HomeMy WebLinkAboutAGENDA REPORT 2005 0907 CC REG ITEM 10PMOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
rrEM 10- P, IT"WWWO)
CITY OF MOORPARK, CALIFORNIA
City Council Meeting
of
ACTION:
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BY: G--
FROM: Hugh R. Riley, Assistant City Manager
DATE: August 31, 2005 (City Council Meeting of 9/7/05)
SUBJECT: Agreement for Professional Services with MuniFinancial as
Special Tax Consultant Relating to the Formation,
Financing and Annual Administration of Moorpark Highlands
and Moorpark Vista Community Facilities Assessment
Districts
DISCUSSION
In connection with the proposed Moorpark Highlands and Moorpark
Vista Community Facilities Assessment Districts ( "the Districts ")
the City of Moorpark has obtained a proposal for professional
services from MuniFinancial, a qualified firm to serve as the City
of Moorpark's Special Tax Consultant for the formation, financing
and annual administration of the Districts.
The Special Tax Consultant establishes the Special Tax formula for
the collection of the District payments allocates the costs among
the parcels and prepares the maps for the Districts. The consultant
will also provide annual administration services for the Districts.
A copy of the proposal from MuniFinancial is attached.
Fees for these services are paid from the bond proceeds that
finance the Districts. The attached professional service agreement
with MuniFinancial provides a detailed scope of work as well as
costs for each service.
STAFF RECOMMENDATION
Approve agreement for professional services with MuniFinancial
subject to final language approval by the City Manager and the City
Attorney.
Attachments: 1. Proposal from MuniFianancial
2. Agreement for Professional Services
00030:1
Nopp-
MuniFinancial
July 19, 2005
Steven Kueny, City Manager
City of Moorpark
C/O Marshall Linn
Urban Futures, Inc.
3111 North Tustin Ave, Ste. 230
Orange, CA 92865
RE: Proposal to Provide Community Facilities District Formation and Administration
Services to the City of Moorpark
Dear Mr. Kueny:
MuniFinancial is pleased to submit the following proposal to the City of Moorpark to provide
financial consulting services. Our proposal addresses the establishment of Community Facilities
Districts (CFD) for facilities and services, and special tax consultant support for associated bonds.
Our proposal for providing district administration services to the districts is also described.
We have assembled a team of senior professionals for this project, ensuring the City quality support.
I will serve as Principal -in- Charge and provide technical advice to the team throughout the project.
Marshall Eyerman, Principal Consultant, will be your Project Manager. Mr. Eyerman will be the
day -to day contact with the City for this study. He will be assisted as needed by analysts in our
Temecula office. Mr. Mark Risco, District Administrative Services Division Manager, will lead our
exceptional team of analysts providing you administration support. I am certain that our team can
provide the City of Moorpark with the quality service for which MuniFinancial is known.
We are excited about this opportunity to work with the City of Moorpark and look forward to
hearing from you. Please contact me at (800) 755 -6864, or via email to clirisfL&nnuni.c() m , if you
have any questions regarding our proposal.
Sincerely,
MuniFinancial
l
Chris Fisher, Principal Consultant
Financial Consulting Services
Enclosure
000302
27368 Via Industiia, Ste. 110 Tel (951) 587 -3500
Temecula, California 92590 ATTACHMENT 1 Fax (951) 587 -3510
TABLE OF CONTENTS
INTRODUCTION 1
SCOPE OF WORK
2
CFD Formation
2
CFD Administration
6
FEE FOR SERVICES
8
Community Facilities District Formation Services
g
Community Facilities District Administration Services
g
Additional Services
g
Invoicing
g
Reimbursable Expenses
g
THE CITY OF MOORPARK'S TEAM
10
INTRODUCTION TO MUNIFINANCIAL
11
Financial Consulting Services
12
District Administration Services
13
APPENDIX — RESUMES
A -1
Chris Fisher
A -2
Marshall Eyerman
A -4
Mark Risco
A -5
Gladys Medina
A -6
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EMuniFinancial Page i
INTRODUCTION
We understand that the City of Moorpark will be forming two Community Facilities Districts
(CFDs). CFD 2004 -1 encompasses proposed development consisting of approximately 104
acres eventually containing 456 single- family homes and 99 condominiums. CFD 2004 -2 will
contain approximately 24 acres and eventually 110 single - family parcels. The CFDs will fund
improvements for facilities, fees and public safety services.
We can also offer our full service district administration services for the newly established CFDs.
We will assist the City of Moorpark with administration that fulfills regulatory requirements
beyond the point at which the special tax installment is placed on the Ventura County secured
tax roll. These services are described as District Administration within our proposal.
MuniFinancial is a full service public financial consulting firm and we take pride in a seamless
transition from formation to administration. We can provide the City of Moorpark with
continuing support for its special tax needs.
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EMuniFinandal Page 1
SCOPE OF WORK
MuniFinancial will perform the following tasks in order to provide the City of Moorpark with
Community Facilities District (CFD) formation and administration services.
CFD FORMATION
MuniFinancial will provide special tax and district formation consulting services to the City of
Moorpark. Specific tasks include the following. We will perform these tasks for two CFDs:
CFD 2004 -1, Moorpark Highlands; and CFD 2004 -2, Moorpark Vistas.
TASK 1: NOT /CE TO PROCEED TO RESOLUT ION OF /LATENT /ON
a. Prepare Rate and Method of Apportionment of Special Tax
MuniFinancial will prepare a rate and method of apportionment of special tax for the
resolution of intention. We will discuss alternatives including the identification of
improvement areas or tax rate zones. MuniFinancial endeavors to provide for a simple and
practical means of prepaying special taxes.
A description of various alternatives for structuring the special tax will be provided to the
City and the Financing Team and incorporated into the rate and method of apportionment
based on comments received.
b. Research
Once a project has been identified, MuniFinancial will update research information related
to the development, including number and type of units. MuniFinancial will determine
whether there are any registered voters in the proposed boundaries of the district that
would require a vote of the registered voters and verify the record owners of property that
would constitute the eligible voters under the Community Facilities Act (if there are fewer
than 12 registered voters).
Determine the improvements to be financed and /or maintained, that are to be included in
the district based on input from the City, the Property Owner, the project engineer,
financial advisor, and bond counsel. Prepare a narrative description to include in the
Community Facilities District Public Report. In addition, we can prepare a Map of
Improvements to allow ease in presentation to the City Council as well as an easily
identifiable source for the Financing Team as an additional service, if requested. If
necessary, improvement zones will be established and different methodologies can be
developed to address the benefit one area receives from improvements that another area
does not receive.
Prepare a cost estimate of the improvement items, incidentals and issuance costs related to
the district to be included in the Community Facilities District Public Report. The project
cost estimate including incidentals will be obtained from the project engineer. The bond
issuance costs will be discussed with the team to insure all appropriate costs have been
included correctly, such as, capitalized interest, official statement printing, reserve fund
level, and any required bond security.
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MuniFinancial
C. Financial Modeling
A preliminary pro forma of the community facilities district's revenues and expenses will
be presented to the Financing Team for evaluation and discussion. The Maximum Special
Taxes proposed will be designed to protect the bonds as well as fairly tax properties
expected to be in the district.
Based on the information gathered, MuniFinancial will begin to prepare a preliminary
special tax analysis. The analysis will include value to lien calculations, overlapping tax
analysis, and maximum special tax coverage computations. We will prepare calculations
from our database including 1) special tax runs identifying the maximum special tax
coverage that can be expected comparing the maximum special tax rates to the amount
estimated to be necessary to repay the bonds; 2) value to lien computations for each parcel,
each property owner, and if necessary, differentiating between developed and undeveloped
property using data from the Appraiser; 3) an overlapping debt table indicating the value
of the property as compared to the new district debt as well as any other assessment
district or community facilities district debt outstanding on the parcels; and 4) effective tax
rate schedules showing the tax rate projected to be on the parcels as a result of the new
debt and prior debts.
In addition, MuniFinancial will develop special tax categories for the property types within
the district. Special considerations will be identified for Financing Team discussion, such as
pre - payment provisions, fair share contributions, multiple bond phasing implications,
escrowed bond proceeds, and a related escrow release test.
We will develop the Method of Apportionment of Special Tax based on the boundaries of
the district, the improvements to be funded, the proposed development, and any effective
tax rate limitations. An analysis will be required to determine globally an equitable spread
of the overall burden taking into account the nature of the public facilities to be
constructed and the area that they will serve. The method will be discussed with the
Financing Team to ensure all considerations have been addressed, and then included in
both the Resolution of Intention and the Community Facilities District Public Report.
The phasing of the development needs to be analyzed and integrated with the tax
formulas. This could result in the need for several improvement zones and /or bond sales.
The method will consider the practical implications of annual administration, the "trigger"
event used to re- classify an undeveloped property to a developed property, the developer's
acceptance of the methodology, and the effect, both financial and political on the
secondary property owner.
d. Prepare Boundary Map
MuniFinancial will prepare a boundary map of the proposed district that meets the
requirements of the Community Facilities Act and the City of Moorpark's Policies and
Procedures for CFDs.
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MuniFinancial
TASK Z: RESOLL.IT /ON OF INTENT /ON TO PUBL IC HEAR /Na
MuniFinancial will perform the following:
a. Record the boundary map with the appropriate local official and the county recorder.
b. Prepare CFD Public Report
MuniFinancial will prepare a preliminary CFD report that includes a description of the
public improvements to be financed and /or maintained, cost estimates, incidental
expenses, the rate and method of apportionment, and any other information necessary to
meet the requirements of the Community Facilities Act and for review and comment by
the Financing Team. Submit the revised document to City staff for filing with the City
Council. If requested, MuniFinancial will present the report to the Council and field any
questions received at the Public Hearing. The Community Facilities District Public Report
will include the following components:
• A description of the proposed public facilities to be funded.
• Costs and estimated construction dates of the proposed facilities.
• Estimates of bond issuance and other incidentals costs.
• Projected bonded indebtedness and the anticipated issuance dates.
• A projection and explanation of the annual special tax rates by special tax classification
for each year that bonds are outstanding or services are funded.
