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HomeMy WebLinkAbout2024-10 TPFA Resolution RESOLUTION NO. TPFA 2024-10 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY OF FORMATION OF TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 23-01 (ALTAIR) THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. On February 13, 2024, this Board of Directors adopted Resolution No. TPFA 2024-03 entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority Declaring Its Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Therein — Altair" (the "Resolution of Intention") stating its intention to form the Temecula Public Financing Authority Community Facilities District No. 23-01 (Altair) (the"District")pursuant to the Mello-Roos Community Facilities Act of 1982,constituting Section 53311 et seq. of the California Government Code (the "Law"). Section 2. The Resolution of Intention also designated the property to be initially included in the District as "Improvement Area No. 1 of the Temecula Public Financing Authority Community Facilities District No. 23-01 (Altair)" ("Improvement Area No. 1") pursuant to Section 53350 of the Law. Section 3. The Resolution of Intention also identified territory proposed to be annexed to the District in the future pursuant to Sections 53339.2 and 53339.3 of the Law which it designated as"Temecula Public Financing Authority Community Facilities District No.23-01 (Altair)(Future Annexation Area)" (the"Future Annexation Area"). Section 4. The Resolution of Intention, incorporating by reference maps of the proposed boundaries of the District and of Improvement Area No. 1, and of the Future Annexation Area, and describing the public improvements (the "Facilities"), a conservation fee (the "Conservation Fee") and the municipal services (the "Services") eligible to be financed by the District, the cost of financing the Facilities, the Conservation Fee and the Services, and the rate and method of apportionment of the special tax to be levied within Improvement Area No. 1 to pay the costs of the Facilities,the Conservation Fee and the Services,and to pay the principal and interest on bonds proposed to be issued with respect to Improvement Area No. 1, is on file with the Secretary and the provisions thereof are incorporated herein by this reference as if fully set forth herein. Section 5. On this date, this Board of Directors held the public hearing as required by the Law and the Resolution of Intention relative to the proposed formation of the District, the designation of Improvement Area No. 1 and the identification of the Future Annexation Area. Section 6. At the hearing all interested persons desiring to be heard on all matters pertaining to the formation of the District,and the designation of Improvement Area No. 1 and the identification of the Future Annexation Area, as well as the Facilities, the Conservation Fee and the Services eligible to be funded by the District, Improvement Area No. 1 and the Future Annexation Area and the levy of the special tax, were heard and a full and fair hearing was held. Section 7. At the hearing evidence was presented to this Board of Directors on the matters before it,including a report by the Director of Public Works of the City of Temecula(the"Report") as to the Facilities, the Conservation Fee and the Services eligible to be funded by the District, Improvement Area No. 1 and the Future Annexation Area and the costs thereof, a copy of which is on file with the Secretary, and this Board of Directors at the conclusion of the hearing was fully advised regarding the District. Section 8. Written protests with respect to the formation of the District and Improvement Area No. 1 and/or the furnishing of specified types of the Facilities, of the Services or the Conservation Fee,as described in the Report,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 Improvement Area No. 1, or the owners of one-half(1/2) or more of the area of land within the District or of Improvement Area No. 1, and not exempt from the special tax. Section 9. The special tax proposed to be levied on property in Improvement Area No. 1 to pay for the costs of the Facilities, the Services and the Conservation Fee, as set forth in Exhibit B to the Resolution of Intention,has not been eliminated by protest by fifty percent(50%)or more of the registered voters residing within the territory of Improvement Area No. 1 or the owners of one-half(1/2) or more of the area of land within Improvement Area No. 1 and not exempt from the special tax. Section 10. On April 10, 2001, this Board of Directors adopted a resolution approving Local Goals and Policies for Community Facilities Districts (the "Goals and Policies"), and this Board of Directors hereby finds and determines that the District and Improvement Area No. 1 are in conformity with the Goals and Policies. Section 11. All prior proceedings taken by this Board of Directors in connection with the establishment of the District,the designation of Improvement Area No. 1,the identification of the Future Annexation Area and the levy of the special tax on property in Improvement Area No. 1 have been duly considered and are hereby found and determined to be valid and in conformity with the Law. Section 12. The community facilities district designated "Temecula Public Financing Authority Community Facilities District No. 23-01 (Altair)"is hereby established pursuant to the Law. The improvement area designated "Improvement Area No. 1 of the Temecula Public Financing Authority Community Facilities District No. 23-01 (Altair)" is hereby established pursuant to the Law. The future annexation area identified as the "Temecula Public Financing Authority Community Facilities District