HomeMy WebLinkAboutRES CC 2018 3677 2018 0221 RESOLUTION NO. 2018-3677
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, TO FORM COMMUNITY
FACILITIES DISTRICT NO. 2018-1 (PACIFIC ARROYO)
WHEREAS, on January 17, 2018, this City Council (the "Council") of the City of
Moorpark (the "City") adopted a resolution entitled "A Resolution of Intention of the City
Council of the City of Moorpark to Form a Community Facilities District and Levy a
Special Tax in Community Facilities District No. 2018-1 (Pacific Arroyo) to Finance the
Acquisition and Construction of Certain Public Facilities in and for Such Community
Facilities District" (the "Resolution of Intention"), stating its intention to form "City of
Moorpark Community Facilities District No. 2018-1 (Pacific Arroyo)" (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, describing a map of the proposed
boundaries of the CFD and stating the facilities to be provided, the cost of providing
such facilities, and the rate and method of apportionment of the special tax to be levied
within the CFD to pay the principal and interest on bonds proposed to be issued with
respect to the CFD, 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, on this date, this City Council held a noticed public hearing as
required by the Act and the Resolution of Intention relative to the proposed formation of
the CFD; and
WHEREAS, at the hearing all interested persons desiring to be heard on all
matters pertaining to the formation of the CFD, the facilities to be provided therein and
the levy of said special tax were heard and a full and fair hearing was held; and
WHEREAS, at the hearing evidence was presented to the Council on said
matters before it, including a report caused to be prepared by Willdan Group (the
"Report") as to the facilities to be provided through the CFD and the costs thereof, a
copy of which is on file with the City Clerk, and made a part of the record of said public
hearing; and
WHEREAS, written protests with respect to the formation of the CFD, the
furnishing of specified types of facilities and the rate and method of apportionment of
the special taxes have not been filed with the City Clerk by fifty percent (50%) or more
of the registered voters residing within the territory of the CFD or property owners of
one-half (1/2) or more of the area of land within the CFD and not exempt from the
proposed special tax; and
WHEREAS, the special tax proposed to be levied in the CFD to pay for the
proposed facilities to be provided therein, as set forth in Exhibit B hereto, has not been
eliminated by protest by fifty percent (50%) or more of the registered voters residing
Resolution No. 2018-3677
Page 2
within the territory of the CFD or the owners of one-half (1/2) 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. Prior Proceedings Valid. All prior proceedings taken by the
Council in connection with the establishment of the CFD and the levy of the special tax
have been duly considered and are hereby found and determined to be valid and in
conformity with the Act.
SECTION 4. Name of CFD. The community facilities district designated "City
of Moorpark Community Facilities District No. 2018-1 (Pacific Arroyo)" is hereby
established pursuant to the Act.
SECTION 5. Boundaries of CFD. The boundaries of the CFD, as set forth in
the map of the CFD and to be recorded in the Ventura County Recorder's Office on
January 30, 2018 in Book 20 at Page 19 as Document No. 20180130-00010485-D of
the Book of Maps of Assessment and Community Facilities Districts, are hereby
approved, are incorporated herein by reference and shall be the boundaries of the CFD.
SECTION 6. Description of Facilities. The type of public facilities proposed to
be financed by the CFD and pursuant to the Act shall consist of those items listed as
facilities in Exhibit A hereto and by this reference incorporated herein (the "Facilities").
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, 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 the
Council or its designee, including direct billing of the affected property owners.
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 hereby
incorporated herein.
Resolution No. 2018-3677
Page 3
The Special Tax shall not be levied in the CFD after fiscal year 2060-61
except that a Special Tax that was lawfully levied in or before the final tax year
and that remains delinquent may be collected in subsequent years. Under no
circumstances shall the Special Tax levied against any parcel in the CFD to be
used for private residential purposes be increased as a consequence of
delinquency or default by the owner of any other parcel or parcels within the CFD
by more than ten percent (10%).
SECTION 8. Increased Demands. It is hereby found and determined that the
Facilities are necessary to meet increased demands placed upon local agencies as the
result of development occurring in the CFD.
SECTION 9. Responsible Official. The Finance Director of the City of
Moorpark, 799 Moorpark Avenue, Moorpark, California 93021, 805-517-6249 is the
officer of the City who will be responsible for preparing annually a current roll of special
tax levy obligations by assessor's parcel number and who will be responsible for
estimating future special tax levies pursuant to the Act.
SECTION 10. Tax Lien. Upon recordation of a notice of special tax lien
pursuant to Section 3114.5 of the Streets and Highways Code of California, a continuing
lien to secure each levy of the special tax shall attach to all nonexempt real property in
the CFD and this lien shall continue in force and effect until the special tax obligation is
prepaid and permanently satisfied and the lien canceled in accordance with law or until
collection of the tax by the City ceases.
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 $2,500,000,
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 the election shall be as specified by a
separate resolution of this City Council.
SECTION 13. Effective Date. This Resolution shall take effect upon its
adoption.
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SECTION 14. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original Resolutions.
PASSED AND ADOPTED this 21st day of February, 2018.
Ja ice S. Parvin, Mayor
ATTEST:
Maureen Benson, City Clerk •' '• �
440 Jo'
Attachments:
Exhibit A - List of Authorized Facilities
Exhibit B - Rate and Method of Apportionment of Special Tax
Resolution No. 2018-3677
Page 5
EXHIBIT A
CITY OF MOORPARK
COMMUNITY FACILITIES DISTRICT NO. 2018-1
(PACIFIC ARROYO)
LIST OF AUTHORIZED FACILITIES
The Mello-Roos Community Facilities Act of 1982 (the "Act") authorizes the
creation of a Community Facilities District to finance public services and facilities, within
or of benefit to the land in the district. The following services, facilities, fees,
improvements, are eligible for funding through the City of Moorpark Community
Facilities District No. 2018-1 (Pacific Arroyo) (the "CFD").