C. Contact the County Registrar of Voters to verify property ownership and the number of
registered voters in the district area. We will assist in tallying the votes. Current legislation
requires a registered voter election if there are more than 12 registered voters in the
district.
d. Coordinate the recordation of the Notice of Special Tax Lien after successful formation of
the CFD.
TASK 3: BONE) ISSUANCE SUPPORT
Participate in the creation and review of financing documents.
Typically, as the Community Facilities District Public Report is being finalized to include the
best available project costs, the Financing Team begins preparing the Preliminary Official
Statement. As Special Tax Consultant, we maintain a presence in this portion of the district
process and provide necessary information as it relates to special tax revenues and special tax
liens. Our role in the financing is to review the practical implications of the bond sale in an
effort to protect the City's ability to collect special tax revenues to meet debt service
requirements. As Special Tax Consultant we will provide the following services.
a. For the Preliminary Official Statement (POS) and Official Statement (OS) we will prepare
final calculations from our database including a) maximum special tax coverage, b) value to
lien computations, c) an overlapping debt table indicating the value of the property as
compared to the new district debt as well as any other assessment district or community
facilities district debt outstanding on the parcels; and, d) effective tax rate schedules
showing the tax rate projected to be on the parcels as a result of the new debt and prior
debts. In addition, we will sign a Special Tax Consultant Certificate certifying the
MmuniFinancial Purge 4
000307
sufficiency of the maximum special tax rates to meet debt service requirements for the first
series of bonds to be issued.
a. In addition, MuniFinancial will review the continuing disclosure obligation provisions free
of charge. If, however, the City would like us to assemble the information for the official
statement, we would charge depending on the level of complication.
MuniFinancial will participate in the creation and review of the POS and OS as it relates to any
items included in the Community Facilities District Public Report, the cost estimate,
improvement description, boundary map, and any tables we provide that will be included in the
documents. In addition, we review all items related to parity bond issuances, and delinquency
and foreclosure provisions as they relate to the annual administration of the district. All original
items and comments will be provided to the Underwriter and Disclosure Counsel and discussion
with the Financing Team.
ADD ITIONAL RESPONS IB IL IT IES OF CONSULTANT
a. Attend Meetings
Representatives of MuniFinancial will attend up to two (2) meetings with the City and the
Financing /Consultant Team as directed by the City's project coordinator. Additionally, we
will attend the Council meetings for the adoption of the resolution of intention and the
public hearing.
b. Coordination with City and Financing /Consultant Team
MuniFinancial will coordinate with the City and other members of the City's
Financing/ Consultant Team during the formation of the district.
CL /ENT l4ESPONS /B /L /T /ES
MuniFinancial will rely on being able to obtain the following information from the City or the
developer:
a. Proposed project development information.
b. Estimated costs of the services to be included in the CFD, and the costs of constructing
and /or maintaining the facilities to be included in the CFD.
C. Property owner information on an as- needed basis. Coordinate with developers to obtain
documentation as needed, i.e. tract maps, parcel maps, plans of development, absorption
data, product mix information.
The City will assist MuniFinancial in obtaining this information, if needed.
The City of Moorpark acknowledges that MuniFinancial shall be relying upon the accuracy of
the information provided by the City and the County and agrees that MuniFinancial shall not be
liable for any inaccuracies contained in such information.
LEGAL OPINIONS
In preparing the, policy document, resolutions, petitions, consent and waiver documents and the
notices and ballots, MuniFinancial will provide our professional expertise. Since we do not
practice law, we ask that your City Attorney, or other designated counsel, review the documents.
We will assist your attorney in identifying any pertinent legal issues.
MuniFinancial Page 5
CFD ADMINISTRATION
MuniFinancial provides also provides full- service special district services for CFDs. The
following is our scope of services for administration. All costs associated with CFD annual
administration are fully recoverable, either through the special tax levy or payment by the
requestor for special services.
MuniFinancial will:
a. Maintain and periodically update an electronic database containing parcel basis data and
annual special tax levy amounts by Assessor's Parcel Number.
b. Annually calculate and apportion the special taxes as specified in the Rate and Method of
Apportionment of Special Tax.
c. If applicable, use the listing of any approved exemptions provided by the District, identify
each parcel and modify the proposed special tax accordingly.
d. If necessary, prepare an annual resolution that establishes the budget for the fiscal year and
application of the special tax to be submitted to the District, including the special tax
summary for the fiscal year.
e. Provide special tax levies for each parcel by Assessor's Parcel Number to the County
Auditor- Controller's Office in the media, format and configuration required by the County
for placement on the annual property tax roll.
f. Research parcel exceptions provided by the District and, if possible, resubmit installment
amounts that are unapplied by the County Auditor- Controller's Office. MuniFinancial will
manually invoice special tax installments that cannot be collected on the County property tax
roll on behalf of the District.
g. Provide a toll-free number to field inquiries from District staff, property owners and other
interested parties regarding special tax installments and related information.
h. Monitor delinquencies each February and May and submit periodic reports to the District.
i. Prepare an Annual Special Tax Report (Report). This Report will include:
• The identification of CFD administrative cost items eligible for recovery by the
District,
• The review of fund balances to identify any surplus funds,
• The requirements for debt service,
• The delinquency summaries, and
• A cover letter to the Report providing related recommendations or issues, if any. The
cover letter is not intended to be a component of the Report.
j. Provide an annual report to the California Debt and Investment Advisory Commission
(CDIAC) by October 30 if required by the California Government Code, Section 53359.5(b), as
amended.
k. Prepare "Notice of Special Tax" as required by the California Government Code, Sections
53340.2(b) and 53341.5, as amended. The fee for this service is $10 per Notice and is to be
paid by the requester.
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000309
1. As applicable, assist the District with the filing of a report with its governing body each year
as required by the California Government Code, Section 50075.3 (a) & (b) and /or Section 53411
(a) & (b), as amended (Senate Bill 165).
m. Be available to attend up to two meetings annually.
n. Calculate written prepayment quotes for individual special tax liens, as described in the Rate
and Method of Apportionment of Special Tax or by resolution. For parcels prepaying the
special tax, MuniFinancial will coordinate the removal of the lien. The fee for this service is
$250 per calculation, to be paid by the requestor.
Page
000310
FEE FOR SERVICES
Muni Financial will provide the services described in our Scope of Work for the fixed price fees
below. Our fee includes all expenses associated with the project.
COMMUNITY FACILITIES DISTRICT FORMATION
SERVICES
Our fee will not be contingent on the outcome of the formation of the CFD.
COMMUNITY FACILITIES DISTRICT ADMINISTRATION
SERVICES
The CFD administration as shown in our scope of services is the basis of our fee. These fees are
payable monthly on a percentage complete basis. These fees and rates are subject to increase,
which will not exceed the most recent annual change in the Consumer Price Index (CPI) within
the applicable areas as calculated by the United States Department of Labor.
The requesting party pays for fees for this senrice. There is no charge to properly owners and /or the City.
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ADDITIONAL SERVICES
Additional services beyond our scope of work, such as additional meetings, may be authorized
by the City of Moorpark. Additional services will be performed for an additional fee.
INVOICING
For district formation services, MuniFinancial will bill the City monthly based on percent of the
project completed by task.
For district administration services, MuniFinancial will bill the City monthly on a percentage
completion basis.
REIMBURSABLE EXPENSES
MuniFinancial will be reimbursed, at cost, for out -of- pocket expenses. Examples of
reimbursable expenses include, but are not limited to: postage, travel expenses, mileage (40.5¢
per mile), maps, electronic data furnished from the County and /or other applicable resources,
construction cost periodicals, and copying (currently 6¢ per copy). Any additional expense for
reports or from outside services will be billed to the District, at our cost, with no overhead
markup. Charges for meeting and consulting with counsel, the County, or other parties regarding
services not listed in our scope of work will be at our then - current hourly rates.
In the event that a third party requests any documents, MuniFinancial may, in accordance with
MuniFinancial's applicable rate schedule, charge such third party for providing these documents.
EMuniFinancial Page 9
000312
THE CITY OF MOORPARK'S TEAM
We have selected senior professionals for the City of Moorpark's project. We are confident that
the MuniFinancial team has a depth of experience that will successfully fulfill the City's desired
work performance.
Chris Fisher, Principal Consultant in MuniFinancial's Temecula office, will serve as
principal -in- charge for district formation. He will oversee the quality of work products
and assure timely completion of the project. He will also provide technical oversight to the
project. Mr. Fisher is expert in CFD formation and administration and has occupied key
management positions both in MuniFinancial's Financial Consulting Services and District
Administration Services groups.
Marshall Eyerman will be the project manager for the formation project. Mr. Eyerman is a
Principal Consultant in our Temecula office and one of our lead experts in community facilities
district formation. Mr. Eyerman's responsibilities include all aspects of district formation,
including the preparation of calculations associated with developing special tax formulas,
development of rates and methods of apportionment and bond fund analysis. He is also
responsible for special tax bond refundings, district annexations and agency compliance with
Proposition 218.
As project manager, Mr. Eyerman will organize and direct all work tasks and review interim
work products. He will ensure the project is completed on time and within budget. He will also
be the primary client contact, attend key meetings, and make presentations.
Mr. Eyerman will be assisted as needed by staff assigned to our Temecula office. Team
members will include Habib Isaac, Senior Analyst, Camille Mahant, Analyst I1, James
Steffens, Analyst, and Jennifer Carter, Analyst. Our analysts will assist with data gathering,
model building and report drafting. They will also coordinate with the City to ensure that data -
gathering tasks proceed smoothly and minimize the burden on City staff.
Mark Risco, Division Manager, District Administration Services, will oversee the district
administration services provided to the City. Mr. Risco's superior staff of analysts will perform
necessary administration actions, with project management provided by Gladys Medina,
Project Manager in our District Administration Services Group.
Detailed resumes of the senior professionals we have selected to assist the City of Moorpark are
included in the appendix.
