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HomeMy WebLinkAboutCC Reso No 1992-18RESOLUTION NO. 92_]_8 A RESOLUTION OF THE CI'T'Y OF LAKE ELSINORE OF CONSIDERATION TO ALTER THE RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES WITHIN THE CITY OF LAKE ELSINORE COMMUNI'T'Y FACILITIES DISTRICT N0.91-2 (SUMMERHILL PUBLIC IMPROVEMENTS) PURSUANT TO THE MELLO-BOOS COMMUNITY FACILITIES ACP OF 1982 City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements) RESOLVED by the City Council of the City of Lake Elsinore (the "City") that: WHEREAS, pursuant to Resolution No. 91-27 adopted by the City Council on April 9, 1991 (the "Resolution of Formation") and 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 City Council has formed the City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements) (the "District"); and WHEREAS, the owner of all of the real property within the District has requested that the.Rate and Method of Apportionment of the Special Taxes for the District set forth in Exhibit B to the Resolution of Formation (the "Rate and Method") be altered; and WHEREAS, under the. Act, this City Council is the legislative body for the District and is empowered with the authority to .conduct proceedings to alter the Rate and Method, and this City Council now desires to so alter the Rate and Method as requested by the property owner and as set fm•th below. NOW,'1'IIEREP'ORP:, 1'I' IS IIIi1RP;RY OIZDIIZisD as follows: 1. This City Council hereby £nds and determines that public convenience and necessity require that the Rate and Method be altered as set forth below. 2. The name of the existing District is "City of Lalce Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements)". 3. The territory included in the District is as shown on the boundary map of the District, recorded in the Riverside County Recorder's Office in Book 31 at Pages 60-66 of Maps of Assessment and Community Facilities Districts, State of California, to which m2,p reference is hereby made. 4. It is proposed that the Rate and Method be amended and restated in full as shown in Exhibit A hereto, which Exhibit is by this reference incorporated herein. Said alteration of the Rate and Method is for the purpose of reducing certain maximum tax rates within the District to reflect the principal amount of bonds actually issued by the City for the District, and the expected land uses within the District. EXHIBIT A CITY OF LAKE ELSINORE COMMUNITY FACILTI'IES DISTRICT NO. 91-2 (SUNIlVIERHILL PUBLIC IMPROVEMENTS) AMENDED AND RESTATED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES A special tax shall be levied on each Parcel of land within the City of Lake Elsinore Community Facilifles District No. 91-2 (Summerhill Public Improvements)(the "District"), and collected according to the special tax liability determined by the Responsible Parry of the City of Lake Elsinore (the "City") 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 Pazcels within Category I, Category III or Category V 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 City with respect thereto in any Fiscal Agent Agreement for any bonds of the City for the District. Special taxes applicable to Categories II and IV will be levied at the times described below, and will be collected directly by the Responsible Party of the Ciry as described below. CATEGORY I: CATEGORIES OF SPECIAL TAX Category I includes all Taxable Property in the District not subject to a special tax under Category III or Category V. The Category I special tax will be levied annually. Lot number 238 of Tract 20705 will be subject to special tax under Category I until Dwelling Units in lot number 238 are subject to Category V special tax or until other than multiple- family residences are approved for lot number 238. Lot number 239 of Tract 20705 will be subject to special tax under Category I until Dwelling Units in lot number 239 aze subject to Category V special tax or until other than multiple-family residences are approved for lot number 239. The maximum special tax. that may be levied on Parcels within Category I during the Fiscal Yeaz 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. repofta\lakelain\amend. r&m CATEGORY III: Any Pazcel for which a fmat map has been recorded and for which Category II special 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 special taxes are applicable to the Pazcel 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 Paccels in Category III is shown below for the Fiscal Yeaz ending June 30, 1991. The maximum special tax rate for the Paccels classified in Category III shall increase each Fiscal Yeaz thereafter by 2%, compounded annually. If the boundaries of a tract shown in any fmal map are not the same as the expected boundaries shown for such tract on the map attached hereto, the maximum special tax applicable to Paccels in such tract will be the highest maximum 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 Maximum Tract No. Special Tax 20704 $2,425 20705 $2,465 (Except Lot No. 238 and Lot No. 239) reports\lakelein\emerd. r&m Tract No.: CALCULATION OF CATS ORY IV TAX Item 1. I . Average Projected Squaze Feet per Parcel or Dwelling Unit 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. Square Feet of Building Permits Requested 6. 6. Total 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 8 is Equal to or Greater than Item 1, There is no Tax Due 10. 10. Item 1 minus Item 8 11. 11. Item 10 Multiplied by Item 6 12. 12. Applicable Category V Square Foot Special Tax 13. 