HomeMy WebLinkAbout2016-04-26 - ORDINANCES - VISTA CANYON SPECIAL TAXES (2)ORDINANCE NO. 16-06
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
SANTA CLARITA, CALIFORNIA, ACTING AS THE
LEGISLATIVE BODY OF THE CITY OF SANTA CLARITA
COMMUNITY FACILITIES DISTRICT NO. 2016-1 (VISTA
CANYON), AUTHORIZING THE LEVY OF SPECIAL TAXES
WHEREAS, on February 23, 2016, the City Council (Council) of the City of Santa
Clarita (City) adopted Resolution No. 16-05 (Resolution of Intention) stating its intention to form
City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) (CFD) pursuant
to the Mello -Roos Community Facilities Act of 1982, as amended, commencing with Section
53311 of the California Government Code (Act), to finance the purchase, construction,
expansion, or rehabilitation of certain real and other tangible property with an estimated useful
life of five years or longer, which the CFD is authorized by law to construct, own, or operate,
including but not limited to all or a portion of up to three parking structures, a transit station, and
related costs including designs, inspections, professional fees, and acquisition costs (Facilities),
and to finance certain services if required, including but not limited to labor, material,
administration, personnel, equipment, and utilities necessary to maintain and operate the
Facilities, that are in addition to those provided in the territory within the CFD prior to the
formation of the CFD (Services); and
WHEREAS, on February 23, 2016, the Council also adopted Resolution No. 16-06
stating its intention and the necessity to incur bonded indebtedness in the amount of not to
exceed $45,000,000 to be issued for the purpose of financing the purchase, construction,
expansion, or rehabilitation of the Facilities; and
WHEREAS, notice was published as required by law relative to the intention of the
Council to form the CFD and to incur bonded indebtedness in the aggregate amount of not to
exceed $45,000,000 within the boundaries of the CFD; and
WHEREAS, on April 12, 2016, this Council held a noticed public hearing as required by
law relative to the determination to proceed with the formation of the CFD and the rate and
method of apportionment and manner of collection of the special taxes to be levied within the
CFD, and relative to the necessity for authorizing the bonds, the purpose for which the bonds are
to be issued, the amount of the proposed debt, the maximum term of the bonds, and the
maximum annual rate of interest to be paid; and
WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to
the formation of the CFD, the levy of the special taxes, and the incurring of bonded indebtedness
by the CFD were heard, and a full and fair hearing was held; and
WHEREAS, the Council subsequent to said hearing, adopted Resolution No. 16-09
(Resolution of Formation) determining the validity of prior proceedings and establishing the
CFD; and
WHEREAS, the Council subsequent to said hearing adopted Resolution No. 16-10 which
called an election within the CFD for April 12, 2016, on the propositions of levying the special
taxes, incurring bonded indebtedness, and setting an appropriations limit; and
WHEREAS, on April 12, 2016, an election was held within the CFD in which the eligible
electors approved by more than two-thirds vote the proposition of levying the special taxes,
incurring bonded indebtedness, and setting an appropriations limit.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA CLARITA,
CALIFORNIA, DOES HEREBY ORDAIN AS FOLLOWS:
SECTION 1. A special tax (Special Tax for Facilities) is levied within the boundaries of
the CFD pursuant to the formulas set forth in "Exhibit A" attached hereto and incorporated by
reference, or as may be modified or amended from time to time by a resolution of change or
annexation adopted pursuant to the provisions of the Act (RMA), in an amount necessary to pay
all of the costs of providing the Facilities, periodic costs, and costs of the tax levy and collection,
and all other costs including amounts payable with respect to the bonded indebtedness.
SECTION 2. A special tax (Special Tax for Services) is levied within the boundaries of
the CFD pursuant to the formula set forth in the RMA, in an amount necessary to pay all of the
costs of providing the Services, periodic costs, costs of the tax levy and collection, and all other
costs.
SECTION 3. This legislative body is hereby further authorized each year, by resolution
adopted as provided in section 53340 of the Act on or before June 30 of each year to determine
the specific special tax rate and amount to be levied for the next fiscal year in accordance with
the RMA and to prepare or cause to be prepared a list of all nonexempt parcels within the CFD
and the specific amount of the special taxes for each parcel, except that the special tax rates to be
levied shall not exceed the maximum rates contained in the RMA.
SECTION 4. All of the collections of the Special Tax for Facilities and the Special Tax
for Services shall be used as provided for in the Act and the Resolution of Formation and any
resolution of change or annexation adopted from time to time by the Council. The Special Tax
for Facilities shall be levied only so long as needed for its purpose as described in Resolution of
Intention.
SECTION 5. The above authorized Special Tax for Facilities and the Special Tax for
Services shall be collected in the same manner as ordinary ad valorem property taxes are
collected and shall be subject to the same penalties and procedure, sale, and lien priority in cases
of delinquency as is provided for ad valorem taxes; provided, however, the CFD may collect the
Special Tax for Facilities and the Special Tax for Services at a different time or in a different
manner if necessary to meet its financial obligations.
