ORDINANCE NO. 713.1

 

ORDINANCE OF THE BOARD OF SUPERVISORS OF THE COUNTY

OF RIVERSIDE, STATE OF CALIFORNIA, AMENDING ORDINANCE NO. 713

AND AUTHORIZING THE LEVY OF A SPECIAL TAX WITHIN IMPROVEMENT AREA NO. 1 OF COMMUNITY FACILITIES DISTRICT NO. 86-1 OF THE COUNTY

OF RIVERSIDE (MENIFEE VILLAGE) PURSUANT TOTHE REVISED RATE

AND METHOD OF APPORTIONMENT OF SPECIAL TAX

 

 

WHEREAS, the Board of Supervisors (the "Board of Supervisors") of the County of Riverside (the "County") serving in its capacity as the legislative body for Community Facilities District No. 86-1 of the County of Riverside (Menifee Village) ("Community Facilities District No. 86-1") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, comprising Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the "Act"), Resolution No. 91-330, adopted by the Board on June 25, 1991, and a special election held on July 23, 1991, has established Improvement Area No. 1 (AImprovement Area No. 1") of Community Facilities District No. 86-1; and

 

WHEREAS, the Board of Supervisors has heretofore adopted Resolution No. 96-298 stating that it would consider the annexation of certain property located within Community Facilities District No. 86-1 to Improvement Area No. 1 and would consider an alteration to the rate and method of apportionment of the special tax for Improvement Area No. 1 pursuant to the Act; and

 

WHEREAS, on November 27, 1996, notice was mailed to each of the landowners within the proposed boundaries of Improvement Area No. 1 of Community Facilities District No. 86-1 known to the Clerk of the Board of Supervisors; and

 

WHEREAS, on December 6, 1996, notice was published in The Press Enterprise as required by the Act relative to the consideration by the Board of Supervisors of the annexation of certain property to Improvement Area No.1 and of an alteration of the rate and method of apportionment of the special tax that is levied within Improvement Area No. 1 to finance certain public facilities and secure the payment of bonded indebtedness authorized to be issued by Community Facilities District No. 86-1; and

 

WHEREAS, on December 17, 1996, the Board of Supervisors initially continued to January 14, a noticed public hearing required by the Act relative to the annexation of certain property to Improvement Area No. 1 and the alteration of the rate and method of apportionment of the special tax for Improvement Area No. 1, and on January 14, 1997, the Board of Supervisors again continued said noticed public hearing to January 21, 1997, at which time the public hearing was held and at the conclusion of which the Board of Supervisors determined to proceed with the annexation of property to Improvement Area No. 1 and the alteration of the rate and method of special tax for Improvement Area No. 1; and

 

WHEREAS, at the January 21, 1997 public hearing, all persons desiring to be heard on all matters pertaining to the annexation of certain property to Improvement Area No. 1 and the alteration of the rate and method of apportionment of the special tax for Improvement Area No. 1 were heard and a full and fair hearing was held; and

 

WHEREAS, on January 21, 1997, the Board of Supervisors adopted Resolution No. 97-027, approving the annexation of certain property to Improvement Area No. 1 and the alteration of the rate and method of apportionment of the special tax for Improvement Area No. 1 and called a special election for the owners of the property to be annexed to Improvement Area No. 1 for May 6, 1997 on the propositions of annexing the property to Improvement Area No. 1 and altering the rate and method of apportionment of the special tax for Improvement Area No. 1 and called a special election for the owners of property within Improvement Area No. 1 for May 6, 1997 on the proposition of altering the rate and method of apportionment of the special tax for Improvement Area No.1; and

 

WHEREAS, on May 6, 1997 a special election was held at which the qualified electors approved by more than two-thirds vote the propositions regarding the annexation of certain property to Improvement Area No. 1 and the alteration of the rate and method of apportionment of the special tax for Improvement Area No. 1;

 

NOW, THEREFORE, the Board of Supervisors of the County of Riverside acting in its capacity as the legislative body of Community Facilities District No. 86-1 of the County of Riverside (Menifee Village) ORDAINS as follows:

 

Section 1. The above recitals are all true and correct and this Board of Supervisors so finds and determines.