13. Item 11 Multiplied 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 or Dwelling Unit on Building Permits Being Requested (Item 17 divided by Item 4) report\lekelein4 mend. r&m 3. If the aggregate amount to be levied based on 1 above is less than the aggregate Tax Liability for such Fiscal Yeaz, levy on each Pazcel and Dwelling Unit described in Category V as provided in 1 above, and levy on each Pazcel 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 Pazcels 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 tax. 6. If the aggregate amount to be levied based upon S above is greater than. the aggregate Tax Liability for such Fiscal Yeaz, reduce the special tax levy for each Pazcel 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 Yeaz, 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 Pazcel and Dwelling Unit 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 75% of the Category III maximum special tax, 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 Fiscal Yeaz, reduce the special tax levy for each Pazcel and Dwelling Unit described in Category V proportionately, until the aggregate special tax liability fo: such Fiscal Yeaz for all Pazcels and Dwelling Units 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 and Dwelling Unit described in Category V or Pazcel described in Category III an amount equal to 100% of the Category V or Category III, respectively, maximum special tax, and levy on each Pazcel 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 Fiscal Yeaz for all parcels within the District is equal to the aggregate Tax Liability for such Fiscal Yeaz. repose\lekel ai n4mend. r&m special taxes for any Parcel or Dwelling Unit in the District may be prepaid on a Prepayment Date as follows: (a) The Parcel or Dwelling Unit 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 or Dwelling Unit pursuant to California Government Code Section 53344, until all special taxes with respect to that Parcel or Dwelling Unit have been paid. (b) The aggregate maximum annual special taxes for the Parcel or Dwelling Unit 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 or Dwelling Unit 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 Par[y to reflect the net interest costs on the Bonds. (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 or Dwelling Unit of property shall be the sum of the amounts calculated for that Parcel or Dwelling Unit 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 expenses of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the City in carrying out its duties with respect to the District (including, but not limited to, the levy and collection of the special [axes) 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 City staff .directly related thereto and a proportionate amount of City general administrative overhead related thereto, any amounts paid by the City from its general funds with respect to the District or the Bonds, and all other costs and expenses of the City 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 City, in any way related to administration of the District. reports\la kelsin\amend. r&m 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 taxed: any acres of land owned, conveyed. or irrevocably offered for dedication 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. reports\Iskelcintwmend.r&m EXII~IT B NOTICE OIL` PUBLIC HF.ARiNG CITY OF LAKE ELSINORE COMMUNITY FACILITIES DIS'I'RIC'I' N0.91-2 (SUMMERHILL PUBLIC IlVIPROVEMENTS) Notice is hereby given that on March 24, 1992, the City Council of the City of Lalce Elsinore adopted a Resolution entitled "A Resolution of the City of Lake Elsinore of Consideration to Alter the Rate and Method of Apportionment of Special Taxes within the City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill 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 City Council of the City hereby gives notice as follows: A. The text of said Resolution of Intention is as follows: RESOLVED by the City Council of the City of Lake Elsinore (the "City") that: WHEREAS, pursuant to Resolution No. 91-27 adopted by the City Council on April 9, 1991 (the "Resolution of Formation") and 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 City Council has formed the City of Lake Elsinore Community Facilities District No. 91- 2 (Summerhill Public Improvements) (the "District"); and WHEREAS, the owner of all of the real property within the District has requested that the Rate and Method of Apportionment of the Special Taxes for the District set forth in Exhibit B to the Resolution of Formation (the "Rate and Method") be altered; and WHEREAS, under the Act, this City Council is the legislative body for the' District and is empowered with the authority to conduct proceedings to alter the Rate and Method, and this City Council now desires to so alter the Rate and Method as requested by the property owner and as set forth below. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: 1. This City Council hereby finds and determines that public convenience and necessity require that the Rate and Method be altered as set forth below. 2. The name of the existing District is "City of Lake Elsinore Community Facilities District No. 91-2 (Summerhill Public Improvements)". 3. The territory included in the District is as shown on the boundary map of the District, recorded in the Riverside County Recorder's Office in Book 31 at Pages 60-66 of Maps of Assessment and Community Facilities Districts, State of California, to which map reference is hereby made. 4. It is proposed that the Rate and Method be amended and restated in full as shown in Exhibit A hereto, which Exhibit is by this reference incorporated herein. Said alteration of the Rate and Method is for the purpose of reducing certain maximum tax rates within the District to reflect the principal amount of B-1 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 City Council of the City of Lake Elsinore at a regular meeting of said Council on the 24th day of March, 1992, and that it was so adopted by the following vote: AYES: COUNCILMEMBERS: BUCK, DOMINGUEZ, STARKEY, WINKLER, WASHBURN NOES: COUNCILMEMBERS: NONE ABSENT: COUNCILMEMBERS: NONE ABSTAIN: COUNCILMEMBERS: NONE VICKI LYNNE SAD,-CITY CL CIiY 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. 92-18 of said Council, and that the same has not been amended or repealed. DAT :March 25, 1992 C~.,~YL~'~t VICKI LYNNE KAS D, CITY CLERK CITY OF LAKE EL INORE (SEAL)