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HomeMy WebLinkAboutRES CC 2005 2383 2005 0921RESOLUTION NO. 2005 -2383 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, OF FORMATION OF COMMUNITY FACILITIES DISTRICT AND TO LEVY A SPECIAL TAX IN COMMUNITY FACILITIES DISTRICT NO. 2004 -1 (MOORPARK HIGHLANDS) WHEREAS, on September 15, 2004, this Council adopted Resolution No. 2004 -2239 (the "Resolution of Intention ") with respect to Community Facilities District No. 2004 -1 (Moorpark Highlands) (the "CFD ") of the City pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act "); and WHEREAS, the Resolution of Intention incorporates a map of the proposed boundaries of the CFD, states the facilities and services to be provided, the cost of providing such facilities and services and the rate and method of apportionment of the special tax to be levied within the CFD to pay principal of and interest on bonds proposed to be issued with respect to the CFD, and is on file with the City Clerk and the provisions thereof are incorporated herein by this reference as if fully set forth herein; and WHEREAS, the facilities and services to be provided as stated in the Resolution of Intention are set forth in Exhibit A attached hereto and hereby made a part hereof; and WHEREAS, this Council noticed a public hearing to be held on October 20, 2004, all pursuant to the Act and the Resolution of Intention relating to the proposed formation of the CFD; and WHEREAS, on October 20, 2004, this Council found that, due to the complexity of the negotiations, the public hearings should be opened, testimony taken, if any, and continued to December 15, 2004, and on December 15, 2004 and on dates subsequent thereto, with the consent of the proponent of the CFD, this Council again continued the public hearings, the most recent being a continuation to September 21, 2005. WHEREAS, at the hearing on September 21, 2005 all interested persons desiring to be heard on all matters pertaining to the formation of the CFD, the facilities and services to be provided therein and the levy of said special tax were heard and a full and fair hearing was held; and Resolution No. 2005 -2383 Page 2 WHEREAS, at the hearing evidence was presented to this Council on said matters before it, including a CFD Report (the "Report ") as to the facilities and services to be provided in the CFD and the costs thereof and incidental expenses related thereto, a copy of which is on file with the City Clerk, and this Council and the proponent of the CFD, at the conclusion of said hearing, is fully advised in the premises; and WHEREAS, written protests with respect to the formation of the CFD, the furnishing of specified types of facilities and services and the rate and method of apportionment of the special taxes have not been filed with the City Clerk by fifty percent or more of the registered voters residing within the territory of the CFD or property owners of one -half or more of the area of land within the CFD and not exempt from the proposed special tax; and WHEREAS, the special tax as described herein and proposed to be levied in the CFD to pay for the proposed facilities and services to be provided therein has not been eliminated by protest by fifty percent or more of the registered voters residing within the territory of the CFD or the owners of one - half or more of the area of land within the CFD and not exempt from the special tax; NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Recitals Correct. The foregoing recitals are true and correct. SECTION 2. No Majority Protest. The proposed special tax to be levied within the CFD has not been precluded by majority protest pursuant to section 53324 of the Act. SECTION 3. N district designated (Moorpark Highlands)" to the Act. ime of CFD. The community facilities "Community Facilities District No. 2004 -1 of the City is hereby established pursuant Resolution No. 2005 -2383 Page 3 SECTION 4. Boundaries of CFD. The boundaries of the CFD, are as set forth in the map of the CFD heretofore recorded in the Ventura County Recorder's Office on October 5, 2004, in Book 19 at Page 4 of Maps of Assessment and Community Facilities Districts. SECTION 5. Description of Facilities and Services. The type of public facilities and services proposed to be financed by the CFD and pursuant to the Act shall consist of those items listed as facilities (the "Facilities ") and services (the "Services ") in Exhibit A hereto and by this reference incorporated herein. SECTION 6. Joint Facilities. Certain of the public facilities proposed to be provided within the CFD include certain facilities to be provided by the Moorpark Unified School District, and as to such entity, City staff has facilitated the preparation of a Joint Community Facilities Agreement between the City, the Moorpark Unified School District and Pardee Homes, in accordance with Section 53316.2 of the Act, the form of which has been reviewed and approved by City staff and has been made available for review by the City Council. The City Council hereby finds that such joint facilities agreement will be beneficial to the residents of the CFD and the City and authorizes and ratifies the execution of such joint facilities agreement by an authorized officer of the City for and in the name and on behalf of the City and the CFD, in such form, together with any additions thereto or changes therein deemed necessary or advisable by the authorized officer executing such agreement upon consultation with Bond Counsel or the City Attorney. The City shall not use the proceeds of the special tax of the CFD or of any bonds issued for the CFD for the acquisition of facilities to be owned by the Moorpark Unified School District unless and until such entity and the City have entered into such Joint Community Facilities Agreement. Resolution No. 2005 -2383 Page 4 SECTION 7. Special Tax. a. Except to the extent that funds are otherwise available to the CFD to pay for the Facilities and /or the principal and interest as it becomes due on bonds of the CFD issued to finance the Facilities, or for the Services, a special tax (the `Special Tax ") sufficient to pay the costs thereof, secured by the recordation of a continuing lien against all non - exempt real property in the CFD, is intended to be levied annually within the CFD, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as may be prescribed by this Council. b. The proposed rate and method of apportionment of the Special Tax among the parcels of real property within the CFD, in sufficient detail to allow each landowner within the proposed CFD to estimate the maximum amount such owner will have to pay, are shown in Exhibit B attached hereto and by this reference incorporated