 

Section 2. Section 2 and Exhibit AA@ of Ordinance No. 713 are amended by causing said Exhibit AA@ to be deleted therefrom in its entirety and in place and stead thereof to substitute the Exhibit AA@ attached hereto, marked as Exhibit AA@, and entitled ARevised Rate and Method of Apportionment of Special Tax for Improvement Area No. 1 of Community Facilities District No. 86-1 (Menifee Village) of the County of Riverside, State of California.@

 

Section 3. Except as specifically amended by Section 2 above, all provisions of Ordinance No. 713 shall remain in full force and effect.

 

Section 4. The Chairman of the Board of Supervisors shall sign this ordinance and the Clerk of the Board shall attest to the Chairman=s signature and then cause the same to be published within fifteen (15) days after its passage at least once in The Press Enterprise, a newspaper of general circulation published and circulated in the County of Riverside.

 

Section 5. This ordinance relating to the amending of the rate and method of apportionment of special tax for Improvement Area No. 1 of Community Facilities District No. 86-1 shall take effect immediately upon its final passage in accordance with the provisions of Section 25123(c) of the Government Code of the State of California, and the specific authorization for adoption is pursuant to the provisions of Section 53340 of the Act.

 

 

 

 

 

 

ADOPTED, SIGNED AND APPROVED (Revised Exhibit A) this 26th day of August, 1997.

 

 

ADOPTED:     8-13-91         (Eff.: 8-13-91)

8-26-97         (Eff.: 8-26-97)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

         (FOLLOWING IS REVISED EXHIBIT AA@)

         EXHIBIT A

 

 

 

         REVISED

         RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR

         IMPROVEMENT AREA NO. 1 OF COMMUNITY FACILITIES DISTRICT NO. 86-1

         (MENIFEE VILLAGE) COUNTY OF RIVERSIDE, STATE OF CALIFORNIA

        

 

A Special Tax (the "Special Taxes) (defined below) shall be applicable to each Parcel (defined below) located in Improvement Area No. 1 of Community Facilities District No. 86-1 (hereinafter "Improvement Area No. 1" and "CFD No. 86-1", respectively). The amount of Special Tax to be collected from a Parcel in any Fiscal Year (defined below) shall be determined by the Board of Supervisors of the County of Riverside, acting in its capacity as the legislative body of CFD No. 86-1, (hereinafter the ABoard@), by applying the appropriate Special Tax Rate as set forth in Sections B and C below for Taxable Property (all terms defined below). All of the property in Improvement Area No.1, unless exempted by the provisions of Section E below, shall be taxed for the purposes, to the extent and in the manner, herein provided. Pursuant to Ordinance No. 631 adopted on July 8, 1986 by the Board, the Board has levied and shall continue to levy annually a special tax (the "CFD Special Tax") (defined below) to pay debt service on bonds sold by CFD No. 86-1 on August 28, 1986 (the A1986 Bonds@) (defined below). Except where otherwise indicated, all references to CFD No. 86-1 contained herein include Improvement Area No. 1, which is a portion thereof.

 

A.       DEFINITIONS

 

Act

means the Mello-Roos Community Facilities Act of 1982, as amended, comprising Chapter 2.5 of Part I of Division 2 of Title 5 of the Government Code of the State of California.

 

Administrative Expenses

means all ordinary and necessary costs and expenses of the County to carry out its duties as the administrator and legislative body of CFD No. 86-1, as allowed by the Act, which shall include, without limitation, all costs and expenses arising out of or resulting from the annual levy and collection of both the Special Tax and CFD Special Tax, any litigation involving CFD No. 86-1, continuing disclosure requirements of CFD No. 86-1 which are imposed by applicable laws, ongoing communication with bondholders and day-to-day administrative expenses (including without limitation, any reasonable County overhead and salaries).