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000313
INTRODUCTION TO M U N I FI NAN C IAL
MuniFinancial has the largest special district formation and administration practice in the
nation. We are also known as the pre - eminent municipal disclosure firm, and a major provider of
arbitrage rebate services. Our clients include cities, counties, state agencies, port authorities,
housing agencies, special districts and school districts in 34 states. Our staff of 70 professionals
acts as an extension of agency staff, providing such services as:
Administration of special taxes, assessments, standby charges and utility rates;
Arbitrage rebate calculations;
Municipal disclosure reports preparation and dissemination;
Economic studies, such as fiscal analyses of new development, LAFCO studies and
developer impact fees;
✓ Federal Compliance Services
✓ District Administration Services
✓ Financial Consulting Services
Financial studies to identify funding sources
or determine optimal utility rates, standby
charges and cost of services; and
District formation services for capital project
assessment /local improvement districts,
community facilities districts, landscaping and
lighting districts and special taxes.
In addition, we are dedicated to the improvement of our technology. Our Information
Technology staff has created MuniFinancial's Municipal Administration Government
Information Coordinator MuniMagic'
a custom software program to address the specific
requirements related to administering taxes, assessments, standby charges and fees. The latest
advance in the program allows clients to access parcel information through the Internet with a
menu -driven format.
MuniFinancial's success is based on a corporate philosophy of personal service. We provide
support throughout the year — and foryears after. Clients can be assured that we can be reached
should any questions or issues arise.
We serve as an extension of our clients' staff, augmenting existing personnel by providing
specialized expertise. In support of this, MuniFinancial staff members regularly write articles and
conduct presentations for local, state and national organizations. We hold client workshops and
conduct onsite training throughout the year to assist clients in keeping abreast of the latest
developments, while helping new agency staff understand our services.
MuniFinancial focuses on the following client base:
• �cn�vi .v�stncts
✓ Special Districts
• Community Services Districts
• Recreation and Park Districts
• Water Districts
• Vector Control Districts
EMuniFinancial Page 11
000314
FINANCIAL CONSULTING SERVICES
MuniFinancial offers a variety of financial, economic and strategic planning services to its clients.
Agencies have long been faced with meeting the needs of both existing residents, as well as new
developments. MuniFinancial has been consistently called upon to assist client staff with their
financial and organizational challenges. Our core services are summarized in the box at left.
304 ,l]L00U1a 111C11,t LJ1JLLKAb
1972 Act I:andscape and 'Lighting
Districts
1982 Benefit Assessment Districts
✓ Business Improvement Districts
Fire Suppression assessments
✓ Prop 218 studies
Other Special Projects
✓ Facility financing plans
✓ Economic impact analysis
✓ Annexations and incorporations
✓ Reassessment engineering
✓ GASB 34
✓ Development projections
✓ Financial projections
Community Facilities Districts
SPEC /AL ola -rmcT
F 7RMA TONS
Community Facilities & Assessment
Districts
MuniFinancial has successfully
participated as special tax consultant
and in the role of assessment engineer
in diverse consultant teams for more
than 600 districts in 100 -plus
municipalities. These projects involve
district formations, consolidations,
annexations, workouts, refundings,
parity bond issues and other special
projects.
As consultants who not only perform
formation services but also district
administration, construction acquisition,
delinquency management, disclosure
services and arbitrage rebate
calculations, MuniFinancial is able to
bring a long -term perspective to the
challenges facing local agency financing.
The Mello -Roos Community Facilities Act of 1982 authorizes formation of community facilities
districts (CFDs) to finance various public facilities through the levy of special taxes against the
area where said services and /or facilities are being provided. Facilities that can be provided
under a (CFD) include the purchase, construction, expansion, or rehabilitation of any
governmental facilities the city is authorized to construct, own, or operate and even some private
buildings or sites where seismic, fire safety, or hazardous waste standards need to be met.
The statute can also fund the following maintenance and services:
• Police and fire protection, ambulance, recreation and library services; and
• Park parkways, open space operations and maintenance and flood control and storm drain
maintenance.
A community facilities district may be initiated by a petition or through legislative action. A
noticed public hearing is required and an election. The levy of a special tax and /or authorization
MMuniFinancial Page's
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to issue bonds for long -term financing requires a favorable two- thirds vote of the registered
voters residing within the proposed community facilities district. However, if the district has less
than 12 registered voters in its boundaries, a two- thirds favorable vote of the property owners
owning property in the district is required.
DISTRICT ADMINISTRATION SERVICES
,i ° Comprehensive reporting
✓ Financial Analysis, modeling and budget
forecasting
✓ Toll-free line
✓ Reporting on phone call activity
✓ Reporting on collections and payment status
✓ Calculation of prepayment quotes
✓ Legislative updates
MUN/MAG /C
The most recent addition to our services is the
development of an Internet interface to
MuniFinancial's database management program
known as MuniMagic'. MuniMagic maintains parcel
data, calculates special taxes, assessments, fees and
charges, manages delinquency information and
maintains bond related information. Clients can access
data and reports online through a menu -driven system
providing information at the touch of a button.
MuniMagic is the powerhouse used by
MuniFinancial's experienced staff in fiscal year 2004 -2005 to generate $505 million in levies
and billings on more than 5.0 million parcels. A staff of 31 people is dedicated full-time to
calculations, levies, delinquency management, ongoing disclosure, report writing, and property
owner inquiries.
MuniFinancial's district
administration services address
the ongoing day -to -day activities
associated with the long -term
collection of bonded and pay -as-
you-go special taxes, assessments,
fees, utility rates and standby
charges. These types of services
demand accurate, timely and
knowledgeable treatment of many
details. Subsequently,
MuniFinancial focuses on
quality control and brings the
advantage of current technology
and knowledge of recent
legislation to our clients.
COMMUN/TY FAC IL IT IES DISTRICTS
MuniFinancial provides full- service administration for community facilities districts. The
district can recover all costs associated with CFD annual administration, either through the
special tax levy or payment by requester for special services.
IIM
MuniFinancial
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APPENDIX — RESUMES
Resumes for the senior professionals MuniFinancial will devote to the City of Moorpark's
project follow.
Page A -1
000317
6 Years Experience
CHRIS FISHER
Areas of expertise
Chris Fisher is a principal consultant in the Financial Consulting
Services Group at MuniFinancial. He is one of MuniFinancial's experts
in Community Facilities District (CFD) formation and administration.
Mr. Fisher most recently served as Senior Project Manager for the
Northern California region in the District Administration Services
Group at MuniFinancial. He has specialized expertise in the
administration of 1915 Act Assessment Districts, 1972 Act Landscape
and Lighting Districts, 1982 Benefit Assessment Districts, and Mello-
Roos Community Facilities Districts, including:
Project Highlights
• Administration of Marks-Roos and Mello-Roos Pools,,
• Delinquency monitoring, and
in
• Preparation of Continuing Disclosure Reports to bondholders.
Mr. Fisher oversaw the annual administration of all of the
aforementioned district types for cities, counties and special districts
throughout Northern California. Before taking over his management
responsibilities, Mr. Fisher was an analyst responsible for day-to-day
district administration. Prior to joining MuniFinancial, he worked as a
budget and financial analyst for an airline and an electronics
Education
corporation.
Related Experience
• City of Redwood City: Mr. Fisher oversaw the administration of
one 1915 Act Assessment District and two Community Facilities
Districts: Redwood Shores and Pacific Shores. Services provided by
MuniFinancial related to the Community Facilities Districts 'include
Professional
data maintenance with regards to parcel changes and
Affiliations
apportionments, tracking development activities and land use
changes plus the creation and generation of annual reports. His
team also annually calculates special taxes and submits them to the
County Auditor-Controller's office.
• City of Brentwood: Mr. Fisher was the Project Manager
responsible for the complete administration of mine 1915 Act
Assessment Districts comprised of more than 15,000 parcels in this
rapidly growing area. He was also on the team responsible for the
formation of four of the newer districts, and the refunding of three
of the existing districts. The refundings and administration included
two Marks-Roos Pools with Revenue Bonds that were issued in
multiple series, with multiple Local Obligations. Final build out of
all of the districts will eventually exceed 30,000 parcels, with the
continued formation of new districts expected. In addition to
standard annual administrative tasks, Mr. Fisher completed and
EMuniFinancial
Page A -2
000318
EMuniFinancial
reviewed cash flow certificates to ensure debt service coverage for
the bonds and coordinated the tracking of parcel changes and the
re- apportionment of assessment liens as development continued in
the districts. Five of the districts were initially comprised almost
entirely of large undeveloped parcels of land, which have developed
into large mixed -use projects. Throughout this process, Mr. Fisher
ensured that land use changes and the status of development in the
districts were tracked and accurately reported to bondholders in the
annual Continuing Disclosure Reports.
• City of Roseville: The City hired MuniFinancial when its Mello
Roos Districts were formed. Since then, several of the 19 Districts
have experienced significant development requiring Mr. Fisher and
his team to track and update databases and ensure that newly
created parcels are taxed correctly. In addition, MuniFinancial is
responsible for the maintenance of four Landscaping and Lighting
Districts and four 1915 Act Local Improvement Districts. For the
Landscaping and Lighting Districts, Mr. Fisher oversaw the entire
annual process, including the preparation of budgets, preparation of
the Engineer's Reports, preparation of the required annual
resolutions, maintenance of the databases for the districts, and the
submittal of annual assessments to the County.
• City of Union City: Mr. Fisher and his team administered several
property owner fees and special districts for the City of Union City,
including its Citywide Landscaping and Lighting District No. 2, Fire
Department Paramedic Program Special Assessment, Recycling Fee,
Refuse and Yard Waste Fee, Storm Water Utility Fee, a Community
Facilities District, and a 1915 Local Improvement District. For all of
these districts, the MuniFinancial team maintained and continually
updated comprehensive parcel databases with parcel configuration,
property owner and land use information. They assisted in the
preparation of annual budgets and engineer's reports, calculated
special taxes and assessments, and submitted the parcel data to
Alameda County for placement on the annual secured property tax
bills.
• City of West Sacramento: Mr. Fisher oversaw the administration
of seven "service" Community Facilities Districts and a variable rate
bond CFD, all of which are used in place of landscaping and
lighting districts. He and his team monitor parcel changes and
apportionments. Development activities and land use changes are
tracked. Reports are generated and disseminated annually. He is also
the project manager in charge for the administration of two 1915
Act Assessment Districts, and one Consolidated Reassessment
District. He oversees the annual maintenance of the databases for
these districts; completion of the annual levy and all required
reporting.