herein. C. In the case of any Special Tax to pay for the Facilities and to be levied against any parcel used for private residential purposes: (i) the maximum special tax shall be specified as a dollar amount which shall be calculated and thereby established not later than the date on which the parcel is first subject to the tax because of its use for private residential purposes and which amount shall not be increased over time over two percent per year; (ii) the tax year after which no further Special Tax subject to this sentence shall be levied or collected shall be as set forth in Exhibit B hereto; and (iii) under no circumstances will the Special Tax levied against any parcel subject to this sentence be increased as a consequence of delinquency or default by the owner of any other parcel within the CFD by more than ten percent. For the purposes hereof, a parcel is used for "private residential purposes" not later than the date on which an occupancy permit for private residential use is issued. Resolution No. 2005 -2383 Page 5 SECTION 8. Increased Demands. It is hereby found and determined that the Facilities and Services are necessary to meet increased demands placed upon local agencies as the result of develooment occurrina in the CFD. SECTION 9. Responsible Official. The office of the City Manager of the City of Moorpark, 299 Moorpark Avenue, Moorpark, California 93021 (805- 517 -6212) is designated as the office responsible for preparing annually a current roll of special tax levy obligations by assessor's parcel number, estimating future special tax levies and for establishing procedures to promptly respond to inquiries regarding estimates of future special tax levies. The City may contract with private consultants to provide this service in lieu of the Director of Finance. SECTION 10. Tax Lien. The Special Tax will be collected and enforced as a separate line item on the regular property tax bill. However, this City Council reserves the right, under Section 53340, to utilize any method of collecting the Special Tax which it shall, from time to time, determine to be in the best interests of the City, including, but not limited to, direct billing by the City to the property owners and supplemental billing. In particular, the City may bill the 2005 -06 Special Taxes directly, and not post those taxes to the regular, secured property tax roll. The procedure for collection in any case when the City chooses to collect the Special Tax through direct billing shall be as follows: After levy by the City Council, whether pursuant to authorizing ordinance or annual resolution, the City Director of Finance shall prepare and send to the property owners by first class U.S. Mail, at their addresses as shown on the last equalized assessment roll, a tax bill, which shall specify the amount due, give instructions for payment to the City Director of Finance, state (as is hereby authorized and provided) that the first installment of the Special Tax (500 of the annual Special Tax shall be payable in each installment) shall be delinquent if not received by the City Director of Finance by the close of business on the next succeeding December 10, and the second installment shall be delinquent if not paid by the City Director of Finance by the close of business on the next succeeding April 10, shall specify (as is hereby authorized and provided) that all Resolution No. 2005 -2383 Page 6 delinquencies shall incur an immediate 10% penalty, and an additional 1 1/2% penalty on the first day of each month beginning with the next succeeding September 1, and shall specify (as is hereby authorized and provided) that delinquencies are subject to judicial foreclosure under the procedure set forth in §53356.1 and following of the Government Code. The City Council, as an alternative enforcement mechanism, may by resolution elect to place delinquent Special Taxes on the next secured property tax roll. In such event, attorneys' fees and costs to date in any foreclosure action, and penalties on the delinquency through the following December 1, may be included in the amount to be placed on the roll. Both remedies may be pursued simultaneously, but if the property owner pays the regular property tax bill for the subsequent year, including the delinquent Special Tax posted to that bill, the foreclosure action may thereafter be pursued solely for attorneys' fees and costs incurred subsequent to the posting of the delinquent Special Tax on the secured roll. SECTION 11. Appropriations Limit. In accordance with the Act, the annual appropriations limit, as defined by subdivision (h) of Section 8 of Article XIII B of the California Constitution, of the CFD is hereby preliminarily established at $43,750,000 and said appropriations limit shall be submitted to the voters of the CFD as hereafter provided. The proposition establishing said annual appropriations limit shall become effective if approved by the qualified electors voting thereon and shall be adjusted in accordance with the applicable provisions of the Act. SECTION 12. Election. Pursuant to the provisions of the Act, the proposition of the levy of the Special Tax and the proposition of the establishment of the appropriations limit specified above shall be submitted to the qualified electors of the CFD at an election the time, place and conditions of which election shall be as specified by a separate resolution of this Council. The qualified electors for the election to be held in these proceedings shall be the landowners owning land within the District. The City Council will conduct the election by mailed ballot and hereby designates the City Clerk as the official to conduct the mailed - ballot election. Resolution No. 2005 -2383 Page 7 SECTION 13. Advances of Funds. Advances of funds or contributions of work in kind from any lawful source, specifically including owners of property within the District, may be reimbursed from bond proceeds or from special tax revenue or both to the extent of the lesser of the value or cost of the contribution, but any agreement to do so shall not constitute a debt or liability of the City. SECTION 14. Callable Bonds. Any bonds issued in these proceedings shall be callable in accordance with the provisions of the Act and as more specifically to be set forth in any resolution providing for the form, execution and issuance of bonds. SECTION 15. Prior Proceedings Valid. now finds and determines that all proceedings the adoption of this Resolution were and conformity with the requirements of the Act. and finding is final and conclusive in accord Code Section 53325.1. This City Council up to and including are valid and in This determination ance with Government SECTION 16. Certification. The City Clerk