Community Redevelopment Law, being Part 1 of Division 24
(commencing with Section 33000) of the Health and Safety Code
of the State of California (the "Law") and pursuant to the
provisions of Chapter 6 of Division 6 of Title 1(commencing
with Section 5900) of the Government Code of the State of
California (the "Taxable Law") to issue its taxable refunding
bond anticipation notes for the purpose of refinancing
redevelopment activities within and of benefit to its
redevelopment project areas; and
WHEREAS, after due investigation and deliberation,
the Agency has determined that it is in the interests of the
Agency at this time to provide for the issuance of its
Redevelopment Agency of the City of Lake Elsinore Rancho
Laguna Redevelopment Project Area No. III Taxable Refunding
Bond Antioipation Notes, 1990 Series (the "Notes"), for the
purpose of refinancing redevelopment activities within and of
benefit to the Agency's Rancho Laguna Redevelopment Project
Area No. III; and
WHEREAS, the Notes are proposed to be issued pursuant
to an Indenture of Trust (the "Indenture") dated a of March 1,
1990, by and between the Agency and the Bank of New York Trust
Company of California, as trustee; and
WHEREAS, as authorized by the Taxable Law, the Agency
hereby determines that the interest payable on the Notes will
be subject to federal income taxation under law in existence
on the date of issuance of the Notes; and
WHEREAS, the Taxable law authorizes the Notes to be
sold at private sale and the Agency proposes to sell the
Notes at private sale to First California Capital Markets
Group (the "Underwriter"), all on the terms and conditions
herein set forth and as provided in the form of Purchase
Contract (the "Purchase Contract") on file with the Secretary,
and
WHEREAS, the Underwriter has caused to be prepared an
Official Statement describing the Notes, the preliminary form
of which is on file with the Secretary; and
WHEREAS, the Agency, with the aid of its staff has
reviewed the Indenture, the Purchase Contract and the Official
Statement; and the Agency wishes at this time to approve the
foregoing in the public interests of the Agency;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment
Agency of the City of Lake Elsinore, as follows:
Section l. Insurance of Notes; Approval of
Indenture. The Agency hereby authorizes the issuance of the
Notes under and pursuant to the Law, the Taxable Law and the
Indenture, in the aggregate principal amount of $3,800,000.
The Agency hereby approves the Indenture in substantially the
form thereof on file with the Secretary together with any
additions thereto or changes therein deemed necessary or
advisable by the Executive Director, including, without
limitation, the addition to the Indenture of the final
interest rate payable with respect to the Notes as contained
in the Purchase Contract hereinafter approved, and execution
of the Indenture shall be deemed conclusive evidence of the
Agency's approval of such additions or changes. The Chairman
and Secretary of the Agency are hereby authorized and directed
to execute, attest and affix the seal of the Agency to the
Indenture for and in the name and on behalf of the Agency.
The Agency hereby authorizes the delivery and performance of
the Indenture.
authorizes the sale of the Notes to the Underwriter pursuant
to and in accordance with.the Purchase Contract in
substantially the form on file with the Secretary together
with any additions thereto or changes therein approved by
either the Executive Director or the Finance Officer of the
Agency (or the written designee of either), whose execution
thereof shall be conclusive evidence of such approval. The
Agency hereby delegates to both the executive Director and the
Finance Officer (and to the written designee of either) the
authority to accept an offer from the Underwriter to purchase
the Notes from the Authority and to execute the Purchase
Contract for and in the name and on behalf of the Agency;
provided, however, that the stated interest rate payable with
respect to the Notes shall not exceed ten and one-half percent
(10.5~) per annum and the purchase price paid by the
Underwriter for the purchase of Notes sha11 be not less than
ninety-eight percent (98~) of the par amount thereof,
excluding any original issue discount on the Notes.
Section 3. Official Statement. The Agency hereby
approves the preliminary Official Statement describing the
Notes, in substantially the form on file with the Secretary,
toqether with any changes therein or additions thereto
necessary or convenient to cause the preliminary Official
Statement to describe accurately matters pertaining to the
Notes. The Underwriter is hereby authorized to distribute the
preliminary Official Statement in connection with the
marketing of the Notes. The Chairman (or his written
designee) is hereby authorized and directed to approve any
changes in or additions to the final form of such Official
5tatement as the Chairman (or his written designee) shall deem
advisable to cause the final Official Statement to describe
accurately the Notes and matters contained in the Purchase
Contract, the Indenture and the related proceedings and
actions and to execute (or to cause to be so executed by his
written designee) said final Official Statement for and in the
name and on behalf of the Agency.
Section 4. Official Action. All actions heretofore
taken by the officers and agents of the Aqency with respect to
the issuance of the Notes are hereby approved, confirmed and
ratified. The Chairman, the Executive Director and the
Secretary-Treasurer, the Finance Officer and the General
Counsel of the Agency and any and all other officers of the
Agency are hereby authorized and directed, for and in the name
and on behalf of the Agency, to do any and all things and take
any and all actions, including execution and delivery of any
and all assiqnments, certificates, requisitions, aqreements
(including but not limited to an agreement for investment of
the proceeds of the Notes), notices, consents, instruments of
conveyance, warrants and other documents, which they or any of
them, may deem necessary or advisable in order to consummate
the sale, issuance and delivery of the Notes to the
Underwriter pursuant to the documents approved herein.
Section 5. Effective Date. This resolution shall
take effect from and after the date of approval and adoption
thereof.
PASSED APPROVED AND ADOPTED this 13th day of
February, 1990, by the following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
~UCK, DOh?INGUEZ, STARKEY
NONE
ABSENT: BOARDMEMBERS: LIASHDURN
ABSTENTIONS: BOARDMEMBERS: WIf~1KLER
~ ~ ~~~~
GAR . WASHBURN, CHAIRMAN
RED ELOPMENT AGENCY
CITY OF LAKE ELSINORE
ATTEST:
APPROVED AS TO FORM AND LEGALITY:
JOHN HARPER, E AL COUNSEL
RESOLUTION NO RDA 90-2
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
LAKE ELSINORE APPOINTING AN INVESTMENT BANKING FIRM AND
CO-BOND COUNSEL FIRMS FOR PURPOSES ALL BONDS AND
OTHER LOCAL OBLIGATIONS OF THE CITY TO BE ACQUIRED
OR OTHERWISE FINANCED BY THE LAKE ELSINORE PUBLIC
FINANCING AUTHORITY WITH PROCEEDS OF ITS SONDS AND
PROVIDING OTHER MATTERS PROPERLY RELATING THERETO.
WHEREAS, pursuant to Articles 1 through 4(commencing
with Section 6500) of Chapter 5, Division 7, Title 1 of the
Government Code of the State of California (the "Act"), the
City of Lake Elsinore (the "City") and the Redevelopment
Agency of the City of Lake Elsinore (the "Agency") have by
Joint Exercise of Powers Agreement, dated as of July 15, 1989,
as amended November 28, 1989 (the "Agreement"), created the
Lake Elsinore Public Financing Authority (the "Authority")
for the purposes, among other things, of assisting the City
and the Agency in the financing of Public Capital Improvements
as defined in and pursuant to the Marks-Roos Local Bond
Pooling Act of 1985, being Article 4 of the Act (commencing
with Section 6584) (the "Bond Law"); and
WHEREAS, the Authority has determined to implement a
program for the financing of Public Capital Improvements for
and on behalf of the City and the Agency by the purchase of
local obligations of the City and Agency, or otherwise as
authorized by the Agreement and the Bond Law, with the
proceeds of the issuance o~ $500,000,000 of local agency
revenue bonds (the "Bonds") „ the Bonds to be issued in series
and sold and delivered from time to time as funds are required
for the financing of such Public Capital Improvements; and
F7HEREAS, the Redevelopment Agency has determined that
it is in the best interests of the City, the Agency, the
Authority and the general public to appoint two firms as
co-bond counsel for all bonds and other local obligations of
the City to be purchased or otherwise financed by the
Authority with the proceeds of the Bonds; and
WHEREAS, such determination of the Redevelopment
Agency is based on the advice of City staff to the
Redevelopment Agency that the appointment of one firm as the
investment banking firm and two firms as co-bond.counsel for
all such bonds and other local obligations will, in accordance
with the purposes of the Bond Law and the Agreement, avoid
duplication of effort, inefficiencies in administration, and
excessive cost in the acquisition and financing of such Public
Capital Improvements.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment
Agency of the City of Lake Elsinore as follows:
Section L Except as the Redevelopment Aqency may
hereafter order to the contrary, the investment banking firm of
First California Capital Markets Group, Inc., is hereby
appointed as the investment banking firm for all bonds and
other local obligations of the City to be purchased or
otherwise financed by the Authority with the proceeds of the
Bonds and the law firms of Harper & Burns and Jones Hall Hill
& White, a Professional Law Corporation, are hereby appointed
as co-bond counsel for all bonds and other local obligations of
the City to be purchased or otherwise financed by the
Authority with the proceeds of the Bonds.
Section 2. This Resolution shall take effect from
and after its adoption.
PASSED, APPROVED AND ADOPTED this 13th day oP
February, 1990, by the following vote:
AYES: BOARDMEMBERS: BUCK, D0~1INGUEZ, STARKE~,.IdTPdKLF.F
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: WP.SHBURN
ABSTENTIONS: BOARDMEMBERS: ~NOP~E._
~
r.. .....,...,,,. ., ...~_____._.
ELOPMENT AGENCY OF THE
OF LAKE ELSINORE
ATTEST:
APPROVED AS TO FORM AND
LEGALITY'
C, _ ]/ •
~'R ~
RON MOLE !K, SECRETARY JOH HARPER EGAL COUNSEL
RESOLUTION NO. RDA 9 -
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAHE ELSINORE AUTHORIZING
ISSUANCE OF NOT TO EXCEED $7,000,000 PRINCIPAL
AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINOR~ R.ANCHO LAGUNA
REDEVELOFMENT PROJECT AREA NO. I, 1990 TAX
ALLOCATION REFUNDING BONDS, APPROVING AND
AUTfiORIZING AND DIRECTING EXECUTION OF
IND~NTURE OF TRUST RELATING THERETO,
AUTHORIZING SALE OF SUCH BONDS ON CERTAIN
TERMS AND CONDITIONS, APPROVING OI'FICIAL
STATEMENT AND AUTHORIZING OFFICIAL ACTION
(Project Area No. I)
WHEREAS, the Agency is a redevelopment agency, public body, corporate and
politic, duly established and authorized to transact business and exercise powers under
and pursuant to the provisions of the Community Redevelopment Law of the State of
Califomia, constituting Part 1 of Division 24 of the Health and Safety Code of the State
(the "Law"), including the power to issue bonds for any of its corporate purposes;
WIiEREAS, a Redevelopment Plan for the Rancho Laguna Redevelopment Project
Area No. I in the City of Lake Elsinore, California (the "Redevelopment Project") has been
adopted in compliance with all requirements of the Law;
WHEREAS, the Agency has previously issued its Rancho Laguna Redevelopment
Project Area Na I 1984 Tax Allocation Bonds in the aggregate principal amount of
$1,850,000 (the "1984 Bonds");
WIIEREAS, the Agency has determined to issue its not to exceed $7,000,000
aggregate principal amount of Redevelopment Agency of the City of Lake ~lsinore Rancho
Laguna Redevelopment Project Area No. I 1990 Ta~c Allocation Refunding Bonds, (the
Agency Bonds ) pursuant to the Law for the purpose oF providing fiinds to advance
refund tlie 1984 Bonds which are outstanding as of the date of delivery of the Agency
Bonds and for the purpose of providing additional funds for redevelopment within or of
benefit to Rancho Laguna Redevelopment Project Area No. I;
WHEREAS, in order to provide for the authentication and delivery of the Agency
Bonds, to establish and declare the terms and conditions upon which the Agency Bonds
are to be issued and secured and to secure the payment of the principal thereof and
interest and redemption premium (i£ any) thereon, the Agency now desires to authorize
the execution and delivery of the Indenture of Trust (the "Indenture") to be dated as of
May 1, 1990, by and between the Agency and the hereinafter described trustee (the
"Trustee"); ~ ~ ~
WHEREAS, the. City of Lake Elsinore (the "City°) and the Agency have entered
into a Joint ~xercise of Powers Agreement, dated as of July 25, 1989 (the "Agreement"),
creating the Lake ~lsinore Public P'inancing Authority (the "Authority°);
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State o£ California (the "Act") and the Agreement, the Authority
is authorized to purchase bonds issued by the Agency for financing and refinancing public
capital improvements or projects whenever there are significant public benefits, as
determined by the Agency;
WHEREAS, for the purpose of providing financing and refinancing of capital
improvements to be undertaken primarily by the Agency and the City, the Authority has
duly provided for the issuance pursuant to a Trust Indenture, dated as of February 1,
1990, of its Lake Elsinore Public Financing Authority 1990 Local Agency Revenue Bonds,
In the aggregate principal amount of $500,000,000 and has duly provided for the issuance
pursuant to a Supplemental Indenture, dated as of May 1, 1990 , of a series of said bonds
in the aggregate principal amount of $55,000,000 (the "Authority's Series A Bonds");
WHEREAS, the Authority desires to purchase the Agency Bonds with a portion of
the proceeds of the Authority's Series A Bonds and the Agency desires to sell the Agency
Bonds to the Authority, ali subject to the terms and conditions hereinafter set forth and
in accordance with the Commitment Agreement for Purchase and Sale of Local
Obligations, dated as of May 1, 1990, by and between the Agency and the Authority (the
„Commitment Agreement") committing the Agency to sell the Agency Bonds to the
Authority, and a purchase contract to be entered by and between the Agency and the
Authority (the "Purchase Contract") providing the £nal terms and conditions o£ the sale
of the Agency Bonds to the Authority, the forms of the Commitment Agreement and the
Purchase Contract being on file with the Agency Secretary;
WHEItEAS, the Commitment Agreement obligates the Agency to pay certain costs
of issuance with respect to the Authority's Series A Bonds in the event that the Authority
is unable, £or any reason, to acquire with the proceeds of the Authority' Series A Bonds a
sufT~icient principal amount of Local Obligations to permit the Authority to repay such
costs of issuance and, in consideration of the determination o£ the Agency that there are
significant public benefits to the Agency in selling the Agency Bonds to the Authority, all
as set forth in the Commitment Agreement, including, without limitation, the cost
savings in having the Authority act as the Trustee under the Indenture authorizing the
issuance of the Agency Bonds, the Agency desires to obligate itself to repay such costs of
issuance, all as further provided in the Commitment Agreement;
WHEREAS, the Underwriter of the Authority's Series A Bonds has prepared and
presented to the Agency for approval an official statement (the "Off'icial Statement") in
preliminary form for use in sale of the Authority's Series A Bonds and containing
information describing the Agency Bonds, and the Agency desires to grant such approval
with respect to such information; end
WIiEREAS, tihe Agency, with the aid of its staff, has reviewed the Indenture, the
Commitment Agreement, the Purchase Contract and the Official Statement, and the
Agency wishes to approve the foregoing in the public interests of, and for significant
public benefits to, the Agency;
NOW, THEREFORE, BE IT RESOLVED by the ILedevelopment Agency of the
City of Lake Llsinore, as follows:
Section 1. Issuance of Agency Bonds; Approval of Indenture. The Agency
hereby authorizes the issuance o£ the Redevelopment Agency of the City of Lake Elsinore
Itancho Laguna Project Area No. I 1990 Tax Allocation Refiinding Bonds, under and
pursuant to the Law and the Indenture, in the aggregate principal amount of not to
exceed $7,000,000. The Agency hereby approves the Indenture in substantially the form
thereof on file with the Secretary together with any additions thereto or changes therein
deemed necessary or advisable by the ~xecutive Director of the Agency including, without
limitation, the addition to the Indenture of the final principal amount and annual
maturities of the Agency Bonds as contained in the Purchase Contact hereinafter
approved and confirmed, and execution of the Indenture shall be deemed conclusive
evidence of his approval of such additions or changes. The Chairman of the Agency and
Secretary of the Agency are hereby authorized and directed to execute, attest and affix
the seal of the Agency to the Indenture for and in the name and on behalf of the Agency.
The Agency hereby authorizes the delivery and performance of the Indenture.
Section 2. Approvai of Cominitment Agreement. The Agency hereby approves
the terms and conditions of tlie Cominitinent Agreeinent, including, without limitation,
the Agency's obligation to sell the Agency Bonds to the Authority, as provided in Section
3 hereof, and the obligation of the Agency to pay certain costs o£ issuance of the
Authority's Series A Bonds, as provided in Che Coinmitauent Agrcement. The Chairuian
of the Agency is hereby authorized and directed, for and in the name and on behalf of the
Agency, to execute and deliver the Commitment Agreement. Approval of any additions
or changes in the form of Commitment Agreement on file with the Secretary, as deemed
appropriate by the ~xecutive Director, shall be conclusively evidenced by execution and
delivery of the Commitment Agreement.
Section 3. Sale of the Agency Bonds. The Agency hereby approves and
confirms the sale of the Agency Bonds to the Authority. The Chairman of the Agency is
hereby authorized and directed, for and in the name and on behal£ of the Agency, to sell
the Agency Bonds to the Authority and to execute and deliver the Purchase Contract,
subject to the terms and conditions of the Purchase Contract; provided, however, that (i)
the stated average annual interest rate payable with respect to the Agency Bonds shall
not exceed eight and one-quarter percent (8-1/4°l0) per annum and (ii) the purchase price
paid by the Authority for the purchase of the Agency Bonds shall be not less than
ninety-seven percent (97%) of the par amount thereo£ Approval of any additions or
changes in such form of Purchase Contract and compliance with the conditions precedent
to the execution of the Purchase Contract, as deemed appropriate by the Executive
Director, by the Chairman shall be conclusively evidenced by execution and delivery of
the Purchase. Contract.
Section 4. Approval of Official 5tatement. The Agency hereby approves the
information describing the Agency Bonds in the preliminary Official Statement relating to
the Authority's Series A Bonds, in substantially the form submitted by the Underwriter
and on file with the Secretary. Distribution of the preliminary Ofl'icial Statement by the
Underwriter is hereby approved and the Chairman of the Agency is authorized and
directed to deliver to the Underwriter a certificate with respect to the information set
forth therein.
Section 6. Official Action. All actions heretofore taken by the of~'icers and
agents of the Agency with respect to the issuance of the Agency Bonds are hereby
approved, confirmed and ratified. The Chairman, Secretary, Treasurer, the Executive
Director, General Counsel and other appropriate ofl"icers of the Agency are hereby
authorized and directed, for and in the name and on behaif of the Agency, to do any and
all tl~ings and take any and all actions, including payment from the proceeds of the
Agency Bonds of costs of issuance of the Agency Bonds and the Authority s Series A
Bonds, and execution and delivery of any and all assignments, certificates, requisitions,
agreements (including but not limited to investment agreements providing for the
investment of proceeds of the Agency Bonds and an escrow agreement with the trustee
for the 1984 Bonds providing for the payment of the 1984 Bonds), notices, consents,
instruments of conveyance, warrants and other documents, which such officers deem
necessary or advisable in order to consummate the sale, issuance and delivery of the
Bonds to the Authority pursuant to the documents appiroved hereiu.
Section 6. Effective Date. This resolution shall take effect from and after the
date of approval and adoption hereo£
PASSED AND ADOPTED this 22nd day of May, 1990, by the following vote:
AY~S: BOARDMEMBERS: DOMdNGUEZ, STARKEY, WASHBURN, WINKLER, BUCK
NOES: BOARDPIEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
(SEAL)
Attest:
By:
RON MOLEND <, SECRE ARY
REDEVELOPMENT AGENCY
WILLIAM S. BUCK; CHA'I'.
REDEVELOPMENT AGENCY
CITY OF LAKE ELSINORE
APPROVED AS TO FQRM & LEGALITY:
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSSNORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular meeting
of said Agency on the 22nd day of May, 1990, and that it was so
adopted by the £ollowing vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN,
WINKLER, BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
~~L~
VICKI LYNNE SAD~TY ~LERK
CITY OF LAKE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-3 of said Agency, and that the
same has not been amended or repealed.
DATED: June 13, 1990
~9----/_\P~%~ .