The types of facilities authorized to be financed by the CFD are transportation
improvements, including but not limited to grading, paving, curbs and gutters, sidewalks,
street signalization and signage, street lights and parkway and landscaping related
thereto, domestic and recycled water distribution facilities including wells, treatment
facilities, reservoirs and booster pumps, sewer collection facilities, solid waste facilities,
storm drainage facilities, park and recreation facilities and equipment, fire facilities and
equipment, police facilities and equipment, library facilities and equipment, air quality
facilities, public art, affordable housing related fees and costs, general governmental
office, administrative and meeting facilities, any other capital facilities authorized to be
financed under the Act and land, rights-of-way and easements necessary for any of
such facilities; reimbursements to other areas for infrastructure facilities serving
development in the CFD; and any other expenses incidental to the construction,
completion, and inspection of the facilities, including but not limited to and the cost of
planning, permitting and designing the facilities, land acquisition and easement
payments for authorized facilities; project management; construction staking;
engineering studies and reports; utility relocation and demolition costs incidental to the
construction of the public facilities.
Authorized facilities also include development impact fees of the City imposed in
connection with construction of homes within the CFD and attributable to any capital
facilities or City services authorized to be financed under the Act.
In addition to the above, other incidental expenses are authorized to be financed
by the CFD as authorized by the Act, including but not limited to: CFD formation,
administration and bond issuance costs, the cost of planning, permitting, approving, and
designing the facilities (including the cost of environmental evaluation,
orthophotography, environmental remediation/mitigation, and compliance); land
acquisition and easement payments for authorized CFD facilities; project management,
construction staking; engineering studies and preparation of an engineer's report for the
use of recycled water; utility relocation and demolition costs incidental to the
construction of the public facilities; cost associated with the creation of the CFD,
issuance of bonds, determination of the amount of taxes, collection of taxes, payment of
Resolution No. 2018-3677
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taxes or costs otherwise incurred to carry out the authorized purposes of the CFD;
reimbursements to other areas for infrastructure facilities or planning purposes serving
development in the CFD; and any other expenses incidental to the construction,
completion, and inspection of the facilities and related expenses associated with the
CFD and any of the foregoing.
Resolution No. 2018-3677
Page 7
EXHIBIT B
CITY OF MOORPARK
COMMUNITY FACILITIES DISTRICT NO. 2018-1
(PACIFIC ARROYO)
RATE AND METHOD OF
APPORTIONMENT OF SPECIAL TAX
COMMUNITY FACILITIES DISTRICT NO. 2018-1 (PACIFIC ARROYO)
OF THE CITY OF MOORPARK
A Special Tax shall be levied on all Taxable Property within the boundaries of
Community Facilities District No. 2018-1 (Pacific Arroyo) of the City of Moorpark ("CFD
No. 2018-1") and collected each Fiscal Year commencing in Fiscal Year 2018-19, in an
amount determined by the CFD Administrator through the application of the procedures
described below. All of the real property within CFD No. 2018-1, unless exempted by
law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the
manner herein provided.
1. 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. An Acre means 43,560 square
feet of land.
"Act" means the Mello-Roos Community Facilities Act of 1982, as amended,
being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State
of California.
"Administrative Expenses" means the actual or reasonably estimated costs
related to the administration of CFD No. 2018-1 including, but not limited to: the costs of
preparing and computing the Special Tax (whether by the City or designee thereof or
both); the costs of collecting the Special Taxes (whether by the City, the County or
otherwise); the costs of remitting the Special Taxes to the Trustee; the costs of the
Trustee (including its legal counsel) in the discharge of the duties required of it under
the Indenture; the costs to the City, CFD No. 2018-1, or any designee thereof complying
with arbitrage rebate requirements, including without limitation rebate liability costs and
periodic rebate calculations; the costs to the City, CFD No. 2018-1, or any designee
thereof complying with disclosure or reporting requirements of the City or CFD No.
2018-1, associated with applicable federal and State laws; the costs associated with
preparing Special Tax disclosure statements and responding to public inquiries
regarding the Special Taxes; the costs to the City, CFD No. 2018-1, or any designee
thereof related to an appeal of the Special Tax; and the City's annual administration
fees and third party expenses. Administrative Expenses shall also include amounts
Resolution No. 2018-3677
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estimated or advanced by the City or CFD No. 2018-1 for any other administrative
purposes of CFD No. 2018-1, including attorney's fees and other costs related to
commencing and pursuing any foreclosure of delinquent Special Taxes.
"Affordable Residential Property" means all Assessor's Parcels for which an
Affordable Purchase Development Agreement has been recorded on title of the property
or which is otherwise classified as deed-restricted affordable property.
"Approved Property" means all Assessor's Parcels of Taxable Property: (i) that
are included in a Final Map that was recorded prior to the January 1st preceding the
Fiscal Year in which the Special Tax is being levied, and (ii) that have not been issued a
Building Permit on or prior to the May 1st preceding the Fiscal Year in which the Special
Tax is being levied.
"Assessor" means the Assessor of the County of Ventura.
"Assessor's Parcel" means a lot or parcel shown on an Assessor's Parcel Map
with an assigned Assessor's Parcel Number.
"Assessor's Parcel Map" means an official map of the Assessor designating
parcels by Assessor's Parcel Number.
"Assessor's Parcel Number" means the number assigned to an Assessor's
Parcel by the County for purposes of identification.
"Assigned Special Tax" means the Special Tax of that name described in
Section 3.A below.
"Backup Special Tax" means the Special Tax of that name described in Section
3.B below.