shall certify to the adoption of this resoluti nd cause a certified resolution to be filed in the book f origi al resolutions. PASSED AND ADOPTED this 2 st day of Sep er, 2V)l .INTF►'M ATTEST: Deborah S. Traffensted , City Clerk Attachments: Exhibit "A" List of Authorized Facilities and Services Exhibit "B" Rate and Method of Apportionment Resolution No. 2005 -2383 Page 8 EXHIBIT A List of Authorized Facilities and Services COMMUNITY FACILITIES DISTRICT NO. 2004 -1 (Moorpark Highlands) CITY OF MOORPARK, VENTURA COUNTY, CALIFORNIA Facilities The Facilities which are proposed to be financed with the proceeds of the sale of bonds of the proposed community facilities district, or the payment of the fees to the appropriate jurisdiction with respect to such facilities proposed to be financed with the proceeds of the sale of bonds of the proposed community facilities district, generally described as follows: • City of Moorpark Infrastructure, including Development Impact Fees (i.e. Police Facilities, Fire Facilities /Equipment, Streets /Minor Bridges /Culverts, Traffic Signals /Controllers, Storm Drainage and Retention Facilities, General Facilities /Vehicles /Equipment, Open Space Acquisition, Park Land /Facilities, Community Center, Library Facilities /Collection and Major Bridge.) • Street Improvements for Spring Road, "A" Street, and "C" Street (including, but not limited to, the associated sidewalks, traffic controls, street lighting, curb and gutter, pedestrian access ramps, grading, design) • Wall Improvements (Los Angeles Avenue to Charles Street) • School Facilities, including acquisition of a school site, and school fees • Public Park, Recreation or Open Space Facilities • Landscaping of Public Streets, Right -Of -Ways, Storm Drain Facilities, Slopes, Mitigation Monitoring and Appurtenant Facilities The foregoing description of the types of Facilities eligible to be financed is general in nature and includes any appurtenant work and incidental expenses relating to the Facilities. The final nature and location of the facilities will be determined upon the preparation of final plans and specifications for such facilities. Resolution No. 2005 -2383 Page 9 Services Services for the distric services within or in the vicin to those services provided in t. do not supplant services already to the extent authorized by the Act of 1982, as amended. Other include funding for Police ty of the District, in addition e territory of the District and available within that territory, Mello -Roos Community Facilities The bond related expenses authorized include the City, underwriters discount, financial advisor, appraisals, reserve fund deposit, capitalized interest, bond counsel, disclosure counsel, special tax consultant, bond and official statement printing and all other incidental expenses. Administrative fees include those of the City, the Community Facilities District, the Bond Trustee, the Special Tax Consultant and the Fiscal Agent, related to the Community Facilities District and the Bonds. Resolution No. 2005 -2383 Page 10 EXHIBIT B RATE AND METHOD OF APPORTIONMENT FOR COMMUNITY FACILITIES DISTRICT NO. 2004-1 OF THE CITY OF MOORPARK (Moorpark Highlands) A special tax as hereinafter defined shall be levied on and collected for Community Facilities District No. 2004 -1 (Moorpark Highlands) of the City of Moorpark ( "CFD No. 2004 -1 ") each Fiscal Year, in an amount determined by the City Council of the City of Moorpark through the application of the appropriate Special Tax for "Developed Property," "Final Map Property," and "Undeveloped Property" as described below. All of the real property in CFD No. 2004 -1, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided. SECTION A DEFINITIONS The terms hereinafter set forth have the following meanings: "Acre or Acreage" means the land area of an Assessor's Parcel as shown on an Assessor's Parcel Map, or if the land area is not shown on an Assessor's Parcel Map, the land area shown on the applicable final map, parcel map, condominium plan, or other recorded County parcel map. The square footage of an Assessor's Parcel is equal to the Acreage multiplied by 43,560. The minimum acreage of Taxable Property for the CFD is determined in accordance with Section J. "Act" means the Mello -Roos Communities Facilities Act of 1982 as amended, being Chapter 2.5, Division 2 of Title 5 of the Government Code of the State of California. "Administrative Expenses" means any ordinary and necessary expense of the City of Moorpark to cant' out the administration of CFD No. 2004 -1 related to the determination of the amount of the levy of Special Taxes, the collection of Special Taxes including the expenses of collecting delinquencies, the administration of Bonds, the payment of salaries and benefits of any City employee whose duties are directly related to the administration of CFD No. 2004 -1, and costs otherwise incurred in order to carry out the authorized purposes of CFD No. 2004 -1. "Affordable Unit(s)" means, for each Fiscal year, up to a total of 25 dwelling unit(s) located on an Assessor's Parcel(s) of Residential Property within Zone 2 that are subject to deed restrictions, resale restrictions, and/or regulatory agreements recorded in favor of the City providing for very low income housing prior to March I of the prior Fiscal Year. In order to insure that a dwelling unit is correctly classified as an Affordable Unit, the owner of such property shall provide the CFD Administrator with a copy of any applicable deed restrictions, resale restrictions, and/or regulatory agreements. Dwelling units shall be classified as Affordable Units by the CFD Administrator in the chronological order in which such notification is received. If the total number of Affordable Units exceeds the amount stated City of Moorpark Community Facilities District No. 2004 -1 Page 1 Resolution No. 2005 -2383 Page 11 above, then the units exceeding such total shall not be considered Affordable Units and shall be assigned to Land Use Classes I through 5 as described in Section D below based on the Building Square Footage for such units. "Assessor's Parcel" means a lot or parcel of land designated on an Assessor's Parcel Map with an assigned Assessor's Parcel Number within the boundaries ofCFD No. 2004 -1. "Assessor's Parcel Map" means an official map of the Assessor of the County designating parcels by Assessor's Parcel Number. "Assigned Special Tax for Facilities" means the annual special tax of that name described in Section D below. "Backup Special Tax for Facilities" means the Special Tax of that name described in Section E below. "Bonds" means any obligation to repay a sum of money, including obligations in the form of bonds, notes, certificates of