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HomeMy WebLinkAboutCC Reso No 1991-87RESOLUTION NO. 91-$~ A RESOLUTION OF FORMATION OF CITY OF LAKE IISINOR.E COMMUNITY FACILITIES DISTRICT NO. 91-4 (SCErTIC RIDG~ PUBLIC INII'ROVENI~NTS), AUTIIORIZING THE LEVY OF A SPECIAL TAX WITfIIN THG DISTRICT, PREI.IlVIINAItII.Y ESTABLISHING AN APPROPRIATIONS I.INIIT FOR THE DISTRICT AND SUBNIITTING LEVY OI+ TI~ SPECIAL TAX t1ND THE ESTABLISII1ViENT OF THE APPROPRIATIONS LIMIT TO THE QUAI.IE7~D EI.ECTORS OF TIIE DISTRICT City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge Public Improvements) RESOLVED by the City Council o£ the City of Lake ~Isinore (the "City") that: WHEREAS, on September 10, 1991, this City Council 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 City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge 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 City Clerk and the provisions thereof are incorporated herein by this reference as if fully set forth herein; and WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act and the Resolution of Intention relative to the proposed formation of the District; and WHER~AS, 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 tax were heard and a full and fair hearing was held; and WHERLAS, at saici hearing evidence was presented to this City Council on said matters before it, including a report by the Director of Public Worlcs (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 City Clerk, and this City Council at the conclusion of said hearing was fully advised with respect to the premises; and WHER~AS, copies of the Report and the revised list of facilities to be financed and rate and method of apportionment of the speciai 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 City Clerk by fifty percent (50%) or more of the registered voters residing within the territory of the District or property owners of one- half (1/2) or more of the area of land within the District and not exempt from the special tax; and WHER~AS, 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 of' one-half (1/2) or more of the area of land within the District and not exempt from the special tax. NOW,,THEBEFORE, Ifi IS HEREBY ORD~RED as follows: 1. The foregoing recitals are true and correct. 2. The proposed special tas 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 City Council in connection with the establishment of the District and the levy of the special taac 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 "City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge Public Improvements)" is hereby established pursuant to the Act. 5. 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 33 at Page 68 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 "P'acilities"). 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 sufficient 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 pro.posed rate and method of apportionment of the special tax among the parcels of reai praperty 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 ~xhibit B attached hereto and by this reference incorporated herein. 8. It is hereby found and determined that tihe Facilities are necessary to meet increased demands placed upon local agencies as the result of development occurring in the District. 9. The Director o£ 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 City which wili 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 £uture 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 taac 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 tax by the City 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 $1,000,000 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 i£ approved by the qualified electors voting thereon and shall be adjusted in accordance with the applicable provisions of 5ection 53325.7 of the Act. 12. Pursuant tu 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 shail be as specified by a separate resolution of this City Council. PASSED, APPROVED AND ADOPTED this 12th day of No~~er^ber, 1991, by the following vote: AYES: COUNCILMEPIBERS: BUCK, DOPIINGUEZ, STARKEY, bJIP!KLER, l~!ASHBURN NUtS: CUUNI;ILf9EP1LitKJ: PJONE FlBSENT: COUPJCILP7EMBERS: PJONE ABSTAIN: COUNCILMEPIBERS: NONE V ! ~~~iv~ r~n~ CITY LAKE ELSINORE AT EST: ~~~i~.t~, VICKI `iCASAD, CITY CLERK. APPROVED AS TO FORM & LEGALITY: \~/l~/VY~ ~ JOHN R. HAR ER, CITY A T RNEY E~iII~BIT A DESCItIPTION OF FACILITIES TO BE FINANCED BY TIIE DLSTRICT City of Lake Elsinore Community Facilities District No. 91-4 (Scenic Ridge Public Improvements) FACILITIES: A. Grading. The grading for the public streets and public access roads