Page A -3
000319
10 Years
Experience
MARSHALL EYERMAN
Having been associated with MuniFinancial since May of 1997,
Marshall Eyerman is currently a Principal Consultant in the
Areas of Expertise
Financial Consulting Services Group at MuniFinancial. A
professional with ten years of experience in all facets of
municipal finance, he assist team members focus their efforts on
preparing specific analysis and reports.
Mr. Eyerman works closely with agencies, counties, trustees,
property owners, bond counsel and financial advisors to gather
the data. He and his team then perform the necessary due
diligence and analysis of the documents. Dedicated to his craft,
Mr. Eyerman is involved in various organizations, such as the
California Society of Municipal Finance Officer, National
Association of Bond Lawyers and National Federation of
Municipal Analysts and routinely offers educational sessions
Education
detailing aspects of the analysis process to clients and internal
staff.
Mr. Eyerman came to MuniFinancial with experience performing
financial analysis and providing investment advice as a Licensed
Registered Representative. His very first duties at the firm were
focused on local improvement districts. He worked within the
District Administration Services group. He then worked within
the Federal Compliance Group, focusing on the development of
continuing disclosure practices, before moving to the Financial
Consulting Services Group.
Related Experience
Development Impact Fees
• City of Livermore
• City of Dixon
• City of Rialto
• Town of Yucca Valley
Community Facilities Districts
• City of Hawthorne
• County of Fresno
MuniFinancial
Page A -4
000320
6 Years' Experience
Areas of expertise
Project Highlights
Education
EMuniFinancial
MARK RISCO
v ; r
Mark Risco is Division Manager of the District Administration
Services Group and is responsible for 30 staff members' efficient
administration of special districts. In this capacity, Mr. Risco oversees
five project managers and 25 analysts performing all aspects of annual
administration, including parcel research, database maintenance, budget
analysis, parcel changes related to development, exemption research,
lien payoffs, delinquency management, bond calls, and reports.
Mr. Risco has worked in public finance for the past five years. Prior to
joining MuniFinancial, he worked in commercial real estate at Spieker
Properties, Inc., a Real Estate Investment Trust Company. His
experience includes, preparing and monitoring budgets and performing
cash flow and financial analysis.
Related Experience
Some of Mr. Risco's clients include:
Ventura County
Conejo Recreation and Park District
City of Fillmore
City of Thousand Oaks
City of Paso Robles
City of Simi Valley
City of Irvine
City of Anaheim
The Metropolitan Water District of Southern California
Page A- S
000321
6 Years' Experience
Areas of Expertise
Project Highlights
d ;
G LADYS M EDI NA
Gladys Medina is a Project Manager in the District Administration
Services Group at MuniFinancial. Her attention is focused on clients
within the Southern California Coastal Region, including the counties
of Los Angeles, San Diego, Ventura, Orange, Kern and San Luis
Obispo. Ms. Medina's responsibilities include the administration of
Assessment Districts, Standby Charge Programs, Community Facilities
Districts, Landscaping and Lighting Districts, Business Improvement
Districts and other special districts. She monitors the progress of
projects, ensuring quality, accuracy and timeliness in completion. She
provides technical expertise to clients and analysts as work progresses
and attends client meetings and council meetings, as required.
Prior to joining MuniFinancial in 1999, she gathered three years of
experience in water utility accounting and had a year of production
accounting for a well-known trading card company where she worked
within its international accounting group.
Related Experience
Ms. Medina's clients include:
Ventura County
Conejo Recreation and Park District
City of Fillm ore
City of Thousand Oaks
City of Paso Robles
City of Simi Valley
Los Angeles County Department of Parks Recreation
The Metropolitan Water District of Southern California
City of California City
City of Lancaster
City of Tehachapi
Page A- 6
'MuniFinancial
000322
AGREEMENT FOR PROFESSIONAL SERVICES BETWEEN
THE CITY OF MOORPARK AND MUNIFINANCIAL FOR
SPECIAL TAX CONSULTING SERVICES RELATED TO
FORMATION, FINANCING AND ADMINISTRATION OF
THE MOORPARK HIGHLANDS AND VISTAS AT MOORPARK
COMMUNITY FACILITIES ASSESSMENT DISTRICTS.
This Agreement is made and entered into in the City of
Moorpark on this day of August, 2005, by and between the City
of Moorpark ( "CITY "), a public body, corporate and politic, and
MuniFinancial, a California Corporation providing consulting
services (CONSULTANT) .
WITNESSETH
WHEREAS, CITY has determined that it requires professional
consulting services related to the formation, financing and
Administration of the Moorpark Highlands and Vistas at Moorpark
Community Facilities Assessment Districts (the "PROJECT "); and
WHEREAS,
services and
carry out the
CONSULTANT i
has the proper
duties involved,
WHEREAS, CITY wishes
performance of said services;
s experienced in providing such
experience, knowledge and skills to
and
to retain CONSULTANT for the
NOW, THEREFORE, in consideration of the mutual covenants,
benefits and promises herein stated, the parties hereto agree as
follows:
I. Scope of Services
AGENCY does hereby retain CONSULTANT in a contractual
capacity to provide financial advisory consulting services as
described in the CONSULTANT'S Proposal dated March 24, 2004 which
is attached to this agreement as Exhibit "A ", and made a part
hereof.
In the event that additional service is required of
CONSULTANT, beyond the Scope of Services for this Agreement,
CONSULTANT may be authorized to undertake and complete such
additional work only if such authorization is provided in
writing, identifying the exact nature of the additional service
or services required and a "not -to- exceed" fee to be paid by CITY
rroressionat Services Agreement between
City of Moorpark and Muni - -m -%ml
ATTACHMENT 2
Page 1 of 9
000323
for said additional work, or at a negotiated lump sum amount
approved by CITY.
II. Compensation
A. Formation Services- Compensation to CONSULTANT for
Formation Services shall be based on the Cost Estimates for
Formation Services provided in Exhibit A.
B. Annual Administration- Consultant shall be retained on
an annual basis for the purpose of providing Annual
Administrative Services for the PROJECT and shall be compensated
based on the description of Fees for Annual Services included in
Exhibit A.
Payment to CONSULTANT shall be made by the CITY or the designated
Bond Trustee as authorized by the CITY within thirty (30) days of
receipt of invoice, if the invoice is not contested or questioned
by CITY. If CITY identifies a discrepancy between the invoice
amount and the services or products completed, CITY shall within
fifteen (15) workdays of receipt of the invoice specify in
writing the discrepancy. CONSULTANT shall then either 1) provide
support materials to satisfy CITY'S stated concern, or 2) revise
the invoice to reflect an adjustment to the stated discrepancy.
CITY shall then pay the revised or documented invoice within
thirty (30) days of such revision or documentation.
III. Incorporation by Reference
Exhibit "A ", as previously identified and the Attachments
thereto, is hereby incorporated into and made a part of this
Agreement. In the event of a conflict between the provisions of
the Scope of Services found in Exhibit "A" and this Agreement,
the language contained in this Agreement shall take precedence.
IV. Termination or Suspension
This Agreement may be terminated or suspended with or
without cause by CITY at any time with no less than five (5)
working days written notice of such termination or suspension.
CONSULTANT may terminate this Agreement only by providing CITY
with written notice no less than thirty (30) days in advance of
such termination. In the event of such termination or
suspension, CONSULTANT shall be compensated for such services up
to the date of termination or suspension. Such compensation for
Professional Services Agreement between Page 2 of 9
City of Moorpark and MuniFinancial
000324
work in progress shall be prorated as to the percentage of
progress completed at the date of termination or suspension.
V. Complete Agreement
This written Agreement, including all writings specifically
incorporated herein by reference, shall constitute the complete
Agreement between the parties hereto. No oral Agreement,
understanding, or representation not reduced to writing and
specifically incorporated herein shall be of any force or effect,
nor shall any such oral Agreement, understanding, or
representation be binding on the parties hereto. Should
interpretation of this Agreement, or any portion thereof, be
necessary, it is deemed that this Agreement was prepared by the
parties jointly and equally, and shall not be interpreted against
either party on the ground that the party prepared the Agreement
or caused it to be prepared. No waiver of any provision of this
Agreement shall be deemed or shall constitute, a waiver of any
other provision, whether or not similar, nor shall any such
waiver constitute a continuing or subsequent waiver of the same
provisions. No waiver shall be binding, unless executed in
writing by the party making the waiver.
VI. Assignment /Successors
CONSULTANT shall not assign this Agreement or any of the
rights, duties or obligations hereunder. It is understood and
acknowledged by the parties that CONSULTANT is uniquely qualified
to perform the services provided for in this Agreement.
VII. Term
The Term of this Agreement shall be for a period beginning
with the date first herein written and shall continue until
terminated as herein provided under Section IV. CONSULTANT shall
perform the professional services identified in this Agreement in
a timely manner, consistent with sound professional practices.
VIII. Anti- Discrimination
In the performance of the terms of this Agreement,
CONSULTANT agrees that it will not engage in, nor permit such
subcontractors as it may employ, to engage in discrimination in
employment of persons because of the age, race, color, creed,
sex, sexual orientation, national origin, ancestry, religion,
Professional Services Agreement between
City of Moorpark and MuniFinancial
Page 3 of 9
000325
physical disability, medical disability, medical condition, or
marital status of such persons. Violation of this provision may
result in the imposition of penalties referred to in the Labor
Code of the State of California Section 1735.
IX. Insurance and Indemnification
CONSULTANT shall hold harmless, indemnify and defend City
and its officers, employees, servants and agents and independent
contractors who serve in the role of City Manager, Assistant City
Manager, City Clerk, Director of Community Development, City
Engineer, or City Attorney from any claim, demand, damage,
liability, loss, cost or expense, for any damage whatsoever,
including but not limited to death or injury to any person and
injury to any property, resulting from, or in any way connected
with the performance of this Agreement by CONSULTANT or CITY,
except such damage as is caused by the sole negligence of CITY
CONSULTANT shall secure from a good and responsible company
or companies doing insurance business in the State of California,
pay for, and maintain in full force and effect for the duration
of this Agreement the policies of insurance required by this
section and shall furnish to the City Clerk of the City
certificates of said insurance on or before the commencement of
the term of this Agreement.