CKI LYNN KASAD, CITY CLERK
CITY OF LA ELSINORE
(SEAL)
RESOLUTION NO. RDA 90-4
RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF LAKE ELSINORE AUTHORIZING
ISSUANCE OF NOT TO EXCEED $7,000,000 PRINCIPAL
AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY
OF LAI~E ELSINORE EtANCHO LAGUNA
REDEVELOPMENT PROJECT AREA NO. II, 1990
SUBORDINATE TAX ALLOCATION BONDS, APPROVING
AND AUTI30RIZING t~ND bIRECTING EXECUTION OF
INDENTUR.E OF TRUST RELATING THERETO,
AUTHORIZING SALE OI~' SUCIi BONDS ON CERTAIN
TERMS AND CONDITIONS, APPROVING OFFICIAL
STATEMENT AND AUTHORIZING OFFICIAL ACTION
(Project Area No. II)
WSEREAS, the Agency is a redevelopment agency, public body, corporate and
politic, duly established and authorized to transact business and exercise powers under
and pursuant to the provisions of the Community Redevelopment Law of the State of
California, constituting Part 1 of Division 24 of the Health and Safety Code of the State
(the "Law"), including the power to issue bonds for any of its corporate purposes;
WHEILEAS, a Redevelopment Plan for the Rancho Laguna Redevelopment Project
Area No. II in the City of Lake ~Isinore, California (the "Redevelopment Project") has
been adopted in compliance with all requirements of the Law;
WHEREAS, the Agency has previocisly issued its Rancho Lagima Redevelopment
Project Area No. II 1986 Tax Allocation Bonds in the aggregate principal amount of
$3,600,000 (the "1986 Bonds");
- WHEREAS, the Agency has deterinined to issue its not to exceed $7,000,000
aggregate principal amount of Redevelopment Agency of the City of Lake Elsinore Rancho
Laguna Redevelopment Project Area No. II 1990 Subordinate Tax Allocation Bonds, (the
"Agency Bonds°) pursuant to the Law for the purpose of providing additional funds for
redevelopment within or of benefit to Rancho Laguna Redevelopment Project Area No. II;
WIiEREAS, the 1986 Bonds are secured by a pledge of and lien on the Tax
Revenues (as defined in the Indenture hereinafter referred to) which is superior to the
pledge of and lien on the Tax Revenues which secures the Agency Bonds;
WHEREAS, in order to provide for the authentication and delivery of the Agency
Bonds, to establish and declare the terms and conditions upon which the Agency Bonds
are to be issued and secured and to secure the payment of the priacipal thereof and
interest and redemption premium (if any) thereon, the Agency now desires to authorize
the execution and delivery of the Indenture of Trust (the "Indenture") to be dated as of
May 1, 1990, Uy and between tl~e Ageucy and the hereinaftcr described trustee (the
"Trustee");
WHEREAS, thc City of Lalce ~lsivorc (tl~e "City") and the Agency have entered
into a Joint ~xercise of Powers Agreement, dated as of July 25, 1989 (the "Agreement"),
creating the Lake Elsinore Public Financing Authority (the "Authority");
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
~ Government Code of the State of California (the °Act") and the Agreement, the Authority
is authorized to purchase bonds issued by the Agency for financing and refinancing public
capital improvements or projects whenever there are significant public benefits, as
determined by the Agency;
WHEREAS, for the purpose of providing financing and refinancing of capital
improvements to be undertaken primarily by the Agency and the City, the Authority has
duly provided for the issuance pursuant to a Trust Indenture, dated as of February 1,
1990, of its Lake Elsinore Public P'inancing Autl~ority 1990 Local Agency Revenue Bonds,
in the aggregate principal amount of ~500,000,000 and has duly provided for the issuance
pursuant to a Supplemental Indenture, dated as of May 1, 1990 , of a series of said bonds
in the aggregate principal amount of $55,000,000 (the "Authority's Series A Bonds");
WHEREAS, the Authority desires to purchase the Agency Bonds with a portion of
the proceeds of the Authority's Series A Bonds and the Agency desires to sell the Agency
Bonc:~> to the Authority, all subject to the terms and conditions hereinafter set forth and
in accordance with the Commitment Agreement for Purchase and Sale of Local
Obligations, dated as of May 1, 1990, by and between the Agency and the Authority (the
"Commitment Agreement") committing the Agency to sell the Agency Bonds to the
Authority, and a purchase contract to be entered by and between Lhe Agency and the
Authority (the Purchase Contract") providing the final terms and conditions of the sale
of the Agency Bonds to the Authority, the forms of the Commitment Agreement and the
Purchase Contract being on file with the Agency Secretary;
WSEREAS, the Commitment Agreement obligates the Agency to pay certain costs
of issuance with respect to the Authority's Series A Bonds in the event that the Authority
is unable, for arty reason, to acquire with the proceeds of the Authority's Series A Bonds
a su££icient principal amount of Local Obligations to permit the Authority to repay such
costs of issuance and, in consideration o£ the determination of the Agency that there are
significant public benefits to the Agency in selling the Agency Bonds to the Authority, all
as set forth in the Commitment Agreement, inciuding, without limitation, the cost
savings in having the Authority act as the Trustee under the Indenture authorizing the
issuance of the Agency Bonds, the Agency desires to obligate itself to repay such costs of
issuance, all as further provided in the Commitment Agreement;
WHEREAS, the Underwriter of the Authority's Series A Bonds has prepared and
presented to the Agency for approval an official statement (the "Official Statement") in
preliminary £orm for use in sale of the Authority's Series A Bonds and containing
information describing the Agency Bonds, and the Agency desires to grant such approval
with respect to such information; and
WHEREAS, the Agency, with the aid of its staff, has reviewed the Indentvre, the
Commitment Agreement, the Purchase Contract and the Official Statement, and the
Agency wishes to approve the foregoing in the public interests of, and for significant
public benefits to, the Agency;
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
City of Lake Elsinore, as follows:
Section 1. Issuance of Agency Bonds; Approval of Indenture. The Agency
hereby authorizes the issuance of the Redevelopment Agency of the City of Lalce Elsinore
Rancho Laguna Project Area No. II 1990 Subordinate Tax Allocation Bonds, under and
pursuant to the Law and the Indenture, in the aggregate principal amount of not to
exceed $7,000,000. The Agency hereby approves the Indenture in substantially the form
thereof on file with the Secretary together with any additions thereto or changes therein
deemed neces&ary or advisable by the Executive Director of the Agency including, without
limitation, the addition to the Indenture of the final principal amount and annual
maturities of the Agency Bonds as contained in the Purchase Contact hereinafter
approved and confirmed, and execution of the Indenture shall Ue deemed conclusive
evidence of his approval of such additions or changes. The Chairman of the Agency and
Secretary of the Agency are hereby authorized and directed to execute, attest and affix
the seal of the Agency to the Indenture for and in the name and on behalf of the Agency.
The Agency hereby authorizes the delivery and performance of the Indenture.
Section 2. Approval of Commitment Agreement. The Agency hereby approves
the terms and conditions of the Commitment Agreement, including, without limitation,
the Agency's obligation to sell the Agency Bonds to the Authority, as provided in Section
3 hereof, and the obligation of the Agency to pay certain costs of issuance of the
Authority's Series A Bonds, as provided in the Commitinent Agreement. The Chairman
of the Agency is hereby authorized and directed, for and in the name and on behalf of the
Agency, to execute and deliver the Commitment Agreement. Approval of any additions
or changes in the form of Commitment Agreement on file with the Secretary, as deemed
appropriate by the Executive Director, shall be conclusively evidenced by execution and
delivery of the Commitment Agreement.
5ection 3. Sale of the Agency Bonds. The Agency hereby approves and
confirms the sale of the Agency Bonds to the Authority. The Chairman of the Agency is
hereby authorized and directed, for and in the name and on behalf of the Agency, to sell
the Agency Bonds to the Authority and to execute and deliver the Purchase Contract,
subject to the terms and conditions of the Purchase Contract; provided, however, that (i)
the stated average annualinterest rate payable with respect to the Agency Bonds shall
not exceed eight and one-quarter percent (8-1/4%) per annum and (ii) the purchase price
paid by the Authority for the purchase of the Agency Bonds shall be not less than
ninety-seven percent (97%) of the par amount thereo£ Approval of any additions or
changes in such form of Purchase Contract and compliance with the conditions precedent
to the execution of the Purchase Contract, as deemed appropriate by the Executive
Director, by the Chairman shall be conclusively evidenced by execution and delivery of
the Purchase Contract.
Section 4. Approval of Official Statement. The Agency hereby approves the
in£ormation describing the Agency Bonds in the preliminary Official Statement relatin~ to
the Authority's Series A Bonds, in substantially the form submitted by the Underwriter
and on file with the Secretary. Distribution of the preliminary Official Statement by the
Underwriter is hereby approved and the Chairman of the Agency is authorized and
directed to deliver to tlie Underwriter a certificate with respect to the information set
forth therein.
Section 5. Official Action. All actions heretofore taken by the officers and
agents of the Agency with respect to the issuance of the Agency Bonds are hereby
approved, confirmed and ratified. Tb.e Chairman, Secretary, Treasurer, the Executive
Director, General Counsel and other appropriate officers of the Agency are hereby
authorized and directed, for and in the name and on behalf of the Agency, to do any and
all things and take any and all actions, including payment from the proceeds of the
Agency Bonds of costs of issuance of the Agency Bonds and the Authority's Series A
Bonds, and execution and delivery of any and all assignments, certificates, requisitions,
agreements (including but not limited to investment agreements providing for the
investment of proceeds of the Agency Bonds), notices, consents, instruments of
conveyance, warrants and other documents, which such officers deem necessary or
advisable in order to consummate the sale, issuance and delivery of the Bonds to the
Authority pursuant to the documents approved herein.
Section 6. Effective Date. This resolution shall take effect from and after the
date of approval and adoption hereo£
PASSED AND ADOPTED this 22nd day of May, 1990, by the following vote:
AYES: BOARDMEMBERS: DOMINGUEZ, STARKEY, IdASNBURN, WINKLER, BUCK
NO~S: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
(SEAL)
Attest:
By: `~.`~c~.
RON MOL
RcUEVEL
RPPROVED AS
~`, SECRETARY
Ni HGENGY
FORM & LEGALITY
c
WILLIAM S. BUCK, CHA31
REDEVELOPMENT AGENCY
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular meeting
of said Agency on the 22nd day of May, 1990, and that it was so
adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN,
WINKLER, BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
~ ~ ~~~,-~''~ "'
VICKI L~' E KASAD, CITY CLERK
CITY OF KE ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-4 of said Agency, and that the
same has not been amended or repealed.
DATED: June 13, 1990
~~ vun~-~~r~J.,"a""' 1
K~ I LYNN KASAD, CITY CLERK
CITY OP ~ E ELSINORE
(SEAL)
RDA
RESOLUTION N0. 90- 5
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITY AF LAKE ELSINORE, CALIFORNIA, APPROVING AND
ADOPTING THE BUDGET FOR FISCAL YEAR 1990/1991 AND
APPROPRIATING THE FUNDS NECESSARY TO MEET THE
EXPENDITURES SET FORTH THEREIN.
WHEREAS, the Executive Director has submitted to the Board of Directors of
the Lake Elsinore Redevelopment Agency a budget for Fiscal Year 1990/1991,
having proposed expenditures for all funds in the amount of $25,961,200 and
available revenues and carry-over funds which total $26,477,000; and
NOW, THEREFORE, the Board of Directors of the Lake Elsinore Redevelopment
Agency does hereby find, determine and declare that the budget for Fiscal Year
1990/1991 is hereby PASSED APPROVED AND ADOPTED this 24th day of July, 1990, by
the following vote:
AYES: BOARDMEMBERS: DOMINrUEZ, STARKEY, WASHBURN, WINKLER, BUCK
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS:
ABSTAIN: BOARDMEMBERS:
ATTEST:
C~~<:1~-~-~~ d-~J
~
ninnic
LAKE ELSINORE REDEVELOPMENT AGENCY
APPROVED A5 TO FORM AND LEGALITY:
5TATE OF CALIFORNIA ) SS.
COUNTY OF RIVERSIDE )
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 24th day of July, 1990, and that it
was so adopted by the following vote:
AYES: COUNCILMEMBERS: WINKLEREZBUCKARKEY, WASHBURN,
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
~~ " ~
KI LYNN KASA , CITY CLERK
CITY OF LA E ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoinq is a full, true and
correct copy of Resolution No. RDA 90-5 of said Agency, and that
the same has not been amended or repealed.
D1~TED: July 25, 1990
' `dICKI LYNPI 1c[a5[~u, ~~
, CITY OF E ELSINORE
, (SEAL)
~
CLERK
~ 22048-04 . JHHW:PJTaIc 10/Oa/90 ~ ,. J8269
10/18/90
te ,
RESOLUTIONNO. RDA 90-6
A RESOLUTION OF INTENTION TO ESTABLISH A COMMZJNITY
FACILdTIES DISTRICT AND TO AUTHORIZE THE L~.'VY OF SPECIAL
TAXES PURSUANT TO THE MELLO-ROOS COMMUNITY FACILITIES
ACT OF 1982 .
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
RESOLVED by the Governing Board of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that:
WHEREAS, under the Mello-Roos Community Facilities Act of 1982, as amended
(the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311, of
the California Government Code, this Governing Board may act as the legislative body for
proposed community facilities districts and is empowered with the authority to establish
community facilities districts; and
WHEREAS, this Governing Boazd now desires to proceed with the establishment
of a community facilities district under the Act.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
1. This Governing Board proposes to conduct proceedings to establish a
community facilities district pursuant to the Act.
2. This Governing Board hereby acknowledges receipt of a petition (the "Petition")
of Homestead Land Development Corporation to form a community facilities district (the
"District") in the Tuscany Hills area of the City.
3. The Executive Director of the Agency is hereby authorized and directed to
submit aad collect from tihe petitioners any expenses of the Agency incurred in
establishing the proposed District in accordance with the Petition.
4. The name proposed for the District is Redevelopment Agency of the City of Lake
Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public Improvements).
b. The proposed boundaries of the District are as shown oa the map of the District
on file with the Secretary, which boundaries are hereby preliminarily approved and to
which map reference is hereby made for further particulars. The Secretary is hereby
directed to record, or cause to be recorded, said map of the boundaries of the District in
the office of the County Recorder within fifteen days of the date of adoption of this
Resolution.
6. The type of public facilities proposed to be financed by the District and pursuant
to the Act shall consist of those items listed as facilities (the "Facilities") oa Exhibit A
hereto, which exhibit is by this reference incorporated herein.
7. Except to the extent that funds are otherwise available to the District bd pay for
the Facilities and/or the principal and interest as it becomes due on bonds of the District
issued to finance the Facilities, a special tax sufficient to pay the costs thereof, secured by
recordation of a continuing lien against all non-exempt real property in the District, is
intended to be levied annually within the District, and collected in the same manner as
ordinary ad a¢lorem property taxes. The proposed rate and method of apportionment of
the special tax among the parcels of real property within the District, in sufficient detail
to allow each landowner within the proposed District to estimate the maximum amount
such owner will have to pay, are described in Exhibit B attached hereto, which exhibit is
by this refereace incorporated herein.
8. It is the intention of this Governing Board acting as the legislative body for the
District to cause bonds of the Agency to be issued for the District pursuant to the Act to
finance in whole or in part the Facilities. Said bonds shall be in the aggregate principal
amount of not to exceed $50,000,000, shall bear interest payable semi-annually or in such
other manner as this Governing Board shall determine, at a rate not to exceed the
maximum rate of interest as may be authorized by applicable law at the time of sale of
such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof.
9. The levy of said proposed special tax shall be subject to the approval of the
qual~ed electors of the District at a special election. The proposed voting procedure shall
be by mailed or hand-delivered ballot among the landowners in said proposed District,
with each owner having one vote for each acre or portion of an acre such owner owns in
the District.
10. Except as may otherwise be provided by law or by the rate and method of
apportionment of the special taxes set forth in Exhibit B, all lands owned by any public
entity, including the United States, the State of California and/or the Agency, or any
departments or political subdivisions thereof, shall be omitted from the levy of the special
tax to be made to cover the costs and expenses of the Facilities. In the event that a portion
of the property within the District shall become for any reason exempt, wholly or in part,
from the levy of the special tax described in Exhibit B, this Goveraing Board will, on
behalf of the District, increase the levy to the extent necessary upon the remaining
property within the District which is not exempt in order to yield the required debt service
paymeats and other annual expenses of the District, if any, subject to any maximum
special tax that may be levied.
11. The Director of Public Works of the City of Lake Elsinore, as the officer having
charge and control of the Facilities in and for the District, is hereby directed to study said
proposed Facilities and to make, or cause to be made, and file with the Secretary a report
in writing, presenting the following:
(a) A description of the Facilities by type which will be required to
adequately meet the needs of the District.
(b) An estimate of the fair and reasonable cost of financing the Facilities
including the cost of acquisition of lands, rights-of-way and easements, any
physical facilities required in conjunction therewith and incidental expenses in
connection with said financing, including the costs of the proposed bond financing
and all other related costs as provided in Section 53345.3 of the Act.
-2-
Said report shall be made a part of the record of the public hearing provided for
below. ``~ ~
12. Tuesday, November 27, 1990, at 7:00 p.m., in the regular meeting place of this
Governing Board, in the School Board meeting room of the Lake Elsinore Unified School
District, 545 Cheney Street, Lake Elsinore, California, be, and the same are hereby
appointed and fixed as the time and place whea and where this Governing Board, as
legislative body for the District, will conduct a public hearing on the establishment of the
District and consider and finally determine whether the public interest, wnvenience and
necessity require the formation of the District and the levy of said special tax.
13. The Secretary is hereby directed to cause notice of said public hearing to be
given by publication one time in a newspaper published in the area of the District. The
publication of said notice shall be completed at least seven days before the date herein set
for said hearing. Said notice shall be substantially in the form of Exhibit C hereto.
14. The law firms of Jones Hall Hill & White, A Professional Law Corporation,
and Bmwa, Harper, Burns & Hentschke are hereby designated as co-bond counsel to the
Agency in connection with the formation of the District and the special tax bonds
expected to be issued by the Agencyfor the District. The Executive Director of the Agency
or his designee is hereby authorized to execute and deliver agreements with said firms
for services in connection with the District and said bonds in the forms on file with the
Secretary.
**~**~*~~~**
-3-
,~...
PASSED AND ADOPTED this 24th day of October, 1990, by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY, WASHBURN, WINKLER, BUCK
NQES: COUNCILMEMBERS: NOPlE
~ ABSENT: COUNCILMEMBERS:
(SEA
~ i+i~.u aauav..u~ w'w. .+.,~
Redevelopr.~ent _Agency of the City
of T.ake F,YSinore
Approved as~tc~ Form & Legality:
rper,
NONE "
r
William S. Buck, Chairman
Redevelopment Agency of the City of
Lake Elsinore
-4-
E2LfIII3IT A
DESCILIPTION OF FACILITIES TO BE FIIVANCED
BY THE DISTR.ICT
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
I~'ACILITIE5:
1. Grading. The grading for public streets, public access roads and public
building pads within and in the vicinity of the District. More speci£ically, the grading for:
Summerhill Drive from Canyon Ridge Drive northeasterly and northerly to Greenwald
Street; Via de la Valle from Summerhill Drive easterly to its terminus; La Strada from
Summerhill Drive westerly to the westerly District boundary; Bella Vista from
Summerhill Drive westerly and northerly to Greenwald Street; the portion of Greenwaid
Street adjacent to the northerly boundary of thc District; and thc access roads to the water
reservoirs in Lhe vicinity of the District.
2. Street Improvements. The street improvements consist of the curb, gutter,
sidewalk, paving, street lights, storm drain and utilities in the public streets within and
in the vicinity of the District. More specifically, for: Summerhill Drive from Canyon
Ridge Drive northeasterly and northerly to Greenwald Street; Via de la Valle from
Summerhill Drive easterly to iLs terminus; La Strada from Summerhill Drive westerly to
the westerly District boundary; ]3ella Vista from Summerhill Drive westerly and
northerly to Greenwald Street; the portion of Greenwald Street adjacent to the northerly
District boundary; Bella Lucia from Summerhill Drive easterly to the water reservoir
access road; and the access roads Co the waLm• reservoirs in the vicinity of the District.
3. Domestic Water. The domestic water system consists of three reservoirs,
booster pumping stations; pressure reducing stations ancl the distribution mains and
appurtenances in the publicsti•eets and public casements witl~in and in the vicinity of the
District. More specifically, in: Summerhill Drive from Canyon Ridge Drive
northeasterly and norLherly to Greenwald Street; Via de la Valle from Summerhill Drive
easterly to its terminus; La Strada £rom Summerhill Drive westerly to the westerly
District boundary; Bella Vista from Summerhill Drive westerly and northerly to
Greenwald Street; the portion of Greenwald Street adjacent to the northerly boundary of
the District; and in Bella Lucia from Summerhill Drive to the access road and in the
access roacl to the reservoirs in the vicinity of the District, and/or other related backbone
water facilities deemed necessary for a complete and operational system for all or a
portion of the Tuscany IIills development as identified by the City ~ngineer.
4. Sanitary Sewer. The sewer system consists of gravity sewer, manholes, lift
stations, force mains and appurtenances in public streets and ~ublic easements within
and in the vicinity of the llistrict. More specifically, in: Summerhill Drive from Corte
Seriu northeasCcrly and northerly Lo Grecnwald StreeL; Via de la Valle from Summerhill
Drive easterly to its tertninus; offsite in a public easement along the northerly side of the
San Jacinto River; La Strada from Summerhill Arive westerly to the westerly District
boundary; 13ella Vista from Summcrl~ill Drivc westerly and northerly to Greenwald
A-1
Street; and a portion o£ Greenwald Street ac~jacent to the northerly boundary of the
District, and/or other related backbone sanitary sewer facilitiies deemed necessary for a
complete and operaCional system for ali or a portion of the Tuscany Hills development as
identified by the City Engineer.
OTHER:
1. The amount necessary to discharge the liens on property within the District
imposed pursuant to proceedings conducted to Form the City's 5ummerhill Bridge
Assessment District No. 89-L -
2. Costs of engineering, design, planning and coordination related to the
above-listed facilities.
3. Bond related ex~enses, including bond counsel and all other incidental
expenses.
4. Administrative fees of the Agency, the Lake Elsinore Public Financing
Authority and the Boncl fiscal agent related to the District and the Bonds.
A-2
T
~.
EXH~IT B
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAJCES
REDEVELOPMENT AGENCY OF TI-iE CITY OF LAI~ ELSINORE
Community Facilities District NO. 90-2
(Tuscany Hills Public Improvements)
A special taai shall be levied on each parcel of land within the Redevelopment Agency of the
City of Lake Elsinore Community Facilities District No.90-2 (Tuscany Hills Public
Improvements) (the "District"), and collected according to the special tax liability determined
by the Responsible Party of the Redevelopment Agency of the City of Lake Elsinore (the
"Agency") through the application of the following procedures. All of the property within
the District; unless otherwise exempted by law or the express provisions of the rate and
method of apportionment expressed below, shall be taxed to the extent and in the manner
provided below.
It is intended that all special taxes applicable to parcels within Category V, Category III or
Category I be collected in the same manner and at the same time as ordinary ad valorem
property taxes, and that special taxes so levied will be subject to the same penalties and
procedures, sale and lien priority in case of delinquency as is provided for ad valorem taxes,
subject to any covenant of the Agency with respect thereto in any Fiscal Agent Agreement
for any bonds of the Agency for the District. Special taxes applicable to Categories II and
IV will be levied at the tunes described below, and will be collected directly by the
Responsible Party of the Agency as described below.
CATEGORY I:
CATEGORIES OF SPECIAL TAX
Category I includes all Taxable Property in the District not subject to a tax under Category
III or Category V. The Category I tax will be levied annually.
The maximum special tax that may be levied on parcels within Category I during the Fiscal
Year ending June 30, 1991 is $20,000 per acre or pro rata portion of an acre of such parcel.
Said maximum special tax shall increase each Fiscal Year thereafter by 2%, compounded
annually.
CATEGORY II:
The Category II tax is a one-time tax, payable at the time of approval of a final map with
respect to a parcel.