participation, long -term leases, loans from government agencies, or loans from banks, other financial institutions, private businesses, or individuals, or long -term contracts, or any refunding thereof, to which Special Taxes have been pledged. "Boundary Map" means the map of the boundaries for CFD No. 2004 -1, as approved by the City Council. "Building Permit" means a permit for new construction for a residential dwelling or non- residential structure. For purposes of this definition, "Building Permit" shall not include permits for construction or installation, retaining walls, utility improvements, or other such improvements not intended for human habitation. "Building Square Footage" or "BSF" means the square footage of assessable internal living space, exclusive of garages or other structures not used as living space, as determined by reference to the building permit application for such Assessor's Parcel. "Calendar Year" means the period commencing January l of any year and ending the following December 31. "CFD Administrator" means an official of the City, or designee thereof, responsible for determining the Special Tax Requirement and providing for the levy and collection of the Special Taxes. "CFD No. 2004 -1" means Community Facilities District No. 2004 -1 (Moorpark Highlands) established by the City under the Act. "City" means the City of Moorpark. City of Moorpark Community Facilities District No. 2004 -1 Page 2 Resolution No. 2005 -2383 Page 12 "City Council" means the City Council of the City, acting as the Legislative Body of CFD No. 2004 -1, or its designee. "City Police Services" means the costs of police services for CFD No. 2004 -1. "Condo Unit" means each separate residential condominium unit that comprises an independent facility capable of conveyance or rental separate from adjacent residential dwelling units. "Consumer Price Index" means the index published monthly by the U.S. Department of Labor, Bureau of Labor Statistics for all urban consumers in the Los Angeles - Riverside - Orange County area. "County" means the County of Ventura. "Developed Property" means all Assessor's Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 for which Building Permits were issued on or before April 1 preceding the Fiscal Year for which Special Taxes are being levied, provided that such Assessor's Parcels were created on or before January 1 of the prior Fiscal Year and that each such Assessor's Parcel is associated with a Lot, as determined reasonably by the City. "Exempt Property" means all Assessor's Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 designated as being exempt from the Special Tax as determined in Section J. "Final Map" means a subdivision of property evidenced by the recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or the recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which Building Permits may be issued without further subdivision. "Final Map Property" means all Assessor's Parcels: (i) that are included in a Final Map that was recorded prior to the January 1 st preceding the Fiscal Year in which the Special Tax is being levied, and (ii) for which a Building Permit was not issued prior to the March 1 preceding the Fiscal Year in which the Special Tax is being levied. "Fiscal Year" means the period commencing on July 1 of any year and ending the following June 30. "Land Use Type" means any of the land use types listed in Tables 1 to 4 below. "Lot" means an individual legal lot created by a Final Map or Condo Unit created by a condominium plan for which a Building Permit could or has been issued. "Maximum Special Tax" means the Maximum Special Tax for Facilities and the Maximum Special Tax for Services, determined in accordance with Section C, which can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessor's Parcel within Zones 1, 2, 3, or 4. City of Moorpark Community Facilities District No. 2004 -1 Page 3 Resolution No. 2005 -2383 Page 13 "Maximum Special Tax for Facilities" means the Maximum Special Tax, determined in accordance with Section C. La and C. Lb, that can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessors' Parcel. "Maximum Special Tax for Services" means the Maximum Special Tax, determined in accordance with Section C. Lc, that can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessor's Parcel of Developed Property. "Non Residential Property" means all Assessors' Parcels of Developed Property for which a building permit was issued for any type of non - residential use. "Partial Prepayment Amount" means the amount required to prepay a portion of the Special Tax for Facilities obligation for an Assessor's Parcel, as described in Section H. "Prepayment Amount" means the amount required to prepay the Annual Special Tax for Facilities obligation in full for an Assessor's Parcel, as described in Section G. "Proportionately" means that the ratio of the actual Annual Special Tax levy to the applicable Special Tax is equal for all applicable Assessor's Parcels within Zones 1, 2, 3, and 4. "Residential Property" means all Assessors' Parcels of Developed Property within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 for which a building permit has been issued for purposes of constructing one or more residential dwelling units. "Special Tax" means any of the special taxes authorized to be levied by CFD No. 2004 -1 (including the Special Tax for Facilities and the Special Tax for Services) pursuant to the Act to fund the Special Tax Requirement. "Special Tax for Facilities" means any of the special taxes authorized to be levied by CFD No. 2004 -1 pursuant to the Act to fund the Special Tax Requirement for Facilities. "Special Tax for Services" means any of the special taxes authorized to be levied by CFD No. 2004 -1 pursuant to the Act to fund the Special Tax Requirement for Services. "Special Tax Requirement for Facilities" means the amount required in any Fiscal Year for CFD No. 2004 -1 to pay: (i) the debt service or the periodic costs on all outstanding Bonds due in the Calendar Year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, and (iv) any amount required to establish or replenish any reserve funds established in association with the Bonds, (v) the collection of funds in any Fiscal Year to pay directly for the acquisition or construction of eligible facilities or for the payment of City Police Services authorized by CFD No. 2004 -1 provided that the inclusion of such amount does not cause an increase in the levy of Special Tax on Final Map Property or Undeveloped Property, less (vi) any amount available to pay debt service or other periodic costs on the Bonds pursuant to any applicable bond indenture, fiscal agent agreement, or trust agreement. City of Moorpark