No. 23-01 (Altair) (Future Annexation Area)" is hereby established pursuant to the Law. Section 13. The boundaries of the District and Improvement Area No. 1 are as described in the Resolution of Intention and set forth in the boundary map of the District and Improvement Area No. 1 are recorded on February 16, 2024 at 2:21 p.m. in the Riverside County Recorder's 2 Office in Book 92 of Maps of Assessment and Community Facilities Districts at Page 73 (instrument no.2024-0044266),are hereby approved,are incorporated herein by this reference and shall be the boundaries of the District and Improvement Area No. 1. The boundaries of the Future Annexation Area as described in the Resolution of Intention and set forth in the boundary map of the Future Annexation Area recorded on February 16, 2024 at 2:21 p.m. in the Riverside County Recorder's Office in Book 92 of Maps of Assessment and Community Facilities Districts at Page 74 (instrument no. 2024-0044267),are hereby approved,are incorporated herein by this reference and shall be the boundaries of the Future Annexation Area. Riverside County Assessor's parcels within the Future Annexation Area shall be annexed to the District only with the unanimous approval(each, a"Unanimous Approval")of the owner or owners of each parcel or parcels at the time that parcel or those parcels are annexed, without any requirement for further public hearings or additional proceedings. The Board of Directors hereby determines that any property for which the owner or owners execute a Unanimous Approval shall be added to the District and the Secretary shall record an appropriate amendment to the notice of special tax lien for the District for property so annexed to the District pursuant to Section 3117.5 of the California Streets and Highways Code. Section 14. The types of Facilities and the Conservation Fee eligible to be funded by the District, Improvement Area No. 1 and the Future Annexation Area (including any area therein designated to be annexed as a separate improvement area(each, including Improvement Area No. 1, an "Improvement Area")) pursuant to the Law are as described in Exhibit A to the Resolution of Intention which Exhibit is by this reference incorporated herein. The type of Services eligible to be financed by the District, Improvement Area No. 1 and the Future Annexation Area (including any area therein designated to be annexed as a separate Improvement Area) and pursuant to the Law are those municipal services described in Exhibit A to the Resolution of Intention. The Services shall be in addition to those provided in the territory of the District, Improvement Area No. 1 and the Future Annexation Area as of the date hereof and shall not supplant services already available within the territory of the District,Improvement Area No. 1 and the Future Annexation Area as of the date hereof. The City intends to provide the Services on an equal basis in the original territory of the District and Improvement Area No. 1 and, when it has been annexed to the District, the Future Annexation Area (including any area therein designated to be annexed as a separate Improvement Area). This Board of Directors hereby determines that the Facilities, the Services and the Conservation Fee to be financed by the District, Improvement Area No.1 and the Future Annexation Area are necessary to meet increased demands placed upon local agencies as a result of development occurring and expected to occur in the territory included in the District, Improvement Area No. 1 and the Future Annexation Area. Section 15. Except to the extent that funds are otherwise available to pay for the Facilities, the Services, the Conservation Fee and/or to pay the principal and interest as it becomes due on bonds of the Authority issued for Improvement Area No. 1 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 Improvement Area No. 1, will be levied annually within Improvement 3 Area No. 1 and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within Improvement Area No. 1, in sufficient detail to allow each landowner within Improvement Area No. 1 to estimate the maximum amount such owner will have to pay,are described in Exhibit B to the Resolution of Intention which Exhibit is by this reference incorporated herein. This Board of Directors hereby finds that the basis for the levy and apportionment of the special tax, as set forth in the rate and method of apportionment of special taxes for Improvement Area No. 1, is reasonable. The rate and method of apportionment of special taxes for any future Improvement Area will be as described in the Unanimous Approval by the owner or owners of each parcel or parcels at the time that parcel or those parcels are annexed into the respective Improvement Areas. For Future Improvement Areas, a different rate and method of apportionment of special taxes may be adopted if the annexed territory is designated as a separate Improvement Area. No supplements to the rate and method of apportionment of special taxes for any of the Improvement Areas and no new rate and method will cause the maximum tax rate in the then- existing territory of the District(including any then existing Improvement Areas) to increase. The designation as an Improvement Area of any territory in the Future Annexation Area annexing to the District, the maximum amount of bonded indebtedness and other debt for such Improvement Area, the rate and method of apportionment of special tax for such Improvement Area and the appropriations limit for such Improvement Area shall be identified and approved in the Unanimous Approval executed by property owners in connection with the annexation of the respective Improvement Area to the District. The annexation and