Loading...
HomeMy WebLinkAbout96-001 FA Ordinance ORDINANCE NO. FA 96-01 AN ORDINANCE OF THE BOARD OF DIRECTORS OF THE OLD TOWN/WESTSIDE COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY LEVYING SPECIAL TAXES WITHIN THE OLD TOWN/WESTSIDE COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY CO TY FACILITIES DISTRICT NO. 1 (OLD TOWN AREA PUBLIC IWROVEMIENTS) WHEREAS, on September 12, 1995, this Board of Directors of the Old Town/Westside Community Facilities District Financing Authority (the 'Authority') adopted a resolution entitled 'A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Intention to Establish a Community Facilities District No. 1 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 establish the Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) (the "District") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (the 'Act'), to finance certain facilities; VMEREAS, on October 10, 1995, this Board of Directors adopted a resolution amending the Resolution of Intention to add additional territory to the District, on December 12, 1995 this Board of Directors adopted a resolution maldng findings as to the complexity of the proposed District and continuing the public hearing called pursuant to the Resolution of Intention with respect to the proposed District, and on February 13, 1996 this Board of Directors adopted a resolution further amending the Resolution of Intention to add additional territory to the proposed District, to authorize the financing of additional improvements by the District, to approve a revised rate and method of apportionment of special taxes for the District and to increase the authorized bonded indebtedness of the District (said resolutions, as adopted by this Board of Directors on February 13, 1996, is herein called the 'Resolution'); VMEREAS, notice was published as required by the Act relative to the intention of this Board of Directors to form the District and to provide for the financing of the facilities (the "Facilities") referenced in the Resolution of Intention, as amended by the Amending Resolution; VMEREAS, on March 26, 1996,this Board of Directors held a noticed public hearing as required by the Act relative to the determination to proceed with the formation of the District and the rate and method of apportionment of the special tax to be levied within the District to finance the costs of the Facilities; VMEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the District and the levy of said special taxes were heard, substantial Ords.fa\96-01 evidence was presented and considered by this Board of Directors and a full and fair hearing was held; VMEREAS, subsequent to said hearing, this Board of Directors adopted resolutions entitled 'A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority of Formation of Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements ), Authorizing the Levy of a Special Tax Within The District, Preliminarily Establishing an Appropriations Limit for the District and Submitting I-evy of the Special Tax and the Establishment of the Appropriations Limit to the Qualified Electors of the District' (the 'Resolution of Formation') 'A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority Determining the Necessity to Incur Bonded Indebtedness Within the Old Town/ Westside Community Facilities District Financing Authority Community Facilities District No. 1 (Old Town Area Public Improvements) and Submitting Proposition to the Qualified Electors of the District' and 'A Resolution of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority Calling Special Election", which resolutions established the District, authorized the levy of a special tax within the District, and called an election within the District on the proposition of incurring indebtedness, levying a special tax, and establishing an appropriations limit within the District, respectively, and VMEREAS, an election was held within the District in which the eligible landowner electors approved said propositions by more than the two-thirds vote required by the Act. NOW, THEREFORE, BE IT ORDA@, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1. By the passage of this Ordinance this Board of Directors hereby authorizes and levies special taxes within the District pursuant to California Government Code Sections 53328 and 53340, at the rate and in accordance with the formula set forth in the Resolution of Formation which Resolution is by this reference incorporated herein. The special taxes are hereby levied commencing in fiscal year 1996-97 and in each fiscal year thereafter until payment in full of any bonds of the Authority issued for the District (the 'Bonds') and all costs of the District, including any costs of the administration thereof. 2. The Treasurer of the Authority is hereby authorized and directed to determine the specific special tax rate and amount to levied for each fiscal year for each parcel of real property and the interests therein the District, in the manner and as provided in the Resolution of Formation and any fiscal agent agreement for the Bonds. 3. Properties or entities of the State or local governments shall be exempt from any levy of the special taxes to the extent set forth in the rate and method of apportionment of special taxes included in the Resolution of Formation. In no event shall the special taxes be Ords.fa\96-01 2 levied on any parcel within the District in excess of the maximum tax specified in the rate and method of apportionment of special taxes included in the Resolution of Formation. 4. All of the collection of the special tax shall be used as provided for in the Act, in the Resolution of Formation and any fiscal agent agreement for the Bonds including, but not limited to, the payment of principal and interest on the Bonds, the payment of the costs of administering the District and the costs of collecting and administering the special tax. 5. The special taxes shall be collected from time to time as necessary to meet the financial obligations of the District on the tax rolls of the County of Riverside, and the special taxes shall become delinquent at the same time as other taxes collected on such rolls. The special taxes shall have the same lien priority, and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem taxes. In addition, the provisions of Section 53356.1 of the Act shall apply to delinquent special tax payments. The Treasurer of the Authority is hereby authorized and directed to provide all necessary information to the appropriate officials of the County, and to take all action necessary in order to effect proper billing and collection of the special tax, so that the special tax shall be levied and collected in sufficient amounts and at the times necessary to satisfy the financial obligations of the District in each fiscal year until the Bonds are paid in full and provision has been made for payment of all other costs of the District. Notwithstanding the foregoing, the Treasurer may collect one or more installments of the special taxes by means of direct billing of the owners of real property located within the District, and any intsallment so billed shall be delinquent if not paid when due as set forth in any such respective billing to the property owners if, in the judgment of the Treasurer, such means of collection will reduce the administrative burden on the Authority in administering the District or is otherwise appropriate in the circumstances. Further, the procedure on foreclosure of property for delinquent special taxes shall be as described in the Section 7 of the Resolution of formation and as further specified in the fiscal agreement providing for the terms of any bonds to be issued for the district to be repaid from the levy of such special taxes. Said procedures may allow for the bond owners or their representatives to credit bid delinquent amounts and penalties and interest and foreclosure costs at the foreclosure sale without posting or paying cash on other compensation, and other wise for reduced minimum bids and other expedited foreclosure procedures. 6. If for any reason any portion of this ordinance is found to be invalid, or if the special tax is found inapplicable to any particular parcel within the District, by a Court of competent jurisdiction, the balance of this ordinance and the application of the special tax to the remaining parcels within the District shall not be affected. 7. The Chairperson shall sign this Ordinance and the Secretary shall cause the same to be published within fifteen (15) days after its passage at least once in a newspaper of general circulation published and circulated in the area of the District. Ords.fa\96-01 3 8. This Ordinance shall take effect 30 days from the date of final passage. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority at a regular meeting held on the 14th day of May, 1996. Patricia H. Birdsall, Chairperson ATTEST: Ju@."Greek, CMC, City Clerk/ Authority Secretary [SEAL] STATE OF CALIFORNIA COUNTY OR RIVERSIDE ss CITY OF TEMECULA 1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Ordinance No. FA 96-01 was duly introduced at a regular meeting of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority on the 23rd day of April, 1996, and was duly adopted at a regular meeting of said Board of Directors on the 14th of May, 1996, by the following roll call vote: AYES: 4 BOARD MEMBERS: Birdsall, Ford, Roberts, Lindemans NOES: 0 BOARD MEMBERS: None ABSENT: 0 BOARD MEMBERS: None ABSTAINED: 1 BOARD MEMBERS: Stone e S. Greek, CMC, City Clerk Authority Secretary Ords.fa\96-01 4