 

Administrator

means the Chief Executive Officer of the County, or his/her designee.

 

Assessor=s Parcel Map

means an official map of the Assessor of the County of Riverside designating parcels by Assessor=s Parcel Number.

 

Assigned Special Tax Rate

means the rate to be used in the calculation of the Maximum Special Tax for each Parcel of Public School Property, Residential Property, and Vacant Property, pursuant to Sections C(1), C(3)(a)(i), C(4)(a), and C(5) below, as set forth in Exhibit 1 and Table 1 below.

 

Board

has the meaning set forth in the Preamble.

 

Building Permit

means a building permit or functionally equivalent permit or approval for a structure.

 

 

CFD No. 86-1

has the meaning set forth in the Preamble.

 

CFD Special Tax      

means the special tax to be levied by the Board pursuant to Ordinance No. 631 on CFD No. 86-1.

 

Conveyed Non-Residential Property

means all Parcels of Taxable Property which are both classified as Conveyed Property and categorized as Non-Residential Property.

 

Conveyed Property

means all Parcels of Taxable Property in Improvement Area No. 1 which have been conveyed between September 1, 1992 and March 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, inclusive thereof, and which are not classified herein either as Public School Property, Golf Course Property, or Developed Property.

 

Conveyed Residential Property

means all Parcels of Taxable Property which are both classified as Conveyed Property and categorized as Residential Property.

 

County

means the County of Riverside, California.

 

Developed Non-Residential Property

means all Parcels of Taxable Property which are both classified as Developed Property and categorized as Non-Residential Property.

 

Developed Property

means all Parcels of Taxable Property in Improvement Area No. 1 which are not classified as Public School Property or Golf Course Property and which, as of March 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, have been subject to either (1) the recordation of Residential Subdivision Map, or (2) the issuance of a Building Permit, or (3) other development for commercial, industrial, public facility, or similar use, including but not limited to the construction of parking lots or structures.

 

Developed Residential Property

means all Parcels of Taxable Property which are both classified as Developed Property and categorized as Residential Property.

 

Development Agreement

means collectively, Development Agreement No. 20 of the County of Riverside, recorded November 7, 1988 and First Amendment to Development Agreement No. 20, recorded June 26, 1996 as subsequently modified, supplemented or amended.

 

Fiscal Year

means the period from and including July 1 of any year to and including the following June 30.

 

Funding and Acquisition Agreement

means that certain Community Facilities District Funding and Acquisition Agreement for Improvement Area No. 1 by and among Community Facilities District No. 86-1 of the County of Riverside, Diamond Brothers Five Partnership and Diamond Brothers Six Partnership, which is being implemented in conjunction with the adoption of this Revised Rate and Method of Apportionment of Special Tax for Improvement Area No. 1.

 

Golf Course Property

means all Parcels of Taxable Property in Improvement Area No. 1 which are not classified as Public School Property, and which lie entirely within the boundaries of Map Area No. 23 as set forth in Exhibit 1 and Table 1 below, and which, as of March 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, are designated for golf course, driving range, clubhouse, or related accessory uses as specified in the Specific Plan, Development Agreement, or land use regulations of the County.

 

Gross Taxable Acre(age)

means (1) for each Parcel classified as Developed Residential Property due to the recordation of a Residential Subdivision Map, the gross acreage shown within the boundaries of such Residential Subdivision Map divided by the number of Residential Units within the property, or (2) for each Parcel classified as Developed Residential Property due to the issuance of a Building Permit, the Net Taxable Acreage of the Parcel.

 

Improvement Area No. 1

has the meaning set forth in the Preamble.