"Bonds" means any Debt of CFD No. 2018-1, whether in one or more series,
secured by the levy of Special Taxes.
"Boundary Map" means the map of the boundaries of CFD 2018-1 recorded on
January 30, 2018 in the County Recorder's Office in Book 20, Page 19, of Maps of
Assessments and Community Facilities Districts (instrument number 20180130-
00010485-0).
"Building Permit" means a building permit for construction of a Residential Unit
or non-residential building within CFD No. 2018-1 issued by the City.
"Building Square Footage" means all of the square footage of usable area
within the perimeter of a residential structure, not including any carport, walkway,
garage, overhang, or similar area. The determination of Building Square Footage shall
be made by reference to the Building Permit(s) issued for such Assessor's Parcel
and/or by reference to appropriate records kept by the City.
"Calendar Year" means the period commencing January 1 of any year and
ending the following December 31.
"CFD Administrator" means an authorized representative of the City, or
designee thereof, responsible for determining the Special Tax Requirement, for
preparing the Special Tax roll and/or calculating the Backup Special Tax.
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"CFD No. 2018-1" means the Community Facilities District No. 2018-1 (Pacific
Arroyo) of the City of Moorpark.
"City" means the City of Moorpark, California.
"Condominium" means a unit, whether attached or detached, meeting the
statutory definition of a condominium contained in the California Civil Code Section
4285.
"Council" means the City Council of the City acting as the legislative body of
CFD No. 2018-1 under the Act.
"County" means the County of Ventura, California.
"Debt" means any binding obligation to pay or repay a sum of money, including
obligations in the form of bonds, 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.
"Debt Service" means for each Fiscal Year, the total amount of principal and
interest payable on any Outstanding Bonds during the Calendar Year commencing on
January 1 of such Fiscal Year.
"Developed Property" means for each Fiscal Year, all Taxable Property,
exclusive of Provisional Property, for which a Building Permit was issued prior to May 1
of the previous Fiscal Year. An Assessor's Parcel classified as Developed Property but
for which the Building Permit that caused such Assessor's Parcel to be classified as
Developed Property has been cancelled and/or voided prior to the Fiscal Year for which
Special Taxes are being levied shall be reclassified as Undeveloped Property, provided
that the amount of Special Taxes that could be levied on all Taxable Property by CFD
No. 2018-1 after such reclassification shall not be less than 1.1 times the annual Debt
Service on all Outstanding Bonds plus Administrative Expenses. If Bonds have not been
issued, an Assessor's Parcel classified as Developed Property for which such a Building
Permit has been cancelled and/or voided shall be reclassified as Undeveloped Property.
"Exempt Property" means for each Fiscal Year, all Assessor's Parcels
designated as being exempt from Special Taxes pursuant to Section 8 below.
"Final Map" means a subdivision of property by 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 recordation of a condominium plan
pursuant to California Civil Code 4285 that creates individual lots for which Building
Permits may be issued without further subdivision.
"Fiscal Year" means the period starting on July 1 and ending the following June
30.
"Indenture" means the indenture, fiscal agent agreement, resolution or other
instrument pursuant to which Bonds are issued, as modified, amended and/or
supplemented from time to time, and any instrument replacing or supplementing the
same.
"Land Use Class" means any of the classes listed in Table 1 or Table 2 under
Section 3 below.
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"Lot" means a parcel created by a Final Map on which one or more Residential
Units can be constructed.
"Maximum Special Tax" means for each Assessor's Parcel, the maximum
Special Tax, determined in accordance with Sections 3.0 and 3.D below, which may be
levied in a given Fiscal Year on such Assessor's Parcel of Taxable Property.
"Non-Residential Property" means all Assessor's Parcels of Developed
Property for which a building permit has been issued for the purpose of constructing one
or more non-residential units or facilities.
"Outstanding Bonds" means all Bonds, which are deemed to be outstanding
under the Indenture.
"Prepayment Amount" means the amount required to prepay the Special Tax
obligation in full for an Assessor's Parcel as described in Section 6.A below.
"Property Owner Association Property" means any Assessor's Parcel within
the boundaries of CFD No. 2018-1 owned in fee by a property owner association,
including any master or sub-association.
"Proportionately" or "Proportionate" means for Developed Property, that the
ratio of the actual Special Tax levy to the applicable Assigned Special Tax or Backup
Special Tax is equal for all Assessor's Parcels of Developed Property. For Approved
Property, "Proportionately" means that the ratio of the actual Special Tax levy per Acre
to the Maximum Special Tax per Acre is equal for all Assessor's Parcels of Approved
Property. For Undeveloped Property, "Proportionately" means that the ratio of the actual
Special Tax levy per Acre to the Maximum Special Tax per Acre is equal for all
Assessor's Parcels of Undeveloped Property. "Proportionately" may similarly be
applied to other categories of Taxable Property.
"Provisional Property" means all Assessor's Parcels of Public Property,
Property Owner Association Property or property that would otherwise be classified as
Exempt Property pursuant to the provisions of Section 8, but cannot be classified as
Exempt Property because to do so would reduce the Acreage of all Taxable Property
below the required minimum Acreage as set forth in Section 8.
"Public Property" means any property within the boundaries of CFD No. 2018-
1, which is owned by, or irrevocably offered for dedication to the federal government,
the State of California, the County, the City or any other public agency; provided
however that any property owned by a public agency and leased to a private entity and
subject to taxation under Section 53340.1 of the Act shall be taxed and classified in
accordance with its use.
"Residential Property" means all Assessor's Parcels of Developed Property for
which a Building Permit has been issued for the purpose of constructing one or more
Residential Units.
"Residential Unit" means each separate residential dwelling unit that comprises
an independent facility capable of conveyance or rental, separate from adjacent
residential dwelling units.