Notwithstanding any inconsistent statement in any of said
policies or any subsequent endorsement attached thereto, the
protection offered by the policies shall:
1. Provide general public liability insurance including
automobile liability and property damage insurance in
an amount not less than one million dollars
($1,000,000) per occurrence and annual aggregate.
2. Name CITY and its officers, employees, servants and
agents and independent contractors serving in the role
of City Manager, Assistant City Manager, City Clerk,
Director of Community Development, City Engineer, or
City Attorney, as additional insured with CONSULTANT.
Confirmation of this coverage shall be provided on an
Insurance Services Office (ISO) Form CG 20 10 11 85
Endorsement, or other form stipulated in writing by
City Clerk.
Professional Services Agreement between Page 4 of 9
City of Moorpark and MuniFinancial
000326
3. Bear an endorsement or have attached a rider whereby it
is provided that, in the event of cancellation or
amendment of such policy for any reason whatsoever,
CITY shall be notified by mail, postage prepaid, not
less than thirty (30) days before the cancellation or
amendment is effective. CONSULTANT shall give CITY
thirty (30) days written notice prior to the expiration
of such policy.
4. Be written on an occurrence basis.
Professional Liability or Errors and Omissions insurance as
appropriate shall be written on a policy form coverage
specifically designed to protect against acts, errors or
omissions of the CONSULTANT and " "Covered Professional Services"
as designated in the policy must specifically include work
performed under this agreement. The policy limit shall be no less
than $1,000,000 per claim and in the aggregate. The policy must
"pay on behalf of" the insured and must include a provision
establishing the insurers duty to defend. The policy retroactive
date shall be on or before the effective date of this agreement.
Consistent with this section, CONSULTANT shall provide
workers' compensation insurance as required by the California
Labor Code. If any class of employees engaged by CONSULTANT in
work under this Agreement is not protected by the workers'
compensation law, CONSULTANT shall provide adequate insurance for
the protection of such employees to the satisfaction of CITY.
At such point in time that CONSULTANT obtains and provides
any of the above insurance with coverage limits in excess of the
amounts specified above to another of CONSULTANT'S clients,
CONSULTANT shall immediately provide these same coverage limits
to CITY.
CITY does not, and shall not, waive any rights that it may
have against CONSULTANT by reason of this section, because of the
acceptance by CITY, or the deposit with CITY, of any insurance
policy or certificate required pursuant to this Agreement. This
hold harmless and indemnification provision shall apply
regardless of whether or not said insurance policies are
determined to be applicable to the claim, demand, damage,
liability, loss, cost or expense described in this section.
Professional Services Agreement between Page 5 of 9
City of Moorpark and MuniFinancial
000327
X. Notices
Any notice to be given pursuant to this Agreement shall be
in writing, and all such notices and any other document to be
delivered shall be delivered by personal service or by deposit in
the United States mail, certified or registered, return receipt
requested, with postage prepaid, and addressed to the party for
whom intended as follows:
To: City Manager
City of Moorpark
799 Moorpark Avenue
Moorpark, California 93021
To: MuniFinancial
27368 Via Industria, Suite 110
Temecula, California 92590
(951) 587 -3500
Attn: Chris Fisher, Principal Consultant
Either party may, from time to time,
the other, designate a different address o
shall be substituted for the one above
payments and other documents shall be
receipt by personal service or as of the
deposit in the United States mail.
XI. General Conditions
by written notice to
r contact person, which
specified. Notices,
deemed delivered upon
second (2 d ) day after
A. CONSULTANT agrees not to work for any private firm
located within the CITY limits or its Area of Interest, or for
any public agency where its jurisdiction includes all or part of
the CITY without the prior written consent of the CITY, during
the term of this Agreement. Furthermore, CONSULTANT agrees to
limit its actions related to economic interest and potential or
real conflicts of interest as such as defined by applicable State
law to the same standards and requirements for designated CITY
employees.
B. CITY shall not be called upon to assume any liability
for the direct payment of any salary, wage or other compensation
to any person employed by CONSULTANT performing services
hereunder for CITY.
Professional Services Agreement between Page 6 of 9
City of Moorpark and MuniFinancial
000328
C. CONSULTANT is, and shall at all times, remain as to
CITY a wholly independent contractor. Neither the CITY, nor any
of its officers, employees, servants or agents, shall have
control over the conduct of CONSULTANT or of CONSULTANT'S
officers, employees or agents, except as herein set forth.
CONSULTANT shall not at any time or in any manner represent that
it or any of its officers, employees, or agents are in any manner
employees of CITY.
D. At the time of 1) termination of this Agreement or 2)
conclusion of all work, all original reports, documents,
calculations, diskettes, computer files, notes, and other related
materials whether prepared by CONSULTANT or its subcontractors)
or obtained in the course of providing the services to be
performed pursuant to this Agreement shall become the sole
property of CITY. Any word processing computer files provided to
CITY shall use Microsoft Word for Windows software.
E. Nothing contained in this Agreement shall be deemed,
construed or represented by CITY or CONSULTANT or by any third
person to create the relationship of principal or agent, or of a
partnership, or of a joint venture, or of any other association
of any kind or nature between CITY and CONSULTANT.
F. In the event any action, suit or proceeding is brought
for the enforcement of, or the declaration of any right or
obligation pursuant to this Agreement or as a result of any
alleged breach of any provision of this Agreement, the prevailing
party shall be entitled to recover its costs and expenses,
including reasonable attorney's fees, from the losing party, and
any judgment or decree rendered in such a proceeding shall
include an award thereof.
G. Cases involving a dispute between CITY and CONSULTANT
may be decided by an arbitrator if both sides agree in writing on
the arbitration and on the arbitrator selected, with costs
proportional to the judgment of the arbitrator.
H. This Agreement is made, entered into, and executed in
Ventura County, California, and any action filed in any court or
for arbitration for the interpretation, enforcement or other
action of the terms, conditions or covenants referred to herein
shall be filed in the applicable court in Ventura County,
California.
Professional Services Agreement between Page 7 of 9
City of Moorpark and MuniFinancial
000329
I. The captions and headings of the various Sections and
Exhibits of this Agreement are for convenience and identification
only and shall not be deemed to limit or define the content of
the respective Sections and Exhibits hereof.
J. This Agreement constitutes the entire Agreement of the
parties concerning the subject matter hereof and all prior
Agreements or understandings, oral or written, is hereby merged
herein. This Agreement shall not be amended in any way except by
a written amendment expressly purported to be such an amendment,
signed and acknowledged by both parties hereto.
K. No waiver of any provision of this Agreement shall be
deemed, or shall constitute a continuing or subsequent waiver of
the same provision. No waiver shall be binding, unless executed
in writing by the party making the waiver.
L. If any portion of this Agreement is held by a court of
competent jurisdiction to be invalid, void, or unenforceable, the
remaining provisions will never - the -less continue in full force
without being impaired or invalidated in any way.
M. No officer, employee, director or agent of the CITY
shall participate in any decision relating to this Agreement
which affects his personal interest or the interest of any
corporation, partnership, or association in which he is directly
or indirectly interested, or shall any such person have any
interest, direct or indirect, in this Agreement or the provisions
thereof.
XII. Responsible Individual
The individual directly responsible for CONSULTANT's overall
performance of the Agreement provisions herein above set forth
and to serve as principal liaison between CITY and CONSULTANT
shall be Chris Fishery Principal Consultant, and no other
individual may be substituted.
The CITY'S contact person in charge of administration of
this Agreement and to serve as principal liaison between
CONSULTANT and CITY shall be the City Manager or his designee.
Professional Services Agreement between Page 8 of 9
City of Moorpark and MuniFinancial
000330
XIII. Effective Date
This Agreement shall be effective on
CITY OF MOORPARK:
Steven Kueny
City Manager
ATTEST:
Deborah S. Traffenstedt, City Clerk
MuniFinancial:
2005.
Chris Fisher
Principal Consultant
Exhibit "A ": Proposal for Professional Services
Professional Services Agreement between
City of Moorpark and MuniFinancial
Page 9 of 9
00®33:-
a
a 1
Pnt
to the
City of Mo o rp
Community Facilities il)istrict
14"ormation & Administrati'mi Services
EXHIBIT A
t
27368 Via Industria, Suite 110, Temecula, California 92590
000332
MmuniFinancial
July 19, 2005
Steven Kueny, City Manager
City of Moorpark
C/O Marshall Linn
Urban Futures, Inc.
3111 North Tustin Ave, Ste. 230
Orange, CA 92865
RE: Proposal to Provide Community Facilities District Formation and Administration
Services to the City of Moorpark
Dear Mr. Kueny:
MuniFinancial is pleased to submit the following proposal to the City of Moorpark to provide
financial consulting services. Our proposal addresses the establishment of Community Facilities
Districts (CFD) for facilities and services, and special tax consultant support for associated bonds.
Our proposal for providing district administration services to the districts is also described.
We have assembled a team of senior professionals for this project, ensuring the City quality support.
I will serve as Principal -in- Charge and provide technical advice to the team throughout the project.
Marshall Eyerman, Principal Consultant, will be your Project Manager. Mr. Eyerman will be the
day -to day contact with the City for this study. He will be assisted as needed by analysts in our
Temecula office. Mr. Mark Risco, District Administrative Services Division Manager, will lead our
exceptional team of analysts providing you administration support. I am certain that our team can
provide the City of Moorpark with the quality service for which MuniFinancial is known.
We are excited about this opportunity to work with the City of Moorpark and look forward to
hearing from you. Please contact me at (800) 755 -6864, or via email to chrisf&muni.com , if you
have any questions regarding our proposal.