Community Facilities District No. 2004 -1 Page 4 Resolution No. 2005 -2383 Page 14 "Special Tax Requirement for Services" means the amount determined in any Fiscal Year for CFD 2004 -1 equal to (i) the budgeted costs of the City Police Services during the current Fiscal Year, (ii) Administrative Expenses, and (iii) anticipated delinquent Special Taxes for Services based on the delinquency rate in CFD 2004 -1 for the previous Fiscal Year. "Taxable Property" means all Assessors' Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1 that are not Exempt Property. "Undeveloped Property" means all Assessors' Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004-1 of Taxable Property which are not Developed Property or Final Map Property. "Unit" means each separate residential unit that comprises an independent facility capable of conveyance or rental separate from adjacent residential dwelling units. "Zone(s)" means Zone 1, 2, 3, or 4 as geographically identified on the boundary map of the CFD No. 2004 -1. "Zone V means the specific area identified on the Boundary Map as Zone 1 of CFD No. 2004- 1. "Zone 2" means the specific area identified on the Boundary Map as Zone 2 of CFD No. 2004- 1. "Zone 3" means the specific area identified on the Boundary Map as Zone 3 of CFD No. 2004- 1. "Zone 4" means the specific area identified on the Boundary Map as Zone 4 of CFD No. 2004- 1. SECTION B CLASSIFICATION OF ASSESSOR'S PARCELS Each Fiscal Year, beginning with Fiscal Year 2006 -2007, each Assessor's Parcel within CFD No. 2004 -1 shall be categorized into Zones 1, 2, 3, or 4 and shall be classified as Taxable Property or Exempt Property. In addition, each Fiscal Year, beginning with Fiscal Year 2006 -2007, each Assessor's Parcel of Taxable Property shall be further classified as Developed Property, Final Map Property, or Undeveloped Property. Lastly, each Fiscal Year, beginning with Fiscal Year 2006 -2007, each Assessor's Parcel of Developed Property shall further be classified as Residential Property or Non Residential Property. City of Moorpark Community Facilities District No. 2004 -1 Page 5 Resolution No. 2005 -2383 Page 15 SECTION C MAXIMUM SPECIAL. TAXES FOR 'ZONES 1, 2, 3, AND 4 1. Developed Property a. The Maximum Special Tax for Facilities for each Assessor's Parcel of Residential Property that is classified as Developed Property in any 1� iscal Year shall be the amount determined by the greater of (i) the application of the Assigned Special Tax for Facilities set forth in Section D or (ii) the application of the Backup Special Tax for Facilities set forth in Section E. b. The Maximum Special Tax for Facilities for each Assessor's Parcel of Non - Residential Property that is classified as Developed Property in any Fiscal Year shall be the Assigned Annual Special Tax for Facilities set forth in Section D. The Maximum Special Tax for Services for each Assessor's Parcel of Residential Property that is classified as Developed Property in Fiscal Year 2005 -2006 shall be $400 per Lot. The Maximum Special Tax for Services for each Assessor's Parcel of Non - Residential Property that is classified as Developed Property in any Fiscal Year shall be $1,500 per Acre. On each July 1, commencing July 1, 2006, the Maximum Special Tax for Services for the prior Fiscal Year shall be adjusted by an amount equal to the greater of (i) three percent (3.00 %), or (ii) the percentage change in the Consumer Price Index for the Calendar Year ending in December of the prior Fiscal Year, not to exceed seven percent (7.00 %). 2. Final Map Property The Maximum Special Tax for Facilities for each Assessor's Parcel classified as Final Map Property shall be the Assigned Special Tax for Facilities set forth in Section D. 3. Undeveloped Property The Maximum Special Tax for each Assessor's Parcel classified as Undeveloped Property shall be the Assigned Special Tax for Facilities set forth in Section D. SECTION D ASSIGNED SPECIAL. TAX FOR FACILITIES FOR ZONES 1, 2, 3, AND 4 1. Developed Property Each Fiscal Year, each Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 shall be subject to an Assigned Special Tax for Facilities. The Assigned Special Tax for Facilities applicable to an Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 for any Fiscal Year shall be determined pursuant to Tables 1 through 4 below. City of Moorpark Community Facilities District No. 2004-1 Page 6 Resolution No. 2005 -2383 Page 16 TABLE 1 'LONE 1 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES Land Use Type Building Square Footage Assigned Annual Special Tax 1. Residential Property Less than 2,151 $3,858 per Unit 2. Residential Property 2,151 - 2,350 $4,044 per Unit 3. Residential Property 2,351 - 2,550 $4,200 per Unit 4. Residential Property 2,551 - 2,750 $4,268 per Unit 5. Residential Property Greater than 2,750 $4,483 per Unit 6. Non Residential Property N/A $40,182 per Acre TABLE 2 ZONE 2 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES City of Moorpark Community Facilities District No. 2004 -1 Page 7 Building Square Assigned Annual Land Use Type Footage Special Tax 1. Residential Property Less than 1,401 $2,041 per Condo Unit 2. Residential Property 1,401 - 1,600 $2,383 per Condo Unit 4. Residential Property Greater than 1,600 $2,818 per Condo Unit 5. Non Residential Property N/A $79,030 per Acre City of Moorpark Community Facilities District No. 2004 -1 Page 7 Resolution No. 2005 -2383 Page 17 TABLE 3 'LONE 3 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES Land Use Type Building Square Footage Assigned Annual Special Tax 1. Residential Property Less than 2,351 $4,497 per Unit 2. Residential Property 2,351 - 2,600 $4,581 per Unit 3. Residential Property 2,601 - 2,850 $4,665 per Unit 4. Residential Property 2,851 - - 3,100 $4,786 per Unit 5. Residential Property 3,101 -3,350 $4,977 per Unit 6. Residential Property 3,351 -3,600 $5,556 per Unit 7. Residential Property 3,601 -3,850 $5,742 per Unit 8. Residential Property 3,851 ---4,100 $5,943 per Unit 9. Residential Property 4,101 -4,350 $6,203 per Unit 10. Residential Property 4,351 - 4,600 $6,390 per Unit 11. Residential Property Greater than 4,600 $6,576 per Unit 12. Non Residential Property N/A $25,511 per Acre City of Moorpark Community Facilities District No. 2004 -1 Page 8 Resolution No. 2005 -2383 Page 18 TABLE 4 ZONE 4 - DEVELOPED PROPERTY ASSIGNED ANNUAL SPECIAL TAX RATES FOR FACILITIES Land Use Type Building Square Footage Assigned Annual Special Tax 1. Residential Property Less than 3,201 $5,868 per Unit 2. Residential Property 3,201 — 3,750 $6,278 per Unit 3. Residential Property 3,751 - 4,300 $6,464 per Unit 4. Residential Property 4,301 - 4,900 $6,725 per Unit 5. Residential Property Greater than 4,900 $7,097 per