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HomeMy WebLinkAbout02-01 TPFA OrdinanceORDINANCE NO. TPFA 02-01 AN ORDINANCE OF THE TEMECULA PUBLIC FINANCING AUTHORITY LEVYING SPECIAL TAXES WITHIN TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 01-2 (HARVESTON) WHEREAS, on December 11, 2001, 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" (the "Resolution of Intention"), stating its intention to establish the Temecula Public Financing Authority Community Facilities District No. 01-2 (Harveston) pursuant to the Mello-Roos Community Facilities Act of 1982, Section 53311 et seq. of the California Government Code (the "Law"), to finance a portion of the costs of certain public improvements (the "Facilities"), fund certain annual maintenance services (the "Services") and to finance the defeasance of certain bonds (the "Prior Bonds") secured by a special tax lien on parcels in the District; WHEREAS, 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 a portion of the costs of the Facilities, fund the annual costs of the Services and pay the costs to defease the Prior Bonds; WHEREAS, the Resolution of Intention called for a public hearing on the District to be held on January 22, 2002 and on such date this Board of Directors opened the public hearing and continued the public hearing to February 12, 2002; and WHEREAS, on February 12, 2002, this Board of Directors adopted a resolution entitled "A Resolution of the Board of Directors of the Temecula Public Financing Authority Making Findings of Complexity of Proposed Community Facilities District No. 01-2 (Harveston)," pursuant to which resolution this Board of Directors found that the complexity of the District and the need for public participation required additional time, and thereby further continued the public hearing to February 26, 2002; and WHEREAS, on February 26, 2002, this Board of Directors again continued the public hearings to March 5, 2002, and on March 5, 2002, this Board of Directors again continued the public hearings to March 26, 2002; and WHEREAS, since the date of adoption of the Resolution of Intention, (i) the list of the Facilities eligible to be funded by the District has been revised to eliminate certain improvements previously listed in the Resolution of Intention, and (ii) the proposed Rate and Method of Apportionment of Special Taxes for the District (the "Rate and Method") has been revised to clarify certain matters set forth therein, and the landowners in the District have been provided with the revised description of the Facilities and the revised Rate and Method; and WHEREAS, on March 26, 2002 this Board of Directors held the public hearing as required by Law relative to the determination to proceed with the formation of the District and the Rate and Method; R:/TPFA Ords 2002/TPFA Ords 02-01 1 WHEREAS, at the public hearing all persons desiring to be heard on all matters pertaining to the formation of the District and the levy of the special taxes were heard, substantial evidence was presented and considered by this Board of Directors and a full and fair hearing was held; WHEREAS, 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. 01-2 (Harveston), 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. 01-2 (Harveston) and Submitting Proposition to the Qualified Electors of the District" (the "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. 01-2 (Harveston)", 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; and WHEREAS, on March 26, 2002 an election was held within the District in which the eligible landowner electors approved said propositions. NOW, THEREFORE, BE IT RESOLVED by the Board (~f Directors of the Temecula Public Financing Authority as follows: Section 1. 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 approved by the Resolution of Formation which Resolution is by this reference incorporated herein. The special taxes are hereby levied commencing in the current fiscal year 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 and payment in full all costs of administering the District have been paid. Section 2. The Authority Treasurer is hereby authorized and directed 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 Resolution of Formation. Section 3. 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 of Apportionment of the Special Taxes attached as Exhibit B to the Resolution of Intention. In no event shall the special taxes be levied on any parcel within the District in excess of the maximum tax specified in said Rate and Method of Apportionment of the Special Taxes. Section 4. 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 of the Authority and the City of Temecula in administering the District, the payment of the costs of R:/'rPFA Ords 2002/TPFA Ords 02-01 2 providing the Services, costs of the defeasance of the Prior Bonds and the costs of collecting and administering the special tax. Section 5. 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 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 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 pamel 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 at a meeting held on the 9th day April, 2002. ~~air~erson ATTEST: ;[~EAL] R:/TPFA Ords 2002/TPFA Ords 02-01 3 STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Susan Jones, Secretary of the Temecula Public Financing Authority, HEREBY DO CERTIFY that the foregoing Ordinance No. TPFA 02-01 was duly introduced and placed upon its first reading at a regular meeting of the Temecula Public Financing Authority on the 26th day of March, 2002, and that thereafter, said Ordinance was duly adopted and passed at a regular meeting of the Board of Directors of the Temecula Public Financing Authority on the 9th day of April, 2002, by the following vote: AYES: 4 BOARDMEMBERS: Comerchero, Naggar, Stone, Roberts NOES: 0 BOARDMEMBERS: None ABSENT: 1 BOARDMEMBERS: Pratt ABSTAIN: 0 BOARDMEMBERS: None ~~CMC ~ ~ority Secretary R:/TPFA Ords 2002/TPFA Ords 02-01 4