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HomeMy WebLinkAbout96-01 FA Resolution RESOLUTION NO. FA 96-01 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OLD TOWN/WESTSIDE COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY AMIENDING RESOLUTIONS OF INTENTION FOR COMMUNITY FACILITIES DISTRICT NO. I (OLD TOWN AREA PUBLIC IMPROVEMENTS) TO INCLUDE ADDITIONAL LAND WITHIN THE PROPOSED DISTRICT, AUTHORIZE THE FINANCING OF ADDITIONAL IMPROVEMENTS, APPROVE A REVISED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES, AND INCREASE THE AUTHORIZED BONDED INDEBTEDNESS OF THE DISTRICT WHEREAS, On September 12, 1995, the Old Town/Westside Community Facilities District Financing Authority (the "Authority") adopted its Resolution No. 95-02 and 95-03 (collectively, the "Initial Resolution") expressing the intention of the Board of Directors of the Authority to form the Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. l(Old Town Area Public Improvements) (the "District"), to levy a special tax within the District to pay the costs of certain public improvements identified therein (the "Public Improvements"), and to issue bonded indebtedness to finance such costs; and WHEREAS, Resolution No. 95-02 approved a proposed boundary map for the District in the form on file with the Secretary (the "Original Map"), and the boundaries of the District referred to in the Initial Resolution were as set forth on the Original Map; and WHEREAS, On October 10, 1996, the Authority adopted its Resolution No. FA95- 06 amending the proposed boundaries of the District to include additional territory, and on December 12, 1995, the Authority adopted a Resolution making a finding that additional time was required in order to complete the public hearings called pursuant to the Initial Resolutions, and continuing said public hearings to January 9, 1996; and WHEREAS, On January 10, 1996, this Board of Directors further continued the public hearings called pursuant to the Initial Resolutions to February 13, 1996; and WHEREAS, the proponents of the District have now requested that additional territory be added to the boundaries of the District, the District be authorized to finance additional improvements, the proposed rate and method of apportionment of special taxes for the District be revised, and the amount of bonded indebtedness that the District can incur be increased, all as further set forth below; and WHEREAS, this Board of Directors now desires to amend the Initial Resolutions as Resos.FA\96-01 requested by the proponents of the District and set forth below, to set a new date for the public hearings described in the Initial Resolutions and to direct publication of a revised notice of public hearing in the form herein approved. NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority as follows: 1. The proposed boundaries of the District are hereby amended to include all of the land indicated on the Second Amended Map of the Distr 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 Second Amended 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, but in any event at least fifteen days prior to the public hearing refeffed to in Section 6 below. 2. The Initial Resolutions are here amended to reflect that the proposed boundaries of the District are as set forth in the Second Amended Map of the District referred to in Section I above. 3. The description of the Public Improvements proposed to be financed by the District, as set forth in Exhibit A to Resolution No. FA95-02, are hereby amended to include the following: (a) Construction of a new roadway as a four (4) lane divided roadway from near the Front Street/Highway 79 South intersection, to Vincent Moraga Drive, a distance of approximately 5,600 feet. Vincent Moraga Drive, a four(4) lane undivided roadway, will be constructed from this intersection, northerly, to join existing Vincent Moraga Drive, approximately 1,200 feet. Roadway grading will be completed for the future extension of the Western bypass corridor approximately 3,400 feet from Vincent Moraga Drive to join Rancho California Road. The work will include, but not be limited to, the following; (i) acquisition of necessary right-of-way, (ii) construction of a bridge over Murrieta Creek and Rancho California Road,(iii) construction of sidewalks, curbs and gutters, (iv) construction of roadway between the curbs, consisting of an approximately 78 foot wide roadway with an approximately 12 foot wide raised median island, (v) installation of landscaping and irrigation, (vi) installation of water system facilities, (vii) installation of sanitary sewer system, (viii) installation of street lighting system, (ix) construction and/or installation of any facilities or appurtenances incident to any of the foregoing, (x) costs of engineering, design, acquisition of land and/or public easements, planning, insurance, legal and accounting expenses and coordination related to the above-listed facilities; and (b) The elimination of any fixed special assessment liens imposed on any property located in the District pursuant to assessment proceedings to finance all or any portion of the improvements described in the preceding clause(a). Resos.FA\96-01 2 4. The proposed rate and method of apportionment of the special taxes for the District, as set forth in Exhibit B to Resolution No., FA95-02, is hereby amended in its entirety to be as set forth in Exhibit B attached hereto and by this reference incorporated herein. 