Unit 6. Non Residential Property N/A $10,034 per Acre 2. Final Map Property and Undeveloped Property Each Fiscal Year, each Assessor's Parcel of Final Map Property and Undeveloped Property within Zones 1 to 4 shall be subject to an Assigned Special Tax for Facilities. The Assigned Special Tax rate for an Assessor's Parcel classified as Final Map Property and Undeveloped Property for Fiscal Year 2006 -2007 shall be $40,182 per Acre for Zone 1, $79,030 per Acre for Zone 2, $25,511 per Acre for Zone 3, and $10,034 per Acre for Zone 4. SECTION E BACKUP SPECIAL TAXES FOR FACILITIES FOR ZONES 1, 2, 3, AND 4 Each Fiscal Year, each Assessor's Parcel of Developed Property classified as Residential Property within Zones 1, 2, 3, or 4 shall be subject to a Backup Special Tax for Facilities. In each Fiscal Year, the Backup Special Tax for Developed Property classified as Residential Property within a Final Map shall be the amount per Lot calculated according to the following formula: I' R x A 1! The terms above have the following meanings: B Backup Special Tax for Facilities per Lot in each Fiscal Year. R = Maximum Special Tax for Facilities per Acre for Undeveloped Property for the applicable Fiscal Year. City of Moorpark Community Facilities District No. 2004 -1 Page 9 Resolution No. 2005 -2383 Page 19 A = Acreage of Developed Property classified or to be classified as Residential Property in such Final Map. L — Lots in the Final Map which are classified or to be classified as Residential Property. Notwithstanding the foregoing, if all or any portion of the Final Map(s) described in the preceding paragraph is subsequently changed or modified, then the Backup Special Tax for Facilities for each Assessor's Parcel of Developed Property classified or to be classified as Residential Property in such Final Map area that is changed or modified shall be an amount per square foot of Acreage calculated as follows: 1. Determine the total Backup Special Tax for Facilities anticipated to apply to the changed or modified Final Map area prior to the change or modification. 2. The result of paragraph 1 above shall be divided by the Acreage of Developed Property classified or to be classified as Residential Property which is ultimately expected to exist in such changed or modified Final Map area, as reasonably determined by the City. The result of paragraph 2 above shall be divided by 43,560. The result is the Backup Special Tax for Facilities per square foot of Acreage which shall be applicable to Assessor's Parcels of Developed Property classified as Residential Property in such changed or modified Final Map area for all remaining Fiscal Years in which the Special Tax for Facilities may be levied. SECTION F METHOD OF APPORTIONMENT OF THE SPECIAL TAX FOR FACILITIES AND THE SPECIAL TAX FOR SERVICES FOR ZONES 1, 2, 3, AND 4 Commencing Fiscal Year 2006 -2007 and for each subsequent Fiscal Year, the City Council shall levy a Special Tax for Facilities on all Taxable Property within Zones 1, 2, 3, and 4 until the total amount of Special Tax for Facilities equals the Special Tax Requirement for Facilities in accordance with the following steps: Step One: The Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 at up to 100% of the applicable Assigned Special Tax for Facilities as presented in Tables 1, 2, 3, and 4 as needed to satisfy the Special Tax Requirement for Facilities. Step Two: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first step has been completed, the Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Final Map Property within Zones 1, 2, 3, and 4 at up to 100% of the Assigned Special Tax for Facilities applicable to City of Moorpark Community Facilities District No. 2004 -1 Page 10 Resolution No. 2005 -2383 Page 20 each such Assessor's Parcel as needed to satisfy the Special Tax Requirement for Facilities. Step Three: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first two steps have been completed, the Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property within Zones 1, 2, 3, and 4, excluding any Undeveloped Property pursuant to Section J, at up to 100% of the Assigned Special Tax for Facilities applicable to each such Assessor's Parcel as needed to satisfy the Special Tax Requirement for Facilities. Step Four: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first three steps have been completed, then for each Assessor's Parcel of Developed Property within Zones 1, 2, 3, and 4 whose Maximum Special Tax for Facilities is the Backup Special Tax for Facilities shall be increased Proportionately from the Assigned Special Tax for Facilities up to 100% of the Backup Special Tax for Facilities as needed to satisfy the Special Tax Requirement for Facilities. Step Five: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first four steps have been completed, the Special Tax shall be levied Proportionately on each Assessor's Parcel of Undeveloped Property within Zones 1, 2, 3, and 4 classified as Undeveloped Property pursuant to Section J at up to 100% of the Assigned Special Tax for Facilities applicable to each such Assessor's Parcel as needed to satisfy the Special Tax Requirement for Facilities. Notwithstanding the above, under no circumstances will the Special Taxes for Facilities levied against any Assessor's Parcel of Residential Property for which an occupancy permit for private residential use has been issued be increased by more than ten percent (10 %) per Fiscal Year as a consequence of delinquency or default by the owner of any other Assessor's Parcel within CFD No. 2004 -1. 2. Commencing Fiscal Year 2006 -2007 and for each subsequent Fiscal Year, the City Council shall levy a Special Tax for Services on all Developed Property within CFD No. 2004 -1 until the total amount of Special Tax for Services equals the Special Tax Requirement for Services as follows: The Maximum Special Tax for Services shall be levied Proportionately on each Assessor's Parcel of Developed Property at up to 100% of the applicable Maximum Special Tax for Services as needed to satisfy the Special Tax Requirement for Services. City of Moorpark Community Facilities District No. 2004 -1 Page 11 Resolution No. 2005 -2383 Page 21 SECTION G PREPAYMENT OF SPECIAL TAX FOR FACILITIES The following definitions apply to this Section G: "CFD Public Facilities" means $43,750,000 expressed in 2005 dollars, which shall increase by the Construction Inflation Index on January 1, 2006, and on each January 1 thereafter, or such lower number as (i) shall be determined by the City as sufficient to provide the public facilities under the authorized bonding program for CFD No. 2004 -1, or (ii) shall be determined by the City Council concurrently with a covenant that it will not issue