The Category II tax is calculated by subtracting the number of parcels shown on the 6na1
map from the number of estimated parcels in a tract as shown in the following table. The
ma~mum special tax is calculated by multiplying the difference by the ta~c rate described in
the table below.
If the boundaries of the tracts shown in any final map are not the same as the boundaries
shown on the map attached hereto and by this reference incorporated herein, the
Responsible Party will reapportion the Projected Developable Parcels as shown in the table
below to the actual land area of the final map in such a way that there is no loss of Parcels.
The tax rate applicable to such a tract wili be the highest rate applicable to any one of its
component tracts as shown in the table below.
;ATE66RY I1: "s?ECI~L iFlX FuR cACH
GEVELOPAHL'e'PaRCEL ~Y
FRuJEC?ED MH]CR FI~4'AL MAP i5 iEES
DE4E:~PA6LE THAy THe FR7dECTeG
iR4CT PARCEi5 DEVfi.~PA6ic PARCELS
I;A13-1 207 418.214
1741?-2 ?~ fi0,74b
17413-3 158 i22.09i
17413-A 2§ 535~2?7
i1413-5 79 i29.i25
17Ai3-b i35 f19,457
i741;~-7 ?1 4.5~n90
:i4i3-~ 1?~ 521.574
?435:, 16~1 320,"[bi
25074 12? lib,404
i~075 1~~ f14.3i~1
yg076 1~3 f18,E07
25071 163 519.4d7
25078 183 fi8,306
i50~9 102 f21,712
25080 105 f22,93D
The maximum special tax rates shown in this table are for the parcels for which a final map
is recorded in the Fiscal Year ending June 30, 1991. The maximum special tax rate for
parcels for which a final map is recorded in subsequent years shall increase each Fiscal Year
thereafter by 2%, compounded annualiy.
CATEGORY III:
Any Parcel for which a final map has been recorded and for which Category II taxes have
been paid, if applicable, will be classified in Category III, until such time as a building permit
has been issued. If Category II t~es are applicable to the Parcel but not paid when due,
such Parcels on a final map will continue to be classified in Category I.
The ma~rimum special tax applicable to Parcels in Category III is shown below for the Fiscal
Year ending June 30, 1991. The maximum special tax rate for the Parcels classified in
Category III shall increase each Fiscal Year thereafter by 2%, compounded annually.
If the boundaries of a tract shown in any 5na1 map are not the same as the boundaries
shown for such Tract on the map attached hereto, the ma~mum special tax applicable to
parcels in such Tract will be the highest rate applicable to any one of its component prior
tracts based on the attached map and as shown in the table on the following page.
----------------- ----------------------------
:ar~scer ; t t
MAXIMiiM
TRACi
-------------
--- 5PECIAL TAX
----------------------------
-
17i13-i f2.1G6
17413-2 42.3i9
27413-3 iT,554
1?413-4 f4,Q81
17413-5 f2,3R6
17413-c 42~243
17413-7 f2,443
17413-& f2,445
24383 f2~343
25074 f1.955
25075 f2,234
25076 i2,175
25017 f2.:~09
zso~e sz,iv
25474 t2,510
.Sq&0 i"t,o51
CATEGORY IV:
The Category N tax is a one-time tax payable at the time of the issuance of a building
permit, based on the calculation of Category IV tax per the following schedule. The
maximum special tax per parcel is calculated as shown in the following table, based on the
average projected square foot per parcel as shown below.
AVERA6E PR~JECTEU
SAUARE fEET
TRGCT PER FARCEL
17413-1 1,960
17413-2 2.412
17413-3 2,651
17413-4 5,000
17413-5 2,d4H
17413-8 2,111
17413-7 3,327
17415-8 2,559
24383 2.325
25074 1,728
25015 2,159
25076 2,067
25077 2,273
25078 1,978
25074 2,58:.
25080 2,8A0
If the boundaries of the tract shown in any final map are not shown on the attached map,
the average projected square footage per parcel will be the highest average projected square
footage for any of its component tracts as shown on the attached map.
TRA~T: TUSCFNY H:LLS 9~-2
CkiC~IAiIGb ~F CATE60RY I4 TAX
iTEM
i, 1. Arerage proiected Souare Feet per parcei
^, i. Nuaher of Guildir.o penits issned
3, 3. Square Feet af 6uiiding pereits issoed
q, 4. Nue6er of boildinq penits requested
g, 5. S~uare Feet of building periita ren.uested
6.
6.
Tatal af ite~s 2 and 4
7, 7, iotal of ite~s 3 and 5
g, 8, pverage 9quare Feet to-date (itee 7 divideb bs itee b)
q, 4. If ite~ B is greater than ite~ 1, there is na taz doe
~p, 10. Ite~ S L1nU5 1t8~ B
li. il. Ites 1Q euliplied 6y itea b
ly, 12. Applicable Category V Square Faot tax
~3. 13. Ite~ I1 ~uitiplied 6y itef 12
f4. 11.11 14. ?resent value factar
15. :5. ite~ 13 eultipiied ~y itex 1A
1E, Ib . Dne ti~e taz per Parcel (itee 15 divided by ite~ b)
CATEGORY V:
Category V includes all parcels for which a building permit has been issued and for which
a Category II and IV tax has been paid, if applicable. If for any reason a Category II or IV
tax is or was payable, but not paid when due, parcels for which a building pemvt has been
issued will be taxed at the rates applicable to parcels described in Category I.
The maximum special tax for parcels descn'bed in Category V for the Fiscal Year ending
June 30, 1991 is the total of the following: $665.00 per parcel plus $0.52 per square foot for
each Square Foot shown on the building permit.
Each Fiscal Year thereafter, the per parcel and the per square foot rate listed above will
increase by 2%, compounded annually. A parcel will be subject to the Category V talc for
not more than 25 years.
ASSIGNMENT TO CATEGORIES; LEVY
ANNUAL TAX CATEGORIES
On or about July 1 of each year, but in any event in sufficient tune to include the levy of the
Special Ta~ces on the County's secured tax roll, Yhe Responsible Parry shall determine, for
each parce] of land within the District, whether such parcel is described by Category I,
Category III or Category V. The parcels subject to levy shall be determined based upon the
records of the Riverside County Assessor as of the March 1 preceding such July 1, and the
Tax Category shall be determined based upon the status of the parcel as of the May 1
preceding such July i.
RIDER X
The Responsible Party shall then determine the estimated aggregate Tax Liability for the
Fiscal Year commencing such July 1, and the amount of annual special taxes to be levied
on each parcel in the District during such Fiscal Year. The annual special taxes shall be
determined for each Parcel in the District as follows:
1. Levy on each Parcel described in Category V an amount equal to 96% of the
Category V maximum special tax.
2. If the aggregate amount to be levied based on 1 above is greater than the
aggregate Taac Liability for such Fiscal Year, reduce the special tax for each Parcel described
in Category V proportionately, so that the aggregate special tax levy for such Fiscal Year for
all parcels within the District is equal to the aggregate Tax Liability for such Fiscal Year.
3. If the aggregate amount to be levied based on i above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category V
as provided in 1 above, and levy on each Parcel described in Category III an amount equal
to 75% of the Category III maximum special tax.
4. If the aggregate amount to be levied based upon 3 above is greater than the
aggregate tax liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category III proportionately, until the aggregate special tax levy for such Fiscal
Year for all parcels within the District is equal to the aggregate Tax Liability for such Fiscal
Year.
5. If the aggregate amount to be levied based upon 3 above is less than the
aggiegate Tax Liability for such Fiscal Year, levy as described in 3 above, and levy on each
Parcel described in Category I an amount equal to 50% of the Category I maximum special
tax.
6. If the aggregate amount to be levied based upon 5 above is greater than the
aggregate Tax Liability for such Fiscai Year, reduce the special tax levy for each Parcel
described in Category I proportionately, until the aggregate special tax levy for such Fiscal
Year for all parcels within the District is equal to the aggregate Tax Liability for such Fiscal
Year.
7. If the aggregate amount to be levied based upon 5 above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category V
an amount equal to 100% of the Category V maximum special tax, levy on each parcel
described in Category III an amount equal to 80% of the Category III ma~mum special tax,
and levy on each parce] described in Category I an amount equal to 50% of the Category
I maximum special tax.
8. If the aggregate amount to be levied based upon 7 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each parcel
described in Category V proportionately, until the aggregate special taai liability for such
Fiscal Year for all parcels within the District is equal to the aggregate Tax Liability for such
Fiscal Year.
9. If the aggregate amount to be levied based upon 7 above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category V
or Category III an amount equal to 100% of the Category V or Category III, respectively,
maximum special tax, and levy on each parcel described in Category I an amount equal to
50% of the Category I maximum special tax.
10. If the aggregate amount to be levied based upon 9 above is greater than the
aggregate Ta~t Liability for such Fiscal Year, reduce the special tax levy for each parcel
described in Category III proportionately, until the aggregate special tax liability for such
Fiscal Year for all parcels within the District is equal to the aggregate Tax Liability for such
Fiscal Year.
il. If the aggregate amount to be levied based upon 9 above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category I, III
or V an amount equal to the ma~mum special tax described in Category I, III or V,
respectively.
~.
12. ff the aggregate amount to be levied based upon 11 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each parcel
described in Category I proportionately, until the aggregate special tax liability for such
Fiscal Yeaz for all parcels within the District is equal to the aggregate Tax Liability for such
Fiscal Yeaz.
ONE-TIME TAX CATEGORIES
On the date of approval of a final map with respect to any portion of the real property in
the District, the Responsible Party shall levy and collect a special tax in the amount
described above for Category II.
On the date a building permit is issued for any Parcel within the District, the Responsible
Party shall levy and collect a special tax in the amount described above for Category IV.
Failure to pay a Category II or Category IV special tax when due shall result in the
applicable Parcei remaining subject to a Category I special tax, notwithstanding that the
parcel would otherwise be described in Category III or Category V.
PREPAYMENTS
Prepayments may be made only for property subject to tax under Category V. Any property
owner in the District that desires to prepay the special tax on a parricular parcel, shall notify
the Responsible Parry in writing of such intention and the estimated amount of prepayment
no more than sixty (60) days and no less than forty-five (45) days prior to date of such
prepayment, which date (the Prepayment Date) shall be a date which is 35 days prior to an
interest payment date for bonds issued by the Agency for the District. The entire special
tax for any parcel in the District may be prepaid on a Prepayment Date as follows:
(a) The pazcel with respect to which prepayment is to be made must not be
delinquent in any payment of special taxes previously levied within the District.
Prepayment shall not relieve any property owner from paying those special
taxes which have already become due and payable, and a Notice of Cessation
of Special Tax Lien shall not be recorded against any parcel pursuant to
California Govemment Code Section 53344, until all special taxes with respect
to that parcel have been paid.
(b) The aggregate maximum special taxes for the parcel with respect to which
prepayment is to be made, as of the Prepayment Date, shall be calculated
based upon the ma~rimnm annual special taxes that could be levied on that
parcel in all future years.
(c) The net present value of the future special taxes calculated above will be
determined based on an interest rate of eight percent (8%), which may be
decreased or increased by the Responsible Party to reflect the net interest
costs on the Bonds.
(d) The prepayment premium on the bonds of the Agency for the District shall
be applied to the aggregate amount determined under (c) above.
(e) The amount to be prepaid for any parcel of property shall be the sum of the
amounts calculated for that parcel under paragraphs (c) and (d) above, plus
the reasonable costs and expenses of performing tlie calculations, preparing
and recording the Notice of Cessation of Special Tax Lien and any other acts
or procedures required to be performed in connection with the prepayment,
as determined by the Responsible Party.
DEFINITIONS
Administrative Fees or Expenses means any or all of the following: the fees and expenses
of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the
Agency in carrying out its duties with respect to the District (including, but not limited to,
the levy and collection of the special taxes) including the fees and expenses of its counsel,
any fees of the County of Riverside related to the disuict or the collecrion of special taxes,
an allocable share of the salaries of the Agency staff directly related thereto and a
proportionate amount of Agency general administrative overhead related thereto, any
amounts paid by the Agency from its general funds with respect to the District or the Bonds,
and all other costs and expenses of the Agency or the Fiscal Agent incurred in connection
with the discharge of their respective duties under the Fiscal Agency Agreement and, in the
case of the Agency, in any way related to administration of the District.
Agency means the Redevelopment Agency of the City of Lake Elsinore.
Bonds means any Bonds of the Agency issued for the District under Mello-Roos Community
Facilities Act of 1982, as amended.
Debt Service, for each Fiscal Year, is the total annual principal and interest payment on the
Bonds during the calendar year which commences in such Fiscal Year, less any capitalized
interest and any other amounts remaining in the debt service fund held under the Fiscal
Agent Agreement as of the end of the previous Fiscal Year (other than by reason of the
payment of Category II and N special taxes).
District means the Redevelopment Agency of the City of Lake Elsinore Community
Facilities District No. 90-2 (Tuscany Hills Public Improvements).
Estimated Parcels is the total number of parcels indicated on attached maps and tables.
Fiscal Agent means the Fiscal Agent under the Fiscal Agent Agreement.
Fiscal Agent Agreement means the agreement by that name approved by the Resolution of
Issuance, and as it may be amended and/or supplemented from time to time.
Fiscal Year means the period starting on July i and ending the following June 30.
Parcel means any Riverside County Assessor's parcel or portion thereof that is within the
boundaries of the District based on the equalized tax rolls of the County of Riverside.
Resolution of Issuance is any Resolution adopted by the Agency authorizing the issuance
of Bonds.
Responsible Party is any person or persons who the Agency may appoint from time to time
to compute the levy of the special taxes within the District.
Special Tax Consultant means any financial consultant or firm of such Snancial consultants
appointed by the Agency, and who, or each of whom: (a) is judged by the Agency to have
experience with respect to the 5nancing of public capital improvement projects; (b) is in fact
independent and not under the domination of the Agency; (c) does not have any substantial
interest, direct or indirect, with the District or Agency; and (d) is not wnnected with the
District or the Agency as an officer or employee of the District or the Agency, but who may
be regularly retained to make reports to the District or the Agency or to provide other
Snancial consulting services thereto.
Square Foot or Square Feet is the square footage of a single family dwelling unit measured
at the exterior walls, but excluding (i) garages, carports, roof overhangs, passageways and
patios which are both unenclosed and uncovered, and (ii) tool sheds, greenhouses and
similar detached structures.
Tax Categories are those Categories set forth in the body hereof.
Tax Liabitity for any Fiscal Year is an amount sufficient to pay Debt Service for such Fiscal
Year, Administrative Fees or Expenses for such Fiscal Yeaz, an amount determined by the
Respons~ble Party to offset proposed projected tax delinquencies to occur in such Fiscal
Year, and ali payments required to be made in the applicable Fiscal Year under the Fiscal
Agent Agreement for the Bonds and any supplements thereto.
Taxable Property is all the area within the boundaries of the District which is not exempt
from the special taac pursuant to law, except that the following property shall not be taxed:
any acres of land owned, conveyed or inevocably offered for dedicarion to a public agency,
or land which is a public right of way or which is an unmanned utility easement making
impractical its utilization for other than the purpose set forth in the easement.
PROPOSED BOUNDARY MAP
~~ OF
COMMUNITY FACILITIES DISTRICT N0. 90-2
' (TUSCANY HILLS PUBLIC IMPROVEMENT)
' CITY OF LAKE ELSINORE, COUNTY OF RIVERSIDE,
~ CALIFORNIA
T.T.zS°'4 LEGEND:
T.T2sme OWNERSHIP
) /~ _ ----- ASSESSMENT DISTRICT
T.T.25076
' T.T.25080
I T.T.25077 I
T.T,250~5
i
( 7.7.25078 ,
I LT.24383 ' .
~
i
TR17413-6
i
I TR77473-B I
TR17413-7
i
~~~
I TR17413-3
i
I TR77413-5
~ TR17413-2
, '"~""~"' T217413-i
i ~
~"' J
SCME: 1.J00
SnEET ~ OF i
G°~G30G°~O~CD ~ O~[~DLa[~~ Cv]l,a~°~
G3LDD GMC~[~OO PG~i1C~G~J'~? Ia~CG~1C~~I OO C~ 4~C
C~`~~'l OO G~ C~GaC3G L L~~[1G~JOO G°,3C~
CGOO [n~nIG~M~I~ r~'~'l ~11C ~L~U4[l~~ DD 0~`u~° ~C~4 G~IOO o JOO ~~
a~~ca~~r ao~~,~ p~a~oc~ ~G~G°~G30O MC~~1L~[vl i~~D
COUNTY OF RIVERSIDE, CALIFORNIA
LEGEND:
~
~ n/\ 11111'
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VICINITY MAP
NO SCaLE
TIE BOUNORRY OF ME PROPOSED COMNUNItt FAdLITES DISTRICT COiNCiDES
N1711 THE BOUNDARY OF PARCEL MnP N0. 21910 IN iHE CIiY OF IAKE
EWNORE. COUNTY OF RIVER9DE, STA7E OF C~4FORNIA, AS PER uAP FiLED
IN BOOK 151. PACES 7 THRWGH 14. INCLUSVE, OF P~RCEL MAPS ON THE
14 tn DAY OF DECEMBER 1988, E%CEPT PAqCEI 14 OF SN~ PnRCEL rnAP.
FlIPD IN T/E OFFICE OI iXE SECRETMY OF iHE REOEYELOPMENT
AGENCY Oi ME Cltt OF WCE EL9NORE iN15
_DnY OF ,1990.
BY:
PEDEI~EIOPMENT RCENCV OF
THE CITY Of LAKE ELSINGRE
I MEREBY CERTfY MAT T1E KITHIN MAP $MO'MNG THE ~FOPOSED BOUrvDaRiES
OP THE REpEVELOPMENT AGENCY OI THE CITY OF LANE ELSINORE COMMUNIIY
iACIUTES DISTRICT. N0.90-2, (NSCnNY IiIlLS PUBIJC IMPROVEMENT), CITY '
Of UNE ELSINORE. COIINTY OF RIVERSIOE STATE OF GLiFORNin, wn5 nPPRO~'2D ~
BY iHE GOVERNING BOARD OF TNE REDEVEIOPMENT nGENCr Of iME Ott
OF LAKE El51NORE AT n FECULNRLY SCXEDULED MEEIING THEREOP. MELD ON
I iHE_DAY OF ,1990. BY ITS RESOLUPON N0.
BY:
~ REDEVELOPAIENT PGENCV OF
i THE CITV OF LnKE ELSIrvORE
RECOitDERS CERTIRCR7E
FltEO 1H6_ DAY pi _,1990. RT 1NE MWR OF_ OCLOCk_u,
IN BOOK _Of MAPS OF RSSESSMENi nND COMMUNitr FACIU11E5 Ui51k2i5,
PAGE NO_, AS INSTRUNENT NO . IN THE OfFiCE OF TnE
CWNTY RECORDEFt IN iHE COUNTY OF RIVER9UE. SiA1E OI CALIFORNIA.
CWNTY RECORDEft Of THE
CWNTV Oi RIVERSIDE
iEE f
REFERENCE TNE RIVERSIOE COUNtt ~SSESSOR'S N~PS FOR ~ UETAIIED DESCPoP110N OF PnFCEL LINES AND DIMENSIONS.
0 - l
----- BOUNDARY LINE
STREET R/W
~IT C
NOTICE OF PUBLIC HEARING
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
('I~scany Hille Public Improvements)
r-~
~:.
Notice is hereby given that on October 24, 1990, the Governing Board of the
RedeveIopment Agency of the City of Lake Elsinore adopted a Resolution entitled "A
Resolutioa of Intention To Establish A Community Facilities District Aad To Authorize
The Levy Of Special Taxes Pursuant To The Mello-Roos Community Facilities Act Of
1982". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act"), the
Goveraing Board hereby gives notice as follows:
A The text of said Resolution of Intention is as follows:
RESOLVED by the Governing Board of the Redevelopment Agency of the
City of Lake Elsinore (the "Agency") that:
WHEREAS, under the Mello-Roos Community Facilities Act of 1982, as
amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 6, commencing at
Section 53311, of the California Government Code, this Governing Board may act
as the legislative body for proposed community facilities districts and is
empawered with the authority to establish community facilities districts; and
WEiEREAS, this Governing Board aow desires to proceed with the
establishment of a community facilities district under the Act.
, NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
1. This Governing Board proposes to conduct proceedings to establish a
community facilities district pursuant to the Act.
2. This Governing Board hereby acknowledges receipt of a petition (the
"Petition") of Homestead Land Development Corporation to form a community
facilities district (the "District") in the Tuscany Hills area of the City.
3. The Executive Director of the Agency is hereby authorized and directed to
submit and collect from the petitioners any expenses of the Agency incurred in
establishing the proposed District in accordance with the Petition.
4. The name proposed for the District is Redevelopment Agency of the City
oF Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements).
5. The proposed boundaries of the District are as shown on the map of the
District on file with the Secretary, which boundaries are hereby preliminarily
approved and to which map reference is hereby made for further particulars. The
G1
Secretary is hereby directed to record, or cause to be recorded, said map of the
boundaries of the District in the office of the County Recorder within fifteen days of
the date of adoption of this Resolution. ~-
6. The type of public facilities proposed to be financed by the District and
pursuant to the Act shall consist of those items listed as facilities (the "Facilities")
on Exhibit A hereto, which exhibit is by tlus reference incorporated herein.
7. Except to the extent that funds are otherwise available to the District to
pay for the Facilities and/or the principal and iaterest as it becomes due on bonds
of the District issued to finance the Facilities, a special tax sufficient to pay the
costs thereof, secured by recordation of a continuing lien against all non-exempt
real property in the District, is intended to be levied annually within the District,
and collected in the same manner as ordinary ad valorem property t~es. The
proposed rate and method of apportionment of the special tax among the parcels of
real property within the District, in sufficient detail to allow each landowaer
within the proposed District to estimate the maximum amount such owner will
have to pay, are described in Exhibit B attached hereto, which exhibit is by this
reference incorporated herein.
8. It is the intention of this Governing Board acting as the legislative body
for the District to cause bonds of the Agency to be issued for the District pursuant
to the Act to finance ia whole or in part the Facilities. Said bonds shall be in the
aggregate principal amount of notto exceed $b0,000,000, shall bear interest payable
semi-annually or in such other manner as this Governing Board shall determine,
at a rate not to exceed the maximum rate of interest as may be authorized by
applicable law at the time of sale of such bonds, and shall mature not to exceed 40
years from the date of the issuance thereof.