5. By reason of the additional Public Improvemtns described in Section 3 above the amount required for financing of the portion of the costs of the Public Improvements to be financed by the District has increased by up to $10,000,000, such that it is necessary to increase the maximum bonded indebtedness for the District from $12,500,000 (as referenced in Section 6 of Resolution No. FA 95-02, and Sections 1 and 2 of Resolution No. FA 95-03) to $27,500,000. Accordingly, the Initial Resolutions are hereby amended by deleting therefor, in each place it appears in the Initial Resolution, "$12,500,000," and by inserting therein, in lieu thereof, "$27,500,000." 6. The Secretary is hereby directed to publish a notice of a revised date for the public hearing referred to in Section 10 of Resolution No. 95-02 and Section 4 of Resolution No.95-03, said notice of the revised date 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 as soon as practicable, but in any event at least seven (7) days before March , 1996, which is hereby designated as the revised date set for said public hearings. Said notice shall substantially be in the form of exhibit A hereto. 7. Except as amended pursuant to this Resolution and Resolution NO. FA95-06, the provisions of Resolution Nos. 95-02 and 95-03 are hereby ratified and confirmed. 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 13th day of February, 1996. Patricia H. Birdsall, Chairperson ATTEST: June S. @ek, CMC, City Clerk/ Authority Secretary [SEAL] Resos.FA\96-01 3 STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) SS CITY OF TEMECULA ) 1, June S. Greek, City Clerk of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution NO. FA96-01 was duly adopted at a regular meeting of the Board of Directors of the Old Town/Westside Community Facilities District Financing Authority on the 13th day of February, 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 June@dreek, CMC, City-Clerk/ Authority Secretary Resos.FA\96-01 4 EXHIBIT A NOTICE OF PUBLIC HEARING OLD TOWN/WESTSIDE COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 1 (OLD TOWN AREA PUBLIC IMPROVEMENTS) Notice is hereby given that on February 13, 1996 the Board of Directors of the Old Town[Westside Community Facilities District Financing Authority (the "Authority) adopted a Resolution (the 'Amending Resolution") approving a second revised boundary map for its proposed Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. I (Old Town Area Public Improvements) the (the "District"), authorizing the financing of additional facilities by the District, approving a revised rate and method of apportionment of special taxes for the District and increasing the authorized bonded indebtedness of the District, and otherwise amending its Resolution Nos. 95-02 and 95-03 relating to the District previously adopted by the Board of Directors on September 12, 1995. The Amending Resolution changed the date of the public hearings called pursuant to Resolutions Nos. 95-02 and 95-03 from October 17, 1995 to March 26, 1996. Accordingly, March 26, 1996 at 7:00 p.m. or as soon as possible thereafter, in the Community Recreation Center, 30875 Rancho Vista Road, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where the Board of Directors of the Authority, as legislative body for the District, will conduct public hearings on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the information of the District, the levy of special tax as therein and the issuance of bonded indebtedness therefore. At said hearings, the testimony of all interested persons or taxpayers for or against the establishment of the District, the extent of the District, the furnishings of the specified types of facilities to be financed by the District and the issuance of bonds for the District will be heard. Any person interested may file a protest in writing as provided in Section 53323 of the Mell-Roos Community Facilities Act of 1982. If fifty percent or more of the registered voters, or six District (as said territory is set forth in the revised boundary map for the District approved pursuant to the Amending Resolution), or the owners of one-half or more of the area of land in the territory proposed to be included in the District (as said territory is set forth in the revised boundary map for the District approved pursuant to the Amending Resolution) and not exempt from the special tax, file written protests against the establishment of the District or the issuance of bonds therefore and the protests are not Resos.FA\96-01 5 withdrawn to reduce the value of the protests to less than a majority, the BOARD of Directors shall take no further action to create the District or levy the special taxes or issue such debt for period of one year from the date of decision of the Board of Directors, and if the majority protests of the registered voters or landowners are only against the furnishing of a type or types of facilities within the District, or against levying a special special tax, those types of facilities or the specified special tax will be eliminated from the proceedings to form