Sincerely,
MuniFinancial
l
Chris Fisher, Principal Consultant
Financial Consulting Services
Enclosure
2 73 68 Via Industria, Ste. 110 Tel. (951) 587 -3500
Temecula, California 92590 rrWIP- 911111i.com Fax (951) 587 -3510
000333
TABLE O F CONTENTS
INTRODUCTION 1
SCOPE OF WORK 2
CFD Formation 2
CFD Administration 6
FEE FOR SERVICES 8
Community Facilities District Formation Services 8
Community Facilities District Administration Services 8
Additional Services g
Invoicing g
Reimbursable Expenses g
THE CITY OF MOORPARK'S TEAM 10
INTRODUCTION TO MUNIFINANCIAL 11
Financial Consulting Services 12
District Administration Services 13
APPENDIX — RESUMES
A -1
Chris Fisher
A -2
Marshall Eyerman
A -4
Mark Risco
A -5
Gladys Medina
A -6
EMuniFinancial Page i
000334
INTRODUCTION
We understand that the City of Moorpark will be forming two Community Facilities Districts
(CFDs). CFD 2004 -1 encompasses proposed development consisting of approximately 104
acres eventually containing 456 single - family homes and 99 condominiums. CFD 2004 -2 will
contain approximately 24 acres and eventually 110 single - family parcels. The CFDs will fund
improvements for facilities, fees and public safety services.
We can also offer our full service district administration services for the newly established CFDs.
We will assist the City of Moorpark with administration that fulfills regulatory requirements
beyond the point at which the special tax installment is placed on the Ventura County secured
tax roll. These services are described as District Administration within our proposal.
MuniFinancial is a full service public financial consulting firm and we take pride in a seamless
transition from formation to administration. We can provide the City of Moorpark with
continuing support for its special tax needs.
EMuniFinandal Page 1
000335
SCOPE OF WORK
MuniFinancial will perform the following tasks in order to provide the City of Moorpark with
Community Facilities District (CFD) formation and administration services.
CFD FORMATION
MuniFinancial will provide special tax and district formation consulting services to the City of
Moorpark. Specific tasks include the following. We will perform these tasks for two CFDs:
CFD 2004 -1, Moorpark Highlands; and CFD 2004 -2, Moorpark Vistas.
TASK 1: NOTICE TO PROCEED TO RESOLUTION OF 1/VTENTION
a. Prepare Rate and Method of Apportionment of Special Tax
MuniFinancial will prepare a rate and method of apportionment of special tax for the
resolution of intention. We will discuss alternatives including the identification of
improvement areas or tax rate zones. MuniFinancial endeavors to provide for a simple and
practical means of prepaying special taxes.
A description of various alternatives for structuring the special tax will be provided to the
City and the Financing Team and incorporated into the rate and method of apportionment
based on comments received.
b. Research
Once a project has been identified, MuniFinancial will update research information related
to the development, including number and type of units. MuniFinancial will determine
whether there are any registered voters in the proposed boundaries of the district that
would require a vote of the registered voters and verify the record owners of property that
would constitute the eligible voters under the Community Facilities Act (if there are fewer
than 12 registered voters).
Determine the improvements to be financed and /or maintained, that are to be included in
the district based on input from the City, the Property Owner, the project engineer,
financial advisor, and bond counsel. Prepare a narrative description to include in the
Community Facilities District Public Report. In addition, we can prepare a Map of
Improvements to allow ease in presentation to the City Council as well as an easily
identifiable source for the Financing Team as an additional service, if requested. If
necessary, improvement zones will be established and different methodologies can be
developed to address the benefit one area receives from improvements that another area
does not receive.
Prepare a cost estimate of the improvement items, incidentals and issuance costs related to
the district to be included in the Community Facilities District Public Report. The project
cost estimate including incidentals will be obtained from the project engineer. The bond
issuance costs will be discussed with the team to insure all appropriate costs have been
included correctly, such as, capitalized interest, official statement printing, reserve fund
level, and any required bond security.
EmuniFincincial Page 2
Q0®3a36
Financial Modeling
A preliminary pro forma of the community facilities district's revenues and expenses will
be presented to the Financing Team for evaluation and discussion. The Maximum Special
Taxes proposed will be designed to protect the bonds as well as fairly tax properties
expected to be in the district.
Based on the information gathered, MuniFinancial will begin to prepare a preliminary
special tax analysis. The analysis will include value to lien calculations, overlapping tax
analysis, and maximum special tax coverage computations. We will prepare calculations
from our database including 1) special tax runs identifying the maximum special tax
coverage that can be expected comparing the maximum special tax rates to the amount
estimated to be necessary to repay the bonds; 2) value to lien computations for each parcel,
each property owner, and if necessary, differentiating between developed and undeveloped
property using data from the Appraiser; 3) an overlapping debt table indicating the value
of the property as compared to the new district debt as well as any other assessment
district or community facilities district debt outstanding on the parcels; and 4) effective tax
rate schedules showing the tax rate projected to be on the parcels as a result of the new
debt and prior debts.
In addition, MuniFinancial will develop special tax categories for the property types within
the district. Special considerations will be identified for Financing Team discussion, such as
pre - payment provisions, fair share contributions, multiple bond phasing implications,
escrowed bond proceeds, and a related escrow release test.
We will develop the Method of Apportionment of Special Tax based on the boundaries of
the district, the improvements to be funded, the proposed development, and any effective
tax rate limitations. An analysis will be required to determine globally an equitable spread
of the overall burden taking into account the nature of the public facilities to be
constructed and the area that they will serve. The method will be discussed with the
Financing Team to ensure all considerations have been addressed, and then included in
both the Resolution of Intention and the Community Facilities District Public Report.
The phasing of the development needs to be analyzed and integrated with the tax
formulas. This could result in the need for several improvement zones and /or bond sales.
The method will consider the practical implications of annual administration, the "trigger"
event used to re- classify an undeveloped property to a developed property, the developer's
acceptance of the methodology, and the effect, both financial and political on the
secondary property owner.
d. Prepare Boundary Map
MuniFinancial will prepare a boundary map of the proposed district that meets the
requirements of the Community Facilities Act and the City of Moorpark's Policies and
Procedures for CFDs.
EMuniFinancial
Page 3
000337
TASK Z; RCSOLUT /ON OF /NTENT /ON TO PUBL IC HEAR /N13
MuniFinancial will perform the following:
a. Record the boundary map with the appropriate local official and the county recorder.
b. Prepare CFD Public Report
MuniFinancial will prepare a preliminary CFD report that includes a description of the
public improvements to be financed and /or maintained, cost estimates, incidental
expenses, the rate and method of apportionment, and any other information necessary to
meet the requirements of the Community Facilities Act and for review and comment by
the Financing Team. Submit the revised document to City staff for filing with the City
Council. If requested, MuniFinancial will present the report to the Council and field any
questions received at the Public Hearing. The Community Facilities District Public Report
will include the following components:
• A description of the proposed public facilities to be funded.
• Costs and estimated construction dates of the proposed facilities.
• Estimates of bond issuance and other incidentals costs.
• Projected bonded indebtedness and the anticipated issuance dates
• A projection and explanation of the annual special tax rates by special tax classification
for each year that bonds are outstanding or services are funded.
C. Contact the County Registrar of Voters to verify property ownership and the number of
registered voters in the district area. We will assist in tallying the votes. Current legislation
requires a registered voter election if there are more than 12 registered voters in the
district.
d. Coordinate the recordation of the Notice of Special Tax Lien after successful formation of
the CFD.
TASK 3; SON0 ISSUANCE SUPPORT
Participate in the creation and review of financing documents.
Typically, as the Community Facilities District Public Report is being finalized to include the
best available project costs, the Financing Team begins preparing the Preliminary Official
Statement. As Special Tax Consultant, we maintain a presence in this portion of the district
process and provide necessary information as it relates to special tax revenues and special tax
liens. Our role in the financing is to review the practical implications of the bond sale in an
effort to protect the City's ability to collect special tax revenues to meet debt service
requirements. As Special Tax Consultant we will provide the following services.
a. For the Preliminary Official Statement (POS) and Official Statement (OS) we will prepare
final calculations from our database including a) maximum special tax coverage, b) value to
lien computations, c) an overlapping debt table indicating the value of the property. as
compared to the new district debt as well as any other assessment district or community
facilities district debt outstanding on the parcels; and, d) effective tax rate schedules
showing the tax rate projected to be on the parcels as a result of the new debt and prior
debts. In addition, we will sign a Special Tax Consultant Certificate certifying the
MMunFnandal Page 4
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sufficiency of the maximum special tax rates to meet debt service requirements for the first
series of bonds to be issued.
a. In addition, MuniFinancial will review the continuing disclosure obligation provisions free
of charge. If, however, the City would like us to assemble the information for the official
statement, we would charge depending on the level of complication.
MuniFinancial will participate in the creation and review of the POS and OS as it relates to any
items included in the Community Facilities District Public Report, the cost estimate,
improvement description, boundary map, and any tables we provide that will be included in the
documents. In addition, we review all items related to parity bond issuances, and delinquency
and foreclosure provisions as they relate to the annual administration of the district. All original
items and comments will be provided to the Underwriter and Disclosure Counsel and discussion
with the Financing Team.
A0017'10NAL RESPONS /B /L /T /ES OF CONSULTANT
a. Attend Meetings
Representatives of MuniFinancial will attend up to two (2) meetings with the City and the
Financing/ Consultant Team as directed by the City's project coordinator. Additionally, we
will attend the Council meetings for the adoption of the resolution of intention and the
public hearing.
b. Coordination with City and Financing /Consultant Team
MuniFinancial will coordinate with the City and other members of the City's
Financing/ Consultant Team during the formation of the district.
CL /ENT RESPONS /B /L /T /ES
MuniFinancial will rely on being able to obtain the following information from the City or the
developer:
a. Proposed project development information.
b. Estimated costs of the services to be included in the CFD, and the costs of constructing
and /or maintaining the facilities to be included in the CFD.
C. Property owner information on an as- needed basis. Coordinate with developers to obtain
documentation as needed, i.e. tract maps, parcel maps, plans of development, absorption
data, product mix information.
The City will assist MuniFinancial in obtaining this information, if needed.
The City of Moorpark acknowledges that MuniFinancial shall be relying upon the accuracy of
the information provided by the City and the County and agrees that MuniFinancial shall not be
liable for any inaccuracies contained in such information.
LCOAL OP /N/ONS
In preparing the, policy document, resolutions, petitions, consent and waiver documents and the
notices and ballots, MuniFinancial will provide our professional expertise. Since we do not
practice law, we ask that your City Attorney, or other designated counsel, review the documents.
We will assist your attorney in identifying any pertinent legal issues.
ZMuniFinancial Page S
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CFD ADMINISTRATION
MuniFinancial provides also provides full- service special district services for CFDs. The
following is our scope of services for administration. All costs associated with CFD annual
administration are fully recoverable, either through the special tax levy or payment by the
requestor for special services.