9. The levy of said proposed special tax shall be subject to the approval of the
qualified electors of the District at a special election. The proposed voting
procedure shall be by mailed or hand-delivered ballot among the landowners in
said proposed District, with each owner having one vote for each acre or portion of
an acre such owner owns in the District.
10. Except as may otherwise be provided by law or by the rate and method of
apportionment of the special taxes set forth in Exhibit B, all lands owned by any
public entity, including the United States, the State of California and/or the
Agency, or any departments or political subdivisions thereof, shall be omitted from
the levy of the special tax to be made to cover the costs and expenses of the
Facilities. In the event that a portion of the property within the District shall
become for any reason exempt, wholly or in part, from the levy of the special tax
described in Exhibit B; this Governiag Board will, on behalf of the District,
iacrease the levy to the extent necessary upon the remaining property within the
District which is not exempt in order to yield the required debt service payments
and other annual expenses of the District, if any, subject to any maximum special
tax that may be levied.
11. The Director of Public Works of the City of Lake Elsinore, as the officer
having charge and control of the Facilities in and for the District, is hereby
directed to study said proposed Facilities and to make, or cause to be made, and file
with the Secretary a report in writing, presenting the following:
G2
(a) A description of the Facilities by type which will be required to ~
adequately meet the needs of the District. ,
~.
(b) An estimate of the fair and reasonable cost of financing the
Facilities including the cost of acquisition of lands, rights-of-way and
easements, any physical facilities required in conjunction therewith and
incidental expenses ia connection with said financing, including the costs
of the proposed bond financing and all other related costs as provided in
Section 53345.3 of the Act.
Said report shall be made a part of the record of the public hearing provided
for below.
12. Tuesday, November 27, 1990, at 7:00 p.m., in the regular meeting place
of this Governing Board, in the School Board meeting room of the Lake Elsinore
Unified School District, 545 Cheney Street, Lake Elsinore, California, be, aad the
same are hereby appointed and fixed as the time and place when and where this
Governing Board, as legislative body for the District, will conduct a public hearing
on the establishment of the District and consider and finaily determine whether
the public interest, convenience and necessity require the formation of the District
and the levy of said special tax.
13. The Secretary is hereby directed to cause notice of said public hearing to
be given by publication one time in a newspaper published ia the area of the
District. The publication of said notice shall be completed at least seven days
before the date herein set for said hearing. Said notice shall be substantially in the
form of Exhibit C hereto.
14. The law firms of Jones Hall Hill & White, A Professional Law
Corporation, and Brown, Harper, Burns & Iientschke are hereby designated as co-
bond counsel to the Agency in connection with the formation of the District and the
special tax bonds expected to be issued by the Agency for the District. The
Executive Director of the Agency or his designee is hereby authorized to execute
and deliver agreements with said firms for services in connection with the District
and said bonds in the forms on file with the Secretary.
B. The time and place established under said Resolution for the public hearing
required under the Act are Tuesday, November 27, 1990, at the hour of 7:00 p.m., in the
regular meeting place of the Governing Board of the Redevelopment Ageacy of the City of
Lake Elsinore, in the School Board meeting room of the Lake Elsinore Unified School
District, 545 Cheney Street, Lake Elsinore, California.
C. At said heazing, the testimony of all interested persons or taxpayers for or
against the establishment of the district, the extent of the district or the furnishing of the
specified types of facilities will be heard. Any person interested may file a protest in
writing as provided in Section 53323 of the Act. If the owners of one-half or more,of the
area of land in the territory proposed to be included in the district file written protests
against the establishment of the district and the protests are not withdrawn to reduce the
value of the protests to less than a majority, the Governing Board shall take no further
action to establish the district for period of one year from the date of said hearing, and if
the majority protests of the landowners are only against the furnishing of a type or types
of facilities within the district, or against levying a specified special tax, those types of
facilities or the specified special taac will be eliminated from the proceedings to form the
district.
C-3
D. The proposed voting procedure shall be by special mail or hand-delivered ballot
to the property owners within the territory proposed to be included in the dietrict:'
Dated: November _,1990
1s/ Vicki Kasad
Secretary,
Redevelopment Agency of the City of
Lake Elsinore
C-4
RESOLUTION NO. . RDA 90-7a
A RESOLUTION OF TI~ REDEVELOPIVlENT AGENCY OF TI~ C1TY OF LAKE
ELSINORE APPROVING AND AUTHORIZING AND DIRECTING EXECUTION
OF COMNIITMENT AGREEMENT ``1ND PUR"CIi~E CONTRACT RELATING
Tp SALE OF SPECIAL TAX BONDS, APPROVING SALE OF SUCH BONDS ON
CERTAIN TERMS AND CONDITIONS, APPROVING OFFICIAL STATIIViENT,
APPROVING AGENCY PLEDGE AGREEIVIEN'I' R~LP-TING TO SUCFI BONDS
AND PROVIDING OTHER MATTERS I'ROPERLY RELA'i'II~1G THERETO
77JSCANY HILIB SPECIAL TAX BONDS
WHEREAS, the City of Lake Elsinore (the "City") and the Redevelopment Agency
of the City of Lake Elsinore (the "Agency") have entered into a Joint Exercise of Powers
Agreement, dated as of July 25, 1989 (tbe "Agreement"), creating the Lake Elsinore
Public Financing Authority (the "Authority");
WHEREAS, pursuant to Article 4 of Chapter 6 of Division 7 of Title 1 of the
Government Code of the State of California (the "Act") and the Agreement, the Authority
is authorized to purchase bonds issued by the City and the Agency for financing and
refinancing public capital improvements or projects (the "Public Capital Improvements")
whenever there are significant public benefits, as determined by the City or the Agency,
as applicable;
WHEREAS, for the purpose of providing financing and refinancing of Public
Capital Improvements to be undertaken primarily by the City and the Agency, the
Authority has duly provided for the issuance pursuant to an Indenture of Trust (the
"Indenture"), dated as of February 1, 1990, of its Lake Elsinore Public Financing
Authority 1990 Local Agency Revenue Bonds, in the aggregate principal amount of
$500,000,000 and has duly provided for the issuance pursuant to a Second Supplemental
Indenture, dated as of November 1, 1990, of a series of said bonds in the aggregate
principal aznount of not to exceed $35,000,000 (the "Authority's Series B Bonds");
WHEREAS, the Agency has determined to cause the issuance of Special Tax
Bonds (as such term is defined in the Indenture) namely, Special Tax Bonds designated
as ftedevelopment Agency of the City of Lake Elsinore Community Facilities District No.
90-2 (Tuscany Iiills Public Improvements) 1990 Special Tax Bonds in the principal
amount of not to exceed $30,000,000 (such Special Tax Bonds being referred to herein as
the "Tuscany Hills Special Tax Bonds"), to provide financing of Public Capital
I~nprovements of benefit to the Tuscany Hills Project within the Rancho Laguna
Redevelopment Project Area No. II (the "Project Area") of the Agency;
WHEREAS, tbe Authority desires to purchase the Tuscany Hills Special Tax
Bonds with a portion of the proceeds o£ the Authority's Series B Bonds and the Agency
desires to sell the Tuscany Hills Special Ta~c Bonds to the Authority, all subject to the
terms and conditions hereina£ter set forth and in accordance with the Commitment
Agreement for Purchase and Sale of Local Obligations, dated as o£ November 1,1990, by
and between the Agency and the Authority (the "Commitment Agreement and Purchase
Contract") committing the Agency to sell and the Authority to buy the Tuscany Hills
Specia] Tax Bonds, the form of the Commitment Agreement and Purchase Contract
being on file with the Secretary of the Agency;
WHEREAS, the Agency hereby determines that there are significant public
benefits to the Agency in selling the Tuscany Hffls Special Ta~c Bonds to the Authority, all
as set forth in the Commitment Agreement and Purchase Contract;
WNEREAS, the Underwriter of the Authority's Series B Bonds has prepared and
presented to the Agency for approval an officia] statement (tbe "Officia] Statement") in
preliminary form for use in sale of the Authority's Series B Bonds and containing
information describing the Tuscany Hills Special Tax Bonds, and the Agency desires to
grant such approval with respect to such information;
WHEREAS, in order for the Authority to sell the Authority's Series B Bonds, it is
necessary for the Agency to agree to pledge certain ta~c increment revenues to be allocated
and paid to the Agency with respect to the Project Area as security for the repayment of
the Tuscany Hills Special Tax Bonds, as more paz'ticularly provided in the Agency Pledge
Agreement, dated as of November 1, 1990, by and between the Authority and the Agency
(the "Agency Pledge Agreement"), the form of which is on file with the City Clerk;
WHEREAS, the Public Capital Improvements constitute redevelopment activity
primarily of benefit to the Project Area and the Agency is authorized by Section 33445 of
the Health and Safety Code of the State of California to pledge such tax increment
revenues to the payment of the Tuscany Hills Special Tax Bonds, provided that the
Agency and the City shall first make certain determinations with respect thereto; and
WHEREAS, the Agency, with the aid oF its staff, has reviewed the Commitment
Agreement and Purchase Contract, the Off`icial Statement and the Agency Pledge
Agreement, together with the proceedings for the issuance of the Tuscany Hills Special
Tax Bonds, and the Agency wishes to approve the foregoing in the public interests of, and
for significant public benefits to, the Agency and the City;
NOW, THEREFORE, BE IT R.ESOLVED by the Redevelopment Agency of the City of
Lake Elsinore, as follows:
Section 1. Approval of Commitment Agreement andPurchase Coatract The
Agency here?~y approves the terms and conditions of the Commitment Agreement and
Purchase Contract, including, without limitation, the Agency's obligation to sell the
Tuscany Hills Special Tax Bonds to the Authority. The Chairman of the Agency is hereby
authorized and directed, for and in the name and on behalf of the Agency, to execute and
deliver the Commitment Agreement and Purchase Contract. Approval of any additions
to or changes in the form of Commitment Agreement and Purchase Contract on file with
the Secretary, as deemed appropriate by the Executive Director of the Agency, shall be
conclusively evidenced by execution and delivery of the Commitment Agreement and
Purchase Contract.
Section 2. Approval of O~cial Statement. The Agency hereby approves the
information describing the 14iscany Hills Special Tax Bonds in the preliminary Official
Statement relating to the Authority's Series B Bonds, in substantially the form submitted
by the Underwriter and on file with the Secretary. Distribution of tbe Otl'icial Statement
in final form by the Underwriter is hereby approved and the Executive Director of the
Agency is authorized and directed to deliver to the Underwriter certificates with respect
to the information set forth therein.
Section 3. Approval of Agency Pledge Agreemeni The Agency hereby approves
the execution of the Agency Pledge Agreement and the Chairman of the Agency is bereby
authorized and directed, for an on behalf of the Agency to execute and deliver the Agency
Pledge Agreement. Approval of any additions to or changes in tbe form of tbe Agency
Pledge Agreement on file with the Secretary of the Agency, as deemed appropriate by the
Executive Director of the Agency, shall be conclusively evidenced by execution and
delivery of the Agency Pledge Agreement.
Section 4. Dete~rmuieaon of Benefit Pursuant to authority contained in Section
33445 of the Health and Safety Code of the State of California, the Agency hereby
determines that the Public Capital Improvements for the Tuscany Hills Project are of
benefit to the Project Area and that no means other than the pledge of tax increment
revenues contained in the Agency Pledge Agreement is reasonably available to the City to
finance such Public Capital Improvements.
Section 6. Effective Date. This resolution shall take effect from and after the date
of approval and adoption hereof.
PASSED AND ADOPTED this 13th day of November,1990, by the following vote:
AYES: BOARDMEMBERS: DOMINGUEZ, STARKEY, WASHBURN, WINKLER, BUCK
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
ABSTAIN: BOARDMEMBERS: NONE
CLERK OF T~IE BOARD
REDEVELOPMENT AGENCY
APPROVED AS TO FORM & LEGALITY:
W~ ~
JOHN R. HAPRER, L CA CO SEL
REDEVELOPMENT AGE CY
REDEVELOPMENT AGENCY
CITY OF LAKE ELSINORE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 13th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, STARKEY WASHBURN,
WINKLER, BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
ABSTAIN: COUNCILMEMBERS: NONE
C~T' LY
CITY OF
(SEALj
'NNE SAD, CITY ERK
LAKE'ELSINORE
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-7 of said Agency, and that
the same has not been amended or repealed.
DA~FD: N~v~Taber 28, 1990
/ ~~ ~
~KI LYNNE KASAD, C TY CLERK
CITY OF LAK ELSINORE
(SEAL)
~y JSIIiIV:PTf:elc 10/DS~JO SB'd60
10/1&90
~. .
RESOLVfIONNO. ~DA 90-7
A RESOLUTION OF IlV1`ENTION TO INCUR BONDID INDEBTEDNESS OF THE
pRppOSED REDEVELOPMENT AGENCY OF THE CITY OF LAKE IISINORE
COMMTTNITY FACIIdTIES DISTRICT NO. 90-2 (TUSCANY HIId..S PUBLIC
II14PROVEMENTS) PURSUANT TO THE MELLO-ROOS COMMUNITY FACILITIES
ACT OF 1962 ~
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvemeats)
RESOLVED by the Governing Boazd of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that:
WHEREAS, this Governing Boazd has this date adopted its Resolution entitled "A
Resolution of Intention to Establish a Community Facilities District and To Authorize the
Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982",
stating its iatention to form a community facilities district pursuant to the Mello-Roos
Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.b of Part 1 of
Division 2 of Title 5 of the California Goverament Code, for the purpose of financing
certain public improvements (the "Facilities"), as further provided in said Resolution;
and
WHEREAS, this Governing Board estimates the amount required for the
financing of the the Facilities to be the sum of $50,000,000; and
WFiEREAS, in order to finance the Facffities it is necessary to incur bonded
indebtedness in the amount of $50,000,000.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
1. It is necessary to iacur bonded indebtedness withia the bouadaries of the
proposed Redevelopment Agency of the City of Lake Elsinore Community Facilities
District No. 90-2 ('1`uscany Hills Public Improvements) (the "District"T in the amount of
$50,000,000 to finance the Facilities.
2. The bonded indebtedness is proposed to be incurred for the purpose of financing
the Facilities and the discharge of assessment liens on property within the District,
including acquisition and improvement costs and all costs incidental to or wnnected with
the accomplishment of said purposes and of the financing thereof, as permitted by
Section 63345.3 of the Act.
3. This Governing Board, acting as legislative body for the District, intends to
authorize the issuance and sale of bonds in the maximum aggregate principal amount of
not to exceed $50,000,000, bearing interest payable semi-annually or in such other
manner as this Governing Board shall determine, at a rate not to exceed the m~imum
rate of interest as may be authorized by applicable law at the time of sale of such bonds,
and maturing not to exceed 40 years from the date of the issuance of said bonds.
~
4. 1~esday, November 27, 1990, at 7:00 p.m., in the regular meeting place of this
Governing Board, in the School Board meeting room of the Lake Elsinore Unified School
District, 545 Cheney Street, Lake Elsinore, California, be, and the same are hereby
appointed and fixed as the time and place when and where this Governing Board, as
legislative body for the District, will conduct a public hearing on the proposed debt issue
and consider and finally determine whether the public interest, convenience and
necessity require the issuance of bonds of the Agency for the District.
5. The Secretary is hereby directed to cause notice of said public hearing to be
given by publication one time in a newspaper of general circulation circulated within the
District. The publication of said notice shall be completed at least seven (7) days before the
date herein set for said public hearing. Said notice shall substantially in the form of
Exhibit A hereto.
**+~******+*
PASSED AND ADOPTED this 24th day of October, 1990, by the following vote:
AYES: COUNCILMEMBERS: DOP1INGUEZ, STARKEY, NIASHBURN, WINKLER, QUCK
NOES: COUNCILMEMBERS: PJONE
ABSENT: COUNCILMEMBERS: NONE .
William S. Buck, Chairman
Redevelopment Agency of the City of
Lake Elsinore
(SEAL)
Attest:
BY~
Vicki Kasad, S cretary
Redevelopment Agency of the City of
Lake Elsinore
Approved as to Form & Legality:
~onn K. riarper, ~egs i t;ryunse i
~/
-2-
E~ffiTT A
,..
NOTICE OF PUBLIC HEARdNG
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
Community Facilities District No. 90-2
(Tuscany Hills Public Impravements)
Notice is hereby given that on October 24, 1990, the Governing Board of the
Redevelopment Agency of the City of Lake Eisinore adopted a Resolution entitled "A
Resolution of Intention To Incur Bonded Indebtedness of the Proposed Redevelopment
Agency of the City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills
Public Improvements) Pursuant To The Mello-Roos Community Facilities Act Of 1982".
Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act") the Governing
Board hereby gives notice as follows:
A The text of said Resolution is as follows:
RESOLVED by the Goveraing Board of the Redevelopment Agency of the
City of Lake Elsinore (the "Agency") that:
WIiEREAS, this Governing Board has this date adopted its Resolution
entitled "A Resolution of Intention to Establish a Community Facilities District
and To Authorize the Levy of Special Taxes Pursuant to the Mello-Roos
Community Facilities Act of 1982", stating its intention to form a community
facilities district pursuant to the Mello-Roos Community Facilities Act of 1982, as
amended (the "Act"), Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California
Government Code, for the purpose of financing certain public improvements (the
"Facilities"), as further provided in said Resolution; and
WHEREAS, this Governing Board estimates the amount required for the
financing of the the Facilities to be the sum of $50,000,000; and
WHEREAS, in order to finance the Facilities it is aecessary to incur bonded
indebtedness in the amount of $50,000,000.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
1. It is necessazy to incur bonded indebtedness within the boundaries of the
proposed Redevelopment Agency of the City of Lake Elsinore Community Facilities
District No. 90-2 (Tuscany Hills Public Improvements) (the "District") in the
amount of $50,000,000 to finance the Facilities.
2. The bonded indebtedness is proposed to be incurred for the purpose of
financing the Facilities and the discharge of assessment liens on property within
the District, including acquisition and improvement costs and all costs incidental
to or connected with the accomplishment of said purposes and of the financiag
thereof, as permitted by Section 53345.3 of the Act.
A-1
3. This Governing Board, acting as legislative body for the District,, intends
to authorize the issuance and sale of bonds in the maximum aggregate principal
atnount of not to exceed $50,000,000, bearing interest payable semi-annually or in
such other manner as this Governing Board shall determine, at a rate not to
exceed the maximum rate of interest as may be authorized by applicable law at the
time of sale of such bonds, and maturing not to exceed 40 years from the date of the
issuance of said bonds.
4. Tuesday, November 27, 1990, at 7:00 p.m., in the regular meeting place of
this Governing Board, in the School Board meeting room of the Lake Elsinore
Unified School District, 545 Cheney Street, Lake Elsinore, California, be, and the
same are hereby appointed and fixed as the time and place when and where this
Governiag Board, as legislative body for the District, will conduct a public heariag
on the proposed debt issue and consider and finally determine whether the public
interest, convenience and necessity require the iseuance of bonds of the Agency for
the District.
5. The Secretary is hereby directed to cause notice of said public hearing to
be given by publication one time in a newspaper of general circulation circulated
within the District. The publication of said notice shall be completed at least seven
(7) days before the date herein set for eaid public hearing. Said notice shall
substantially in the form of Exhibit A hereto.
B. The hearing referred to in the aforesaid Resolution shall be at the time and
place specified in said Resolution.
C. At that time and place any person iaterested, including persons owning
property in the area of the proposed community facilities district, will be heard upon the
proposed debt issue.
Dated: November _,1990
/s/ Vicki Kasad
Secretary,
Redevelopment Agency of the City of
Lake Elsinore
A-2
RESOLUTION NO. RDA 90-8
A RESOLUTION OF THE REDEVELOI'MENT AGENCY OF THE CITY OF I.AKE
ELSINORE APPROVING AND AUTHORIZING A1VD DIRECTING EXECUTION
OF COMIVIITMEN'I' AGR.EEMENT AN~ PURCHAS~ CONTRACT RELATING
TO SALE OF SPECIAL TAX BONDS, APPROVING SALE OF SUCH BONDS ON
CERTAIN TER,MS AND CONDITIONS, APPROVING OFFICIAL STATEIVIEN'i',
APPROVING AGENCY PI.~DGE AGItEENi~NT R.~LATING TO SUCH BONDS
AND PROVIDING OTHER MATTERS PROPERLY RELATING TIiERETO
TUSCANY fIII.LS SPECIAL TAX BONDS
WHEREAS, the City of Lake Elsinore (the "City") and the Redevelopment Agency
of the City of Lake Elsinore (the "Agency") have entered into a Joint Exercise of Powers
Agreement, dated as of July 25, 1989 (the "Agreement"), creating the Lake Elsinore
Public Financing Authority (the "Authority");
WHEREAS, pursuant to Article 4 of Chapter 5 of Division 7 of Title 1 of the
Government Code of the State of Califomia (the "Act") and the Agreement, the Authority
is authorized to purchase bonds issued by the City and the Agency for financing and
refinancing public capital improvements or projects (the "Public Capital Improvements")
whenever there are significant public benetits, as determined by the City or the Agency,
as applicable;
WHEREAS, £or the purpose of providing financing and refinancing of Public
Capital Improvements to be undertaken primarily by the City and the Agency, the
Authority has duly provided for the issuance pursuant to an Indenture of Trust (the
"Indenture"), dated as of February 1, 1990, of its Lake ~lsinore Public Financing
Authority 1990 Local Agency Revenue Bonds, in the aggregate principal amount of
$500,000,000 and has duly provided for the issuance pursuant to a Second Supplemental
Indenture, dated as of November 1, 1990, of a series of said bonds in the aggregate
principal amount of not to exceed $35,000,000 (the "Authority's Series B Bonds");
WHEREAS, the Agency has determined to cause the issuance of Special Tax
Bonds (as such term is defined in the Indenture) namely, Special Tax Bonds designated
as Redevelopment Agency of the City of Lake Elsinore Community Facilities District No.
