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HomeMy WebLinkAboutRES CC 2010 2922 2010 0616RESOLUTION NO. 2010 -2922 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, OF INTENTION TO ANNEX TERRITORY TO COMMUNITY FACILITIES DISTRICT NO. 2004 -1 ( MOORPARK HIGHLANDS) AND TO CONSIDER AMENDMENT OF THE SPECIAL TAX FORMULA AND TO AUTHORIZE THE LEVY OF SPECIAL TAXES IN THE ANNEXED AREA WHEREAS, the City Council has conducted proceedings under and 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 at Section 53311, of the California Government Code (the "Act "), to form the City of Moorpark Community Facilities District No. 2004 -1 (Moorpark Highlands) (the "CFD "), to authorize the levy of special taxes upon the land within the CFD for the purpose of providing moneys for the construction and acquisition of improvements and to finance certain services of benefit to property within the CFD, and to issue bonds secured by said special taxes for the purpose of providing for financing the construction and acquisition of such improvements; and WHEREAS, under the Act, this Council, as the legislative body for the CFD, is empowered with the authority to annex territory to the CFD and to amend the Rate and Method of Apportionment for the CFD, and the City on behalf of the CFD now desires to undertake proceedings to annex territory to the CFD and set forth the special taxes proposed for the annexed area by amending the Rate and Method of Apportionment for the CFD; and WHEREAS, there is on file with the City a written petition (the "Petition ") executed by the sole owner of all the territory proposed to be annexed, seeking such annexation and amendment and submitting waivers to expedite the process of annexation and amendment. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. This Council hereby finds and determines that public convenience and necessity require that territory be added to the CFD and that the Rate and Method of Apportionment for the CFD be amended to specify the special taxes proposed for the annexed area. SECTION 2. The name of the CFD is "Community Facilities District No. 2004 -1 (Moorpark Highlands) ", which CFD has been duly formed by the City pursuant to the Act. Resolution No. 2010 -2922 Page 2 SECTION 3. This Council hereby finds and determines that public convenience and necessity require that the boundary of the CFD be changed to include the property proposed to be annexed to the CFD as described herein, to meet the City's needs for the sharing of the cost of the improvements financed by the CFD and the providing of authorized services of the CFD to the annexed property. The territory included in the existing CFD is as shown on the map thereof recorded on October 5, 2004 in the Ventura County Recorder's Office as Document No. 20041005 - 0269524 and in Book 19, at Page 4. The territory now proposed to be annexed to the CFD is as shown on the Annexation Map No. 1 to the CFD, on file with the Clerk, the boundaries of which annexation territory are hereby preliminarily approved and to which map reference is hereby made for further particulars. The City Clerk is hereby directed to cause to be recorded said Annexation Map No. 1 to the CFD, showing the territory to be annexed, in the office of the County Recorder of the County of Ventura within fifteen days of the date of adoption of this resolution. SECTION 4. The types of public facilities and services financed by the CFD and pursuant to the Act consist of those facilities (the "Facilities ") and services (the "Services ") described in the Exhibit to Resolution No. 2005 -2383, adopted by the Council on September 21, 2005 (the "Resolution of Formation "). It is presently intended that the Facilities and Services will be shared, without preference or priority, by the existing territory in the CFD and the territory proposed to be annexed to the CFD. SECTION 5. The existing rate, method of apportionment, and manner of collection of the authorized special tax (the "Rate and Method of Apportionment of Special Tax ") is as set forth as Exhibit B to the Notice of Special Tax Lien recorded in the Ventura County Recorder's Office on September 30, 2005 as Document No. 20050930 - 0244828. SECTION 6. This Council hereby finds and determines that public convenience and necessity require that the Rate and Method of Apportionment of Special Tax for the CFD be amended to establish the special tax rates of the CFD for the property to be annexed to the CFD, to meet the City's needs for the sharing of the Facilities and the providing of authorized services of the CFD to the annexed property within the CFD. SECTION 7. This Council is considering that the changes to the Rate and Method of Apportionment of Special Tax be adopted as set forth in the proposed First Amended Rate and Method of Apportionment set forth in the Exhibit attached hereto and hereby incorporated herein. SECTION 8. Except to the extent that funds are otherwise available to the CFD to pay for the Facilities and Services and /or the principal and interest as it becomes due on bonds of the CFD