related matters described in the Unanimous Approval shall be implemented and completed without the need for Board of Directors approval as long as the following conditions are met: (i) The rate and method of apportionment of special tax for the new Improvement Area is prepared by a special tax consultant retained by the City or the Authority. (ii) The rate and method of apportionment of special tax for the new Improvement Area complies with the Goals and Policies. Territory in the Future Annexation Area will be annexed into the District and a special tax will be levied on such territory only with the Unanimous Approval of the owner or owners of each parcel or parcels at the time that parcel or those parcels are annexed into the District. Except to the extent that funds are otherwise available to the District to pay for the Facilities, the Services, the Conservation Fee and/or the principal and interest as it becomes due on bonds issued by the Authority for the area so annexed to finance the Facilities,a Special Tax sufficient to pay the costs thereof, secured by the recordation of a continuing lien against all non-exempt real property in the area so annexed, is intended to be levied annually within the area so annexed, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as may be determined by this Board of Directors. As required by Section 53339.3(d) of the Law, the Board of Directors 4 hereby determines that the Special Tax proposed to pay for one or more Facilities to be supplied within the area so annexed will be equal to the Special Taxes levied to pay for the same Facilities in previously-existing areas of the District, except that (i) a higher Special Tax may be levied within the any area so annexed to pay for the same Facilities to compensate for the interest and principal previously paid from Special Taxes in the original area of the District, less any depreciation allocable to the financed Facilities and(ii) a higher Special Tax may be levied in any area so annexed to pay for new or additional Facilities,with or without bond financing.As required by Section 53339.3(d) of the Law, the Board of Directors hereby further determines that the Special Tax proposed to pay for Services to be supplied within any area so annexed shall be equal to any Special Tax levied to pay for the same Services in the existing District, except that a higher or lower tax may be levied within any area so annexed to the extent that the actual cost of providing the Services in any area so annexed is higher or lower than the cost of providing those Services in the existing District. In so finding,the Board of Directors does not intend to limit its ability to levy a Special Tax within any area so annexed to provide new or additional services beyond those supplied within the existing District. The Board of Directors hereby further determines that the Special Tax proposed to pay for the Conservation Fee shall be proportional to any Special Tax levied to pay for the Conservation Fee in the existing District. Section 16. The Treasurer of the Temecula Public Financing Authority,41000 Main Street, Temecula, CA 92590, telephone number (951) 693-3945, is the officer of the Authority that will be responsible for preparing annually and whenever otherwise necessary 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 Law. Section 17. 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 Improvement Area No. 1 and in any future Improvement Area annexed to 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 Authority ceases. Section 18. In accordance with Section 53325.7 of the Law, the appropriations limit, as defined by subdivision (h) of Section 8 of Article XIIIB of the California Constitution, of Improvement Area No. 1 is hereby preliminarily established at $25,000,000 and said appropriations limit shall be submitted to the qualified electors of Improvement Area No. 1 as provided below. The proposition establishing the 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 Law. The designation as an Improvement Area of any territory in the Future Annexation Area annexing to the District, the maximum amount of bonded indebtedness and other debt for such Improvement Area, the rate and method of apportionment of special tax for such Improvement Area and the appropriations limit for such Improvement Area shall be identified and approved in 5 the Unanimous Approval executed by property owners in connection with its annexation to the District. Section 19. Pursuant to the provisions of the Law,the proposition of the levy of the special tax on property in Improvement Area No. 1 and the proposition of the establishment of the appropriations limit specified above for Improvement Area No. 1 shall be submitted to the qualified electors of Improvement Area No. 1 as separate ballot measures at an election, the time, place and conditions of which election shall be as specified by a separate resolution of this Board of Directors. Section 20. This Resolution shall take effect upon its adoption. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Public Financing Authority this 26th day of March, 2024. James Stewart, Chair ATT Ran ' , Secretary [SEAL] 6 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I,Randi Johl, Secretary of the Temecula Public Financing Authority, do hereby certify that the foregoing Resolution No. TPFA 2024-10 was duly and regularly adopted by the Board of Directors of the Temecula Public Financing Authority at a meeting thereof held on the 26th day of March, 2024, by the following vote: AYES: 4 BOARD MEMBERS: Alexander, Kalfus, Schwank, Stewart NOES: 0 BOARD MEMBERS: None ABSTAIN: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None Randi Johl, Secretary I I