 

Maximum Special Tax        

means the maximum Special Tax, determined in accordance with Section C below, that can be levied by the Board in any Fiscal Year for Improvement Area No. 1 on a Parcel of Taxable Property. In any event, the Maximum Special Tax shall not exceed $3,000 per Net Taxable Acre of Public School Property, $2,000 per Net Taxable Acre of Golf Course Property, $3,000 per Gross Taxable Acre of Developed Residential Property, $3,000 per Net Taxable Acre of Conveyed Residential Property, $6,720 per Net Taxable Acre of either Developed Non-Residential Property or Conveyed Non-Residential Property, or $3,000 per Net Taxable Acre of Vacant Property.

 

Net Taxable Acre(age)

means the number of acres of land as calculated from the then current applicable Assessor's Parcel Map, exclusive of property exempted under the Act or the provisions of Section E below from the Special Tax.

 

1986 Bonds

means the bonds sold by CFD No. 86-1 on August 28, 1986, including any bonds issued after the date of formation of Improvement Area No. 1 for the purpose of refunding the bonds sold by CFD No. 86-1 on August 28, 1986.

 

Non-Residential Property

means Developed Property or Conveyed Property which, as of March 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, has been or is planned to be developed for non-residential use, as specified in the Specific Plan, Development Agreement, or the land use regulations of the County of Riverside.

 

Original Rate and Method of Apportionment of CFD No. 86-1

means the Rate and Method of Apportionment for CFD No. 86-1 as approved by the Board and the qualified electors and set forth as Exhibit A to Ordinance No. 631 adopted on July 8, 1986.

 

Original Rate and Method Tax Levy

means the amount of CFD Special Tax to be levied on a Parcel for any Fiscal Year under the Original Rate and Method of Apportionment of CFD No. 86-1.

 

Parcel

means a lot or parcel, any portion of which lies within the boundaries of Map Area Nos. 1 through 23 as set forth in Exhibit 1 and Table 1 below, and which is shown on the current applicable Assessor's Parcel Map(s) with an assigned parcel number, and that is not exempt from the Special Tax pursuant to Section E below.

 

Park Property@

means a lot or parcel, any portion of which lies within the boundaries of Map Area Nos. 1 through 23 as set forth in Exhibit 1 and Table 1 below, and which is shown on the then current applicable Assessor=s Parcel Map(s) with an assigned parcel number, and for which the following two conditions apply: (1) said lot or parcel has been or is to be developed for park or open space uses, as specified in the Specific Plan, Development Agreement, or land use regulations of the County; and (2) said lot or parcel was created by the recordation of a Residential Subdivision Map.

 

Present Value of Taxes

means the Special Tax applicable to the subject parcel in the current Fiscal Year (or the Maximum Special Tax if Special Taxes for the current Fiscal Year have not yet been submitted to the County Auditor-Controller) not yet received by CFD No. 86-1, if any, plus the sum of the present values of the Maximum Special Tax applicable to the subject parcel in each remaining Fiscal Year subsequent to the Fiscal Year in which the calculation is made until the date of the last maturity of the bonds. The maximum Special Tax for each remaining Fiscal Year applicable to a Parcel of Vacant Property shall be calculated as if the Parcel were classified as Conveyed Property. The discount rates applicable to the calculation of the present values shall be CFD No. 86-1's anticipated net interest earning rates on the Special Tax prepayment, based upon investment of prepaid funds in U.S. Government securities with maturities matching the dates of the payments of Special Tax which would otherwise have been required, as reasonably determined by CFD No. 86-1. If all bonds anticipated to be issued have not actually been issued, CFD No. 86-1 shall determine an issuance date and bond term applicable to said unissued bonds.

 

Project Average Residential Density

means the average density of a residential development project as calculated pursuant to Section C(3)(a)(ii)below.

 

Public School Property

means all Parcels of Taxable Property which, as of March 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, have been conveyed, dedicated, irrevocably offered for dedication or leased for a term of ten (10) years or more to a public agency for the purpose of providing educational facilities, and which are not exempt from the levy of Special Taxes pursuant to Section E below.