90-2 (Tuscany Hills Pubiic Improvements) 1990 Special Tax Bonds in the principal
amount of not to exceed $30,00O,OOQ (such Special Tax Bonds being referred to herein as
the "Tuscany Hills Special Tax Bonds"), to provide financing of Public Capital
Improvements of benefit to the Tuscany Hills Project within the Rancho Laguna
Redevelopment Project Area No. II (the "Project Area") o£ the Agency;
WHERF.AS, the Authority desires to purchase the Tuscany Hilis Special Tax
Bonds with a portion of the proceeds of the Authority's Series B Bonds and the Agency
desires to sell the 'I`uscany Hills 5pecial Tax Bonds to the Authority, all subject to the
terms and conditions hereinafter set forth and in accordance with the Commitment
Agreement for Purchase and Sale of Local Obiigations, dated as of November 1, 1990, by
and between the Agency and the Authority (the "Commitment Agreement and Purchase
Contract") commitCing the Agency to sell and the AuthoriLy to Uuy the Tuscany Iiills
Special Tax 33onds, the £orm of the Commitment Agreement and Purchase Contract
being on file with the Secretary of the Agency;
WHEREAS, the Agency hereby determines that there are significant public
benefits to the Agency in selling the Tuscany Hills Special Tax Bonds to the Authority, all
as set Forth in the Commitment Agreement and Purchase Contract;
WHEftEAS, the Underwriter of the Authority's Series B Bonds has prepared and
presented to the Agency for approval an official statement (the "Official Statement") in
preliminary form for use in sale of the Authority's Series B Bonds and containing
in£ormation describing the Tuscany Hills Special Tax Bonds, and the Agency desires to
grant such approval with respect to such information;
.
r
WHEREAS, in order for the Authority to sell the Authority's Series B Bonds, it is
necessary for the Agency to agree to pledge certain tax increment revenues to be allocated
and paid to the Agency with respect to the Project Area as security for the repayment of
the Tuscany Hills Special Tax Bonds, as more particularly provided in the Agency Pledge
Agreement, dated as of November 1, 1990, by and between the Authority and the Agency
(the "Agency Pledge Agreement"), the form of which is on file with the City Clerk;
WHEREAS, the Public Capital Improvements constitute redevelopment activity
primarily of benefit to the Project Area and the Agency is authorized by Section 33445 of
the Health and Safety Code o£ the State of California to pledge such tax increment
revenues to the payment of the Tuscany Hills Special Tax Bonds, provided that the
Agency and the City shall first make certain determinations with respect thereto; and
` WHEREAS, tt~e Agency, with the aid of its staff, has reviewed the Commitment
Agreement and Purchase Contract, the Official Statement and the Agency Pledge
Agreement, together with the proceedings for the issuance of the Tuscany Hills Special
Tax Bonds, and the Agency wishes to approve the foregoing in the public interests of, and
for significant public benefits to, the Agency and the City;
NOW, TH~R~FORE, B~ IT RESOLVED by the Redevelopment Agency of the City of
Lake Elsinore, as follows:
Section 1. Approval of Commitment Agreement and Purchase Contrac~ The
Agency hereby approves the terms and conditions of the Co!nmitment Agreement and
Purchase Contract, including, without limitation, the Agency's obligation to sell the
Tuscany IIilis Special Tax Bonds to the Authority. The Chairman of the Agency is hereby
authorized and directed, for and in the name and on behalf of the Agency, to execute and
deliver the Commitment Agreement and Purchase Contract. Approval of any additions
to or changes in the form of Commitment Agreement and Purchase Contract on file with
the Secretary, as deemed appropriate by the ~xecutive Director of the Agency, shall be
conclusively evidenced by execution and delivery of the Commitment Agreement and
Purchase Contract.
Section 2. Approval of Official Statement. The Agency hereby approves the
in£ormation describing the Tuscany Hills Special Tax Bonds in the preliminary Official
Statement relating to the Authority's Series B Bonds, in substantially the form submitted
by the Underwriter and on file with the Secretary. Distribution of the Oflicial Statement
in final form by tbe Underwriter is hereby approved and the Executive Director of the
Agency is authorized and directed to deliver to the Underwriter certificates with respect
to the information set forth therein.
Section 3. Approval of Agency Pledge Agreemen~ The Agency hereby approves
the execution of the Agency Pledge Agreement and the Chairman of the Agency is hereby
authorized and directed, for an on behalf of the Agency to execute and deliver the Agency
Pledge Agreement. Approval of any additions to or changes in the form of the Agency
Pledge Agreement on Gle with the Secretary of the Agency, as deemed appropriate by the
~xecutive Director of the Agency, shall be conclusively evidenced by execution and
delivery ot the Agency Pledge Agreement.
Sec:tion 4. Determination ofBenefit Pursuant to authority contained in Section
33445 of the Health and Safety Code of the Statc of California, the Agency hereby
determines that the Public Capital Improvements for the Tuscany I-Iills Project are of
benefit to the Project Area ancl that no means other than the pledge of tax increment
revenues contained in the Agency Pledge Agreement is reasonably available to the City to
finance such Public Capital Improvements.
,
Section b. EfFective Date. This resolution shall take effect from and after the date
of approval and adoption hereof.
PASSED AND ADOPTED this 27 . day of November, 1990, by the following vote:
AYES: [30ARDMEMBERS: DOMINGUEZ, WASHBURN, WINKLER, BUCK
NOES: BOARDMEMBERS: NONE
AaSENT: QOFlRDMEM6ERS: STARKEY
ABSTAIN: [30ARDMEMBERS: NONE ~ ~~j~
~
ATTEST:
~ ~~
RON MOLEND K, SECRETARY
APPROVED AS TO FORM:
JOHN . H R ER, LEG L UN
""r
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
2, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 27th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN,
WINKLER, BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: STARKEY
ABSTAIN: COUNCILMEMBERS: NONE
YCK~~. KAS(\~Y CLERK
CITY OF LA~LSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-8 of said Agency, and that
the same has not been amended or repealed.
D: November 28, 1990
VICKI LY'I~1~ I~ASAD, CITY CLERK
CITY OF LA~KE ELSINORE
(SEAL)
RDA
TtESOLUTIONN0. 90-9
A RESOLUTION OF FORMATION OI~' REDEVELOPMENT AGENCY OF T~~
CITY OF I.AKE ELSINORE COMMUNiTY FACILITIES DISTR,ICT NO. 90-2
(TUSCANY HII.LS PUBLIC IlVIPROV~MENTS), AUTI30RIZ[NG THE LEVY OF A
SPECIAL TAX WITHIN THE DISTRICT, PRELIMiNARILY ESTABLISHING AN
APPROPRSATIONS L1NIIT FOR THE DISTRICT AND SUBMITTING LEVY OF THE
SPECIAL TAX AND THE E5TABLISfIlVIENT OF THE APPROPRiATIONS LIlVIIT TO
TH~ QUALIFJED II.ECTORS OF THE DISTRICT
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
RESOLVED by the Governing Board of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that:
WHEREAS, on October 24, 1990, this Governing Board adopted a resolution entitled
"A Resolution of Intention to Establish a Community Facilities District and to Authorize
the Levy of Special Taxes Pursuant to the Mello-Roos Community Facilities Act of 1982"
(the "Resolution of Intention"), stating its intention to form the ltedevelopment Agency of
the City of Lake Eisinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements) (the "District"), pursuant to the Mello-Roos Community Facilities Act of
1982, as amended (the "Act"); and
WHEREAS, the Resolution of Intention, incorporating a map of the proposed
boundaries of the District and stating the facilities to be financed, the cost of providing
such facilities, and the rate and method of apportionment of the special tax to be levied
within the District to pay the principal and interest on bonds proposed to be issued with
respect to the District, is on file with the Secretary and the provisions thereof are
incorporated herein by this reference as if fully set forth herein; and
WHEREAS, subsequent to its adoption, the facilities to be financed and the rate
and method of apportionment were revised to correct certain deficiencies, and there are
attached to this Resolution the revised list of facilities to be financed and the rate and
method of apportionment of the special taxes; and
WHLREAS, on this date, this Governing Board held a noticed public hearing as
required by the Act and the Resolution of Intention relative to the proposed formation of
the District; and
WHEREAS, at said hearing all interested persons desiring to be heard on all
matters Pertaining to the formation and extent of the District, the facilities to be provided
therein and the levy of said special taac were heard and a full and fair hearing was held;
and
WHEREAS, at said hearing evidence was presented to this Governing Board on
said matters before it; including a report by the Director of Public Works (the "Report") as
to the facilities to be provided through the District and the costs thereof, a copy of which is
on file with the Secretary, and this Governing Board at the conclusion of said hearing
was fully advised with respect to the premises; and
WHEREAS, copies of the Report and the revised list of facilities to be financed and
rate and method of apportionment of the special taxes have been delivered to the
landowners within the District prior to the date hereof; and
WHEREAS, written protests with respect to the formation of the District, the
furnishing of specified types of facilities and the rate and method of apportionment of the
special taxes have not been filed with the Secretary by fifty percent (50%) or more of the
registered voters residing within the territory of the District or property owners of one-
half (U2) or more of the area of land within the District and not exempt from the special
tax; and
WHEREAS, the special tax proposed to be levied in the District to pay for the
proposed facilities to be provided therein, as set forth in Exhibit B hereto, has not been
eliminated by protest by fifty percent (50%) or more of the registered voters residing
within the territory of the District or the owners a~f one-half (1/2) or more of the area of
land within the District and not exempt from the special tax.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
1. The foregoing recitals are true and correct.
2, The proposed special tax to be levied within the District has not been precluded
by majority protest pursuant to Section 53324 of the Act.
3." All prior proceedings taken by this Governing Board in connection with the
establishment of the District and the levy of the special tax have been duly considered and
are hereby found and determined to be valid and in conformity with the Act.
4. The community facilities district designated "Redevelopment Agency of the City
of Lake ~lsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements)" is hereby established pursuant to the Act.
6. The boundaries of the District, as set forth in the map of the District heretofore
recorded in the Riverside County Recorder's Office in Book 31 at page 9 of Maps of
Assessment and Community Facilities Districts, are hereby approved, are incorporated
herein by reference and shall be the boundaries of the District.
6. The type of public facilities proposed to be financed by the District and pursuant
to the Act shall consist of those items listed as facilities on Exhibit A attached hereto and
by this reference incorporated herein (the "Facilities").
7. Except to the extent that funds are otherwise available to the District to pay for
the Facilities and/or the principal and interest as it becomes due on bonds of the District
issued to finance the Facilities, a special taac suff`icient to pay the costs thereof, secured by
a continuing lien against all non-exempt real property in the District, is intended to be
levied annually within the District, and collected in the same manner as ordinary ad
valorem property taxes. The proposed rate and method of apportionment of the special
tax among the parcels of reai property within the District, in sufficient detail to allow
each landowner within the proposed District to estimate the probable maximum amount
such owner will have to pay, are described in Exhibit B attached hereto and by this
reference incorporated herein.
8. It is hereby found and determined that the Facilities are necessary to meet
increased demands placed upon local agencies as the result of development occurring in
the District.
9. The Director of Administrative Services of the City of Lake Elsinore, 130 South
Main Street, Lake Elsinore, California 92330, telephone number (714) 674-3124, is the
officer for the Agency which will be responsible for preparing annually a current roll of
special tax levy obligations by assessor's parcel number and which will be responsible for
estimating future special tax levies pursuant to Section 53340.2 of the Act.
10. Upon recordation of a notice of special tax lien pursuant to Section 3114.5 of the
California Streets and Highways Code, a continuing lien to secure each levy of the special
tax shall attach to all nonexempt real property in 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 ta~c by the Agency
ceases.
11. In accordance with Section 53325.7 of the Act, the annual appropriations limit,
as defined by subdivision (h) of Section 8 of Article XIII B of the California Constitution, of
the District is hereby preliminarily established at $10,000,000 and said appropriations
limit shall be submitted to the voters of the District as hereafter provided. The proposition
establishing said annual appropriations limit shall become effective if approved by the
qualified electors voting thereon and shall be adjusted in accordance with the applicable
provisions of Section 53325.7 of the Act.
12. Pursuant to the provisions of the Act, the proposition of the levy of the special
tax and the proposition of the establishment of the appropriations limit specified above
shall be submitted to the qualified electors of the District at an election, the time, place
and conditions of which shall be as specified by a separate resolution of this Governing
Board.
PASSED AND ADOPTED this 27th day of November, 1990, by the following vote:
RESOLUTION N0. RDA 90-9
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
ABSTAIN: BOARDPIEMBERS:
DOMINGUEZ, WASHBURN, WINKLER, BUCK
NONE
STARKEY
NONE
APPROVCD P,S 'PO CORM AND LEC;Ar.rrv•
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency o£ the City of Lake Elsinore at a regular
meeting of said Agency on the 27th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN~ WINKLER~
BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: STARKEY
ABSTAIN: COUNCILMEMBERS: NONE
`VICKI LYNN KAS ~,~CITY CLERK
CITY OF I,F~ ELSINORE
(SEAL) ~.
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-9 of said Agency, and that
the same has not been amended or repealed.
DA ED: Nov~mber 28, 1990
~
V C N SAJ, CITY CLERK
CITY OF LA ELSINORE
(SEAL)
EXI~BIT A
OF FACILITIES TO BE FIIVANCED
BY THE DISTRICT
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
FACILITIES:
1. Grading. The grading for public streets, public access roads and public
building pads within and in the vicinity of the District. More specifically, the grading for:
Summerhill Drive from Canyon Ridge Drive northeasterly and northerly to Greenwald
Street; Via de la Valle from Summerhill Drive easterly to its terminus; La Strada from
Summerhill Drive westerly to the westerly District boundary; Beila Vista from
Summerhill Drive westerly and northerly to Greenwald Street; the portion of Greenwald
Street adjacent to the northerly boundary of the District; and the access roads to the water
reservoirs in the vicinity of the District.
2. Street Improvements. The street improvements consist of the curb, gutter,
sidewalk, paving, street lights, storm drain and utilities in the public streets within and
in the vicinity of the District. More specifically, for: Summerhiil Drive from Canyon
Ridge Drive northeasterly and northerly to Greenwald Street; Via de la Valle from
Summerhill Drive easterly to its terminus; La Strada from Summerhill Drive westerly to
the westerly District boundary; Bella Vista from Summerhill Drive westerly and
northerly to Greenwald Street; the portion of Greenwald Street adjacent to the northerly
District boundary; Bella Lucia from Summerhill Drive easterly to the water reservoir
access road; and the access roads to the water reservoirs in the vicinity of the District.
3. Domestic Water. The domestic water system consists of three reservoirs,
booster pumping stations; pressure reducing stations and the distribution mains and
appurtenances in the public streets and public easements within and in the vicinity of the
District. More specifically, in: Summerhill Drive from Canyon Ridge Drive
northeasterly and northerly to Greenwald Street; Via de la Valle from Summerhill Drive
easterly to its terminus; La Strada from Summerhill Drive westerly to the westerly
District boundary; Bella Vista from Summerhill Drive westerly and northerly to
Greenwald Street; the portion of Greenwald Street adjacent to the northerly boundary of
the District; and in Bella Lucia from Summerhill Drive to the access road and in the
access road to the reservoirs in the vicinity of the District, and/or other related backbone
water facilities deemed necessary for a complete and operational sys~tem for all or a
portion of the Tuscany Hills development as identified by the City Engineer.
4. Sanitary Sewer. The sewer system consists of gravity sewer, manholes, lift
stations, force mains and appurtenances in public streets and public easements within
and in the vicinity of the District. More specifically, in: Summerhill Drive from Corte
Seriu northeasterly and northerly to Greenwald Street; Via de la Valle from Summerhill
Drive easterly to its terminus; offsite in a public easement along the northerly side of the
San Jacinto River; La Strada from Summerhill Drive westerly to the westerly District
boundary; Bella Vista from Summerhill Drive westerly and northerly to Greenwald
A-1
Street; and a portion of Greenwald Street adjacent to the northerly boundary of the
District, and/or other related backbone sanitary sewer facilities deemed necessary for a
complete and operational system for all or a portion of the Tuscany fiills development as
identified by the. City Engineer.
OTHER:
L The amount necessary to discharge the liens on property within the District
imposed pursuant to proceedings conducted to form the City's Summerhill Bridge
Assessment District No. 89-1.
2. Costs of engineering, design, planning and coordination related to the
above-listed facilities.
3. Bond related expenses, including bond counsel and all other incidental
expenses.
4. Administrative.fees of the Agency, the Lake Elsinore Public Financing
Authority and the Bond fiscal agent related to the District and the Bonds.
A-2
I
~
EXHIBIT B
RATE AND METHOD OF APPORTTONMENT OF SPECIAL TAXES
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
Communiry Facilities District No. 90-2
(Tuscany Hills Public Improvements)
A special tax shall be levied on each Parcel of land within the Redevelopment Agency of the
City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements) (the "District"), and collected according to the special taac liability determined
by the Responsible Party of the Redevelopment Agency of the City of Lake Elsinore (the
"Agency") through the application of the following procedures. All of the properry within
the District, unless otherwise exempted by law or the express provisions of the rate and
method of apportionment expressed below, shal] be taxed to the e~ctent and in the manner
provided below.
It is intended that al] speeial taxes applicabie to Parcels within Category I, Category III or
Category V be collected in the same manner and at the same time as ordinary ad valorem
properry tases, and that special ta~ces so levied will be subject to the same penalties and
procedures, sale and lien priority in case of delinquency as is provided for ad valorem taxes,
subject to any covenant of the Agency with respect thereto in any Fiscal Agent Agreement
for any bonds of the Agency for the District. Special taxes applicable to Categories II and
IV will be levied at the times described below, and wiil be collected directly by the
Responsibie Party of the Agency as described below.
CATEGORIES OF SPECIAL TAX
CATEGORY I:
Category I includes all Taxable Property in the District not subject to a special taac under
Category III or Category V. The Category I special tax will be levied annually.
The maximum special tax that may be levied on Parcels within Category I during the Fiscal
Year ending June 30, 1991 is $20,000 per acre (said amount to be levied pro rata for any
portion of an acre) of a Parcel. Said maximum special tax shall increase each Fiscal Year
thereafter by 2%, compounded annually.
CATEGORY II:
Ttie Category II special tax is a one-time tax, payable at the time of approval of a final map
with respect to a Parcel.
The Category II special tax is calculated by subtracting the number of Parcels shown on the
final map from the number of estimated Parcels in a tract as shown in the following table.
The applicable special tas is calculated by multiplying the difference by the tax rate
described in the table on the following page.
reportsVakelsin~7ate&meL902 B-1
If the boundaries of the tracts shown in any final map are not the same as the expected
boundaries as shown on the map attached hereto and by this reference incorporated herein,
the Responsible Party will reapportion the Projected Developable Parcels as shown in the
table below to the actual land area of the final map in such a way that there is no loss of
Parcels. The special tax rate applicable to such a tract wil] be the highest rate applicable
to any one of its component tracts as shown in the table~ below.
CATEGORY II
ract No.
Projected
Developable
Parcels Special Tax for Each
Developable Parcel by
Which Final Map is Less
Than the Projected
Developable Parcels
17413-1 207 $18,210
17413-2 73 $20,746
17413-3 158 $22,091
17413-4 24 $35,297
I7413-5 79 $20,725
17413-6 135 $19,057
17413-7 77 $25,890
17413-8 123 $21,574
24383 lb4 $20,261
25074 128 $16,904
25075 135 $19,324
25076 144 $18,807
25077 163 $19,967
25078 183 $18,306
25079 102 $21,712
25080 105 $22,930
The special tax rates shown in this table are for the Parcels for which a final map is
recorded in the Fiscal Year ending June 30, 1991. The special ta~c rate for Parcels for which
a final map is recorded in subsequent years shall increase each Fiscal Year thereafter by 2%,
compounded annually.
reportsVakeisin~late&met.902 ~ B-2
/
~
CAT'EGORY III:
Any Parcel for which a final map has been recorded and for which Category II special taxes
have been paid, if applicable, will be classified in Category III, unti] such time as a building
permit has been issued. If Category II special taxes are applicable to the Parcel but have
not been paid when due, such Parcels on a final map will continue to be classified in
Category L
The ma~cimum special tax applicable to Parcels in Category III is shown below for the Fiscal
Year ending June 30, 1991. The maximum special ta~c rate for the Parcels classified in
Category III shall increase each Fiscal Year thereafter by 2%, compounded annually.
If the boundaries of a tract shown in any final map are not the same as the expected
boundaries shown for such tract on the map attached hereto, the maximum special tax
applicable to Parcels in such tract will be the highest maximum special tax applicabie to any
one of its component prior tracts based on the attached map and as shown in the table
below.
~ CATEGORY III ~
Tract No. Maximum
Special Tax
17413-1 $2,106
17413-2 $2,399
17413-3 $2,554
17413-4 $4,081
17413-5 $2,396
17413-6 $2,203
17413-7 $2,993
17413-5 $2,495
24383 $2,343
25074 $1,955
25075 $2,234
25076 $2,175
25077 $2,309
25078 $2,117
25079 $2,510
25080 $2,651
reponsUaAelsin~rateFimeL902 B-3 ~
CATEGORY IV:
The Category IV special tax is a one-time tax payable at the time of the issuance of a
building permit, based on the calculation of Category IV special tax per the following
schedule. The applicable special tax per Parce] is calculated as shown in the following table,
based on the average projected square foot per Parcel as shown below.
Tract No. Average Projected
Square Feet
Per Parcel
17413-1 1,960
i7413-2 2,412
17413-3 2,651
17413-4 5,000
17413-5 2,408
17413-6 2,111
17413-7 3,327
17413-8 2,559
24383 2,325
25074 1,728
25075 2,159
25076 2,067
25077 2,273
25078 1,978
25079 2,583
25080 2,800
If the boundaries of the tract shown in any final map are not the same as the expected
boundaries shown for such tract on the attached mag, the average projected square footage
per Parcel will be the highest average projected square footage For any of its component
tracts as shown on the attached map.
reponsUakelsin~rate&met.902 B-4
!
