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HomeMy WebLinkAbout98-05 WHFA ResolutionRESOLUTION NO. WHFA 98-05 A RESOLUTION OF THE BOARD OF DIRECTORS OF ~ WINCH'ESTER HILLS FINANCING AUTHORITY OF INTENTION TO ESTABLISH A COMMUNITY FACII,ITIES DISTRICT AND TO AUTHORIZE THE LEVY OF SPECIAL TAXES PURSUANT TO ~ MELLO-ROOS COMMUNITY FACILITIES ACT OF 1982 W'!:I'ERRAS, under 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 Board of Directors of the Winchester Hills Financing Authority (the "Authority") is authorized to establish a community facilities district and to act as the legislative body for a community facilities district; and WH!~.REAS, this Board of Directors has received a petition by an owner of land within the Winchester Hills area of the City of Temecula requesting the formation of a community facilities district to refinance public improvements by means of refinancing certain assessment liens levied by the County of Riverside on such land; and WltF. REAS, this Board of Directors now desires to proceed with the establishment of a community facilities district under the Act for such purpose. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Winchester Hills Financing Authority as follows: Section 1. This Board of Directors proposes to conduct proceedings to establish a community facilities district pursuant to the Act. Section 2. The name proposed for the community facilities district (the "District") is Winchester Hills Financing Authority Community Facilities District No. 98-1 (Winchester Hills). Section 3. The proposed boundaries of the District are as shown on the map of the District 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 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 referred to in Section 10 below. Section 4. The assessment liens (the "Liens") proposed to be refinanced by the District and pursuant to the Act are described on Exhibit A hereto and by this reference incorporated herein. R:~xe~on.whfi98-05 I Section 5. Except to the extent that funds are otherwise available to the District to pay the principal and interest as it becomes due on bonds of the District issued to refinance the Liens, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its designee 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 the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. This Board of Directors hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities distric0 are inapplicable to the District. Section 6. It is the intention of this Board of Directors acting as the legislative body for the District to cause bonds of the Authority to be issued for the District pursuant to the Act to retinanee in whole or in part the Liens. Said bonds shall be in the aggregate principal amount of not to exceed $16,000,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in the proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. Section 8. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City of Temecula, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the refinancing of the Liens and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this Board of Directors will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District. Section 9. The Director of Public Works of the City of Temecula, as the officer having charge and control of public improvements constructed in the District, or his designee, is hereby directed to study said proposed refinancing of the Liens and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: R:Lresos.whth98-05 2 (a) A description of the public improvements by type to which the Liens pertain, and of the amounts of the Liens. (b) An estimate of the fair and reasonable cost of refinancing of the Liens including incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for below. Section 10. Tuesday, April 14, 1998, at 7:00 p.m., in the City Council Chambers, 43200 Business Park Drive, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. Section 11. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said heating. Said notice shall be substantially in the form of Exhibit C hereto. PASSi~, APPROVED AND ADOPTED, by the Board of Directors of the Winchester Hills Financing Authority at a regular meeting held on the 24th day of February, 1998. ATTEST: J~G'~Comerchero, Chairperson ity Cler Allff. A.A~uu~ority Secretary [SEAL] R:~e~.whf~98-05 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) CITY OF TEMECULA ) SS I, Susan W. Jones, Secretary of the Winchester Hills Financing Authority, HEREBY DO CERTIFY that the foregoing Resolution No. WHFA 98-05 was duly adopted at a regular meeting of the Board of Directors of the Winchester Hills Financing Authority on the 24th day of February, 1998, by the following roll call vote: AYES: 5 BOARDMEMBERS: Ford, Lindemans, Roberts, Stone, Comerchero NOES: 0 BOARDMEMBERS: None ABSENT: 0 BOARDMEMBERS: None Jones, ~MC, J ty Cler~rity Secretary R:~renos.whf~98-05 4 WINCHESTER HILLS FINANCING AUTHORITY Community Facilities District NO. 98-1 (WINCHESTER HH~LS) DESCRIPTION OF LIENS TO BE REFINANCED BY THE DISTRICT Special assessment liens levied on property in the District by the County of Riverside acting through its Assessment District 161 and through its Assessment District 156. R:L,'esoJ.whf~98-05 5 WINCHESTER HILLS FINANCING AUTHORITY Community Facilities District NO. 98-1 (WINCHESTER HILLS) RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX [to come from David Taussig and Associates] R:\resos.whf~98-05 6 EXHIBIT C NOTICE OF PUBLIC FrF~ARING Winchester Hi!!.~ Financing Authority Community Facilities District No. 98-1 (Winchester Hills) Notice is hereby given that on February 24, 1998, the Board of Directors of the Winchester Hills Financing Authority adopted a Resolution entitled "A Resolution of the Board of Directors of the Winchester Hills Financing Authority 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". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act") the Board of Directors hereby gives notice as follows: A. The text of said Resolution of Intention is as follows: WltgZREAS, under 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 Board of Directors of the Winchester Hills Financing Authority (the "Authority") is authorized to establish a community facilities district and to act as the legislative body for a community facilities district; and WHEREAS, this Board of Directors has received a petition by an owner of land within the Winchester Hills area of the City of Temecula requesting the formation of a community facilities district to refinance public improvements by means of refinancing certain assessment liens levied by the County of Riverside on such land; and WHEREAS, this Board of Directors now desires to proceed with the establishment of a community facilities district under the Act for such purpose. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Winchester Hills Financing Authority as follows: Section 1. This Board of Directors proposes to conduct proceedings to establish a community facilities district pursuant to the Act. Section 2. The name proposed for the community facilities district (the "District") is Winchester Hills F'mancing Authority Community Facilities District No. 98-1 (Winchester Hills). Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the Secretary, which boundaries are hereby preliminarily approved and to R:\resos.whfi98-05 7 which map reference is hereby made for further particulars. The Secretary is hereby directed to record, or cause to be recorded, said 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 referred to in Section 10 below. Section 4. The assessment liens (the "Liens") proposed to be refinanced by the District and pursuant to the Act are described on Exhibit A hereto and by this reference incorporated herein. Section 5. Except to the extent that funds are otherwise available to the District to pay the principal and interest as it becomes due on bonds of the District issued to refinance the Liens, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its designee 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 the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. This Board of Directors hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities distric0 are inapplicable to the District. Section 6. It is the intention of this Board of Directors acting as the legislative body for the District to cause bonds of the Authority to be issued for the District pursuant to the Act to retinanee in whole or in part the Liens. Said bonds shall be in the aggregate principal amount of not to exceed $16,000,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in the proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. Section 8. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City of Temecula, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the refinancing of the Liens and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this Board of Directors will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District R:\r~aos.whfi98-05 8 which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District. R:'u'esos.wht~98--05 9 Section 9. The Director of Public Works of the City of Temecula, as the officer having charge and control of public improvements constructed in the District, or his designee, is hereby directed to study said proposed refinancing of the Liens and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: (a) A description of the public improvements by type to which the Liens pertain, and of the amounts of the Liens. (b) An estimate of the fair and reasonable cost of refinancing of the Liens including incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for below. Section 10. Tuesday, April 14, 1998, at 7:00 p.m., in the City Council Chambers, 43200 Business Park Drive, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. Section 11. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. B. The exhibits to the Resolution which describe the liens to be refinanced and the rate and method of apportionment of the special taxes for the district are on file in the office of the Secretary of the Authority. C. The time and place established under said Resolution for the public hearing required under the Act are Tuesday, April 14, 1998, at 7:00 p.m., in the City Council Chambers, 43200 Business Park Drive, Temecula, California. D. At said hearing, the testimony of all interested persons or taxpayers for or against the establishment of the district, the extent of the district or the refinancing of the liens will be heard. Any person interested may file a protest in writing as provided in Section 53323 of the Act. If fifty percent or more of the registered voters, or six registered voters, whichever is more, residing in the territory proposed to be included in the district, or the owners of one-half or more of the area of land in the territory proposed to be included in the district and not exempt from the special tax, file written protests against the establishment of the district and the protests are not 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 for period of one year from the date of decision of the Board of Directors, and if the majority protests of the registered voters R:~reaos.wht~98-05 10 or landowners are only against the refinancing of a specific lien within the district, or against levying a specified special tax, those liens or the specified special tax will be eliminated from the proceedings to form the district. E. The proposed voting procedure shall be by special mail or hand-delivered ballot to the property owners within the territory proposed to be included in the district. Dated: ,1998 By: /s/ Susan W. Jones. CMC Acting City Clerk, Authority Secretary Winchester Hills Financing Authority R:Lreson.whf~98-05 11