MuniFinancial will:
a. Maintain and periodically update an electronic database containing parcel basis data and
annual special tax levy amounts by Assessor's Parcel Number.
b. Annually calculate and apportion the special taxes as specified in the Rate and Method of
Apportionment of Special Tax.
c. If applicable, use the listing of any approved exemptions provided by the District, identify
each parcel and modify the proposed special tax accordingly.
d. If necessary, prepare an annual resolution that establishes the budget for the fiscal year and
application of the special tax to be submitted to the District, including the special tax
summary for the fiscal year.
e. Provide special tax levies for each parcel by Assessor's Parcel Number to the County
Auditor - Controller's Office in the media, format and configuration required by the County
for placement on the annual property tax roll.
f. Research parcel exceptions provided by the District and, if possible, resubmit installment
amounts that are unapplied by the County Auditor- Controller's Office. MuniFinancial will
manually invoice special tax installments that cannot be collected on the County property tax
roll on behalf of the District.
g. Provide a toll-free number to field inquiries from District staff, property owners and other
interested parties regarding special tax installments and related information.
h. Monitor delinquencies each February and May and submit periodic reports to the District.
i. Prepare an Annual Special Tax Report (Report). This Report will include:
• The identification of CFD administrative cost items eligible for recovery by the
District,
• The review of fund balances to identify any surplus funds,
• The requirements for debt service,
• The delinquency summaries, and
• A cover letter to the Report providing related recommendations or issues, if any. The
cover letter is not intended to be a component of the Report.
j. Provide an annual report to the California Debt and Investment Advisory Commission
(CDIAC) by October 30 if required by the California Government Code, Section 53359.5(b), as
amended.
k. Prepare "Notice of Special Tax" as required by the California Government Code, Sections
53340.2(b) and 53341.5, as amended. The fee for this service is $10 per Notice and is to be
paid by the requester.
EMuniFinancial
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1. As applicable, assist the District with the filing of a report with its governing body each year
as required by the California Government Code, Section 50075.3 (a) & (b) and /or Section 53411
(a) & (b), as amended (Senate Bill 165).
m. Be available to attend up to two meetings annually.
n. Calculate written prepayment quotes for individual special tax liens, as described in the Rate
and Method of Apportionment of Special Tax or by resolution. For parcels prepaying the
special tax, MuniFinancial will coordinate the removal of the lien. The fee for this service is
$250 per calculation, to be paid by the requestor.
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FEE FOR SERVICES
MuniFinancial will provide the services described in our Scope of Work for the fixed price fees
below. Our fee includes all expenses associated with the project.
COMMUNITY FACILITIES DISTRICT FORMATION
SERVICES
CFD Formation, CFD 2004 -1 1 $24,0001
CFD Formation, CFD 2004 -2 1 $24,000 1
Our fee will not be contingent on the outcome of the formation of the CFD.
COMMUNITY FACILITIES DISTRICT ADMINISTRATION
SERVICES
The CFD administration as shown in our scope of services is the basis of our fee. These fees are
payable monthly on a percentage complete basis. These fees and rates are subject to increase,
which will not exceed the most recent annual change in the Consumer Price Index (CPI) within
the applicable areas as calculated by the United States Department of Labor.
The requesting party pays for fees for this serUice. There is no charge to property owners and / or the Ciiy.
ZMunFnandal Page 8
000342
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The requesting party pays for fees for this serUice. There is no charge to property owners and / or the Ciiy.
ZMunFnandal Page 8
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ADDITIONAL SERVICES
Additional services beyond our scope of work, such as additional meetings, may be authorized
by the City of Moorpark. Additional services will be performed for an additional fee.
INVOICING
For district formation services, MuniFinancial will bill the City monthly based on percent of the
project completed by task.
For district administration services, MuniFinancial will bill the City monthly on a percentage
completion basis.
REIMBURSABLE EXPENSES
MuniFinancial will be reimbursed, at cost, for out -of- pocket expenses. Examples of
reimbursable expenses include, but are not limited to: postage, travel expenses, mileage (40.5¢
per mile), maps, electronic data furnished from the County and /or other applicable resources,
construction cost periodicals, and copying (currently 6¢ per copy). Any additional expense for
reports or from outside services will be billed to the District, at our cost, with no overhead
markup. Charges for meeting and consulting with counsel, the County, or other parties regarding
services not listed in our scope of work will be at our then- current hourly rates.
In the event that a third party requests any documents, MuniFinancial may, in accordance with
MuniFinancial's applicable rate schedule, charge such third party for providing these documents.
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000343
THE CITY OF MOORPARK'S TEAM
We have selected senior professionals for the City of Moorpark's project. We are confident that
the MuniFinancial team has a depth of experience that will successfully fulfill the City's desired
work performance.
Chris Fisher, Principal Consultant in MuniFinancial's Temecula office, will serve as
principal -in- charge for district formation. He will oversee the quality of work products
and assure timely completion of the project. He will also provide technical oversight to the
project. Mr. Fisher is expert in CFD formation and administration and has occupied key
management positions both in MuniFinancial's Financial Consulting Services and District
Administration Services groups.
Marshall Eyerman will be the project manager for the formation project. Mr. Eyerman is a
Principal Consultant in our Temecula office and one of our lead experts in community facilities
district formation. Mr. Eyerman's responsibilities include all aspects of district formation,
including the preparation of calculations associated with developing special tax formulas,
development of rates and methods of apportionment and bond fund analysis. He is also
responsible for special tax bond refundings, district annexations and agency compliance with
Proposition 218.
As project manager, Mr. Eyerman will organize and direct all work tasks and review interim
work products. He will ensure the project is completed on time and within budget. He will also
be the primary client contact, attend key meetings, and make presentations.
Mr. Eyerman will be assisted as needed by staff assigned to our Temecula office. Team
members will include Habib Isaac, Senior Analyst, Camille Mahant, Analyst II, James
Steffens, Analyst, and Jennifer Carter, Analyst. Our analysts will assist with data gathering,
model building and report drafting. They will also coordinate with the City to ensure that data -
gathering tasks proceed smoothly and minimize the burden on City staff.
Mark Risco, Division Manager, District Administration Services, will oversee the district
administration services provided to the City. Mr. Risco's superior staff of analysts will perform
necessary administration actions, with project management provided by Gladys Medina,
Project Manager in our District Administration Services Group.
Detailed resumes of the senior professionals we have selected to assist the City of Moorpark are
included in the appendix.
EMuniRnancial
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INTRODUCTION TO M UNI FINANCIAL
MuniFinancial has the largest special district formation and administration practice in the
nation. We are also known as the pre- eminent municipal disclosure firm, and a major provider of
arbitrage rebate services. Our clients include cities, counties, state agencies, port authorities,
housing agencies, special districts and school districts in 34 states. Our staff of 70 professionals
acts as an extension of agency staff, providing such services as:
Administration of special taxes, assessments, standby charges and utility rates;
Arbitrage rebate calculations;
Municipal disclosure reports preparation and dissemination;
Economic studies, such as fiscal analyses of new development, LAFCO studies and
developer impact fees;
nWMMW W prdvid6s the f6lidwing
primary services:
✓ Federal Compliance Services
✓ District Administration Services
✓ Financial Consulting Services
Financial studies to identify funding sources
or determine optimal utility rates, standby
charges and cost of services; and
District formation services for capital project
assessment /local improvement districts,
community facilities districts, landscaping and
lighting districts and special taxes.
In addition, we are dedicated to the improvement of our technology. Our Information
Technology staff has created MuniFinancial's Municipal Administration Government
Information Coordinator, MuniMagicTM, a custom software program to address the specific
requirements related to administering taxes, assessments, standby charges and fees. The latest
advance in the program allows clients to access parcel information through the Internet with a
menu - driven format.
MuniFinancial's success is based on a corporate philosophy of personal service. We provide
support throughout the year — and foryears after. Clients can be assured that we can be reached
should any questions or issues arise.
We serve as an extension of our clients' staff, augmenting existing personnel by providing
specialized expertise. In support of this, MuniFinancial staff members regularly write articles and
conduct presentations for local, state and national organizations. We hold client workshops and
conduct onsite training throughout the year to assist clients in keeping abreast of the latest
developments, while helping new agency staff understand our services.
MuniFinancial focuses on the following client base:
�,sa�res
✓ Cities
✓ School Districts
✓ Special Districts
• Community Services Districts
• Recreation and Park Districts
• Water Districts
• Vector Control Districts
EMuniFinancial Page 11
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FINANCIAL CONSULTING SERVICES
MuniFinancial offers a variety of financial, economic and strategic planning services to its clients.
Agencies have long been faced with meeting the needs of both existing residents, as well as new
developments. MuniFinancial has been consistently called upon to assist client staff with their
financial and organizational challenges. Our core services are summarized in the box at left.
Community Facilities Districts
SPEC /AL 0/4977R/CT
FORMA TONS
Community Facilities & Assessment
Districts
MuniFinancial has successfully
participated as special tax consultant
and in the role of assessment engineer
in diverse consultant teams for more
than 600 districts in 100 -plus
municipalities. These projects involve
district formations, consolidations,
annexations, workouts, refundings,
parity bond issues and other special
projects.
As consultants who not only perform
formation services but also district
administration, construction acquisition,
delinquency management, disclosure
services and arbitrage rebate
calculations, MuniFinancial is able to
bring a long -term perspective to the
challenges facing local agency financing.
The Mello -Roos Community Facilities Act of 1982 authorizes formation of community facilities
districts (CFDs) to finance various public facilities through the levy of special taxes against the
area where said services and /or facilities are being provided. Facilities that can be provided
under a (CFD) include the purchase, construction, expansion, or rehabilitation of any
governmental facilities the city is authorized to construct, own, or operate and even some private
buildings or sites where seismic, fire safety, or hazardous waste standards need to be met.
The statute can also fund the following maintenance and services:
Police and fire protection, ambulance, recreation and library services; and
Park parkways, open space operations and maintenance and flood control and storm drain
maintenance.