Tract:
CALCULATION OF CATEGORY IV TAX
Item
L 1. Average Projected Square Feet per Pazcel
2. 2. Number of Building Permits Already Issued
3. 3. Square Feet of Building Permits Already Issued
4. 4. Number of Building Permits Requested
5. 5. Squaze Feet of Building Permits Requested
6. 6. Totai of Items 2 and 4
7. 7. Total of Items 3 and 5
8. 8. Average Square Feet to-Date (Item 7 divided by Item 6)
9. 9. If Item S is Equal to or Greater than Item 1
,
There is no Ta~c Due
10. 10. Item 1 minus Item 8
11. I1. Item 10 Multiplied by Item 6
12. 12. Applicable Category V Squaze Foot Special Tax
13. 13. Item 11 Muldplied by Item 12
14. 11.58 14. Present Value Factor
15. 15. Item 13 Multiplied by Item 14
16. 16. Amount Previously Paid in Tract (from prior calculations)
17. 17. Item 15 minus Item 16
18. 18. One-Time Tax per Pazcel on Building Permits
Being Requested (Item 17 divided by Item 4)
reponsUakelsi n4ate& me1.902
B-5
f
CATEGORY V:
Category V includes all Parcels for which a building permit has been issued and for which
a Category II and IY special tax has been paid, if applicable. If for any reason a Category
II or IV special tax is or was payable, but not paid when due, Parcels for which a building
permit has been issued will be taxed at the rates applicable to T~able Property described
in Category I.
The maximum special tax for Parcels described in Category V for the Fiscal Year ending
June 30, 1991 is tAe total of the following: $665.00 pei Parcel plus $0.52 per Square Foot
for each Square Foot shown on the building permit.
Each Fiscal Year thereafter, the pei Parcel and the per Square Foot rate listed above will
increase by 2%, compounded annually. A Parcel will be subject to the Category V special
tax for not more than 25 years.
ASSIGNMENT TO CATEGORIES; LEVY
ANNUAL TAX CATEGORIES
On or about July 1 of each year, but in any event in sufficient time to include the levy of the
special taxes on the County's secured tax roll, the Responsible Party shall determine, for
each Parcel of land within the District, whether such Parcel is described by Category I,
Category III or Category V. The Parcels subject to levy shall be determined based upon the
records of the Riverside County Assessor as of the March 1 preceding such July l, and the
Tax Category shall be determined based upon the status of the Parcel as of the May 1
preceding such July 1.
The Responsible Party shall then determine the estimated aggregate Tax Liability for the
Fiscal Year commencing such July 1, and the amount of annual special taxes to be levied
on each Parcel in the District during such Fiscal Year. The annual sgecial taxes shall be
determined for each Parcel in the District as follows:
1. I.evy on each Parcel described in Category V an amount equal to 94% of the
Category V maximum special tax.
2. If the aggregate amount to be levied based bn 1 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax for each Parcel described
in Category V proportionately, so that the aggregate special tax levy for such Fiscal Year for
all Parcels within the District is equal to the aggregate Ta~c Liability for such Fiscal Year.
3. If the aggregate amount to be levied based on 1 above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category V
as provided in 1 above, and levy on each Parcel described in Category III an amount equal
to 75% of the Category III maximum special tax.
reponsVakelsin~rateRemct.902 B-6
/
4. If the aggregate amount to be levied based upon 3 above is greater than the
aggregate Ta~c Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category III proportionately, until the aggregate special tax levy for such Fiscal
Year for all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal
Year. .
5. If the aggregate amount to be levied based upon 3 above is less than the
aggregate Tax Liability For such Fiscal Year, levy as described in 3 above, and levy on each
Parcel described in Category I an amount equal to 50% of the Category I malcimum special
tax.
6. If the aggregate amount to be levied based upon 5 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category I proportionately, until the aggregate special tax levy for such Fiscal
Year for all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal
Year.
7. If the aggregate amount to be levied based upon 5 above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category V
an amount equal to 100% of the Category V ma~rimum special tax; levy on each Parcel
" described in CategorylII'an amount equal to 75% of the Category III maximum special taac,
and levy on each Parcel described in Category I an amount equal to 50% of the Category
~ I maximum special tax.
8. If the aggregate amount to be levied based upon 7 above is greater than the
aggregate Tax Liability for such FiscaY Year, reduce the special tax levy for each Parcel
described in Category V proportionately, until the aggregate special tax liability for such
Fiscal Year for all Parcels within the District is equal to the aggregate Taac Liability for such
Fiscal Year.
9. If the aggregate amount to be levied based upon 7 above is less than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category V
or Category III an amount equal to 100% of the Category V or Category III, respectively,
maximum special ta3c, and levy on each Parcel described in Category I an amount equal to
50% of the Category I manimum special tax.
10. If the aggregate amount to be levied based upon 9 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category III proportionately, until the aggregate special tax liabiliry for such
Fiseal Year for all Parcels within the District is equa] to the aggregate Tax Liability for such
Fiscal Year.
1L If the aggregate amount to be levied based upon 9 above is ]ess than the
aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category I, III
or V an amount equal to the maximum special tax described in Category I, III or V,
respectively.
reportsVaAe~sin~7atc&met.902 . B"7
'r
12. If the aggregate amount to be levied based upon 11 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category I proportionately, until the aggregate specia] tax liability for such
Fiscal Year fo~ all Parcels within the District is equal to #he aggregate Tax Liability for such
Fiscal Year.
ONE-TIME TAX CATEGORI~S
On the date of approva] of a final map with respect to any portion of the real property in _
the District, the Responsible Party shal] levy and collect a special tax in the amount
described above for Category II.
On the date a building permit is issued for any Parcel within the District, the Responsible
Party shall levy and collect a special tax in the amount described above for Category IV.
Failure to pay a Category II or Category IV special tax when due shall result in the
applicable Parcel remaining subject to a Category I special ta~c, notwithstanding that the
Parcel would otherwise be described in Category III or Category V.
PREPAYMENTS
Prepayments maybe made only for property subject to tax under Category V. Any property
owner in the bistrict that desires to prepay the annual special taxes on a particular Parcel,
shall notify the Responsible Party in writing of such intention and the estimated amount of
prepayment no more than sixty (60) days and no less than forty-five (45) days prior to date
of such prepayment, which date (the Prepayment Date) shall be a date which is sixty (60)
days prior to an interest payment date for the Bonds. The entire annual special ta~ces for
any Parcel in the District may be prepaid on a Prepayment Date as follows:
(aj The Parcel with respect to which prepayment is to be made must not be
delinquent in any payment of special taxes previously levied within the District.
Prepayment shall not relieve any property owner from paying those special
taxes which have already become due and payable, and a Notice of Cessation
~ of Special Tax Lien shall not be recorded against any Parcel pursuant to
California Government Code Section 53344, until all special taxes with respect
to that Parcel have been paid.
(b) The aggregate maximum annual special taxes for the Parcel with respect to
which pcepayment is to be made, as of the Prepayment Date, shall be
calculated based upon the ma~cimum annual special ta~ces described by
Category V that could be levied on that Parcel in all future years.
(c) The net present value of the future annual special taxes calculated above will
be determined based on an interest rate of eight percent (8%), which may be
decreased or increased by the Responsible Party to reflect the net interest
costs on' the Bonds.
reponsVakelsin~rate&met.902 . B-$
/
(d) Any applicable prepayment premium on the Bonds shall be applied to the
aggregate amount determined under (c) above.
(e) The amount to be prepaid for any Parcel of property shall be the sum of the
amounts calculated for that Parcel under paragraphs (c) and (d) above, plus
the reasonable costs and expenses of performing the calculations, preparing
and recording the Notice of Cessation of Special Tax Lien and any other acts
or procedures required to be performed in connection with the prepayment,
as determined by the Responsible Party.
DEFINITIONS
Administrative Fees or Expenses means any or al] of the following: the fees and expenses
of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the
Agency in carrying out its duties with respect to the District (including, but not limited to,
the levy and collection of the speciai taxes) including the fees and expenses of its counsel,
iany fees of the County of Riverside related to the District or the collection of special tar~es,
an allocable share of the salaries of the Agency staff directly related thereto and a
proportionate amount of Agency general administrative overhead related thereto, any
amounts paid by the Agency from its general funds with respect to the District or the Bonds,
and all other costs and expenses of the Agency or the Fiscal Agent incurred in connection
with the discharge of their respective duties under the Fiscal Agency Agreement and, in the
case of the Agency, in any way related to administration of the District.
Agency means the Redevelopment Agency of the City of Lake Elsinore.
Bonds means any bonds of the Agency issued for the District under Mello-Roos Community
Facilities Act of 1982, as amended.
Debt Service, for each Fiscal Year, is the total annual principal and interest payment on the
Bonds during the calendar year which commences in such Fiscal Year, less any capitalized
interest and any other amounts remaining in the debt service fund held under the Fiscal
Agent Agreement as of the end of the previous Fiscal Year (other than by reason of the
payment of Category II and IV special taxes).
District means the Redevelopment Agency of the City of Lake Elsinore Community
Facilities District No. 90-2 (Tuscany Hilis Public Improvements).
Fiscal Agent means the Fiscal Agent under the Fiscal Agent Agreement.
Fiscal Agent Agreement means the agreement by that name approved by the Resolution of
Issuance, and as it may be amended and/or supplemented from time to time.
Fiscal Year means the period starting on July 1 and ending the following June 30.
Parcel means any Riverside County Assessor's Parcel or portion thereof that is within the
boundaries of the District based on the equalized tax rolls of the County of Riverside.
reportsVakelsin~7ate&meL902 B~9
t
Resolution of Issuance is any Resolution adopted by the Agency authorizing
the issuance of Bonds.
Responsible Party is any person or persons who the Agency may appoint from
time to time to compute the levy Af the special taxes within the District.
Square Foot or Square Feet is the square footage of a single family
dwelling unit measured at the exterior walls, but excluding (i) garages,
carports, roof overhangs, passageways and patios which are both unenclosed -
and uncovered, and (ii) tool sheds, greenhouses and similar detached
structures.
Tax Categories are those categories set forth in the body hereof.
Tax Liability for any Fiscal year is an amount sufficient to pay Debt
Service for such Fiscal Year, Administrative Fees or Expenses for such
Fiscal Year, an amount determined by the Responsible Party to offset past
delinquencies and projected tax delinquencies to occur in such Fiscal
Year, and all payments required to be made in the applicable fiscal Year
under the fiscal Agent Agreement for the Bonds and any supplements
thereto.
Taxable Property is all real property within the boundaries of the
District which is not exempt from'the special tax pursuant to law, except
that the following property shall not be taxes; any acres of land owned,
conveyed or irrevocably offered for dedication to a public agency (other
than the Federal Government or agency deriving its authority from Federal
law (such as the Resolution Trust Corporation), or land which is a public
right of way or which is an unmanned utility easement making impractical
its utilization for other than the purpose set forth in the easement.
rcports\iekelain.rate&met.902 . ~ B-10
ONE-TIME PARTIAL PREPAYMENTS
The special tax may be paid in part in a lump sum prior to the issuance of the Bonds, if the
request to make a partial payment is received by the Responsibie Party no less than 10 days
prior to the issuance of the Bonds. To date, owners of the two (2) tracts have requested a partial
prepayment of special taxes. The tracts and the one-time partial prepayment amounts are as
follows:
One-Time
Tract No. ~ment Amount
17413-2 $168,036
17413-5 $181,546
The amount of the one-time partial prepayment of special tares for each of these two (2) tracts
shall be made in cash to the Agency prior to the issuance of the Bonds and will result in the
following speciai taxes:
1) The special ta~ces for tract 17413-2 are as foilows:
a) The masimum special tax that may be levied on tract 17413-2 described in
Category I for the Fiscal year ending June 30, 1991 is $17,747 per acre (said
amount to be levied pro rata for any portion of an acre). Sud maximum special
tax shall increase each Fiscal Year thereafter by 2%, compounded annually.
b) The one-time special tax for tract 17413-2 described in Category II for the Fiscal
Year ending 7une 30, 1991 is $18,399 for each Pazcel less than 73 Pazcels
shown on the final map, The special tax rate for Pazcels for which a finai map
is recorded in subsequent years shall increase each Fiscal year thereafter by 2%,
compounded annually.
c) The Maximum special tax for Parcels in tract 17413-2 described in Category III
for the Fiscal Year ending June 30, 1991 is $2,127 per Pazcel. The maximum
special tar rate shall increase each Fiscal Year thereafter by 2%, compounded
annually.
d) The maximum applicable Category V Square Foot special tax (item 12) in the
calcula6on of Category IV one-time ta~c for a Parcel in tract 17413-2 is $0.43.
e) The maximum special tax for Parcels in tract 17413-2 described in Category V
for the Fiscal Year ending June 30, 1991 is the total of $665.00 per Parcel plus
$0.43 per Square Foot for each Square Foot shown on the building permit. Each
Fiscal Year thereafter, the per Parcel and the per Squaze Foot rate will increase
by 2% , compounded annually.
i
2) The, special taxes for tract 17413-5 are as follows:
a) The maximum special; tax that may be levied on tract 17413-5
described 4n Category I for the Fiscal Year ending June 30,
1991, is $II,747 per acre (said amount to be levied pro rata for
any portion of an acre). Said maximum special tax shall
increase each Fiscal Year thereafter by 2%, compounded annually.
b) The one-time special tax for tract 17413-5 described in Category
II for the Fiscal Year ending June 30, 1991, is $18,382 for each
Parcel less than 79 Parcels shown on the final map. The special
tax rate for Parcels for which a final map is recorded in
subsequent years shall increase each Fiscal Year thereafter by
2%, compounded annually.
c) The Maximum special tax for Parcels in tract 17413-5 described
in Category III for the Fiscal Year ending June 30, 1991, is
$2,125 per Parcel. The mazimum special tax rate shall increase
each Fiscal Year thereafter by 2%, coumpounded annually.
d) The maximum applicable Category V Square Foot special tax (item
12) in the calculation of Category IV one-time tax for a Parcel
in tract 17413-5 is $0.43.
e) The maximum special tax for Parcels in tract ll413-5 described
in Category V for the Fiseal Year ending June 30, 1991, is the
tota] of $665.00 per Parcel plus $0.43 per Square Foot for each
Square Foot shown on the building permit. Each Fiscal Year
thereafter, the per Parcel and the per Square Foot rate will
increase by 2%, compounded annually.
B-12
~
PROPOSED BOUNDARY MAP
OF
COMMUNITY FACILITIES DISTRICT N0. ~0-?
(TUSCANY HILLS PUBLIC IMPROVEMENTS~
CITY OF LAKE ELSINORE, COUNTY OF RIVERSIDE,
CAUFORNIA
i.T.25014
tr,zsoeo~ ~
/ T.T.25077
LEGEND:
-r.r.zsore OWNERSHIP
,u ~ ----- ASSESSMENT DISTRICT
T.T.25075 ~
^r.-rzso~e 1
7.T.24383
TR]7413-6
'fFY74Y2-0
TF774734'
YA17413•3
TF774132
--"'--"' ~T~77413-1
SCALE: mJ00
'_ 1~
TA17413-4
/
RESOLUTIONNO. RDA 90-10
A RESOLUTION DETEItMIlVING TIIE NECESSITY TO INCUR BONDED
INDEBI~DNESS WITHIN THE R~D~'V~LOPNi~NT AG~NCY OP' TH~ CITY OP' I.AI~
~LSINORE COMMUNiTY FACIIdTIES DISTRICT NO. 90-2 (TUSCANY IIII.LS
PUBLIC ID'IPROVEMENTS) AND SUBMITTING PROPOSITION TO THE QUALIEZED
EI.ECTORS OF THE DISTRiCT
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
RESOLVED, by the Governing Board of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that:
WHEREAS, on October 24, 1990, this Governing Board adopted a resolution entitled
"A Resolution of Intention to Establish a Community Facilities District and to Authorize
the Levy of Special Taxes Pursuant to the Mello-Roos Act of 1982" (the "Resolution of
Intention") stating its intention to form the Redevelopment Agency of the City of Lake
Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public Improvements)
(the "District"), pursuant to the Mello-Roos Community Facilities Act of 1982, as
amended (the "Act"); and
WHEREAS, on October 24, 1990, this Governing Board also adopted a resolution
entitled "A Resolution of Intention to Incur Bonded Indebtedness of the Proposed
Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2
(Tuscany Hills Public Improvements) Pursuant to the Mello-Roos Community Facilities
Act of 1982" (the "Resolution of Intention to Incur Indebtedness") stating its intention to
incur bonded indebtedness within the boundaries of the District for the purpose of
financing the costs of certain facilities specified in the Resolution of Intention; and
WHEREAS, on this date, this Governing Board held a noticed public hearing as
required by the Act relative to the determination to proceed with the formation of the
District, the provision of facilities by the District and the rate and method of
apportionment of the special tax to be levied within the District to pay the principal and
interest on the proposed indebtedness and the administrative costs of the Agency relative
to the District; and
WHEREAS, at said hearing all persons desiring to be heard on all matters
pertaining to the formation of the District, the provision of said facilities (the "Facilities")
and the levy of the special tax on property within the District were heard and a full and
fair hearing was held; and
WHEREAS, subsequent to said hearing, this Governing Board adopted a
resolution entitled "A Resolution Of Formation Of Redevelopment Agency of the City of
Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements), Authorizing The Levy Of A Special Tax Within The District,
Preliminarily Establishing An Appropriations Limit For The District And Submitting
Levy O£ The Special Tax And The Establishment of The Appropriations Limit To The
Qualified Electors Of The District° (the "Resolution of Formation"); and
WHEREAS, on this date, this Governing Board held a noticed public hearing as
required by the Act relative to the matters material to the questions set forth in the
Resolution of Intention to Incur Indebtedness; and
WHEREAS, no written protests with respect to the matters material to the
questions set forth in the Resolution of Intention to Incur Indebtedness have been filed
with the Secretary.
NOW, THEREFOR~, IT IS HEREBY OR,DERED as follows:
1. The foregoing recitals are true and correct.
2. It is necessary to incur bonded indebtedness in the maximum aggregate
principal amount of $b0,000,000 within the boundaries of the District.
3. The indebtedness is incurred for the purpose of financing the costs of the
Facilities, as provided in the Resolution of Formation including, but not limited to, the
costs of issuing and selling bonds to finance the Facilities and the costs of the Agency in
administering the District.
4. The whole of the District shali pay for the bonded indebtedness through the levy
of the special tax. The tax is to be apportioned in accordance with the formula set forth in
Exhibit "B" to the Resolution o£ Formation.
b. The maximum amount of bonded indebtedness to be incurred is $50,000,000 and
the maximum term of the bonds to be issued shall in no event exceed forty (40) years.
6. The bonds shall bear interest at rate or rates not to exceed the maximum
interest rate permitted by applicable law at the time of sale of the bonds, payable
semiannually or in such other manner as this Governing Board or its designee shall
determine, the actual rate or rates and times of payment of such interest to be determined
by this Governing Board or its designee at the time or times of sale o£ said bonds.
7. The proposition o£ incurring the bonded indebtedness herein authorized shall
be submitted to the qualified electors of the District and shall be consolidated with
elections on the proposition of levying special taxes within the District and the
establishment of an appropriations limit for the District pursuant to Section 53353.5 of the
Act. The time, place and conditions of said election shall be as specified by separate
resolution of this Governing Board.
PASSED, APPROVED AND ADOPTED this 27th day of November, 1990, by the
following vote:
AYES: BOARDMEMEERS: DOP1INGUEZ, WASHBURN, bJINKLER, BUCK
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: STARKEY
ABSTAIN: BOARDMEMBERS: NONE
APPROVED AS TO FORM & LEGALITY:
`~~CJVYn.~
JOHN R. HARPER, LE AL C UNSEL
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 27th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER,
BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: STARKEY
ABSTAIN: COUNCILMEMBERS: NONE
_ ~~~~
VICKI LYNNE KASAD, CITY CLERK
CITY QF I,AI~ ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-10 of said Agency, and that
the same has not been amended or repealed.
D TED: November 28, 19 0
~ - „ ,
T~~SCNN KASAD, CITY CLERK
CITY OF E ELSINORE
(SEAL)
RESOLUTION NO. Bp~90-11
A RESOLUTION CALLING SPECIAL ELECTION
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
RESOLVED, by the Governing Board of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that:
WHEREAS, on this date, this Governing Board adopted a resolution entitled "A
Resolution of Formation of Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2 (Tuscany Hills Public Improvements),
Authorizing the Levy of a Special Tax Within the District, Preliminarily Establishing an
Appropriations Limit for the District and Submitting Levy of the Special Tas and the
Establishment of the Appropriations Limit to the Qualified Electors of the District" (the
"Resolution of Formation"), ordering the formation of Redevelopment Agency of the City
of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
Improvements) (the "District"), authorizing the levy of a special tax on property within
the District and preliminarily establishing an appropriations limit for the District;
WHEREAS, on this date, this Governing Board also adopted a resolution entitled
"A Resolution Determining the Necessity to Incur Bonded Indebtedness Within the
Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2
(Tuscany Hills Public Improvements) and Submitting Proposition to the Qualified
Electors of the District" (the "Resolution to Incur Indebtedness"), determining the
necessity to incur bonded indebtedness in the maximum aggregate principal amount of
$50,000,000 upon the security of said special tax to be levied within the District; and
WHEREAS, pursuant to the provisions of said resolutions, the propositions of the
levy of said special tax, the establishment of the appropriations limit and the incurring of
the bonded indebtedness shall be submitted to the qualified electors of the District as
required by the Mello-Roos Community Facilities Act of 1982, as amended (the "Act").
NOW THEREFORE, IT IS HEREBY ORDERED as follows:
1. Pursuant to Sections 53326, 53353.5 and 53325.7 of the Act, the issues of the levy
o£ said special tax, the incurring of bonded indebtedness and the establishment of said
appropriations limit shall be submitted to the qualified electors of the District at an
election called there£or as provided below.
2. As authorized by Section 53353.5 of the Act, the three propositions described in
paragraph 1 above shall be combined into a single ballot measure, the form of which is
attached hereto as Exhibit "A" and by this reference incorporated herein. Said form of
ballot is hereby approved.
3. This Governing Board hereby finds that fewer than 12 persons have been
registered to vote within the territory of the District for each of the ninety (90) days
preceding the close of the public hearings heretofore conducted and concluded by this
Governing Board for the purposes of these proceedings. Accordingly, and pursuant to
Section 53326 of the Act, this Governing Board finds that for purposes of these
proceedings the qualified electors are the landowners within the District and that the vote
shall be Uy said landowners or their authorized representatives, each having one vote for
each acre or portion thereof such landowner owns in the District as of the close of said
pubiic hearings.