the District. Copies of the foregoing resolutions are available for inspection in the office of the City Clerk of the City of Temecula. June S. Greek, CMC, City Clerk/ Authority Secretary Resos.FA\96-01 6 EXHIBIT B RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES OLD TOWN[WESTSIDE COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY Community Facilities District No. 1 (Old Town Area Public Improvements) A special tax shall be levied on each Parcel of land within the Old Town/Westside Community Facilities District Financing Authority Community Facilities District No. I (Old Town Area Public Improvements) (the "District"), and collected according to the Special Tax Liability determined by the Responsible Party of the Old Town/Westside Community Facilities District Financing Authority (the "Authority") 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 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 for Judicial foreclosure with respect thereto in any Fiscal Agent Agreement for ai-iy Bonds of the Authority for the District. Notwithstanding the foregoing, the Authority may collect the special taxes at such other times or in such other manner as necessary or convenient to satisfy the obligations of the District. MAXIMUM SPECIAL TAX The maximum special tax that may be levied in the Fiscal Year ending June 30, 1996 on any Parcel shall not exceed the sum of (1)The maximum building special tax rate of $17.00 per building square foot, multiplied times the sum of the Building Floor Area for all buildings on the Parcel-, plus (11)The maximum land special tax rate of $15,00 per land square foot, multiplied times the Land Area of the Parcel. The special tax shall be levied annually. The maximum building special tax and the maximum land special tax shall increase each Fiscal Year from the maximum special tax for the Fiscal Year ending June 30, 1996 by 2%, compounded annually. A Parcel shall be subject to the maximum special tax for not more than 40 years. In no event shall the maximum special tax on any Parcel used for private residential purposes exceed any limitation imposed under Section 53321 of the California Government Code. ..\cfdl 96-2 r&m February 7, 1996 Bl ASSIGNMENT TO CATEGORIES; LEVV ANNUAL TAX CATEGORIES On or about July I 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 within the District, whether or not such Parcel is Taxable Property. Parcels subject to levy shall be determined based upon the records of the County Assessor as of the March I preceding such July 1. LEVY The Responsible Party shall then determine the estimated aggregate Special Tax Liability for the Fiscal Yearcommencing such July 1, and levy on each Parcel which is Taxable Property, as follows: Step 1:Determine the Building Floor Area for each respective Parcel which is Taxable Property, and the total Building Floor Area for all Parcels which are then Taxable Property in the District. Step 2:Calculate the annual building tax rate by dividing an amount equal to 85% of the Special Tax Liability, by the total Building Floor Area for all Parcels which are then Taxable Property. Step 3:Multiply the total Building Floor Area for each respective Parcel which is Taxable Property by the lesser of (1) the annual building tax rate; or (11)the maximum building special tax rate for the Fiscal Year commencing such July 1. Step 4:Determine the Land Area for each Parcel of Taxable Property in the District and the total Land Area for all Parcels which are then Taxable Property in the District. Step 5:Calculate the annual land tax rate as the lesser of (1)(the sum of the Special Tax Liability less the total of the funds generated for all Parcels which are then TaxzCole Property under Step 3 above), divided by the total Land Area (by square footage) for all Parcels which are then Taxable Property; or (11)the maximum land special tax for the Fiscal Year commencing such July 1. ..\cfdl 96-2 r&m February 7, 1996 B2 Step 6-.Multiply the Land Area for each Parcel which is Taxable Property by the annual land tax rate determined under Step 5. 1 1 Step 7:Calculate the sum of the building tax (from Step 3) and the land tax (from Step 6) for each Parcel which is Taxable Property. PREPAYMENTS Special tax prepayments may be made for property su@ject to the levy of the special taxes., A particular Parcel may prepay the special tax, provided that all authorized Bonds that are to be issued, have been issued. Any property owner in the District that desires to prepay the annual special taxes on a particular Parcel shall notify the Responsible Party in writing of such intention not less than 90 days prior to an interest payment date and the prepayment must be made not less than 45 days prior to such interest payment. The following must be applied for a prepayment of a particular Parcel: a.'The prepayment amount for a particular Parcel shall be calculated by the Responsible Paity, as follows: I .Compute the special tax for such Parcel by the total special tax for the then current Fiscal Year. 2.The prepayment amount is computed by dividing the special tax for the Parcel by the total special tax for all properties for the then current Fiscal Year within the District, and multiplying the results by the principal amount of any outstanding Bonds. The result shall be rounded up to the nearest five thousand dollars ($5,000); provi 'ded however, that if the Authority is provided with prepayments of special tax for more than one Parcel at the same time, then the total prepayments shall be aggregated and the aggregated prepayment amount shall be rounded up to the nearest five thousand dollars ($5,000). 