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