4. This Governing Board hereby calls a special election to consider the measures
described in paragraph 2 above, which election shall be held in the meeting room of this
Governing Board immediately following adoption of this Resolution. The Secretary is
hereby designated as the off`icial to conduct said election. It is hereby acknowledged that
the Secretary has on file the Resolution of Formation, a certified map of the proposed
boundaries of the District, and a sufficient description to allow the Secretary to determine
the boundaries of the District.
The voted ballots shall be returned to the Secretary immediately following the
adoption of this Resolution; and when all of the qualified voters have voted the election
shall be closed.
5. Yursuant to Section 53327 of the Act, the election shall be conducted by mail or
hand-delivered ballot pursuant to Section 1340 of the California Elections Code. This
Governing Board hereby finds that paragraphs (a), (b), (c) (1) and (c)(3) of said Section
1340 are applicable to this special election.
6. This Governing Board acknowledges that the 5ecretary has caused to be
delivered to each of the qualified electors of the District a ballot in the form set forth in
E~chibit "A" hereto. Each ballot indicates the number of votes to be voted by the respective
landowner to which it pertains.
Each ballot was accompanied by all supplies and written instructions necessary
for the use and return of the ballot. The envelope to be used to return the ballot was
enclosed with the ballot, had the return postage prepaid, and contained the following: (a)
the name and address of the landowner, (b) a declaration, under penalty of perjury,
stating that the voter is the owner of record or authorized representative of the landowner
entitled to vote and is the person whose name appears on the envelope, (c) the printed
name, signature and address of the voter, (d) the date of signing and place of execution of
the declaration described in clause (b) above, and (e) a notice that the envelope contains
an official ballot and is to be opened only by the canvassing board.
Analysis and arguments with respect to the ballot measures are hereby waived, as
provided in Section 53327 of the Act.
7. The Secretary shall accept the baliots of the qualified electors in the meeting
room of this Governing Board upon and prior to the adoption of this Resolution, whether
said ballots be personally delivered or received by mail. The Secretary shall have
available at said location ballots which may be marked on the election day by said
qualified electors.
8. This Governing Board hereby further finds that the provision of Section 53326 of
the Act requiring a minimum of 90 days following the adoption of the Resolution of
Formation to elapse before said special election is for the protection of the qualified
electors of the District. The voted ballots of the landowners within the District contain a
waiver of the time limit pertaining to the conduct of the election. Accordingly, this
Governing Board finds and determines that said qualified electors have been fully
apprised of and have agreed to the shortened time for the election and have thereby been
fully protected in these proceedings. This Governing Board also finds and determines
that the Secretary has concurred in the shortened time for the election.
9. The Secretary is hereby directed to publish in a newspaper of general
circulation circulating within the area of the District a copy of this Resolution and a copy
of the Resolution to Incur Indebtedness, as soon as practicable after the date of adoption
of this Resolution.
*~*~***+~***
PASSED AND ADOPTED this 27th day of November, 1990, by the following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
DOMINGUEZ, WASHBURN, WINKLER, BUCK
NONE
ABSENT: BOARDMEMBERS: STARKEY
Redevelopment Agency of the City of
Lake Elsinore
Redevelopment Agency of the City o£
Lake Elsinore
APPROVED AS TO i'ORM AND LGGALI'TY:
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO AEREBY CERTIFY that the foregoiny Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 27th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER,
BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: STARKEY
ABSTAIN: COUNCILMEMBERS: NONE
~~ ~
VICKI LYNNE SAD, CITY C K
CITY OF LAKE LSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-11 of said Agency, and that
the same has not been amended or repealed.
D: November 28, 1990
~ii~
r ~i
CITY OF LAK EL~INORE
(SEAL)
EXIIIBIT A
RED~,'VEI.OPMENT AGENCY OF TIIE CITY OF LAI{E ~LSINOR~
Community Facilities District No. 90-2
(Tuscany I3ills Public Improvements)
OFFICIAL BALLOT
SPECIAL TAX ~LECTION
This ballot is for a special, landowner election. You must return this ballot in the
enclosed postage paid envelope to the oft`ice of the Secretary of the Redevelopment Agency
of the City of Lake Elsinore no later than immediately after adoption of the resolution of
the Governing Board calling said election on November 27, 1990, either by mail or in
person. The Secretary's office is located at 130 South Main Street, Lake Elsinore,
California, 92330.
To vote, mark a cross (X) on the voting line after the word "YES" or after the word
"NO". All marks otherwise made are forbidden. All distinguishing marks are forbidden
and make the ballot void.
IF you wrongly mark, tear, or deface this ballot, return it to the 5ecretary of the
Redevelopment Agency of the City of Lake Elsinore and obtain another.
BALLOT MEASURE: Shall the Redevelopment Agency of
the City of Lake Elsinore incur an indebtedness and issue
bonds in one or more series in the maximum aggregate
principal amount of $50,000,000, with interest at a rate or
rates not to exceed the maximum interest rate permitted by Yes: _
law at the time of sale o£ such bonds on behalf o£ the
Redevelopment Agency o£ the City of Lake Elsinore
Community Facilities District No.90-2 (Tuscany Hills
Public Improvements) (the "District"), the proceeds of No: _
which will be used to £inance certain public improvements;
sha11 a special tax payable solely from lands within the
District be levied annually upon lands within the District to
pay for the principal and interest upon such bonds and the
costs of the Agency in administering the District, and shall
the annual appropriations limit of the District be
established in the amount o£$10,000,000?
By execution in the space provided below, you also indicate your waiver of the time
limit pertaining to the conduct of the election and any requirement for analysis and
arguments with respect to the ballot measure, as such waivers are described and
permitted by Section 53326(a) and 53327(b) of the California Government Code.
Number of Votes:
Property Owners:
A-1
RESOLUTION NO. RDA 90-12
A RESOLUTION DECLARING RESULTS OF SPECIAL ELECTION AND DIRECTING
RECOR.DING OF NOTIC~ OF SPECIAL TAX LIEN
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
RESOLVED, by the Governing Board of the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that:
WHEREA5, in proceedings heretofore conducted by this Governing Board
pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"),
this Governing Board on this date adopted a resolution entitled "A Resolution Calling
Special Election", calling for a special election of the qualified electors within the
Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2
(Tuscany Hills Pubiic Improvements) of the Agency (the "District"); and
WHEREAS, pursuant to the terms of said resolution, which are by this reference
incorporated herein, said special election was held on this date, and the Secretary has on
file a Canvass and Statement of Results of Election, a copy of which is attached hereto as
Exhibit "A"; and
WHEREAS, this Governing Board has reviewed said Canvass and hereby approves
it.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
1. The issues presented at said special election were the incurring of a bonded
indebtedness in the maximum aggregate principal amount of $50,000,000, the levy of a
special tax within the District to be levied in accordance with the formula heretofore
approved by this Governing Board by its resolution adopted this date entitled "A
Resolution of Formation of Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2 (Tuscany Hills Public Improvements),
Authorizing Levy of a Special Tax Within the District, Preliminarily Establishing an
Appropriations Limit for the District and Submitting Levy of the Special Taac and the
Establishment of the Appropriations Limit to the Qualified Electors of the District", and
the approval of an annual appropriations limit of not to exceed $10,000,000 pursuant to
said resolution.
2. Pursuant to said Canvass on file with the Secretary, the issues presented at
said special election were approved by the qualified electors of the District by more than
two-thirds of the votes cast at said special election.
3. Pursuant to said voter approval, the District is hereby declared to be fully
formed with the authority to incur bonded indebtedness and to levy special taxes as
heretofore provided in these proceedings and in the Act.
4. It is hereby found that all prior proceedings and actions taken by this
Governing Board with respect to the District were valid and in conformity with the Act.
5. The Secretary is hereby directed to execute and cause to be recorded in the office
o£ the County Recorder of the County of Riverside a notice of special tax lien in the form
required by the Act, said recording to occur no later than fifteen days following adoption
by the Governing Board of this resoltion.
PA,SSED AND ADOPTED this 27th day of November, 1990, by the following vote:
AYES: BOARDMEMBERS: DOMINGUEZ, WASHBURN, WINKLER, BUCK
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: STARKEY
(SEAL)
Attest.
By: ~ ~
Vicki Kasad, lerk of the Board
Redevelopment Agency of the City of
Lake Elsinore
APPROVIiD AS '1'O L'0[2M AND LGGALi'1'Y:
~ ~~_~~ ^
JOflN i{. FIARPBR, LE A~UNSEL
Willlam ~. t3uck, Chairman
Redevelopment Agency of the City of
Lake Elsinore
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoiny Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 27th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER,
BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: STARKEY
ABSTAIN: COUNCILMEMBERS: NONE
VICKI `T,YNNE KASAD,- CITY ~CLERK
CITY OF LA ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and foregoing is a full, true and
correct copy of Resolution No. RDA 90-12 of said Agency, and that
the same has not been amended or repealed.
D: November 28, 1990
-i .
~ICKI LY~ KASAD, CITY CLERK
CITY OF E ELSJNORE
(SEAL)
~IT A
CANVASS AND STATEMENT OF RESULT OF ELECTION
Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
I hereby certify that on November 27, 1990, I canvassed the returns of the election
held on November 27, 1990, in the Redevelopment Agency of the City of Lake Elsinore
Community Facilities District No. 90-2 (Tuscany Hills Public Improvements) and the
total number o£ baliots cast in said District and the total number of votes cast for and
against the measure are as follows and the totals as shown for and against the measure
are full, true and correct:
Qualified
Landowner Votes
Votes Cast Y~S NO
Redevelopment Agency of the City of
Lake Elsinore Community Facilities
District No. 90-2 (Tuscany Hilis Public
Improvements) Special Tax Election, 935
November 27, 1990.
BALLOT MEASURE: Shall the Redevelopment Agency of the City of Lake Elsinore
incur an indebtedness and issue bonds in one or more series in the maximum aggregate
principal amount of $50,000,000, with interest at a rate or rates not to exceed the
maximum interest rate permitted by law at the time of sale of such bonds on behalf of the
Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2
(Tuscany Hills Public Improvements) (the "District"), the proceeds of which will be used
to finance certain public improvements; shall a special tax payable solely from lands
within the District be levied annually upon lands within the District to pay for the
principal and interest upon such bonds and the costs of the Agency in administering the
District, and shall the annual appropriations limit of the District be established in the
amount of $10,000,000?
IN WITNESS WHEREOF, I HAVE HEREUNTO SET MY HAND this 27th day of
November, 1990.
By:
Secretary,
Redevelopment Agency of the City of
Lake Elsinore
A-1
RESOLUTION NO. RDA 90-13
A RESOLUTION AUTHOItiZI1VG TH~ ISSUANCE OIP SPECL~IL TAX BONDS OF THE
REDEVII.OPMENT AGENCY OF THE CITI' OF LAKE ELSINORE FOR
REDEVEI.OPMENT AGENCY OI~' THE CITY OP' LAKE ELSINORE CONIMUNITY
FACILITIES DISTRICT NO. 90-2 (TUSCANY I~II.i..S PUBLIC IIVIPROVEMENTS),
APPROVING AND DIRECTING THE ~tECUTION OF A F'ISCAL AGENT
AGREENIENT, AND APPROVIIVG OTI~1Z RELATED DOCUMENTS AND ACTIONS
Redevelopment Agency of the City oF Lake Elsinore
Community Facilities District No. 90-2
(Tuscany Hills Public Improvements)
RESOLVED, by the Governing Board o£ the Redevelopment Agency of the City of
Lake Elsinore (the "Agency") that: -
WHEREAS, this Governing Board has conducted proceedings under and pursuant
to the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), to form the
Redevelopment Agency of the City of Lake Elsinore Community Facilities District No. 90-2
(Tuscany Hills Public Improvements) (the "District"), to authorize the levy of special
taxes upon the land within the District, and to issue bonds secured by said special ta~ces
the proceeds of which are to be used to finance certain facilities (the "Facilities"), all as
described in the Resolutions entitled, "A Resolution of Formation of Redevelopment
Agency of the City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills
Public Improvements), Authorizing the Levy of a Special Tax Within the District,
Preliminarily Establishing an Appropriations Limit for the District and Submitting Levy
of the Special Tax and the Establishinent of the Appropriations Limit to the Qualified
Electors of the District" and "A Resolution Determining the Necessity to Incur Bonded
Indebtedness Within the Redevelopment Agency of the City of Lake Elsinore Community
Facilities District No. 90-2 (Tuscany Hills Public Improvements) and Submitting
Proposition to the Qualified Electors of the District", adopted by this date; and
WHEREAS, pursuant to said resolutions, an election was held within the District
on this date and the qualified electors approved the propositions of the incurrence of the
bonded debt and the levy of the special tas by more than two-thirds of the votes cast at said
special election; and
WHEREAS, there have been submitted to this Governing Board certain documents
providing for the issuance of bonds of the Agency for the District and the use of the
proceeds of those bonds to finance the Facilities and this Governing Board, with the aid of
its staff, has reviewed said documents and found them to be in proper order; and
WHEREAS, all conditions, things and acts required to exist, to have happened and
to have been performed precedent to and in the issuance of said bonds and the levy of said
special taxes as contemplated by this Resolution and the documents referred to herein
exist, have happened and have been performed in due time, form and manner as
required by the laws of the State of California, including the Act.
NOW, THEREFORE, IT IS HEREBY ORDERED as follows:
Section 1. Pursuant to the Act, this Resolution and the Fiscal Agent Agreement
(hereafter de£ined), special tax bonds of the Agency for the District designated as
"Redevelopment Agency of the City of Lake Elsinore Community I~ acilities District No. 90-
2(Tuscany Hills Public Improvements) 1990 Special Tax Bonds" (the "Bonds") in an
aggregate principal amount not to exceed $30,000,000 are hereby authorized to be issued.
The Bonds shall be executed in the form set forth in and otherwise as provided in the
Fiscal Agent Agreement.
Section 2. The proposed form of Fiscal Agent Agreement (the "Fiscal Agent
Agreement") with respect to the Bonds in the form presented to this Governing Board at
this meeting, is hereby approved. The Executive Director of the Agency is hereby
authorized and directed to execute and deliver the Fiscal Agent Agreement in
substantially said form, with such additions thereto or changes therein as are approved
by the Executive Director of the Agency upon consultation with Co-Bond Counsel
including such additions or changes as are necessary or advisable in accordance with
Section 6 hereof, the approval of such additions or changes to be conclusively evidenced by
the execution and delivery of the Fiscal Agent Agreement by the Agency. The date,
manner of payment, interest rate or rates, interest payment dates, denominations, form,
registration privileges, manner of execution, place of payment, terms o£ redemption and
other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally
exec;uted. .
Section 3. The proposed form of purchase contract for the Bonds (the "purchase
contract") between the Agency and the Lake Elsinore Public Financing Authority (the
"Authority"), in the form presented to this meeting, is hereby approved. The Executive
Director is hereby authorized and directed, for and in the name and on behalf of the
Agency, to accept the oFfer of the Authority to purchase the Bonds contained in the
purchase contract and to execute and deliver said purchase contract in said form, with
such additions thereto or changes therein as are recommended or approved by such
officer upon consultation with Co-Bond Counsel (provided that no additions or changes
shall authorize an aggregate principal amount of Bonds in excess of $30,000,000, or result
in an initial true interest cost on the Bonds in excess o£ 9~1o per annum), the approval of
such additions or changes to be conclusively evidenced by the execution and delivery by
the Agency of said purchase contract.
This Governing Board hereby finds and determines that the sale of the Bonds at
negotiated sale as contemplated by the purchase contract will result in a lower overall
cost.
Section 4. The Agency hereby covenants, for the bene£it of the Bondowners, to
commence and diligently pursue to completion any foreclosure action regarding
delinquent installments of any amount levied as a special ta~c for the payment of interest
or principal of the Bonds, said foreclosure action to be commenced and pursued as more
completely set forth in the Fiscal Agent Agreement.
Section 5. The Bonds, when executed, shall be delivered to the Fiscal Agent for
authentication. The Fiscal Agent is hereby requested and directed to authenticate the
Bonds by executing the Fiscal Agent's certificate of authentication and registration
appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to
the Authority in accordance with written instructions executed on behalf of the Agency by
the Executive Director, which ins£ructions such officer is hereby authorized and directed,
for and in the name and on behalf of the Agency, to execute and deliver to the Fiscal
Agent. Such instructions shall provide for the delivery of the Bonds to the Authority or its
designee in accordance with the purchase contract, upon payment of the purchase price
therefor.
Section 6. All actions heretofore taken by the off`icers and agents of the Agency
with respect to the establishment of the District and the sale and issuance of the Bonds
are hereby approved, confirmed and ratified, and the proper officers of the Agency are
hereby authorized and directed to do any and all things and take any and all actions and
execute any and ali certificates, agreements and other documents, which they, or any of
them, may deem necessary or advisable in order to consummate the lawful issuance and
delivery of the Bonds in accordance with this resolution, and any certificate, agreement,
and other document described in the documents herein approved.
Section 7. This resolution shall take effect from and after its adoption.
+:~***~~*~~~+
PASSED AND ADOPTED this 27th day of November, 1990, by the following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
(S E
DOMINGUEZ, WASHBURN, WINKLER, BUCK
NONE
STARKEY
APl'120VIiU AS '1'O L~ORM AND LL•"GAL:CI'X:
~~~ ~~~,4~~.~, ` ~nry
Vicki Kasad, Clerk of the Board \<..~.NVII.~
-.. __..._._
Redevelopment Agency of the City of ,tonN ~z .
Lake Elsinore
Redevelopment Agency of the City of
Lake Elsinore
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the foregoing Resolution duly adopted by the
Redevelopment Agency of the City of Lake Elsinore at a regular
meeting of said Agency on the 27th day of November, 1990, and that
it was so adopted by the following vote:
AYES: COUNCILMEMBERS: DOMINGUEZ, WASHBURN, WINKLER,
BUCK
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: STARKEY
ABSTAIN: COUNCILMEMBERS: NONE
w ~~ ~ ~~~
VIC L QN KASAD, CITY CLERK
CITY OF E ELSINORE
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) SS:
CITY OF LAKE ELSINORE )
I, Vicki Lynne Kasad, City Clerk of the City of Lake Elsinore,
DO HEREBY CERTIFY that the above and £oregoing is a full, true and
correct copy of Resolution No. RDA 90-13 of said Agency, and that
the same has not been amended or repealed.
: November 28, 1990
~ICKI LYN~ KASAD, CI
CITY OF E ELSINORE
(SEAL)
E~~BTT A
RED~,'VII.OPMENT AGENCY OF THE CITY OF I.AKE ELSINOR.E
COMMUNiTY FACILITIES DISTRICT NO. 90-2
(Tuscany I3ills Public Improvements)
PUBLIC FACIIdTIES TO BE PROVIDED
FACILITIES:
1. Grading. The grading for public streets, public access roads and public
building pads within and in the vicinity of the District. More specifically, the grading for:
Summerhill Drive from Canyon Ridge Drive northeasterly and northerly to Greenwald
Street; Via de la Valle from Summerhill Drive easterly to its terminus; La Strada from
Summerhill Drive westerly to the westerly District boundary; Bella Vista from
Summerhill Drive westerly and northerly to Greenwald Street; the portion of Greenwald
Street adjacent to the northerly boundary of the District; and the access roads to the water
reservoirs in the vicinity of the District.
2. Street Improvements. The street improvements consist of the curb, gutter,
sidewalk, paving, street lights, storm drain and utilities in the public streets within and
in the vicinity of the District. More specifically, for: Summerhill Drive from Canyon
Ridge Drive northeasterly and northerly to Greenwald Street; Via de la Valle from
Summerhill Drive easterly to its terminus; La Strada from Summerhill Drive westerly to
the westerly District boundary; Bella Vista from Summerhill Drive westerly and
northerly to Greenwald Street; the portion of Greenwald Street adjacent to the northerly
District boundary; Bella Lucia £rom Summerhill Drive easterly to the water reservoir
access road; and the access roads to the water reservoirs in the vicinity o£ the District.
3. Domestic Water. The domestic water system consists of three reservoirs,
booster pumping stations; pressure reducing stations and the distribution mains and
appurtenances in the public streets and public easements within and in the vicinity of the
District. More specifically, in: Summerhill Drive from Canyon Ridge Drive
northeasterly and northerly to Greenwald Street; Via de la Valle from Summerhill Drive
easterly to its terminus; La Strada from Summerhill Drive westerly to the westerly
District boundary; Bella Vista from Summerhill Drive westerly and northerly to
Greenwald Street; the portion of Greenwald Street adjacent to the northerly boundary of
the District; and in Belia Lucia from Summerhill Drive to the access road and in the
access road to the reservoirs in the vicinity of the District, and/or other related backbone
water facilities deemed necessary for a complete and operational system for all or a
portion of the Tuscany Hills development as identified by the City Engineer.
4. Sanitary Sewer. The sewer system consists of gravity sewer, manholes, lift
stations, force mains and appurtenances in public streets and public easements within
and in the vicinity of the District. More specifically, in: Summerhill Drive from Corte
Seriu northeasterly and northerly to Greenwald Street; Via de la Valle from Summerhill
Drive easterly to its terminus; offsite in a public easement along the northerly side of the
San Jacinto River; La Strada from Summerhill Drive westerly to the westerly District
boundary; Bella Vista from Summerhill Drive westerly and northerly to Greenwald
Street; and a portion of Greenwald Street adjacent to the northerly boundary of the
District, and/or other related backbone sanitary sewer facilities deemed necessary for a
A-1
_ _ _ _.
complete and operational system for all or a portion of the Tuscany Hills development as
identified by the City Engineer.
OTHER:
1. The amount necessary to discharge the liens on property within the District
imposed pursuant to proceedings conducted to form the City's Summerhill Bridge
Assessment District No. 89-1.
2. Costs of engineering, design, planning and coordination related to the
above-listed facilities.
3. Bond related expenses, including bond counsel and all other incidental
expenses.
4. Administrative fees of the Agency, the Lake Elsinore Public Financing
Authority and the Bond fiscal agent related to the District and the Bonds.