 

Reserve Fund Credit

means the calculated reduction in the reverse fund balance for bonds of CFD No. 86-1, proportional to the principal amount of bonds to be redeemed through any prepayment of Special Tax pursuant to Section H below, if any.

 

Residential Property

means Developed Property or Conveyed Property which, as of March 1 of the Fiscal Year preceding the Fiscal Year for which the Special Tax is being levied, has been or is planned to be developed for residential use, as specified in the Specific Plan, Development Agreement, or land use regulations of the County.

 

Residential Subdivision Map

means a final subdivision map, parcel map, or functionally equivalent map or instrument, creating lots or parcels upon which residential dwelling units will be constructed.

 

Residential Unit

means a lot, parcel, or dwelling unit intended for residential use.

 

Special Tax(es)

means the special tax to be levied, in addition to the Original Rate and Method Tax Levy, in each Fiscal Year on each Parcel of Taxable Property pursuant to Sections C and D below, to fund both Special Tax Requirement No. 1 and Special Tax Requirement No. 2.

 

Special Tax Requirement No. 1

means that amount required in any Fiscal Year to pay: (1) debt service on the 1986 Bonds, (2) any amounts required, to the extent permitted in the Maximum Special Tax, to replenish any reserve funds established in association with the 1986 Bonds, and (3) that portion of the Administrative Expenses attributable to the 1986 Bonds, as determined by CFD No. 86-1.

 

Special Tax Requirement No. 2

means that amount required in any Fiscal Year to pay: (1) debt service on all bonds or other indebtedness of CFD No. 86-1 sold or incurred for the benefit of Improvement Area No. 1, including any bonds sold after the date of formation of Improvment Area No. 1, but excluding the 1986 Bonds, (2) any amounts required, to the extent permitted in the Maximum Special Tax, to replenish any reserve funds established in association with bonds issued and sold after the date of formation of Improvement area No. 1, excluding the 1986 Bonds, (3) that portion of the Administrative Expenses not attributable to the 1986 Bonds, as determined by CFD No. 86-1, (4) the cost of acquisition or construction of the public facilities as authorized in Resolution No. 86-267 and the Funding and Acquisition Agreement to be financed by CFD No. 86-1, and (5) any amounts needed for the creation of a special fund or funds for financing the debt service on all bonds or other indebtedness sold after the date of formation of Improvement Area No. 1, excluding the 1986 Bonds.

Specific Plan

means Specific Plan No. 158 (Menifee Village), dated March 30, 1984, as subsequently modified, supplemented or amended.

 

Taxable Property

means all Parcels in Improvement Area No. 1 which are not exempt from the levy of Special Taxes pursuant to Section E below.

Vacant Property

means all Parcels of Taxable Property in Improvement Area No. 1 which are not classified either as Public School Property, Golf Course Property, Developed Property, or Conveyed Property.

 

 

B.       ASSIGNMENT TO LAND USE CLASS

For each Fiscal Year (commencing with Fiscal Year 1997-98), all Parcels of Taxable Property within Improvement Area No. 1 shall be classified either as Public School Property, Golf Course Property, Developed Property, Conveyed Property or Vacant Property. Those Parcels classified as Developed Property or Conveyed Property shall be further categorized either as Residential Property or as Non-Residential Property. The classification of any particular Parcel of Taxable Property may change from year to year pursuant to the definitions contained herein. Each Parcel shall be classified and categorized as set forth herein, regardless of the classification and assignment of such Parcel under the original Rate and Method of Apportionment of CFD No. 86-1. All Parcels of Taxable Property within Improvement Area No. 1 shall be subject to the levy of the Special Tax in accordance with the rates and method of apportionment set forth in Sections C and D below.