3.The prepayment amount calculated in (2) above for a particular Parcel will be (a) increased in the amount of (1) applicable redemption premium, if any, on the Bonds; (11) an amount determined by the Responsible Party to offset any difference between the amount needed to pay debt service on the Bonds and the amount derived from the reinvestment of the prepaid special tax pending the redemption of such Bonds; and (111) amount determined by the Responsible Party to pay for the applicable Administrative Expenses to provide such prepayment; and (b) decreased for any reduction in Bond reserves due to the prepayment. 4.Determination of the total amount needed by the Responsible Party shall be conclusive, absent manifest error. ..\cfdl 96-2 r&m February 7, 1996 B3 b.The Parcel with respect to which prepayment is 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. DEFINITIONS Administrative 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 Authority and the City in carrying out their respective 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 their respective counsel, any fees of the County related to the District or the collection of special taxes, an allocable share of the salaries of the Authority and the City staff directly related thereto and a proportionate amount of Authority and the City general administrative overhead related thereto, 'd by the Author'ty or the C'ty, respectively, from 'ts own funds with respect to the any amounts pal 1 District or the Bonds, and all other costs and expenses of the Authority, the City or the Fiscal Agent incurred in connection with the discharge of their respective duties under the Fiscal Agent Agreement and, in the case of the Authority and the City, in any way related to administration of the District. Authority means the Old Town/Westside Community Facilities District Financing Authority. Bonds means any bonds of the Authority issued for the District under Mello-Roos Community Facilities Act of 1982, as amended, authorized to be issued under the Resolution of Issuance. Building Floor Area means the area included within the surrounding exterior walls of a building, including each floor of multiple story buildings, exclusive of vent shafts and courts (defined here as open and unobstructed to the sky). The Building Floor Area will be determined by the Responsible Party by reference to City or County approved building plans or other such documentation as the Responsible Party shall determine. City means the City of Temecula. County means the County of Riverside. Debt Service, for each Fiscal Year, is the total annual principal and interest payable on the Bonds during the calendar year which commences in such Fiscal Year, less any capitalized interest and any other amounts remaining in the bond fund held under the Fiscal Agent Agreement as of the end of the previous Fiscal Year available to make such payments. ..\cfdl 96-2 r&m February 7, 1996 B4 District means the Old Town/Westside Community Facilities District Financing Authority Community Fz,.cilities District No. I (Old Town Area Public Improvements). Fiscal Agent means the Fiscal Agent designated 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. Land Area means the measure of land area of a Parcel, in square feet of land, rounded up to the nearest whole integer. Parcel means any County Assessor's parcel or portion thereof that is within the boundaries of the District based on the equalized tax rolls of the County. Resolution of Issuance is any Resolution adopted by the Authority authorizing the issuance of Bonds. Responsible Party is any person or persons who the Authority may appoint from time to time to compute the levy of the special taxes within the District. Special Tax Liability for any Fiscal Year is an amount sufficient to pay Debt Service for such Fiscal Year, Administrative Expenses for such Fiscal Year, an amount necessary, as determined by the Responsible Party, to offset pr 'ected tax delinquencies that may occur in such Fiscal Year Oi based on prior Fiscal Year delinquencies and to otherwise replenish any reserve fund established for the Bonds, 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 shall mean all real property within the boundaries of the District that is owned in fee by T.Z.B.G., Inc. or BFD/OTEP, a California corporation, at any time between the adoption of the resolution of formation for the District and the date that is one year after the adoption of the resolution of formation, provided however, that the following property shall be exempt from the special tax (1) any real property that is exempt from taxation by law, (11) any acres of land owned, conveyed or irrevocably offered for dedication to and accepted by a public agency, including but not limited to, the federal government, the State of California and any local governmental agency, and (111) 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. ..\cfdl 96-2 r&m February 7, 1996 B5