within and in the area of the CFD. More specificaily, the grading for: Scenic Ridge Drive from Tract 20705 to its North terminus at Estate Drive; Estate Drive East to its connection at Suinmerhill Drive; Hillview Place Northerly; and that portion of Summit View Street to the West boundary of the CFD. B. Street Improvements. The street improvements consist of the curb, gutter, sidewalk, paving, street lights, storm drain and utilities in the pubiic streets and public easements within and in the area of the CFD. More specifically for: Scenic Ridge Drive East from Tract 20r05 to its North terminus at Estate Drive; East Drive East through Tract 17413-3 'to its connection at Summerhill Drive; Hillview Place Northeriy; and that portion of Summit View Street to the West boundary of the CFD. Also included is a portion of the costs to improve Railroad Canyon Road attributable to the land within the CFD. C. Domestic Water. The domestic water system consists of pressure reducing stations; future expansion to the West property along Estate Drive and the distribution mains and appurtenances in the public streets within and in the area of the CFD. More specifically, in: Estate Drive from its connection between Lots 73 and 74 of Tract 17413-3 to its West terminus; South on Scenic Ridge Drive to its connection with Tract 20705; Hillview Place; and that portion of Summit View Street to the West boundary of the CFD. D. Sanitary Sewer. The sewer system consists of gravity sewer, manholes, force mains and appurtenances in public streets and public easements within and in the area of the CFD. More specifically in: ~state Drive from its West Boundary to its terminus; South on Scenic Ridge Drive to its connection with Tract 20705; Hillview Place; and that portion of Summit View Street to West boundary of the CFA OTH~R: L Costs of engineering, desigii, planning and coordination related to the above-]isted facilities. 2. Bond related expenses, including bond counsel and ali other incidental expenses. 3. Administrative fees of the City, the Lake Elsinore Public Financing Authority and any Bond fiscal agent related to the District and the Bonds. A-1 E~~TT B RATE AND METHOD OF APPORTIONMENT OF SPECIAL TA3.'ES CTI'Y OF LAKE ELSINORE Community Facilities District No. 91-4 (Scenic Ridge Public Improvemenu) A special ta~c shall be levied on each Parcel of land within the Ciry of La}:e Elsinore Communiry Facilities District No. 91-4 (Scenic Ridge Public Improvements)(the "District"), and collected according to the special tax liability deternuned by the Responsible Party of the Ciry of I.ake Elsinore (the "Ciry") through the application of the following procedures. All of the property within the District, unless othenvise 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 specia] 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 taxes, and that special taxes so levied will be subject to the same penalaes 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 Ciry for the Dish-ict. Special taxes applicable to Categories II and N will be levied at the times described below, and will be collected direcdy by the Responsible Party of the City 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 III or Category V. The Category I special tax will be levied annually. The maximum special tau that may be levied on Parcels within Category I during the Fiscal Year ending June 30, 1992 is $30,000 per acre (said amount to be levied pro nta for an}~ portion of an acre) of a Pazcel. Said maxunum special tax shall increase each Fiscal Year thereafter by 2%, compounded annually. repo(itW tel~inl~cenic4~1e8cme1.91 ~ B-1 r CATEGORY ffi: Any Parcel for which a final map has been recorded and for which Category II special taxes have been paid, if applicable, will be classificd in Category III, until such time as a building permit has been issued. If Category II special taxes are applicable to the Parce] but have not been paid when due, such Pazcels on a final map will conrinue to be classified in Category I. The maximum special tax applicable to Parcels u~ Category 1II is shown below for the Fiscal Yeaz ending )une 30, 1992. The maximum special ta~c rate for the Parcels classified in Category III shall increase each Fiscal Year thereafter by 2%, compounded annuallp. CATEGORY III ~ Maximum Tract No. Special Tax per Parcel 22904 $5,950 CATEGORY IV: The Category N special tax is a one-time tax payable at the time of the issuance of a building permit, based on the calculation of Category N 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. CATEGORY IV Average Projected Square Feet Tract No. per Parcel 22904 3,002 