 

C.       MAXIMUM SPECIAL TAX

The Maximum Special Tax for each Parcel of Taxable Property shall be calculated as set forth below. In the event that the following methodology would otherwise result in a Maximum Special Tax for a Parcel which would be less than zero, the Maximum Special Tax for that Parcel shall be zero.

 

(1)      Public School Property

The Maximum Special Tax for each Parcel of Public School Property shall be obtained by multiplying the appropriate Assigned Special Tax Rate (according to the Map Area in which the Parcel is located as set forth in Exhibit 1 and Table 1) by the Net Taxable Acreage of the Parcel, and subtracting therefrom the Original Rate and Method Tax Levy.

 

 

(2)      Golf Course Property

The Maximum Special Tax for each Parcel of Golf Course Property shall be obtained by multiplying $2,000 by the Net Taxable Acreage of the Parcel.

 

(3)      Developed Property

 

(a) Developed Residential Property

(i)       The Maximum Special Tax for each Parcel of Developed Residential Property shall be calculated on a Residential Unit basis. The Maximum Special Tax per Residential Unit shall be obtained by dividing the appropriate Assigned Special Tax Rate for the Parcel (according to the Map Area in which the Parcel is located as set forth in Exhibit 1 and Table 1) by the Project Average Residential Density, and subtracting therefrom the Original Rate and Method Tax Levy.

(ii)      The Project Average Residential Density shall be calculated for a Parcel of Residential Property at such time as said Parcel becomes classified as Developed Property due to either (1) the recordation of a Residential Subdivision Map that includes the Parcel, or (2) the issuance of a Building Permit with respect to the Parcel. In the case of phased recordation of a tentative map, the Project Average Residential Density shall be calculated separately for each recorded phase. In the case of (1) above, the Project Average Residential Density shall be calculated by dividing the number of Residential Units within the property subject to the Residential Subdivision Map by the gross acreage shown within the boundaries of the map or similar instrument, inclusive of land exempted by law or pursuant to the provisions of Section E below from the Special Tax, but exclusive of the net acreage of property to be classified as Public School Property, Golf Course Property, or Vacant Property, or to be categorized as Non-Residential Property. In the case of (2) above, the Project Average Residential Units within the Parcel by the Net Taxable Acreage of the Parcel. The resulting Project Average Residential Density shall be assigned to each Residential Unit with the Parcel.

 

(b)      Developed Non-Residential Property

The Maximum Special Tax for each Parcel of Developed Non-Residential Property shal be obtained by multiplying $6,720 by the Net Taxable Acreage of the Parcel.

 

(4)      Conveyed Property

 

(a)      Conveyed Residential Property

The Maximum Special Tax for eachParcel of Conveyed Residential Property shall be obtained by Multiplying the appropriate Assigned Special Tax Rate (according to the Map Area in which the Parcel is located as set forth in Exhibit 1 and Table 1) by the Net Taxable Acreage of the Parcel, and subtracting therefrom the Original Rate and Method Tax Levy.

 

(b)      Conveyed Non-Residential Property

The Maximum Speical Tax for each Parcel of Conveyed Non-Residential Property shall be obtained by multiplying $6,720 by the Net Taxable Acreage of the Parcel.

 

(5)      Vacant Property

The Maximum Special Tax for each parcel of Vacant Property shall be obtained by multiplying the appropriate Assigned Special Tax Rate (according to the Map Area in which the Parcel is located as set forth in Exhibit 1 and Table 1) by the Net Taxable Acreage of the Parcel, and subtracting therefrom the Original Rate and Method Tax Levy.

