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HomeMy WebLinkAbout16-01 TPFA Ordinance ' ORDINANCE NO. TPFA 16-01 AN ORDINANCE OF THE TEMECULA PUBLIC FINANCING AUTHORITY LEVYING SPECIAL TAXES WITHIN TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 16-01 (RORIPAUGH RANCH PHASE 2) THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC FINANCING AUTHORITY ORDAINS AS FOLLOWS: Section 1. On March 22, 2016, this Board of Directors of the Temecula Public Financing Authority (the "Authority") adopted a resolution 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 — Roripaugh Ranch Phase 2" (the "Resolution of Intention"), stating its intention to establish the Temecula Public Financing Authority Community Facilities District No. 16-01 (Roripaugh Ranch Phase 2) pursuant to the Mello-Roos Community Facilities Act of 1982, Section 53311 et seq. of the California Government Code (the "Law"), to finance the prepayment of certain special taxes, and the costs of certain public improvements (the "Facilities") and of certain public services (the "Services"). Section 2. Notice was published as required by the Law of the public hearing called pursuant to the Resolution of Intention relative to the intention of this Board of Directors to form the District and to provide for the costs of the Facilities. Section 3. The Resolution of Intention called for a public hearing on the District to be held on April 26, 2016 and on such date this Board of Directors held the public hearing relative to the determination to proceed with the formation of the District. Section 4. At the public hearing all persons desiring to be heard on all matters pertaining to the formation of the District and the levy of special taxes in the District were heard, substantial evidence was presented and considered by this Board of Directors and a full and fair hearing was held. Section 5. Subsequent to said hearing, this Board of Directors adopted resolutions entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority of Formation of Temecula Public Financing Authority Community Facilities District No. 16-01 (Roripaugh Ranch Phase 2), Authorizing the Levy of a Special Tax Within the District, Preliminarily Establishing an Appropriations Limit for the District and Submitting Levy 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 Temecula Public Financing ' Authority Determining the Necessity to Incur Bonded Indebtedness Within Temecula Public Financing Authority Community Facilities District No. 16-01 (Roripaugh Ranch Phase 2) and Submitting Proposition to the Qualified Electors of the District' (the TPFA Ords 16-01 1 "Resolution of Necessity") and "A Resolution of the Board of Directors of the Temecula ' Public Financing Authority Calling Special Election Within Community Facilities District No. 16-01 (Roripaugh Ranch Phase 2)", which resolutions established the District, authorized the levy of a special tax with 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. Section 6. On April 26, 2016 an election was held within the District in which the two eligible landowner electors approved said propositions. Section 7. By the passage of this Ordinance this Board of Directors hereby authorizes and levies special taxes within the District, pursuant to the Law, at the rate and in accordance with the rate and method of apportionment of special taxes for the District approved by the Resolution of Formation (the "Rate and Method") which Resolution is by this reference incorporated herein. The special taxes are hereby levied commencing in Fiscal Year 2016-2017 and in each fiscal year thereafter until payment in full of any bonds issued by the Authority for the District (the "Bonds') as contemplated by the Resolution of Formation and the Resolution of Necessity, payment in full all costs of administering the District, and so long as necessary to pay for the Services. Section 8. The Authority Treasurer is hereby authorized and directed to work with the Finance Director for the City of Temecula (who is identified as the "CFD ' Administrator" in the Rate and Method) each fiscal year to determine the specific special tax rate and amount to be levied for each parcel of real property within the District, in the manner and as provided in the Rate and Method. Section 9. Properties or entities of the State, federal or local governments shall be exempt from any levy of the special taxes, to the extent set forth in the Rate and Method attached as Exhibit A to the Resolution of Formation. In no event shall the special taxes be levied on any parcel within the District in excess of the maximum tax specified in the Rate and Method. Section 10. All of the collections of the special tax shall be used as provided for in the Law and in the Resolution of Formation including the payment of principal and interest on the Bonds, the replenishment of the reserves for the Bonds, the payment of the costs to provide the Services, the costs of the Authority and the City of Temecula in administering the District, and the costs of collecting and administering the special tax. Section 11. The special taxes shall be collected from time to time as necessary to meet the financial obligations of the District on the secured real property tax roll in the same manner as ordinary ad valorem taxes are collected. 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 California Government Code shall apply to ' delinquent special tax payments. The Treasurer is hereby authorized and directed to provide all necessary information to the auditor/tax collector of the County of Riverside TPFA Ords 16-01 2 and to otherwise take all actions 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 of the administrative costs of the District. Notwithstanding the foregoing, the Treasurer may collect one or more installments of the special taxes on any one or more parcels in the District by means of direct billing by the Authority of the property owners within the District, if any of the Bonds bear interest at a variable interest rate, or otherwise 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. In such event, the special taxes shall become delinquent if not paid when due as set forth in any such respective billing to the applicable property owners. Section 12. 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. PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula Public Financing Authority this 10th day of May, 2016. n n � Michae Naggar, Chair ATTES z Randi Jo , retary [SEAL] TPFA Ords 16-01 3 ' 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 Ordinance No. TPFA 16-01 was duly introduced and placed upon its first reading at a meeting of the Board of Directors of the Temecula Public Financing Authority on the 26th day of April, 2016, and that thereafter, said Ordinance was duly adopted by the Board of Directors of the Temecula Public Financing Authority at a meeting thereof held on the 10th day of May, 2016, by the following vote: AYES: 3 BOARD MEMBERS: Edwards, McCracken, Rahn NOES: 0 BOARD MEMBERS: None ABSTAIN: 2 BOARD MEMBERS: Comerchero, Naggar ABSENT: 0 BOARD MEMBERS: None ' Randi Johl, Secretary TPFA Ords 16-01 4