A community facilities district may be initiated by a petition or through legislative action. A
noticed public hearing is required and an election. The levy of a special tax and /or authorization
ZMunFnandal Page 12
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to issue bonds for long -term financing requires a favorable two- thirds vote of the registered
voters residing within the proposed community facilities district. However, if the district has less
than 12 registered voters in its boundaries, a two- thirds favorable vote of the property owners
owning property in the district is required.
DISTRICT ADMINISTRATION SERVICES
in r c ci}ianfl
✓ ` l reparation Of annual Engineer's Report,
budget and resolutions
✓ Bill charges directly though county tax roll
✓ Comprehensive reporting
✓ Financial Analysis, modeling and budget
forecasting
✓ Toll-free line
✓ Reporting on phone call activity
✓ Reporting on collections and payment status
✓ Calculation of prepayment quotes
✓ Legislative updates
MUN /MAGIC
The most recent addition to our services is the
development of an Internet interface to
MuniFinancial's database management program
known as MuniMagicTM. MuniMagic maintains parcel
data, calculates special taxes, assessments, fees and
charges, manages delinquency information and
maintains bond related information. Clients can access
data and reports online through a menu - driven system
providing information at the touch of a button.
MuniMagic is the powerhouse used by
MuniFinancial's experienced staff in fiscal year 2004 -2005 to generate $505 million in levies
and billings on more than 5.0 million parcels. A staff of 31 people is dedicated full -time to
calculations, levies, delinquency management, ongoing disclosure, report writing, and property
owner inquiries.
MuniFinancial's district
administration services address
the ongoing day -to -day activities
associated with the long -term
collection of bonded and pay -as-
you-go special taxes, assessments,
fees, utility rates and standby
charges. These types of services
demand accurate, timely and
knowledgeable treatment of many
details. Subsequently,
MuniFinancial focuses on
quality control and brings the
advantage of current technology
and knowledge of recent
legislation to our clients.
COMMUNITY FACIL /TIES O/STR /CTS
MuniFinancial provides full - service administration for community facilities districts. The
district can recover all costs associated with CFD annual administration, either through the
special tax levy or payment by requester for special services.
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APPENDIX- RESUMES
Resumes for the senior professionals MuniFinancial will devote to the City of Moorpark's
project follow.
ZMuniFinancial Page A -1
000348
6 Years Experience
Areas of expertise
Project Highlights
Education
Professional
Affiliations
EMuniFinancial
CHRIS FISHER
Chris Fisher is a principal consultant in the Financial Consulting
Services Group at MuniFinancial. He is one of MuniFinancial's experts
in Community Facilities District (CFD) formation and administration.
Mr. Fisher most recently served as Senior Project Manager for the
Northern California region in the District Administration Services
Group at MuniFinancial. He has specialized expertise in the
administration of 1915 Act Assessment Districts, 1972 Act Landscape
and Lighting Districts, 1982 Benefit Assessment Districts, and Mello -
Roos Community Facilities Districts, including:
Administration of Marks -Roos and Mello -Roos Pools,
• Delinquency monitoring, and
• Preparation of Continuing Disclosure Reports to bondholders.
Mr. Fisher oversaw the annual administration of all of the
aforementioned district types for cities, counties and special districts
throughout Northern California. Before taking over his management
responsibilities, Mr. Fisher was an analyst responsible for day -to -day
district administration. Prior to joining MuniFinancial, he worked as a
budget and financial analyst for an airline and an electronics
corporation.
Related Experience
City of Redwood City: Mr. Fisher oversaw the administration of
one 1915 Act Assessment District and two Community Facilities
Districts: Redwood Shores and Pacific Shores. Services provided by
MuniFinancial related to the Community Facilities Districts include
data maintenance with regards to parcel changes and
apportionments, tracking development activities and land use
changes plus the creation and generation of annual reports. His
team also annually calculates special taxes and submits them to the
County Auditor- Controller's office.
City of Brentwood: Mr. Fisher was the Project Manager
responsible for the complete administration of nine 1915 Act
Assessment Districts comprised of more than 15,000 parcels in this
rapidly growing area. He was also on the team responsible for the
formation of four of the newer districts, and the refunding of three
of the existing districts. The refundings and administration included
two Marks -Roos Pools with Revenue Bonds that were issued in
multiple series, with multiple Local Obligations. Final build out of
all of the districts will eventually exceed 30,000 parcels, with the
continued formation of new districts expected. In addition to
standard annual administrative tasks, Mr. Fisher completed and
Page A -2
000349
reviewed cash flow certificates to ensure debt service coverage for
the bonds and coordinated the tracking of parcel changes and the
re- apportionment of assessment liens as development continued in
the districts. Five of the districts were initially comprised almost
entirely of large undeveloped parcels of land, which have developed
into large mixed -use projects. Throughout this process, Mr. Fisher
ensured that land use changes and the status of development in the
districts were tracked and accurately reported to bondholders in the
annual Continuing Disclosure Reports.
City of Roseville: The City hired MuniFinancial when its Mello
Roos Districts were formed. Since then, several of the 19 Districts
have experienced significant development requiring Mr. Fisher and
his team to track and update databases and ensure that newly
created parcels are taxed correctly. In addition, MuniFinancial is
responsible for the maintenance of four Landscaping and Lighting
Districts and four 1915 Act Local Improvement Districts. For the
Landscaping and Lighting Districts, Mr. Fisher oversaw the entire
annual process, including the preparation of budgets, preparation of
the Engineer's Reports, preparation of the required annual
resolutions, maintenance of the databases for the districts, and the
submittal of annual assessments to the County.
City of Union City: Mr. Fisher and his team administered several
property owner fees and special districts for the City of Union City,
including its Citywide Landscaping and Lighting District No. 2, Fire
Department Paramedic Program Special Assessment, Recycling Fee,
Refuse and Yard Waste Fee, Storm Water Utility Fee, a Community
Facilities District, and a 1915 Local Improvement District. For all of
these districts, the MuniFinancial team maintained and continually
updated comprehensive parcel databases with parcel configuration,
property owner and land use information. They assisted in the
preparation of annual budgets and engineer's reports, calculated
special taxes and assessments, and submitted the parcel data to
Alameda County for placement on the annual secured property tax
bills.
• City of West Sacramento: Mr. Fisher oversaw the administration
of seven "service" Community Facilities Districts and a variable rate
bond CFD, all of which are used in place of landscaping and
lighting districts. He and his team monitor parcel changes and
apportionments. Development activities and land use changes are
tracked. Reports are generated and disseminated annually. He is also
the project manager in charge for the administration of two 1915
Act Assessment Districts, and one Consolidated Reassessment
District. He oversees the annual maintenance of the databases for
these districts; completion of the annual levy and all required
reporting.
EMuniFinancial Page A -3
000350
10 Years
Experience
MARSHALL EYERMAN
Having been associated with MuniFinancial since May of 1997,
Marshall Eyerman is currently a Principal Consultant in the
Financial Consulting Services Group at MuniFinancial. A
Areas of Expertise
professional with ten years of experience in all facets of
municipal finance, he assist team members focus their efforts on
preparing specific analysis and reports.
Mr. Eyerman works closely with agencies, counties, trustees,
property owners, bond counsel and financial advisors to gather
the data. He and his team then perform the necessary due
diligence and analysis of the documents. Dedicated to his craft,
Mr. Eyerman is involved in various organizations, such as the
California Society of Municipal Finance Officer, National
Association of Bond Lawyers and National Federation of
Municipal Analysts and routinely offers educational sessions
Education
detailing aspects of the analysis process to clients and internal
staff.
Mr. Eyerman came to MuniFinancial with experience performing
financial analysis and providing investment advice as a Licensed
Registered Representative. His very first duties at the firm were
focused on local improvement districts. He worked within the
District Administration Services group. He then worked within
the Federal Compliance Group, focusing on the development of
continuing disclosure practices, before moving to the Financial
Consulting Services Group.
Related Experience
Development Impact Fees
• City of Livermore
• City of Dixon
• City of Rialto
• Town of Yucca Valley
Community Facilities Districts
• City of Hawthorne
• County of Fresno
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00035
6 Years' Experience
Areas of expertise
Project Highlights
Education
ZMuniFinandal
MARK RISCO
Mark Risco is Division Manager of the District Administration
Services Group and is responsible for 30 staff members' efficient
administration of special districts. In this capacity, Mr. Risco oversees
five project managers and 25 analysts performing all aspects of annual
administration, including parcel research, database maintenance, budget
analysis, parcel changes related to development, exemption research,
lien payoffs, delinquency management, bond calls, and reports.
Mr. Risco has worked in public finance for the past five years. Prior to
joining MuniFinancial, he worked in commercial real estate at Spieker
Properties, Inc., a Real Estate Investment Trust Company. His
experience includes, preparing and monitoring budgets and performing
cash flow and financial analysis.
Related Experience
Some of Mr. Risco's clients include:
Ventura County
Conejo Recreation and Park District
City of Fillmore
City of Thousand Oaks
City of Paso Robles
City of Simi Valley
City of Irvine
City of Anaheim
The Metropolitan Water District of Southern California
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00032
6 Years' Experience
Areas of Expertise
Project Highlights
Education
EmuniFinancial
G LADYS M EDI NA
Gladys Medina is a Project Manager in the District Administration
Services Group at MuniFinancial. Her attention is focused on clients
within the Southern California Coastal Region, including the counties
of Los Angeles, San Diego, Ventura, Orange, Kern and San Luis
Obispo. Ms. Medina's responsibilities include the administration of
Assessment Districts, Standby Charge Programs, Community Facilities
Districts, Landscaping and Lighting Districts, Business Improvement
Districts and other special districts. She monitors the progress of
projects, ensuring quality, accuracy and timeliness in completion. She
provides technical expertise to clients and analysts as work progresses
and attends client meetings and council meetings, as required.
Prior to joining MuniFinancial in 1999, she gathered three years of
experience in water utility accounting and had a year of production
accounting for a well-known trading card company where she worked
within its international accounting group.
Related Experience
Ms. Medina's clients include:
Ventura County
Conejo Recreation and Park District
City of Fillmore
City of Thousand Oaks
City of Paso Robles
City of Simi Valley
Los Angeles County Department of Parks & Recreation
The Metropolitan Water District of Southern California
City of California City
City of Lancaster
City of Tehachapi
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0 0003r a