 

D.       METHOD OF APPORTIONMENT OF THE SPECIAL TAX TO TAXABLE PROPERTY IN IMPROVEMENT AREA NO. 1

Starting with Fiscal Year (1997-98) and for each subsequent Fiscal Year, the Board shall determine the amount of Special Taxes to be levied and colected from Taxable Property in that Fiscal Year in order to satisfy both Special Tax Requirement No. 1 and Special Tax Requirement No. 2 for such Fiscal Year. The Board shall levy the Special Tax and CFD Special Tax as follows until it has levied the amount necessary to satisfy both Special Tax Requirement No. 1 and Special Tax Requirement No. 2 for said Fiscal Year:

 

(1)      Special Tax Requirement No. 1

Prior to levying the Special Tax hereunder to satisfy Specia Tax Requirement No 1 in any Fiscal Year, the Board shall first have levied the maximum permitted CFD Secial Taxes on properties classified as AFinal Use@ and AApproved Land@ properties under the Original Rate and Method of Apportionment of CFD No. 86-1. The Board shall then consecutively levy the Special Tax as follows until it has levied the amount necessary to satisfy Special Tax Requirement No. 1 for said Fiscal Year:

 

First: The Special Tax shall be levied in equal percentages on each Parcel of Developed Property in Improvement Area No. 1, exclusive of property exempt from Special Tax pursuant to Section E below, up to 100 percent of the Maximum Special Tax for Developed Property;

 

Second: If additional funds are needed after the first step above has been completed, the Special Tax shall be levied in equal percentages on each Parcel of Conveyed Property in Improvement Area No. 1 exclusive of property exempt from Special Tax zpursuant to Section E below, up to 100 percent of the Maximum Special Tax for Conveyed Property;

 

Third: If additional funds are needed after the second map above has been completed, the following shal be levied in equal passages:

 

(a)      The CFD Special Taxes on properties classified as AVacant Land@ properties under the Original Rate and Method of Apportionment of CFD No. 86-1, up to the maximum permitted amounts and as provided for therein, and

(b)      The Special Tax on each Parcel of Golf Course Property in Improvement Area No. 1, exclusive of property exempt from the Special Tax ursuant to Section E below, up to 100 percent of the Maximum Speical Tax for Golf Course Property.

 

Fourth: If additional funds are needed aft4r the three steps above have been completed, the Special Tax shall be levied in equal percentages on each Parcel of Public School Property and Vacant Property in Improvement Area No. 1, exclusive of property exempt from the Special Tax pursuant to Section E below, up to 100 Percent of the Maximum Special Tax for Public School Property and Vacant Property.

 

(2)      Special Tax Requirement No. 2

The Board shall consecutively levy the Special Tax as follows until it has levied theamount necessary to satisfy Special Tax Requirement No 2 for said Fiscal Year:   

 

First: The Special Tax shall be levied in equal percentages on each Parcel of Developed Property in Improvement Area No. 1, exclusive of property exempt from Special Tax pursuant to Section E below, up to 100 percent of the Maximum Special Tax for Developed Property;

 

Second: If additional funds are needed after the first step above has been completed, the special Tax shal be levied in equal percentages on each Parcel of Conveyed Property in Improvement Area No. 1, exclusive of property exempt from Special Tax pursuant to Section E below, up to 100 percent of the Maximum Special Tax for Conveyed Property;

 

Third: If additional funds are needed after the second stepabove has been completed, the Special Tax shall be levied in equal percentages on each Parcel of Golf Course Property in Improvement Area No. 1, exclusive of property exempt from the Special Tax pursuant to Section E below, up to 100 percent of the Maximum Special Tax for Golf Course Property.

 

Fourth: If additional funds are needed after the three steps above have been completed, the Special Tax shal be levied in equal percentages on each Parcel of Public School Property and Vacant Property in Improvement Area No. 1, exclusive of property exempt from the Special Tax pursuant to Section E below up to 100 percent of the Maximum Special Tax for Public School Property and Vacant Property.

 

The Board shall not levy any CFD Special Taxes under the Original Rate and Method of Apprortionment of CFD No. 86-1 to satisfy Special Tax Requirement No. 2.