"Special Tax" means any special tax levied within CFD No. 2018-1 pursuant to
the Act and this Rate and Method of Apportionment of Special Tax.
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"Special Tax Obligation" means the total obligation for the owner of an
Assessor's Parcel of Taxable Property to pay the Special Tax for the remaining term of
CFD No. 2018-1 as specified in Section 7.
"Special Tax Requirement" means for each Fiscal Year an amount determined
by the City to: (i) pay regularly scheduled Debt Service on all Outstanding Bonds; (ii)
pay periodic costs on the Outstanding Bonds, including but not limited to, credit
enhancement and rebate payments on the Outstanding Bonds; (iii) pay Administrative
Fees and Expenses; (iv) pay any amounts required to establish or replenish any reserve
funds for all Outstanding Bonds, provided that no amount shall be included to replenish
a reserve fund if such amount was included in computation of the Special Tax
Requirement as a reserve fund replenishment or anticipated delinquency in a previous
Fiscal Year and remains unpaid; (v) accumulate funds to pay directly or reimburse for
acquisition or construction of facilities, provided that the inclusion of such amount does
not cause the Special Tax to be levied on Approved Property or Undeveloped Property
in excess of the amount needed to otherwise meet the Special Tax Requirement; and
(vi) pay for reasonably anticipated delinquent Special Taxes for such Fiscal Year based
on the delinquency rate for Special Taxes levied in the previous Fiscal Year; less (vii) a
credit for funds available to reduce the Special Tax levy, as determined by the CFD
Administrator pursuant to the Indenture.
"State" means the State of California.
"Taxable Property" means all of the Assessor's Parcels within the boundaries
of CFD No. 2018-1, which are not exempt from the levy of the Special Tax pursuant to
law or Section 8 below.
"Trustee" means the trustee or fiscal agent under the Indenture.
"Undeveloped Property" means, for each Fiscal Year, all Taxable Property not
classified as Approved Property, Developed Property or Provisional Property.
"Zone 1" means the area identified as Zone 1 on Exhibit A attached hereto.
"Zone 2" means the area identified as Zone 2 on Exhibit A attached hereto.
2. LAND USE CLASSIFICATION
Each Fiscal Year, beginning with Fiscal Year 2018-19, each Assessor's Parcel
within CFD No. 2018-1 shall be classified as Taxable Property or Exempt Property. In
addition, all Taxable Property shall further be classified as Developed Property,
Approved Property, Undeveloped Property or Provisional Property, and all such Taxable
Property shall be subject to the levy of Special Taxes in accordance with this Rate and
Method of Apportionment of Special Tax determined pursuant to Sections 3 and 4
below. Furthermore, each Assessor's Parcel of Developed Property shall be classified
according to its applicable Land Use Class based on Tables 1 and 2 below.
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3. SPECIAL TAX RATES
A. Assigned Special Tax for Developed Property in Zone 1
The Assigned Special Tax applicable to an Assessor's Parcel classified as
Developed Property in Zone 1 commencing in Fiscal Year 2018-19 shall be
determined pursuant to Table 1 below.
Table 1
2018-19 Assigned Special Tax Rates
Zone 1
Land Building Assigned
Use Land Use Type Square Special Tax
Class Footage
1 Residential Property > 2,600 $4,598 per
Residential Unit
2 Residential Property 2,401 — 2,600 $4,303 per
Residential Unit
3 Residential Property 2,201 — 2,400 $4,156 per
Residential Unit
4 Residential Property 2,001 — 2,200 $4,009 per
Residential Unit
5 Residential Property <_ 2,000 $3,862 per
Residential Unit
6 Non-Residential Property NA $54,606 per
Acre
On each July 1, commencing July 1, 2019, the Assigned Special Tax rates
for Developed Property in Zone 1 shall be increased by two percent (2%) of the
amount in effect in the prior Fiscal Year.
B. Assigned Special Tax for Developed Property in Zone 2
The Assigned Special Tax applicable to an Assessor's Parcel classified as
Developed Property in Zone 2 commencing in Fiscal Year 2018-19 shall be
determined pursuant to Table 2 below.
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Table 2
218-19 Assigned Special Tax Rates
Zone 2
Land Building Assigned
Use Land Use Type Square Special Tax
Class Footage
1 Residential Property > 2,100 $3,862 per
Residential Unit
2 Residential Property 1,901 — 2,100 $3,715 per
Residential Unit
3 Residential Property <_ 1,900 $3,567 per
Residential Unit
4 Non-Residential Property NA $50,292 per
Acre
On each July 1, commencing July 1, 2019, the Assigned Special Tax
rates for Developed Property in Zone 2 shall be increased by two percent (2%)
of the amount in effect in the prior Fiscal Year.
C. Backup Special Tax for Developed Property in Zone 1
The Backup Special Tax for Developed Property within Zone 1 for Fiscal
Year 2018-19 shall be $54,606 per Acre.
For the purpose of calculating the Backup Special Tax, the land area
applicable to Condominiums shall be computed from the Acreage of the Lot on
which the Condominium is located, with the Acreage for such Lot allocated
equally among all of the Condominiums located or to be located on such Lot.
On each July 1, commencing July 1, 2019, the Backup Special Tax for
Developed Property in Zone 1 shall be increased by two percent (2%) of the
amount in effect in the prior Fiscal Year.
D. Backup Special Tax for Developed Property in Zone 2
The Backup Special Tax for Developed Property with Zone 2 for Fiscal
Year 2018-19 shall be $50,292 per Acre.
For the purpose of calculating the Backup Special Tax, the land area
applicable to Condominiums shall be computed from the Acreage of the Lot on
which the Condominium is located, with the Acreage for such Lot allocated
equally among all of the Condominiums located or to be located on such Lot.