any more Bonds to be supported by Special Taxes levied under this Rate and Method of Apportionment. "Construction Fund" means an account specifically identified in the Indenture or functionally equivalent to hold fiends which are currently available for expenditure to acquire or construct public facilities eligible under CFD No. 2004 -1. "Construction Inflation Index" means the annual percentage change in the Engineering News - Record Building Cost Index for the City of Los Angeles, measured as of the Calendar Year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the City that is reasonably comparable to the Engineering News - Record Building Cost Index for the City of Los Angeles. "Future Facilities Costs" means the CFD Public Facilities minus public facility costs available to be funded through existing construction or escrow accounts or funded by the Outstanding Bonds, and minus public facility costs funded by interest earnings on the Construction Fund actually earned prior to the date of prepayment. "Outstanding Bonds" means all previously issued bonds issued and secured by the levy of Special Tax which will remain outstanding after the first interest and/or principal payment date following the current Fiscal Year, excluding bonds to be redeemed at a later date with the proceeds of prior prepayments of the Maximum Special Tax. The Special Tax for Facilities obligation of an Assessor's Parcel of Developed Property, an Assessor's Parcel of Final Map Property or Undeveloped Property for which a Building Permit has been issued or an Assessor's Parcel of Undeveloped Property that is classified as Undeveloped Property pursuant to Section J. may be prepaid in full, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor's Parcel at the time the Special Tax obligation would be prepaid. The Prepayment Amount for an Assessor's Parcel eligible for prepayment shall be determined as described below. An owner of an Assessor's Parcel intending to prepay the Special Tax for Facilities obligation shall provide the City with written notice of intent to prepay, and within 5 days of receipt of such notice, the City shall notify such owner of the amount of the non - refundable deposit determined to cover the cost to be incurred by CFD No. 2004 -1 in calculating the proper amount of a prepayment. Within 15 City of Moorpark Community Facilities District No. 2004 -1 Page 12 Resolution No. 2005 -2383 Page 22 days of receipt of such non - refundable deposit, the City shall notify such owner of the prepayment amount of such Assessor's Parcel. The Prepayment Amount for each applicable Assessor's Parcel shall be calculated according to the following formula (capitalized terms defined below): Bond Redemption Amount plus Redemption Premium plus Future Facilities Amount plus Defeasance plus Administrative Fee less Reserve Fund Credit equals Prepayment Amount As of the date of prepayment, the Prepayment Amount shall be calculated as follows: For Assessor's Parcels of Developed Property, compute the Assigned Special Taxes and the Backup Special Taxes applicable to the Assessor's Parcel. For Assessor's Parcels of Final Map Property or Undeveloped Property, excluding any Undeveloped Property pursuant to Section J., compute the Assigned Special Tax and the Backup Special Tax applicable to the Assessor's Parcel as though it was already designated as Developed Property based upon the Building Permit issued or to be issued for that Assessor's Parcel. For Assessor's Parcels classified as Undeveloped Property pursuant to Section J., compute the Assigned Special Tax. 2. For each Assessor's Parcel of Developed Property, Final Map Property or Undeveloped Property to be prepaid, (a) divide the Assigned Special Tax computed pursuant to paragraph I for such Assessor's Parcel by the sum of the estimated Assigned Special Tax applicable to all Assessor's Parcels of Taxable Property at build out, as reasonably determined by the City, and (b) divide the Backup Special Tax computed pursuant to paragraph 1 for such Assessor's Parcel by the sum of the estimated Backup Special Tax applicable to all Assessor's Parcels of Taxable Property at build out, as reasonably determined by the City. Multiply the larger quotient computed pursuant to paragraph 2(a) or 2(b) by Outstanding Bonds. The product shall be the "Bond Redemption Amount ". 4. Multiply the Bond Redemption Amount by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed with the proceeds of the Bond Redemption Amount. This product is the "Redemption Premium." 5. Compute the Future Facilities Cost. City of Moorpark Community Facilities District No. 2004 -1 Page 13 Resolution No. 2005 -2383 Page 23 6. Multiply the larger quotient computed pursuant to paragraph 2 (a) or 2 (b) by the amount determined pursuant to paragraph 5. to determine the Future Facilities Cost to be prepaid (the "Future Facilities Amount "). Compute the amount needed to pay interest on the Bond Redemption Amount, the Redemption Premium, and the Reserve Fund Credit (see step 11) to be redeemed with the proceeds of the Prepayment Amount until the earliest call date for the Outstanding Bonds. 8. Estimate the amount of interest earnings to be derived from the reinvestment of the Bond Redemption Amount plus the Redemption Premium until the earliest call date for the Outstanding Bonds. 9. Subtract the amount computed pursuant to paragraph 8 from the amount computed pursuant to paragraph 7. This difference is the "Defeasance." 10. Estimate the administrative fees and expenses associated with the prepayment, including the costs of computation of the Prepayment Amount, the costs of redeeming Bonds, and the costs of recording any notices to evidence the prepayment and the redemption. This amount is the "Administrative Fee." 11. Calculate the "Reserve Fund Credit" as the lesser of. (a) the expected reduction in the applicable reserve requirements, if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirements in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the applicable reserve funds on the prepayment date. Notwithstanding the foregoing, if the reserve fund requirement is satisfied by a surety bond or other instrument at the time of the prepayment, then no Reserve Fund Credit shall be given. Notwithstanding the foregoing, the Reserve Fund Credit shall in no event be less than $0. 