A-2
i
EXHIBIT B
RATE AND METfIOD OF APPORTIONMENT OF SPECIAL TAXES
REDEVELOPMENT AGENCY OF THE CITY OF LAKE EISINORE
Community Facilities District No. 90-2 '
(Tuscany Hills Public Improvements)
A special tax shall be levied on each Parcel of land within the Redevelopment Agency of the
City of Lake Elsinore Community Facilities District No. 90-2 (Tuscany Hills Public
- Improvements) (the "DistricP'), and collected according to the special tax liability determined
by the Responsible Party of the Redevelopment Agency of the City of Lake Elsinore (the
"Agency") through the application of the following procedures. All of the property within
the District, unless otherwise exempted by law or the express provisions of the rate and
method of apportionment expressed below, shall be ta~ced to the extent and in the manner
provided below.
It is intended that all special taxes applicable to Parcels within Category I, Category III or
Category V be collected in the same manner and at the same time as ordinary ad valorem
property ta~ces, and that special taxes so levied will be subject to the same penalties and
procedures, sale and lien priority in case of delinquency as is provided for ad valorem taxes,
subject to any covenant of the Agency with respect thereto in any Fiscal Agent Agreement
for any bonds of the Agency for the District. Special t~es applicable to Categories II and
IV will be levied at the times described below, and will be collected directiy by the
Responsible Parry of the Agency as described below.
CATEGORIES OF SPECIAL TAX
CATEGORY I:
Category I includes all Taxable Property in the District not subject to a special tax under
Category IIT or Category V. The Category I special tax will be levied annually.
The ma~cimum special tax that may be levied on Parcels within Category I during the Fiscal
Year ending June 30, 1991 is $20,000 per acre (said amount to be levied pro rata for any
portion of an acre) of a Parcel. Said maximum special tax shall increase each Fiscal Year
thereafter by 2%, compounded annually.
CATEGORY II:
The Category II special tax is a one-time tax, payable at the time of approval of a final map
with respect to a ParceL
The Category II special tax is calculated by subtracting the number of Parcels shown on the
final map from the number of estimated Parcels in a tract as shown in the following table.
The applicable specia] tax is ca]culated by multiplying the difference by the tax rate
described in the table on the following page.
reportsVakelsin~fate&meL902 B~ 1
If the boundaries of the tracts shown in any final map are not the same as the expected
boundaries as shown on the map attached hereto and by this reference incorporated herein,
the Responsible Party will reapportion the Projected Developable Parcels as shown in the
table below to the actual land area of the final map in such a way that there is no loss of
Parcels. The special tax rate applicable to such a tract will be the highest rate applicable
to any one of its component tracts as shown in the table~ below.
CATEGORY II
ract No.
Projected
Developable
Parcels Special Tax for Each
Developable Parcel by
Which Final Map is L.ess
Than the Projected
Developable Parcels
17413-1 207 $18,210
17413-2 73 $20,746
17413-3 158 $22,091
17413-4 24 $35,297
17413-5 79 $20,725
17413-6 135 $19,057
17413-7 77 $25,890
17413-8 123 $21,574
24383 164 $20,261
25074 128 $16,904
25075 135 $19,324
25076 144 $18,807
25077 163 $19,967
25078 183 $18,306
25079 102 $21,712
25080 105 $22,930
Tfie special tax rates shown in this table are for the Parcels for which a final map is
recorded in the Fiscal Year ending June 30, 1991. The special tax rate for Parcels for which
a final map is recorded in subsequent years shall increase each Fiscal Year thereafter by 2%,
compounded annually.
reportsVakelsin~rate&met.902 B"Z
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CATEGORY III:
Any Parcel for which a final map has been recorded and for which Category II special taxes
have been paid, if applicable, will be c]assified in Category III, until such time as a building
permit has been issued. If Category II special taxes are applicable to the Parcel but have
not been paid when due, such Parcels on a final map will continue to be classified in
Category L
The maximum special tax applicable to Parcels in Category III is shown below for the Fiscal
Year ending June 30, 1991. The maximum special tax rate for the Parcels classified in
- Category III shall increase each Fiscal Year thereafter by 2%, compounded annually.
If the boundaries of a tract shown in any final map are not the same as the expected
boundaries shown for such tract on the map attached hereto, the maadmum special t~
applicable to Parcels in such tract will be the highest ma~cimum special tax applicable to any
one of its component prior tracts based on the attached map and as shown in the table
below.
CATEGORY III ~
Tract No. Ma~dmum
Special Ta1c
17413-1 $2,106
17413-2 $2,399
17413-3 $2,554
17413-4 $4,081
17413-5 $2,396
17413-6 $2,203
17413-7 $2,993
17413-8 $2,495
24383 $2,343
25074 $1,955
25075 $2,234
25076 $2,175
25077 $2,309
25078 $2,117
25079 $2,510
25080 $2,651
reportsUaAelsin4ate&me4902 B-3
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CATEGORY IV:
The Category IV special tax is a one-time tax payable at the time of the issuance of a
building permit, based on the calculation of Category IV special tax per the following
schedule. The applicable special tax per Parcel is calculated as shown in the following table,
based on the average projected square foot per Parcel as shown below.
Tract No. Average Projected
Square Feet
Per Parce]
17413-1 1,960
17413-2 2,412
17413-3 2,651
17413-4 5,000
17413-5 2,408
17413-6 2,111
17413-7 3,327
17413-8 2,559
24383 2,325
25074 1,728
25075 2,159
25076 2,067
25077 2,273
25078 1,978
25079 2,583
25080 2,800
If the boundaries of the tract shown in any final map are not the same as the expected
boundaries shown for such tract on the attached map, the average projected square footage
per Parcel will be the highest average projected square footage for any of its component
tracts as shown on the attached map.
reponsVakeisin~rate&met.902 B"4
Tract:
CALCULATION OF CATEGORY IV TAX
Item
1.
2.
3.
4.
5.
~.
7.
1. Average Projected Square Feet per Parcei
2. Number of Building Permits Already Issued
3. Square Feet of Building Permits Already Issued
4. Number of Building Permits Requested
5. Squaze Feet of Building Permits Requested
6. Total of Items 2 and 4
Z. Total of Items 3 and 5
8. 8. Average Square Feet to-Date (Item 7 divided by Item 6)
9. 9. If Item 8 is Equal to or Greater than Item 1,
There is no Tax Due
10. 10. Item 1 minus Item 8
1 L I 1. Item 10 Muitiplied by Item 6
12. 12. Applicable Category V Square Foot Special Tax
13. 13. Item 11 Muitiplied by Item 12
14. 11.58 14. Present Value Factor
15. 15. Item 13 Multiplied by Item 14
16. 16. Amount Previously Paid in Tract (from prior calculations)
17. 17. Item 15 minus Item 16
18. 18. One-Time Tax per Pazcei on Building Permits
Being Requested (Item 17 divided by Item 4)
rcponsVaAclsin~7a ~c&me4902
B-5
CATEGORY V:
Category V includes all Parcels for which a building permit has been issued and for which
a Category II and IV special tax has been paid, if applicable. If for any reason a Category
II or IV special talc is or was payable, but not paid when due, Parcels for which a building
permit has been issued will be taxed at the rates applicable to Taxable Property described
in Category I.
The maximum special tax for Parcels described in Category V for the Fiscal Year ending
June 30, 1991 is the tota] of the following: $665.00 per Parcel plus $0.52 per Square Foot
for each Square Foot shown on the building permit.
Each Fiscal Year thereafter, the per Parcel and the per Square Foot rate listed above will
increase by 2%, compounded annually. A Parcel will be subject to the Category V special
tax for not more than 25 years.
ASSIGNMENT TO CATEGORIES; LEVY
ANNUAL TAX CATEGORIES
On or about July 1 of each year, but in any event in sufficient time to include the levy of the
special ta~ces on the County's secured talc roll, the Responsible Party shall determine, for
each Parcei of land within the District, whether such Parcel is described by Category I;
Category III or Category V. The Parcels subject to levy shali be determined based upon the
records of the Riverside County Assessor as of the March 1 preceding such July 1, and the
Tax Category shall be determined based upon the status of the Parcel as of the May 1
preceding such July 1.
The Responsible Party shall then determine the estimated aggregate Tax Liability for the
Fiscal Year commencing such July 1, and the amount of annual special taxes to be levied _
on each Parcel in the District during such Fiscal Year. The annual special taxes shall be
determined for each Parcel in the District as follows:
1. L,evy on each Parcel described in Category V an amount equal to 94% of the
Category V ma~mum special tax.
2. If the aggregate amount to be levied based on 1 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax for each Parcel described
in Category V proportionately, so that the aggregate special tax levy for such Fisca] Year for
all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal Year.
3. If the aggregate amount to be levied based on 1 above is less than the
aggregate Ta~c Liability for such Fiscal Year, levy on each Parcel described in Category V
as provided in 1 above, and levy on each Parcel described in Category III an amount equal
to 75% of the Category III maximum special tax.
reportsVakelsin~ateRcmet.902 B-6
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4. If the aggregate amount to be levied based upon 3 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category III proportionately, until the aggregate special tax levy for such Fiscal
Year for all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal
Year. .
5. If the aggregate amount to be levied based upon 3 above is less than the
aggregate Tax Liability for such Fiscal Year, levy as described in 3 above, and levy on each
Parcel described in Category I an amount equal to 50% of the Category I maximum special
t~.
6. If the aggregate amount to be levied based upon S above is greater than the
aggregate Ta~c Liability for such Fiscal Year, reduce the special ta~c levy for each Parcel
described in Category I proportionately, until the aggregate special tax levy for such Fiscal
Year for all Parcels within the District is equal to the aggregate Tar~ Liability for such Fiscal
Year.
7. If the aggregate amount to be ]evied based upon 5 above is less than the
aggregate Ta~c Liability for such Fiscal Year, levy on each Parcel described in Category V
an amount equal to 100% of the Category V ma~mum special tax, levy on each Parcel
described in Category III an amount equal to 75% of the Category III maximum special t~,
and levy on each Parcel described in Category I an amount equal to 50% of the Category
I maximum special tax.
8, ff the aggregate amount to be levied based upon 7 above is greater than the
aggregate Taac Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category V proportionately, until the aggregate special tax liability for such
Fiscal Year for all Parcels within the District is equal to the aggregate Tax Liability for such
Fiscal Yeac
9. If the aggregate amount to be levied based upon 7 above is less than the
aggregate Tax Liabi]ity for such Fiscal Year, levy on each Parcel described in Category V
or Category III an amount equal to 100% of the Category V or Category III, respectively,
maximum special taac, and levy on each Parcel described in Category I an amount equal to
50% of the Category I maximum special tax.
10. If the aggregate amount to be levied based upon 9 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel
described in Category III proportionately, until the aggregate special tax liability for such
Fisca} Year for all Parcels within the District is equal to the aggregate Tax Liability for such
Fiscal Year.
11. If the aggregate amount to be levied based upon 9 above is less than the
aggregate Tu~ Liability for such Fiscal Year, levy on each Parcel described in Category I, III
or V`an amount equal to the maximum special tax described in Category I, III or V,
respectively.
reportsVaAelsin~ate&meL902 B"7
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12. If the aggregate amount to be levied based upon 11 above is greater than the
aggregate Tax Liability for such Fiscal Year, reduce the special ta~c levy for each Parcel
described in Category I proportionately, until the aggregate specia] tax liability for such
Fiscal Year fo~ all Parcels within the District is equal to the aggregate Tax Liability for such
Fiscal Year.
ONE-TIME TAX CATEGORIES
On the date of approval of a final map with respect to any portion of the real property in
the District, the Responsible Party shall levy and collect a specia] tax in the amount
described above for Category II.
On the date a building permit is issued for any Parcel within the District, the Responsible
Parry shall levy and collect a special tax in the amount described above for Category IV.
Failure to pay a Category II or Category IV special tax when due shall result in the
applicable Paree] remaining subject to a Category I special taac, notwithstanding that the
Parcel would otherwise be described in Category III or Category V.
PREPAYMENTS
Prepayments may be made only for property subject to taa~ under Category V. Any property
owner in the District that desires to prepay the annual special ta~ces on a particular Parcel,
shall notify the Responsible Party in writing of such intention and the estimated amount of
prepayment no more than sixty (60) days and no less than forty-five (45) days prior to date
of such prepayment, which date (the Prepayment Date) shall be a date which is sixty (60)
days prior to an interest payment date for the Bonds. The entire annua] special taxes for
any Parcel in the District may be prepaid on a Prepayment Date as follows:
(a) The Parcel with respect to which prepayment is to be made must not be
delinquent in any payment of special taxes previously levied within the District.
Prepayment shall not relieve any property owner from paying those special
taxes which have already become due and payable, and a Notice of Cessation
of Special Tax Lien shall not be recorded against any Parcel pursuant to
California Government Code Section 53344, until all special taxes with respect
to that Parcel have been paid.
(b) The aggregate maximum annual special taxes for the Parcel with respect to
which prepayment is to be made, as of the Prepayment Date, shall be
calculated based upon the maximum annual special taxes described by
Category V that could be levied on that Parcel in all future years.
(c) The net present value of the future annual special taxes calculated above will
be determined based on an interest rate of eight percent (8%), which may be
decreased or increased by the Responsible Party to reflect the net interest
costs on the Bonds.
repottsVakcisinVateFimet.902 B"g
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(d) Any applicable prepayment premium on the Bonds shall be applied to the
aggregate amount determined under (c) above.
(e) The amount to be prepaid for any Parcel of property shall be the sum of the
amounts calculated for that Parcel under paragraphs (c) and (d) above, plus
the reasonable costs and expenses of performing the calculations, preparing
and recording the Notice of Cessation of Special Tax Lien and any other acts
or procedures required to be performed in connection with the prepayment,
as determined by the Responsible Party.
DEFINITIONS
Administrative Fees or Expenses means any or all of the following: the fees and e~cpenses
of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the
Agency in carrying out its duties with respect to the District (including, but not limited to,
the lery and collection of the special taxes) including the fees and expenses of its counsel,
any fees of the County of Riverside related to the District or the collection of special taxes,
an allocable share of the salaries of the Agency staff directly related thereto and a
proportionate amount of Agency general administrative overhead related thereto, any
amounts paid by the Agency from its general funds with respect to the District or the Bonds,
and all other costs and expenses of the Agency or the Fiscal Agent incurred in connection
with the discharge of their respective duties under the Fiscal Agency Agreement and, in the
case of the Agency, in any way related to administration of the District.
Agency means the Redevelopment Agency of the City of Lake Elsinore.
Bonds means any bonds of the Agency issued for the District under Mello-Roos Community
Facilities Act of 1982, as amended.
Debt Service, for each Fiscal Year, is the total annual principal and interest payment on the
Sonds during the calendar year which commences in such Fiscal Year, less any capitalized
interest and any other amounts remaining in the debt service fund held under the Fiscal
Agent Agreement as of the end of the previous Fiscal Year (other than by reason of the
payment of Category II and N special taxes).
District means the Redevelopment Agency of the City of Lake Elsinore Community
Faci]ities District No. 90-2 (Tuscany Hills Public Improvements).
Fiscal Agent means the Fiscal Agent under the Fiscal Agent Agreement.
Fiscal Agent Agreement means the agreement by that name approved by the Resolution of
Issuance, anci as it may be amended and/or supplemented from time to time.
Fiscal Year means the period starting on July 1 and ending the following June 30.
Parcel means any Riverside County Assessor's Parcel or portion thereof that is within the
boundaries of the District based on the equalized tax rolls of the County of Riverside.
reportsVakelsin~rate&met.902 B-9 .
Resolution of Issuance is any Resolution adopted by the Agency authorizing
the issuance of Bonds.
Responsible Party is any person or persons who the Agency may appoint from
time to time to compute the levy nf the special taxes within the District.
Square Foot or Square Feet is the square footage of a single family
dwelling unit measured at the exterior walls, but excluding (i) garages,
carports, roof overhangs, passageways and patios which are both unenclosed _
and uncovered, and (ii) tool sheds, greenhouses and similar detached
structures.
Tax Categories are those categories set forth in the body hereof.
Tax Liability for any Fiscal year is an amount sufficient to pay Debt
Service for such Fiscal Year, Administrative Fees or Expenses for such
fiscal Year, an amount determined by the Responsible Party to offset past
delinquencies and projected tax delinquencies to occur in such Fiscal
Year, and all payments required to be made in the applicable Fiscal Year
under the Fiscal Agent Agreement for the Bonds and any supplements
thereto.
Taxable Property is all real property within the boundaries of the
District which is not exempt from the special tax pursuant to law, except
that the following property shall not be taxes; any acres of land owned,
conveyed or irrevocably offered for dedication to a public agency (other
than the Federal Government or agency deriving its authority from Federal
law (such as the Resolution Trust Corporation), or land which is a public
right of way or which is an unmanned utility easement making impractical
its utilization for other than the purpose set forth in the easement.
reports\Iekeisin.rele&met.902 B-1~
ONE-TIME PARTIAL PREPAYMENTS
The special tax may be paid in part in a lump sum prior to the issuance of the Bonds, if the
request to maka a partial Payment is received by the Responsible Party no less than 10 days
prior to the issuancelo~f t~eBonT~eT aatseand the one thme partialrprepayment amounts arae las
prepayment of spec
follows: One-Time
Tract No._ Pavmen~-°t
17413-2 $168,036
17413-5 $181,546
The amount of the one-time partial prepayment of special taxes for each of these two (2) tracts
shall be made in cash to the Agency prior to the issuance of the Bonds and will result in the
following special taxes:
1)
The special taxes for tract 17413-2 are as follows:
a)
b)
c)
d)
e)
The maximum special ta~c that may be levied on tract 17413-2 described in
Category I for the Fiscal year ending rt on o~f~an9acre)S Said maximum specazal
amount to be levied pro rata for any po
tax shall increase each Fiscal Year thereafter by 2%, compounded annually.
The one-time special tax for tract 17413-2 described in Category II for the Fiscal
year ending June 30, 1991 is $18,399 for each Parcel less than 73 Parcels
shown on the final map. The speciai tax rate for Parcels for which a final map
is recorded in subsequent years shall increase each Fiscal year thereafter by 2%,
compounded annually.
The Maximum special tax for Parcels in uact 17413-2 described in Category III
for the Fiscal Year ending June 30, 1991 is $2,127 per Parcel. The maximum
Special tax rate shall increase each Fiscal Year thereafter by 2%, compounded
annually.
The maximum applicable Category V Square Foot special tax (item 12) in the
calculation of Category IV one-time tax for a Parcel in tract 17413-2 is $0.43.
The maximum special cax for Parcels in tract 17413-2 described in Category V
for the Fiscal Year ending June 30, 1991 is the total of $665.00 per Pazcel plus
$0.43 per Square Foot for each Square Foot shown on the building permit. Each
Fiscai Year thereafter, the per Parcel and the per Squaze Foot rate wili increase
by 2% , compounded annually.
2) The special taxes for tract 17413-5 are as follows:
a) The maximum special; tax that may be levied on tract 17413-5
described in Category I for the Fiscal Year ending June 30,
1991, is $17,747 per acre (said amount to be levied pro rata for
any portion of an acre). Said maximum special tax shall
increase each Fiscal Year thereafter by 2%, compounded annually.
b) The one-time special tax for tract 17413-5 described in Category
II for the Fiscal Year ending June 30, 1991, is $18,382 for each
Parcel less than 79 Parcels shown on the final map. The special
tax rate for Parcels for which a final map is recorded in
subsequent years shall increase each Fiscal Year thereafter by
2%, compounded annually.
c) The Maximum special tax for Parcels in tract 17413-5 described
in Category III for the Fiscal Year ending June 30, 1991, is
$2,125 per Parcel. The maximum special tax rate shall increase
each fiscal Year thereafter by 2%, coumpounded annually.
d) The maximum applicable Category V Square Foot special tax (item
12) in the calculation of Category IV one-time tax for a Parcel
in tract 17413-5 is $0.43.
e) The maximum special tax for Parcels in tract 17413-5 described
in Category V for the Fiscal Year ending June 30, 1991, is the
total of $665.Q0 per Parcel plus $0.43 per Square Foot for each
Square Foot shown on the building permit. Each Fiscal Year
thereafter, the per Parcel and the per Square Foot rate will
increase by 2%, compounded annually.
B-12
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PROPOSED BOUNDARY MAP
0F
COMMUNITY FACILITIES DISTRICT N0. ~0-?
(TUSCANY HILLS PUBUC IMPROVEMENTS)
CITY OF LAKE ELSINORE, COUNTY OF RIVERSIDE,
CALIFORNIA
T.T.zSO~< LEGEN D:
r.r.zeme OWNERSHIP ~
~ ~ ----- ASSESSMENT DISTRICT
7.T.26o80I '(,7
/ T.T26077
T.T.25075
f.T.2b078
I T.T.24383 I
TFY]473-6
TF1~412-8
I TR17413-7 \ I SCnLE: ~=~W
TA77413-3
'fR77413-6 I ~"'
a
TF17413-2
. 7R17513-4
-"' -.'
" TA17473•1 "' "'
~".J
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E~IT C
REDEVII,ppMENT AGENCY OF THE CITY OF LAKE ELSINORE
COMMUNI'i'Y FACILITIES DISTRICT NO. 90-2
(Tuscany Hills Public Improvements)
ASSESSOR'S PARCEL NUl-IBERS AND OWNERS OF LAND WITHIN
gEDEVEIAPMENT AGENCY OF TI~ CITY OF LAKE ELSINORE
COMM[JNITY FACIIITIES DISTRICT NO. 90-2
{TUSCANY IIII~.S PUBLIC IlVIPROVEMENTS)
Assessor's Parcel Nos. Names and Addresses of Pronertv Owners
Homestead Land Development
350 North Sheridan Street, Suite 117
Corona, California 91720
Tuscany Hills Development Company
16935 W. Bernardo Drive, Suite 200
San Diego, Califomia 92127-1696
Carlan Homes, Inc.
15991 Red Hill Avenue, Suite 201
Tustin, California 92680
Davidson Coscan Partners
12520 High Bluff Drive, Suite 300
San Diego, California 92130
Woodcrest Development of Riverside, Inc.
11711 Sterling Avenue, Suite I
Riverside, California 92503
Zellner Communities L.P.
' 2910 Redhill Avenue
Costa Mesa, California 92626
C-1