On each July 1, commencing July 1, 2019, the Backup Special Tax for
Developed Property in Zone 2 shall be increased by two percent (2%) of the
amount in effect in the prior Fiscal Year.
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E. Maximum Special Tax for Developed Property in Zone 1 and Zone
2
The Maximum Special Tax for Developed Property in each Fiscal Year
shall be the greater of the Assigned Special Tax for Developed Property and the
Backup Special Tax for Developed Property for such Fiscal Year.
F. Maximum Special Tax for Provisional Property, Approved Property
and Undeveloped Property in Zone 1
The Maximum Special Tax for Provisional Property, Approved Property
and Undeveloped Property commencing in Fiscal Year 2018-19 shall be $54,606
per Acre.
On each July 1, commencing July 1, 2019, the Maximum Special Tax
for Provisional Property, Approved Property and Undeveloped Property in Zone
1 shall be increased by two percent (2%) of the amount in effect in the prior
Fiscal Year.
G. Maximum Special Tax for Provisional Property, Approved
Property and Undeveloped Property in Zone 2
The Maximum Special Tax for Provisional Property, Approved Property
and Undeveloped Property commencing in Fiscal Year 2018-19 shall be $50,292
per Acre.
On each July 1, commencing July 1, 2019, the Maximum Special Tax
for Provisional Property, Approved Property and Undeveloped Property in Zone
2 shall be increased by two percent (2%) of the amount in effect in the prior
Fiscal Year.
4. METHOD OF APPORTIONMENT
For each Fiscal Year, commencing Fiscal Year 2018-19, the CFD Administrator
shall levy the Special Tax on all Taxable Property in accordance with the following
steps:
Step 1: The Special Tax shall be levied Proportionately on each Assessor's
Parcel of Developed Property at up to 100% of the applicable Assigned Special Tax as
needed to satisfy the Special Tax Requirement;
Step 2: If additional monies are needed to satisfy the Special Tax Requirement
after Step 1 has been completed, the Special Tax shall be levied Proportionately on
each Assessor's Parcel of Approved Property at up to 100% of the Maximum Special
Tax for Approved Property;
Step 3: If additional monies are needed to satisfy the Special Tax Requirement
after the first two steps have been completed, the Special Tax shall be levied
Proportionately on each Assessor's Parcel of Undeveloped Property at up to 100% of
the Maximum Special Tax for Undeveloped Property;
Resolution No. 2018-3677
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Step 4: If additional monies are needed to satisfy the Special Tax Requirement
after the first three steps have been completed, then the levy of the Special Tax on each
Assessor's Parcel of Developed Property for which the Maximum Special Tax is
determined through the application of the Backup Special Tax shall be increased
Proportionately from the Assigned Special Tax up to 100% of the Maximum Special Tax
for each such Assessor's Parcel.
Step 5: If additional monies are needed to satisfy the Special Tax Requirement
after the first four steps have been completed, then the Special Tax shall be levied
Proportionately on each Assessor's Parcel of Provisional Property up to 100% of the
Maximum Special Tax for Provisional Property;
Notwithstanding the above, under no circumstances will the Special Tax levied in
any Fiscal Year against any Assessor's Parcel of Residential Property for which an
occupancy permit for private residential use has been issued be increased as a result of
a delinquency or default in the payment of the Special Tax applicable to any other
Assessor's Parcel within CFD No. 2018-1 by more than ten percent (10%) above what
would have been levied in the absence of such delinquencies or defaults.
5. COLLECTION OF SPECIAL TAXES
Collection of the Special Tax shall be made by the County in the same manner
as ordinary ad valorem property taxes are collected and the Special Tax shall be
subject to the same penalties and the same lien priority in the case of delinquency as ad
valorem taxes; provided, however, that the Council may provide for (i) other means of
collecting the Special Tax, including direct billings thereof to the property owners; and
(ii)judicial foreclosure of delinquent Special Taxes.
6. PREPAYMENT OF SPECIAL TAX OBLIGATION
A. Prepayment in Full
Property owners may prepay and permanently satisfy the Special Tax
Obligation by a cash settlement with the City as permitted under Government
Code Section 53344. The following definitions apply to this Section 6:
"CFD Public Facilities Costs" means $20,000,000 or such lower number
as (i) shall be determined by the CFD Administrator as sufficient to acquire or
construct the facilities to be financed under the Act and financing program for
CFD No. 2018-1, or (ii) shall be determined by the Council concurrently with a
covenant that it will not issue any more Bonds (except refunding bonds).
"Construction Fund" means the fund (regardless of its name)
established pursuant to the Indenture to hold funds, which are currently available
for expenditure to acquire or construct the facilities or pay fees authorized to be
funded by CFD No. 2018-1.
"Future Facilities Costs" means the CFD Public Facilities Costs minus
(i) costs previously paid from the Construction Fund to acquire or construct the
facilities, (ii) monies currently on deposit in the Construction Fund, and (iii)
Resolution No. 2018-3677
Page 16
monies currently on deposit in an escrow or other designated fund that are
expected to be available to finance CFD Public Facilities Costs.
"Outstanding Bonds" means all Previously Issued Bonds, which remain
outstanding as of the first interest and/or principal payment date following the
current Fiscal Year excluding Bonds to be redeemed at a later date with
proceeds of prior Special Tax prepayments.
"Previously Issued Bonds" means all Bonds that have been issued prior
to the date of prepayment.