12. The Prepayment Amount is equal to the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance, and the Administrative Fee, less the Reserve Fund Credit. With respect to the Special Tax for Facilities obligation that is prepaid pursuant to this Section G, the City Council shall indicate in the records of CFD No. 2004 -1 that there has been a prepayment of the Special Tax for Facilities obligation and shall cause a suitable notice to be recorded in compliance with the Act within thirty (30) days of receipt of such prepayment to indicate the prepayment of the Special Tax for Facilities obligation and the release of the Special Tax for Facilities lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay such Special Taxes for Facilities shall cease. Notwithstanding the foregoing, no prepayment will be allowed unless the amount of Special Tax for Facilities that may be levied on Taxable Property, net of Administrative Expenses, shall be at least City of Moorpark Community Facilities District No. 2004 -1 Page 14 Resolution No. 2005 -2383 Page 24 1.1 times the regularly scheduled annual interest and principal payments on all currently Outstanding Bonds in each future Fiscal Year. SECTION H PARTIAL PREPAYMENT OF SPECIAL TAX FOR FACILITIES The Special Tax for Facilities obligation of an Assessor's Parcel of Developed Property or an Assessor's Parcel of Undeveloped Property for which a building permit has been issued and will be classified as Developed Property in the next Fiscal Year, as calculated in this Section H. below, may be partially prepaid, provided that there are no delinquent Special Taxes, penalties, or interest charges outstanding with respect to such Assessor's Parcel at the time the Special Tax for Facilities obligation would be prepaid. The Partial Prepayment Amount shall be calculated according to the following formula: PP =PUxF The terms above have the following meanings: PP the Partial Prepayment Amount. PG = the Prepayment Amount calculated according to Section G. F = the percent by which the owner of the Assessor's Parcel is partially prepaying the Special Tax obligation. With respect to any Assessor's Parcel that is partially prepaid, the City Council shall indicate in the records of CFD No. 2004 -1 that there has been a partial prepayment of the Special Tax for Facilities obligation and shall cause a suitable notice to be recorded in compliance with the Act within thirty (30) days of receipt of such partial prepayment of the Special Tax for Facilities obligation, to indicate the partial prepayment of the Special Tax for Facilities obligation and the partial release of the Special Tax for Facilities lien on such Assessor's Parcel, and the obligation of such Assessor's Parcel to pay such prepaid portion of the Special Tax for Facilities for shall cease. Notwithstanding the foregoing, no partial prepayment will be allowed unless the amount of Special Tax for Facilities that may be levied on Taxable Property after such partial prepayment, net of Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest and principal payments on all currently Outstanding Bonds in each future Fiscal Year. SECTION 1 TERMINATION OF SPECIAL TAX For each Fiscal Year that any Bonds are outstanding the Special Tax for Facilities shall be levied on all Assessor's Parcels within Zones 1, 2, 3, and 4 subject to the Special Tax for Facilities. If any delinquent Special Tax for Facilities remain uncollected prior to or after all Bonds are retired, the Special Tax for Facilities may be levied to the extent necessary to reimburse CFD No. 2004 -1 for uncollected Special Tax for Facilities associated with the levy of such Special Taxes for Facilities, but not later than the 204445 Fiscal Year. City of Moorpark Community Facilities District No. 2004 -1 Page 15 Resolution No. 2005 -2383 Page 25 The Special Tax for Services shall be levied for as long as the Special Tax for Services is needed to meet the Special Tax Requirement for Services as determined at the sole discretion of the City Council. SECTION J EXEMPTIONS The City shall classify as Exempt Property (1) Assessor's Parcels owned by the State of California, Federal or other local governments, (ii) Assessor's Parcels which are used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) Assessor's Parcels used exclusively by a homeowners' association, or (iv) Assessor's Parcels with public or utility easements making impractical their utilization for other than the purposes set forth in the easement, provided that no such classification would reduce the sum of all Taxable Property to (a) less than 9.86 Acres for Tax Zone 1, (b) less than 2.47 Acres for Tax Zone 2, (c) less than 67.20 Acres for Tax Zone 3, or (d) less than 24.12 Acres for Tax Zone 4. Notwithstanding the above, the City Council shall not classify an Assessor's Parcel as Exempt Property if such classification would reduce the sum of all Taxable Property to (a) less than 9.86 Acres for Tax Zone 1, (b) less than 2.47 Acres for Tax Zone 2, (c) less than 67.20 Acres for Tax Zone 3, or (d) less than 24.12 Acres for Tax Zone 4. Assessor's Parcels which cannot be classified as Exempt Property because such classification would reduce the Acreage of all Taxable Property to less than (a) less than 9.86 Acres for Tax Zone 1, (b) less than 2.47 Acres for Tax Zone 2, (c) less than 67.20 Acres for Tax Zone 3, or (d) less than 24.12 Acres for Tax Zone 4 will continue to be classified as Undeveloped Property, and will continue to be subject to Special Taxes accordingly. All Affordable Units shall be exempt from the Special Tax. SECTION K APPEALS Any property owner claiming that the amount or application of the Special Tax is not correct may file a written notice of appeal with the City Council not later than twelve months after having paid the first installment of the Special Tax that is disputed. A representative(s) ofCFD No. 2004 -1 shall promptly review the appeal, and if necessary, meet with the property owner, consider written and oral evidence regarding the amount of the Special Tax, and rule on the appeal. If the representative's decision requires that the Special Tax for an Assessor's Parcel be modified or changed in favor of the property owner, a cash refund shall not be made (except for the last year of levy), but an adjustment shall be made to the Special Tax on that Assessor's Parcel in the subsequent Fiscal Year(s). SECTION L MANNER OF COLLECTION The Annual Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 2004 -1 may collect the Special Tax at a different time or in a different manner if necessary to meet its financial obligations. City of Moorpark Community Facilities District No. 2004 -1 Page 16 Resolution No. 2005 -2383 Page 26 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2005 -2383 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 21st day of September, 2005, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Millhouse, Parvin, and Mayor Pro Tempore Harper NOES: None ABSENT: Mayor Hunter ABSTAIN: None WITNESS my hand and the official seal of said City this 19th day of October, 2005. Deborah S. Traffenstedt, City Clerk (seal)