issued to finance the Facilities, a special tax sufficient to pay the costs thereof is intended to be levied annually within the CFD, including any annexed territory, and collected in the same manner as ordinary ad valorem property taxes. The proposed First Amended Rate and Method of Apportionment does not result in an increase in the special tax amount to be levied among the original parcels of real property within the CFD; following the annexation proposed herein, the First Amended Resolution No. 2010 -2922 Page 3 Rate and Method of Apportionment will facilitate providing a tax rate for the CFD, including the annexed property. SECTION 9. Wednesday, July 7, 2010, at 7:00 o'clock p.m., in the regular meeting place of this Council, Council Chambers, City Hall, 799 Moorpark Ave., Moorpark, California, is hereby appointed and fixed as the time and place when and where this Council, as legislative body for the CFD, will open a public hearing on the annexation of territory to the CFD to consider and determine whether the public interest, convenience and necessity require said annexation of territory to the CFD and the levy of said special tax therein according to the First Amended Rate and Method of Apportionment. SECTION 10. Based upon the waivers contained in the Petition, and the owners of the territory to be annexed being the only parties requesting such annexation and amendment of the Rate and Method of Apportionment for the CFD, and being otherwise fully informed of these proceedings for annexation, there shall be no publication and mailing of written notices of the public hearing. SECTION 11. This Resolution shall take effect from and after its adoption. SECTION 12. The City Clerk shall certify to the adoption of this resolution and cause a certified resolution to be filed in the book of original resolutions. PASSED AND ADOPTED this 16th day of June, 2010. Janice S. Parvin, Mayor ATTEST: Maureen Benson, Assistant City Clerk Exhibit: First Amended Rate and Method of Apportionment _ -:. Resolution No. 2010 -2922 Page 4 EXHIBIT FIRST AMENDED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 2004 -1 OF THE CITY OF MOORPARK (Moorpark Highlands) This First Amended Rate and Method of Apportionment of Special Tax represents a complete restatement of the original Rate and Method of Apportionment adopted on September 7, 2005. The First Amended Rate and Method of Apportionment of Special Tax was structured to reflect the effects of the annexation of territory into CFD No. 2004 -1 through Annexation No. 1, and a bond call scheduled for September 1, 2010 in an amount equal to $10,320,000. 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 "Annexed Property," "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 CFD No. 2004 -1 is determined in accordance with Section K. "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 carry 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 1 of the prior Fiscal Year. In order to insure that a dwelling unit is correctly classified City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 1 Resolution No. 2010 -2922 Page 5 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 above, then the units exceeding such total shall not be considered Affordable Units and shall be assigned to Land Use Classes 1 through 5 within Zone 2 as described in Section E below based on the Building Square Footage for such units. "Annexed Developed Property" means an Assessor's Parcel of Annexed Property for which a Building Permit was issued on or before April 1 of the Fiscal Year preceding the Fiscal Year for which Special Taxes are being levied, provided that a Final Map for such Assessor's Parcel was recorded on or before January 1 of such prior Fiscal Year for which Special Taxes may be levied. "Annexed Final Map Property" means an Assessor's Parcel of Annexed Property that is included in a Final Map that was recorded prior to January 1 of the Fiscal Year preceding the Fiscal Year in which the Special Tax is being levied, and (ii) for which a Building Permit was not issued prior to April 1 of the Fiscal Year preceding the Fiscal Year in which the Special Tax is being levied. "Annexed Property" means an Assessor's Parcel representing territory not identified within the originally boundaries of CFD No. 2004 -1 that have subsequently been annexed to CFD No. 2004 -1, pursuant to Annexation Map No. 1, recorded on , 2010, in Book Page of Maps of Assessments and Community Facilities Districts in the recorder's office of the County; such annexed territory shall be designated as Zone 3 property. "Annexed Undeveloped Property" means an Assessor's Parcel of Annexed Property that is not classified as Exempt Property, Annexed Developed Property, or Annexed Final Map Property. "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 of CFD 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 E below. "Backup Special Tax for Facilities" means the Special Tax of that name described in Section F 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. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 2 Resolution No. 2010 -2922 Page 6 "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 1 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 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 of the Fiscal Year 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 such 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, or Annexed Property designated as being exempt from the Special Tax as determined in Section K. "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. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 3 Resolution No. 2010 -2922 Page 7 "Final Map Property" means all Assessor's Parcels within Zones 1, 2, 3, and 4 of CFD No. 2004 -1: (i) that are included in a Final Map that was recorded prior to January 1 of the Fiscal Year preceding the Fiscal Year in which the Special Tax is being levied, and (ii) for which a Building Permit was not issued prior to April 1 of the Fiscal Year 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. "Initial Special Tax for Facilities" means the annual special tax of that name described in Section D below. "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 of Taxable Property. "Maximum Special Tax for Facilities" means the Maximum Special Tax, determined in accordance with Section C 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 that can be levied by CFD No. 2004 -1 in any Fiscal Year on any Assessor's Parcel of Developed Property or Annexed Developed Property. "Non Residential Property" means all Assessors' Parcels of Developed Property or Annexed 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 I. "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 H. "Proportionately" means for Developed Property, the ratio of the actual Special Tax for Facilities levied on Developed Property to the Maximum Special Tax for Facilities for Developed Property is equal for all Assessor's Parcels of Developed Property. For Annexed Developed Property, it means the ratio of the actual Special Tax for Facilities levied on Annexed Developed Property to the Maximum Special Tax for Facilities for Annexed Developed Property is equal for all Assessor's Parcels of Annexed Developed Property. For Final Map Property, it means that the ratio of the actual Special Tax for Facilities levied on Final Map Property to the Maximum Special Tax for Facilities for Final Map Property is equal for all Assessor's Parcels of Final Map Property. For Annexed Final Map Property, it means that the ratio of the actual Special Tax for Facilities levied on Annexed Final Map Property to the Maximum Special Tax for Facilities for Annexed Final Map City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 4 Resolution No. 2010 -2922 Page 8 Property is equal for all Assessor's Parcels of Annexed Final Map Property. For Undeveloped Property, it means that the ratio of the actual Special Tax for Facilities levied on Undeveloped Property to the Maximum Special Tax for Facilities for Undeveloped Property is equal for all Assessor's Parcels of Undeveloped Property. For Annexed Undeveloped Property, it means that the ratio of the actual Special Tax for Facilities levied on Annexed Undeveloped Property to the Maximum Special Tax for Facilities for Annexed Undeveloped Property is equal for all Assessor's Parcels of Annexed Undeveloped Property. Regarding the Special Tax for Services for Developed Property and Annexed Developed Property, "Proportionately" means the ratio of the actual Special Tax for Services levied on Developed Property and Annexed Developed Property to the Maximum Special Tax for Services for Developed Property and Annexed Developed Property is equal for all Assessor's Parcels of Developed Property and Annexed Developed Property. "Residential Property" means all Assessors' Parcels of Developed Property or Annexed Developed Property 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. "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. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 5 Resolution No. 2010 -2922 Page 9 "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 1" 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 original Boundary Map as Zone 3 of CFD No. 2004 -1, and territory annexed to CFD No. 2004 -1 pursuant to Annexation Map No. 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, Annexed Developed Property, Final Map Property, Annexed Final Map Property, Undeveloped Property, or Annexed Undeveloped Property. Lastly, each Fiscal Year, beginning with Fiscal Year 2006 -2007, each Assessor's Parcel of Developed Property or Annexed Developed Property shall further be classified as Residential Property or Non Residential Property. SECTION C MAXIMUM SPECIAL TAXES FOR ZONES 1, 2, 3, AND 4 1. Developed Property and Annexed Developed Property a. The Maximum Special Tax for Facilities for each Assessor's Parcel of Residential Property that is classified as Developed Property or Annexed Developed Property in any Fiscal Year shall be the amount determined by the greater of (i) the application of the Initial Special Tax for Facilities set forth in Section D, or (ii) the application of the Assigned Special Tax for Facilities set forth in Section E or (iii) the application of the Backup Special Tax for Facilities set forth in Section F. b. The Maximum Special Tax for Facilities for each Assessor's Parcel of Non - Residential Property that is classified as Developed Property or Annexed Developed Property in any Fiscal Year shall be the Assigned Special Tax for Facilities set forth in Section E. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 6 Resolution No. 2010 -2922 Page 10 2. c. The Maximum Special Tax for Services for each Assessor's Parcel of Residential 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 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 %). Final Map Property and Undeveloped Property The Maximum Special Tax for Facilities Final Map Property or Undeveloped Prc for Facilities set forth in Section E. for each Assessor's Parcel classified as perty shall be the Assigned Special Tax Annexed Final Map Property and Annexed Undeveloped Property The Maximum Special Tax for Facilities for each Assessor's Parcel classified as Annexed Final Map Property or Annexed Undeveloped Property shall be equal to the Initial Special Tax for Facilities set forth in Section D for Annexed Final Map Property and Annexed Undeveloped Property. SECTION D INITIAL SPECIAL TAX FOR FACILITIES FOR ZONES 1, 2, 3, AND 4 a) Developed Property and Annexed Developed Property Each Fiscal Year, each Assessor's Parcel of Developed Property within Zones 1, 2, 3 and 4, and each Assessor's Parcel of Annexed Developed Property within Zones 3 shall be subject to an Initial Special Tax for Facilities. The Initial Special Tax for Facilities applicable to an Assessor's Parcel of Developed Property or Annexed Developed Property within CFD No. 2004 -1 for any Fiscal Year shall be determined pursuant to Tables 1 through 4 below. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 7 Resolution No. 2010 -2922 Page 11 TABLE 1 ZONE 1 - DEVELOPED PROPERTY INITIAL SPECIAL TAX FOR FACILITIES Land Use Type Building Square Footage Initial Annual Special Tax for Facilities 1. Residential Property Less than 2,151 $2,392 per Unit 2. Residential Property 2,151 — 2,350 $2,508 per Unit 3. Residential Property 2,351 — 2,550 $2,604 per Unit 4. Residential Property 2,551 — 2,750 $2,647 per Unit 5. Residential Property Greater than 2,750 $2,780 per Unit 6. Non Residential Property N/A $24,913 per Acre TABLE 2 ZONE 2 - DEVELOPED PROPERTY INITIAL SPECIAL TAX FOR FACILITIES City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 8 Initial Annual Building Square Special Tax for Land Use Type Footage Facilities 1. Residential Property Less than 1,401 $1,266 per Condo Unit 2. Residential Property 1,401 — 1,600 $1,478 per Condo Unit 3. Residential Property Greater than 1,600 $1,748 per Condo Unit 4. Non Residential Property N/A $48,999 per Acre City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 8 Resolution No. 2010 -2922 Page 12 TABLE 3 ZONE 3 - DEVELOPED PROPERTY AND ANNEXED DEVELOPED PROPERTY INITIAL SPECIAL TAX FOR FACILITIES Land Use Type Building Square Footage Initial Annual Special Tax for Facilities 1. Residential Property Less than 2,351 $2,789 per Unit 2. Residential Property 2,351 - 2,600 $2,841 per Unit 3. Residential Property 2,601 -2,850 $2,893 per Unit 4. Residential Property 2,851 -3,100 $2,968 per Unit 5. Residential Property 3,101 -3,350 $3,086 per Unit 6. Residential Property 3,351 -3,600 $3,445 per Unit 7. Residential Property 3,601 -3,850 $3,561 per Unit 8. Residential Property 3,851 -4,100 $3,685 per Unit 9. Residential Property 4,101 -4,350 $3,846 per Unit 10. Residential Property 4,351 -4,600 $3,962 per Unit 11. Residential Property Greater than 4,600 $4,078 per Unit 12. Non Residential Property N/A $15,817 per Acre City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 9 Resolution No. 2010 -2922 Page 13 TABLE 4 ZONE 4 - DEVELOPED PROPERTY INITIAL SPECIAL TAX FOR FACILITIES Land Use Type Building Square Footage Initial Annual Special Tax for Facilities 1. Residential Property Less than 3,201 $3,639 per Unit 2. Residential Property 3,201 — 3,750 $3,893 per Unit 3. Residential Property 3,751 — 4,300 $4,008 per Unit 4. Residential Property 4,301 —4,900 $4,170 per Unit 5. Residential Property Greater than 4,900 $4,401 per Unit 6. Non Residential Property N/A $6,222 per Acre b) Final Map Property and Undeveloped Property Each Fiscal Year, each Assessor's Parcel classified as Final Map Property or Undeveloped Property within CFD No. 2004 -1 shall be subject to an Initial Special Tax for Facilities. The Initial Special Tax for Facilities for an Assessor's Parcel classified as Final Map Property or Undeveloped Property for Fiscal Year 2006 -2007 shall be $24,913 per Acre for Zone 1, $48,999 per Acre for Zone 2, $15,817 per Acre for Zone 3, and $6,222 per Acre for Zone 4. SECTION E ASSIGNED SPECIAL TAX FOR FACILITIES FOR ZONES 1, 2, 3, AND 4 a) Developed Property and Annexed Developed Property Each Fiscal Year, each Assessor's Parcel of Developed Property within Zones 1, 2, 3 and 4, and each Assessor's Parcel of Annexed Developed Property within Zones 3 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 or Annexed Developed Property within CFD No. 2004 -1 for any Fiscal Year shall be determined pursuant to Tables 5 through 8 below. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 10 Resolution No. 2010 -2922 Page 14 TABLE 5 ZONE 1 - DEVELOPED PROPERTY ASSIGNED SPECIAL TAX FOR FACILITIES Land Use Type Building Square Footage Assigned Annual Special Tax for Facilities 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 6 ZONE 2 - DEVELOPED PROPERTY ASSIGNED SPECIAL TAX FOR FACILITIES City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 11 Assigned Annual Building Square Special Tax for Land Use Type Footage Facilities 1. Residential Property Less than 1,401 $2,041 per Condo Unit 2. Residential Property 1,401 — 1,600 $2,383 per Condo Unit 3. Residential Property Greater than 1,600 $2,818 Per Condo Unit 4. Non Residential Property N/A $79,030 per Acre City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 11 Resolution No. 2010 -2922 Page 15 TABLE 7 ZONE 3 - DEVELOPED PROPERTY AND ANNEXED DEVELOPED PROPERTY ASSIGNED SPECIAL TAX FOR FACILITIES Land Use Type Building Square Footage Assigned Annual Special Tax for Facilities 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 TABLE 8 ZONE 4 - DEVELOPED PROPERTY ASSIGNED SPECIAL TAX FOR FACILITIES Land Use Type Building Square Footage Assigned Annual Special Tax for Facilities 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 City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 12 Resolution No. 2010 -2922 Page 16 b) Final Map Property and Undeveloped Property Each Fiscal Year, each Assessor's Parcel classified as Final Map Property or Undeveloped Property, within CFD No. 2004 -1 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 or Undeveloped Property 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. c) Annexed Final Map Property and Annexed Undeveloped Property Each Fiscal Year, each Assessor's Parcel classified as Annexed Final Map Property or Annexed Undeveloped Property, within CFD No. 2004 -1 shall be subject to an Assigned Special Tax for Facilities. The Assigned Special Tax rate for an Assessor's Parcel classified as Annexed Final Map Property or Annexed Undeveloped Property shall be $47,782 per Acre. SECTION F BACKUP SPECIAL TAXES FOR FACILITIES FOR ZONES 1, 2, 3, AND 4 Each Fiscal Year, each Assessor's Parcel of Developed Property or Annexed Developed Property classified as Residential Property shall be subject to a Backup Special Tax for Facilities. In each Fiscal Year, the Backup Special Tax for Facilities within each Final Map shall be the amount per Lot calculated according to the following sections: a) Developed Property R x A B= ----- - - - - -- L 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. 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. b) Annexed Developed Property Annexed Developed Property classified as Residential Property shall be subject to a Backup Special Tax for Facilities equal to $4,526.68. Based on Sections F.a. and F.b., Table 9 identifies the Backup Tax Special Tax for Facilities for each Final Map within CFD No. 2004 -1 City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 13 Resolution No. 2010 -2922 Page 17 TABLE 9 BACKUP SPECIAL TAX RATES FOR FACILITIES Final Map Zone Backup Special Tax 5045 -2 Zone 1 $4,922.08 per Lot 5045 -6 Zone 2 $2,535.12 per Lot 5045 -3 Zone 3 $5,064.93 per Lot 5045 -4 Zone 3 $5,245.06 per Lot 5045 -5 Zone 3 $5,777.52 per Lot 5045 -8 Zone 3 $8,438.40 per Lot 5860 Zone 3 $4,526.68 per Lot 5045 -8 Zone 4 $7,694.28 per Lot 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 affected Assessor's Parcel 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 total Acreage of the affected Assessor's Parcels 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. 3. 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 the affected Assessor's Parcels 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. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 14 Resolution No. 2010 -2922 Page 18 SECTION G METHOD OF APPORTIONMENT OF THE SPECIAL TAX FOR FACILITIES AND THE SPECIAL TAX FOR SERVICES 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 CFD No. 2004 -1 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 Annexed Property and Developed Property up to 100% of the applicable Initial Special Tax for Facilities 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 up to 100% of the Initial Special Tax for Facilities applicable to 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 Annexed Developed Property and Developed Property up to 100% of the applicable Assigned Special Tax for Facilities as presented in Section E 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, the Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel of Annexed Final Map Property and Final Map Property 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 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 for Facilities shall be levied Proportionately on each Assessor's Parcel of Annexed Undeveloped Property and Undeveloped Property 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. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 15 Resolution No. 2010 -2922 Page 19 Step Six: If additional moneys are needed to satisfy the Special Tax Requirement for Facilities after the first five steps have been completed, then for each Assessor's Parcel of Annexed Developed Property and Developed Property, 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. 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 and Annexed 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 and Annexed Developed Property up to 100% of the applicable Maximum Special Tax for Services as needed to satisfy the Special Tax Requirement for Services. SECTION H PREPAYMENT OF SPECIAL TAX FOR FACILITIES The following definitions apply to this Section H: "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 funds which are currently available for expenditure to acquire or construct public facilities eligible under CFD No. 2004 -1. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 16 Resolution No. 2010 -2922 Page 20 "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 or Annexed Developed Property, as well as an Assessor's Parcel of Final Map Property, Annexed Final Map Property, Undeveloped Property, or Annexed Undeveloped Property for which a Building Permit has been issued 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 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: City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 17 Resolution No. 2010 -2922 Page 21 1. For Assessor's Parcels of Developed Property or Annexed 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, Annexed Final Map Property, Undeveloped Property, or Annexed Undeveloped Property for which a Building Permit has been issued, 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 or Annexed Developed Property based upon the Building Permit issued or to be issued for that Assessor's Parcel. 2. For each Assessor's Parcel to be prepaid, (a) divide the Assigned Special Tax computed pursuant to paragraph 1 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. 3. 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. 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 "). 7. 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." City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 18 Resolution No. 2010 -2922 Page 22 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 H, 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 1.10 times the regularly scheduled annual interest and principal payments on all currently Outstanding Bonds in each future Fiscal Year. SECTION I PARTIAL PREPAYMENT OF SPECIAL TAX FOR FACILITIES The Special Tax for Facilities obligation of an Assessor's Parcel of Developed Property or Annexed Developed Property, as well as an Assessor's Parcel of Final Map Property, Annexed Final Map Property, Undeveloped Property, or Annexed 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 I. 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. City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 19 Resolution No. 2010 -2922 Page 23 The Partial Prepayment Amount shall be calculated according to the following formula: PP =PGxF The terms above have the following meanings: PP = the Partial Prepayment Amount. PG = the Prepayment Amount calculated according to Section H. F = the percent by which the owner of the Assessor's Parcel is partially prepaying the Special Tax for Facilities 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 1.10 times the regularly scheduled annual interest and principal payments on all currently Outstanding Bonds in each future Fiscal Year. SECTION J 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 of Taxable Property. 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 2044 -45 Fiscal Year. 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 K EXEMPTIONS The City shall classify as Exempt Property (i) 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 City of Moorpark June 16, 2010 Community Facilities District No. 2004 -1 Page 20 Resolution No. 2010 -2922 Page 24 than 79.80 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 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 L 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) of CFD 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 M 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 June 16, 2010 Community Facilities District No. 2004 -1 Page 21 Resolution No. 2010 -2922 Page 25 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Maureen Benson, Assistant City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2010 -2922 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 16th day of June, 2010, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Pollock, Van Dam, and Mayor Parvin NOES: None ABSENT: Councilmember Millhouse ABSTAIN: None WITNESS my hand and the official seal of said City this 18th day of June, 2010. Maureen Benson, Assistant City Clerk (seal)