The Special Tax Obligation applicable to an Assessor's Parcel of
Developed Property, Approved Property or Undeveloped Property for which a
Building Permit has been issued may be prepaid and the obligation to pay the
Special Tax for such Assessor's Parcel permanently satisfied as described
herein, provided that a prepayment may be made with respect to a particular
Assessor's Parcel only if there are no delinquent Special Taxes with respect to
such Assessor's Parcel at the time of prepayment. An owner of an Assessor's
Parcel eligible to prepay the Special Tax Obligation shall provide the CFD
Administrator with written notice of intent to prepay, and designate or identify the
company or agency that will be acting as the escrow agent, if any. The CFD
Administrator shall provide the owner with a statement of the Prepayment
Amount for such Assessor's Parcel within thirty (30) days of the request, and
may charge a reasonable fee for providing this service. Prepayment must be
made at least 60 days prior to any redemption date for the CFD No. 2018-1
Bonds to be redeemed with the proceeds of such prepaid Special Taxes, unless
a shorter period is acceptable to the Trustee and the City.
The Prepayment Amount (defined below) shall be calculated for each
applicable Assessor's Parcel or group of Assessor's Parcels as summarized
below (capitalized terms as defined below):
Bond Redemption Amount
plus Redemption Premium
plus Future Facilities Prepayment Amount
plus Defeasance Amount
plus Prepayment Administrative Fees and Expenses
less Reserve Fund Credit
less Capitalized Interest Credit
Total: equals Prepayment Amount
As of the proposed date of prepayment, the Prepayment Amount (defined
in Step 14 below) shall be calculated as follows:
Step No.:
1. Confirm that no Special Tax delinquencies apply to such
Assessor's Parcel.
2. For Assessor's Parcels of Developed Property, determine the
Maximum Special Tax. For Assessor's Parcels of Approved Property and
Undeveloped Property for which a Building Permit has been issued,
compute the Maximum Special Tax for that Assessor's Parcel as though it
Resolution No. 2018-3677
Page 17
was already designated as Developed Property, based upon the Building
Permit which has already been issued for that Assessor's Parcel.
3. Divide the Maximum Special Tax computed pursuant to
paragraph 2 by the total expected Maximum Special Tax revenue for CFD
No. 2018-1 assuming all Building Permits have been issued (build-out)
within CFD No. 2018-1, excluding any Assessor's Parcels for which the
Special Tax Obligation has been previously prepaid.
4. Multiply the quotient computed pursuant to paragraph 3 by the
Outstanding Bonds to compute the amount of Outstanding Bonds to be
retired and prepaid for all applicable parcels (the "Bond Redemption
Amount").
5. Multiply the Bond Redemption Amount computed pursuant to
paragraph 4 by the applicable redemption premium (expressed as a
percentage), if any, on the Outstanding Bonds to be redeemed at the first
available call date (the "Redemption Premium").
6. Compute the Future Facilities Costs.
7. Multiply the quotient computed pursuant to paragraph 3 by the
amount determined pursuant to paragraph 6 to compute the amount of
Future Facilities Costs to be prepaid (the "Future Facilities Prepayment
Amount").
8. Compute the amount needed to pay interest on the Bond
Redemption Amount from the first bond interest and/or principal payment
date following the current Fiscal Year until the expected redemption date
for the Outstanding Bonds which, depending on the Indenture, may be as
early as the next interest payment date.
9. Compute the amount the CFD Administrator reasonably expects
to derive from the reinvestment of the Prepayment Amount less the Future
Facilities Prepayment Amount and the Prepayment Administrative Fees
from the date of prepayment until the redemption date for the Outstanding
Bonds to be redeemed with the prepayment.
10. Subtract the amount computed in paragraph 9 from the amount
computed in paragraph 8 (the "Defeasance Amount").
11. Calculate the administrative fees and expenses of CFD No.
2018-1, including the costs of computation of the prepayment, the costs to
invest the prepayment proceeds, the costs of redeeming CFD No. 2018-1,
and the costs of recording any notices to evidence the prepayment and
the redemption (the "Prepayment Administrative Fees").
12. The reserve fund credit (the "Reserve Fund Credit") shall equal
the lesser of : (a) the expected reduction in the reserve requirement (as
defined in the indenture), 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 requirement in effect after the
redemption of Outstanding Bonds as a result of the prepayment from the
Resolution No. 2018-3677
Page 18
balance in the reserve fund on the prepayment date, but in no event shall
such amount be less than zero.
13. If any capitalized interest for the Outstanding Bonds will not
have been expended at the time of the first interest and/or principal
payment following the current Fiscal Year, a capitalized interest credit
shall be calculated by multiplying the quotient computed pursuant to
paragraph 3 by the expected balance in the capitalized interest fund after
such first interest and/or principal payment (the "Capitalized Interest
Credit").
14. The amount to prepay the Special Tax Obligation is equal to the
sum of the amounts computed pursuant to paragraphs 4, 5, 7, 10, and 11,
less the amounts computed pursuant to paragraphs 12 and 13 (the
"Prepayment Amount").
15. From the Prepayment Amount, the sum of the amounts
computed pursuant to paragraphs 4, 5, and 10, less the amounts
computed pursuant to paragraphs 12 and 13 shall be deposited into the
appropriate fund as established under the Indenture and be used to retire
Outstanding Bonds or make Debt Service payments. The amount
computed pursuant to paragraph 7 shall be deposited into the
Construction Fund. The amount computed pursuant to paragraph 11 shall
be retained by CFD No. 2018-1.
The Prepayment Amount may be sufficient to redeem an amount
other than a $5,000 increment of CFD No. 2018-1 Bonds. In such cases,
the increment above $5,000 or integral multiple thereof will be retained in
the appropriate fund established under the Indenture to redeem CFD No.
2018-1 Bonds to be used with the next prepayment of CFD No. 2018-1
Bonds.