 

E.       EXEMPTIONS

Land conveyed or irrevocably offered for dedication to a public agency after formation of Improvement Area No. 1 shall be subject to the levy of the Special Tax pursuant to Section 53317.3 or Section 53317.5 of the Government Code of the State of California.

 

Notwithstanding the above, the Special Tax shall not be imposed upon any of the following:

 

(1)      Park Property           

 

(2)      Property which lies within dedications or easements for public streets, or public lined surface drainage channels.

 

(3)      Up to a total of 40.00 acres of property having an Assigned Special Tax Rate of $3,000 (as set forth in Exhibit I and Table 1), and having been conveyed, dedicated, irrevocably offered for dedication or leased for a term of ten (10) years or more to a public agency for the purposes of providing school facilities for Kindergarten through eighth grades. If the number of acres so conveyed, dedicated, irrevocably offered or leased exceeds 40.00, then the acres exceeding such number shall be taxed at the rate and method set forth in Sections C and D above.

 

(4)      Up to a total of 20.00 acres of property having an Assigned Special Tax Rate of $1,000 (as set forth in Exhibit 1and Table 1), and having been conveyed, dedicated, irrevocable offered for dedication or leased for a term of ten (10) years or more to a public agency for the purpose of providing school facilities for kindergarten through eight grades. If the number of acres so conveyed, dedicated, irrevocably offered or leased exceeds 20.00, then the acres exceeding such number shall be taxed at the rate and method set forth in Sections C and D above.

 

(5)      Up to a total of 7.00 acres of property conveyed, dedicated, irrevocably offered for dedication or leased for a term of ten (10) years or more to a public agency for the purpose of providing library or fire station facilities. If the number of acres so conveyed, dedicated, irrevocably offered or leased exceeds 7.00, than the aacres exceeding such number shall be taxed at the rate and method set forth in Sections C and D above.

 

 

F.       REVIEW / APPEAL COMMITTEE

The Board shall establish as a part of the proceedings and administration of Improvement Area No. 1 a special three-member Review/Appeal Committee. The Review/Appeal Committee shall interpret and make determinations relative to the administration of the Special Tax.

 

G.      MANNER OF COLLECTION

The Special Taxes shall be collected in the same manner and at the same time as ad valorem property taxes; provided, however, that Improvement Area No. 1 may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations. The Special Taxes shall be subject to the same penalties as is provided for ad valorem taxes and shall be enforced in the manner determined appropriate by the Board under the laws governing CFD No. 86-1.

 

 

H.       PREPAYMENT OF SPECIAL TAX

The Special Tax (but not the CFD Specia Tax) applicable to any Parcel of Taxable Property within Improvement Area No. 1 may be prepaid in whole, but not in part, by payment of a one-time prepayment of the Special tax which shall be made not less than 75 days prior to an interest payment date for the outstanding bonds of CFD No. 86-1, and which shall be an amount equal to the sum of the following:

 

(1)      all delinquent Special Taxes, penalties and interest applicable to the subject parcel;

 

(2)      the Present Value of Taxes;

 

(3)      the premium required to be paid, if any, in connection with the redemption of bonds as a result of such prepayment; and,

 

(4)      the applicable Administrative Expenses and prepayment fees, as reasonably determined by CFD No. 86-1.

 

The one-time special tax prepayment shall be reduced by the amount of the Reserve Fund Credit.

T A B L E 1

 

 

ASSIGNED SPECIAL TAX RATES FOR IMPROVEMENT AREA NO. 1

OF COMMUNITY FACILITIES DISTRICT NO. 86-1 (MENIFEE VILLAGE)

COUNTY OF RIVERSIDE, STATE OF CALIFORNIA

 

 

 

Map    Assessor=s Parcel    Net Taxable    Assigned Special

Area No.        Number        Acreage       Tax Rate

(Note 1)                           (Note 2)

 

1        334-220-017   16.27  $3,000

1        334-220-021   46.94  30.54  $3,000

2        334-220-023