reporuWkeicin4cenicka~e&meL91-4 B'3 f 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 N 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 Taxable Property described in Category L The maximum special tax for Parcels described in Category V for the Fiscal Year ending ' June 30, 1992 is the total of $615.00 per Parcel plus $138 per Square Foot for each Square ' Foot shoµm on ihe building permit. Each Fiscal Yeaz thereaftez, the per Parcel and the per Squaze 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 30 years. ASSIGNII~NT TO CATEGORIES; LEVY AI~'1VUAL TAX CATEGORIES On or about 7uly 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 12iverside 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 esUmated aggregate Tax Liability for the , Fiscal Year cornmencing such July 1, and the amount of annual special taxes to be levied on each Pazcel in the District during such Fiscal Year. The annual special taxes shall be determined foz each Pazcel in the District as follows: 1. I.evy on each Pazcel described in Category V an amount equal to 9~% of the Category V maximum special tax. 2. if the aggregate amount to be levied based on 1 above is greater than the aggregate Tau Liability for such Fiscal Year, reduce the special tax for each Parcel described in Category V proportionately, so that the aggregate specia] tax levy for such Fiscal Year for all Parcels within the District is equal to the aggregate Ta~c Liability for such Fiscal Year. rcpoc~Vskelsin\~eeniclnie8mei.91-0 B-5 ! 10. If the aggregate amount to be levied based upon 9 above is greater than the aggregate Tax Liability fbr such Fiscal Year, reduce the special tax lery 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. 11. 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 Pazcel described in Category I, III or V, an amount equal to the maximum special tax described in Category I, III or V, respecbvely. 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 Pazcel described in Category I proportionately, until the aggregate special tax levy for such Fiscal Year for all Parcels wiihin the Disuict is equal to the aggregate Tax Liability for such Fiscal Year. Or~-TIl~~ TAX CATEGORIES On d~e 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 N. 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. PREPAYMENI'S Prepaymenu may be made only for property subject to tax under Category V. Any property owner in the District that desires to prepay the annual special taxes on a particulaz 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 sixry (60) days prior to an interest payment date for the Bonds. The entire annual special taxes for am~ Parcel in ihe District may be prepaid on a Prepayment Date as follows: rcporu W k<Isin~c<nic~nvdcmet.91A B-7 I Bonds means any bonds of the City issued for the District under Mello-Roos Community Faciliries Act of 1982, as amended. City means the Ciry of Lalce Elsinore. 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 an} other amounu 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 speciial taxes). , District means die City of Lake Elsinore Communiry Facilities District No. 91-4 (Scenic Ridge Public Improvements). Fiscal Agent means the Fiscal Agent under the Fiscal Agent Agreement. Fiscal Agent Agreement means die 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 ihe period starting on July 1 and ending the following June 30. Parcel means any Riverside County Assessor's Parcel or portion thereof that is w~thin the boundaries of the District based on the equalized tax rolls of the County of Riverside. Resolution of 7ssuar~ce is any Resolution adopted by the City authorizing the issuance of Bonds. Responsible Party is any person or persons who ihe City may appoint from time to time to compute the levy of the special taxes within the District. Square Foot os Square Feet is the square footage of a single family dwelling unit measured at the exterior walls, but excluding (i) garages, carports, roof overhangs, passagev.~ays and patios which are both unenclosed and uncovered, and (u) too] sheds, greenhouses and similar detaclied structures. Tax Categories are those categories set forth in the body hereof. rtpor~sW kelsin~sceuic4~le&met.91-4 B-9 ! 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 12th day of November, 1991, 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 ~ ~~~ ~ ICKI Y~ E KASAD, CITY CLERK CITY OF N11KE 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. 91-87 of said Council, and that the same has not been amended or repealed. DZ.ED: November 13, 1991 ~ ^ .n. r_/C""_""`'" V~ L'YNN KASAD, CITY CLERK CITY OF LA ELSINORE (SEAL)