The CFD Administrator will confirm that all previously levied Special
Taxes have been paid in full. With respect to any Assessor's Parcel for
which the Special Tax Obligation is prepaid in full, once the CFD
Administrator has confirmed that all previously levied Special Taxes have
been paid, the Council shall cause a suitable notice to be recorded in
compliance with the Act, to indicate the prepayment of the Special Tax
and the release of the Special Tax lien on such Assessor's Parcel, and the
obligation of the owner of such Assessor's Parcel to pay the Special Tax
shall cease.
Notwithstanding the foregoing, no Special Tax prepayment shall be
allowed unless the aggregate amount of Maximum Special Taxes less
Administrative Expenses that may be levied on Taxable Property after the
proposed prepayment is at least 1.1 times the Debt Service on all
Outstanding Bonds in each Fiscal Year.
B. Partial Prepayment
The Special Tax on an Assessor's Parcel of Developed Property,
Approved Property or Undeveloped Property for which a building permit has
Resolution No. 2018-3677
Page 19
been issued may be partially prepaid. The amount of the prepayment shall be
calculated as in Section 6.A.; except that a partial prepayment shall be calculated
according to the following formula:
PP = (PE-A) x F+A
These terms have the following meaning:
PP = the partial prepayment
PE = the Prepayment Amount calculated according to
Section 6.A
F = the percentage by which the owner of the Assessor's
Parcel(s) is partially prepaying the Special Tax Obligation
A = the Prepayment Administrative Fees and Expenses from
Section 6.A
The owner of any Assessor's Parcel who desires such partial prepayment
shall notify the CFD Administrator of (i) such owner's intent to partially prepay the
Special Tax Obligation, (ii) the percentage by which the Special Tax Obligation
shall be prepaid, and (iii) the company or agency that will be acting as the escrow
agent, if any. The CFD Administrator shall provide the owner with a statement of
the amount required for the partial prepayment of the Special Tax Obligation for
an Assessor's Parcel within sixty (60) days of the request and may charge a
reasonable fee for providing this service.
With respect to any Assessor's Parcel that is partially prepaid, the City
shall (i) distribute the funds remitted to it according to Section 6.A., and (ii)
indicate in the records of CFD No. 2018-1 that there has been a partial
prepayment of the Special Tax Obligation and that a portion of the Special Tax
with respect to such Assessor's Parcel, equal to the outstanding percentage
(1.00 - F) of the Maximum Special Tax, shall continue to be levied on such
Assessor's Parcel.
Notwithstanding the foregoing, no partial prepayment shall be allowed
unless the aggregate amount of Maximum Special Taxes less Administrative
Expenses that may be levied on Taxable Property after the proposed partial
prepayment is at least 1.1 times the Debt Service on all Outstanding Bonds in
each Fiscal Year.
7. TERM OF SPECIAL TAX
The Special Tax shall be levied as long as necessary to meet the Special Tax
Requirement except that in no event shall the Special Tax be levied after Fiscal Year
2060-61.
8. EXEMPTIONS
Within Zone 1, the CFD Administrator shall classify as Exempt Property (i)
Assessor's Parcels of Public Property, (ii) Assessor's Parcels of Property Owner
Association Property, (iii) Assessor's Parcels which are used as places of worship and
Resolution No. 2018-3677
Page 20
are exempt from ad valorem property taxes because they are owned by a religious
organization, and (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 total Acreage of all Taxable
Property in Zone 1 to less than 11.86 Acres. Assessor's Parcels within Zone 1 which
cannot be classified as Exempt Property because such classification would reduce the
total Acreage of all Taxable Property to less than 11.86 Acres shall be classified as
Provisional Property and will continue to be subject to the Special Taxes accordingly.
Tax exempt status for Assessor's Parcels within Zone 1 for the purpose of this
paragraph will be assigned by the CFD Administrator in the chronological order in which
such Assessor's Parcels become eligible for classification as Exempt Property.
Within Zone 2, the CFD Administrator shall classify as Exempt Property all
Assessor's Parcels classified as Affordable Residential Property as determined
reasonably by the CFD Administrator provided that no such classification would reduce
the total Acreage of all Taxable Property in Zone 2 to less than 6.87 Acres. In addition,
the CFD Administrator shall also classify as Exempt Property within Zone 2 (i)
Assessor's Parcels of Public Property, (ii) Assessor's Parcels of Property Owner
Association Property, (iii) 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, and (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 additional classification would reduce the total Acreage of all
Taxable Property within Zone 2 to less than 6.87 Acres. Assessor's Parcels which
cannot be classified as Exempt Property because such classification would reduce the
total Acreage of all Taxable Property within Zone 2 to less than 6.87 Acres shall be
classified as Provisional Property and will continue to be subject to the Special Taxes
accordingly. Tax exempt status for the purpose of this paragraph will be assigned by the
CFD Administrator first to Assessor's Parcels classified as Affordable Residential
Property in chronological order in which such Assessor's Parcels becomes classified as
Affordable Residential Property, and second to all other Assessor's Parcels in the
chronological order in which such Assessor's Parcels become eligible for classification
as Exempt Property. Accordingly, an Assessor's Parcel classified as Exempt Property
(other than an Assessor's Parcel classified as Affordable Residential Property) may be
subsequently reclassified as Provisional Property if one or more Assessor's Parcels of
Affordable Residential Property are classified as Exempt Property.
If the use of an Assessor's Parcel of Exempt Property changes so that such
Assessor's Parcel is no longer classified as one of the uses that would make such
Assessor's Parcel eligible to be classified as Exempt Property, such Assessor's Parcel
shall cease to be classified as Exempt Property and shall be deemed to be Taxable
Property and classified according to its use.
9. APPEALS
Any landowner who pays the Special Tax and claims the amount of the Special
Tax levied on his or her Assessor's Parcel is in error shall first consult with the CFD
Administrator regarding such error not later than twelve (12) months after first having
paid the first installment of the Special Tax that is disputed. If following such
Resolution No. 2018-3677
Page 21
consultation, the CFD Administrator determines that an error has occurred, then the
CFD Administrator shall take any of the following actions, in order of priority, in order to
correct the error:
(i) Amend the Special Tax levy on the landowner's Assessor's Parcel(s) for
the current Fiscal Year prior to the payment date,
(ii) Require the CFD to reimburse the landowner for the amount of the
overpayment to the extent of available CFD funds, or
(iii) Grant a credit against, eliminate or reduce the future Special Taxes on the
landowner's Assessor's Parcel(s) in the amount of the overpayment.
If following such consultation and action by the CFD Administrator the landowner
believes such error still exists, such person may file a written notice of appeal with the
City Council. Upon the receipt of such notice, the City Council or designee may
establish such procedures as deemed necessary to undertake the review of any such
appeal. If the City Council or designee determines an error still exists, the CFD
Administrator shall take any of the actions described as (i), (ii) and (iii) above, in order of
priority, in order to correct the error.
10. INTERPRETATION AND APPLICATION OF SPECIAL TAX
The City Council or designee thereof shall interpret this Rate and Method of
Apportionment of Special Tax for purposes of clarifying any ambiguities and make
determinations relative to the administration of the Special Tax and any landowner
appeals. The decision of the City Council or designee shall be final.
Without Council approval, the finance official of the City may make minor, non-
substantive administrative and technical changes to the provisions of this RMA that do
not materially affect the rate, method of apportionment, or manner of collection of the
Special Tax for purposes of administrative efficiency or convenience or to comply with
new applicable federal, state, or local law.
The City, upon request of an owner of land in CFD No. 2018-1 that is not a
Developed Property, also may amend this RMA in any manner acceptable to the City,
without Resolution or Ordinance of the Council, upon the affirmative vote of such owner
and without the vote of owners of any other parcels in the CFD 2018-1, provided such
amendment only affects such owner's parcel and does not reduce the total Maximum
Annual Special Tax revenue attributable to the parcels affected.
Resolution No. 2018-3677
Page 22
Exhibit A to Rate and Method of Apportionment
CFD Boundary Map
MAP OF PROPOSED BOUNDARIES OF CITY OF MOORPARK SHEET 10F1
COMMUNITY FACILITIES DISTRICT NO.2018-1
(PACIFIC ARROYO)
COUNTY OF VENTURA
STATE OF CALIFORNIA
FILED IN THE OFFICE OF THE CITY CLERK OF THE CRY OF
F,
MOORPARK THIS OAY OF 2818
y
-- - ---- ----_.. HEREBY THE WOOlS MAP
t LOS Angeles Blvd >
ri, } THE PROPOSED BOUNDARIES OF THE CIR8OFMOORPARK
OO A
COMMUNITY
1(pEFICR
CITY MOORPARK COUNTY OF VENTURA STOF
CALIFOR' , WAS APPROVED
NIA
BY THE CITY COUNCIL OF THE CITY OF MOORPARK ATA
..♦♦.. REGULAR♦, REGULMEETING THEREOF HELD ON THE
1♦.♦♦♦♦♦..♦ DAY OF 3018.BY ITS RESOLUTION
NO
.•♦♦♦i•.�.♦♦♦/•♦♦♦� , CITY CLERK
..._. CITU OF MOORPARK
�i �iii'
FILED THIS DAY OF 2018 AT
- 're rr r r
THE HOUR OF O'CLOCK_ M,IN BOOKOF MIPS OF _
-' /♦♦ ...♦.♦♦♦ FACLITIES DISTRICTS AND AS NSTRUMENTESSMENT MDCOMMUNITV
F \. _ NO
AT THE REQUECOUNT RECOROF DER
EROFTCITY OF THE
IN THE OFFICE
VENTURA
- CF
, A�..........•.♦♦.♦♦♦♦•♦�.1, 4 _ STATE OF CALIFORNIA DER OF THE COUNTY OF VENTURA
BY DEPUTY
COUNTY�..♦♦.♦♦ COU OF VENTURA
rf
- LERK
j°1, ,�'♦• THE LINES AND DIMENSIONS OF EACH LOT OR PARCEL SHOVN4ON THIS MAP SHALL BE THOSE LINES AND DIMENSIONS AS
_ _..., ' SHOWN ON THE VENTURA COUNTYASSESSOR'S MMS
FOR THOSE PARCELS LISTED
THEY NTURCOUNTYASSESSORS MAPS SHALL GOVERN
- /14y0 FOR ALL DETAILS CONCERNING THE LINES AND DIMENSIONS OF
l"T SUCH LOTS OR PARCELS
MAP REFERENCE I ASSESSOR'S
NUMBER [PARCEL NUMBER
1 506-0-030-180 !.
2 I 5060-030-195
LsgInd 3 506-0-030-205
O COMMUNITY FACILITIES DISTRICT BOUNDARY 4 506-0-030-245
5 5060-030-255
Zone
6 5060-050-515
(J 2 -- - 7 506-0-050-525 ILLDN I I,.
Resolution No. 2018-3677
Page 23
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby certify
under penalty of perjury that the foregoing Resolution No. 2018-3677 was adopted by the
City Council of the City of Moorpark at a regular meeting held on the 21st day of Feburary,
2018, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Pollock, Simons, Van Dam, and Mayor Parvin
NOES: None
ABSENT: None
ABSTAIN: None
WITNESS my hand and the official seal of said City this 27th day of February, 2018.
Maureen Benson, City Clerk
(seal)
4.?:•000111117&.e):
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