SECTION 6. The Mayor shall sign this Ordinance, and the City Clerk shall attest to such
signature. The City Clerk is directed to cause the title and summary or text of this Ordinance,
together with the vote thereon, to be published within fifteen (15) days after its passage at least
once in a newspaper of general circulation published and circulated within the territorial
jurisdiction of the City and to post at the offices of the City a certified copy of the full text of the
adopted Ordinance along with the names of the Councilmembers voting for and against the
Ordinance.
SECTION 7. This Ordinance relating to the levy of the special taxes takes effect and
shall be in force immediately after the date of final passage. A copy of this Ordinance shall be
transmitted to the Assessor and the Treasurer -Tax Collector of Los Angeles County.
PASSED, APPROVED, AND ADOPTED this 26th day of April, 2016.
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Ordinance was introduced by the City Council of the City of Santa Clarita at a regular
meeting thereof, held on 12th day of April, 2016, and was duly adopted at a regular meeting of
the City Council, held on the 26th day of April, 2016, by the following vote:
AYES: COUNCILMEMBERS: Acosta, McLean, Boydston, Weste, Kellar
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
1
EXHIBIT A
RATE AND METHOD OF APPORTIONMENT FOR
CITY OF SANTA CLARITA
COMMUNITY FACILITIES DISTRICT NO. 2016-1
(VISTA CANYON)
A Special Tax as hereinafter defined shall be levied on all Assessor's Parcels in City of Santa Clarita
Community Facilities District No. 2016-1 (Vista Canyon) ("CFD No. 2016-1") and collected each Fiscal
Year commencing in Fiscal Year 2016-17, in an amount determined by the City Council through the
application or the Rate and Method or Apportionment as described below. Ali or the real property
in CFD No. 2016-1, unless exempted by law or by the provisions hereof, shall be taxed for the
purposes, to the extent and in the manner herein provided.
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 identified on an Assessor's Parcel Map, the land area
identified on the applicable final map, parcel map, condominium plan, or other recorded County
parcel map.
"Act" means the Mello -Roos Community 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 the following actual or reasonably estimated costs directly
related to the administration of CFD No. 2016-1: the costs of computing the Special Taxes and
preparing the annual Special Tax collection schedules (whether by the City or designee thereof
or both); the costs of collecting the Special Taxes (whether by the City 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. 2016-1 or any designee thereof of complying with arbitrage rebate requirements; the
costs to the City, CFD No. 2016-1 or any designee thereof of complying with disclosure
requirements of the City, CFD No. 2016-1 or obligated persons associated with applicable
federal and state securities laws and the Act; the costs associated with preparing Special Tax
disclosure statements and responding to public inquiries regarding the Special Taxes; the costs
of the City, CFD No. 2016-1 or any designee thereof related to an appeal of any Special Tax levy;
the costs associated with the release of funds from an escrow account; and the City's annual
administration fees and third party expenses. Administrative Expenses shall also include
amounts estimated by the CFD Administrator or advanced by the City or CFD No. 2016-1 for any
other administrative purposes of CFD No. 2016-1, including attorney's fees and other costs
related to commencing and pursuing to completion any foreclosure action to collect delinquent
Special Taxes.
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 1
"Apartment Property" means any Assessor's Parcel for which one or more building permits
have been issued for attached residential units, all of which are made available for rental,
but not purchase, by the general public.
"Apartment Unit" means a for -rent residential unit located on an Assessor's Parcel of
Apartment Property.
"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 of the County designating
parcels by Assessor's Parcel number.
"Assigned Special Tax for Facilities" means the Special Tax for each Land Use Class of
Developed Property, as determined in accordance with Section C below.
"Backup Special Tax for Facilities" means the Special Tax applicable to each Assessor's Parcel of
Developed Property, as determined in accordance with Section C below.
"Bonds" means any bonds or other debt (as defined in Section 53317(d) of the Act), whether in
one or more series, issued by CFD No. 2016-1 under the Act.
"CFD Administrator" means an official of the City, or designee thereof, responsible for
determining the Special Tax Requirement for Facilities, the Special Tax Requirement for
Services, as described in Section I, and providing for the levy and collection of the Special Taxes.
"CFD No. 2016-1" means City of Santa Clarita Community Facilities District No. 2016-1 (Vista
Canyon).
"City" means the City of Santa Clarita.
"Condominium Conversion Property" means any Assessor's Parcel previously classified as
Apartment Property, or any portion thereof, that has converted to condominium units for
purchase by the general public.
"Council" means the City Council of the City of Santa Clarita, acting as the legislative body of
CFD No. 2016-1.
"County" means the County of Los Angeles, California.
"Developed Property" means, for each Fiscal Year, all Taxable Property, exclusive of Taxable
Property Owner Association Property, Taxable Public Property, and Taxable Religious Property,
for which a building permit for new construction was issued prior to May 1 of the prior Fiscal
Year. Notwithstanding the foregoing, (a) if a building permit is revoked, expired or otherwise
cancelled and a new building permit is issued for the same property prior to the issuance of
Bonds, then, the building square footage and building type as indicated on the new building
permit shall thereafter be used for purposes of determining the Land Use Class, (b) if a building
permit is revoked, expired or otherwise cancelled and a new building permit is issued for the
City of Santa Clarita CFD No. 2016-1(Vista Canyon) February 4, 2016
Rate and Method of Apportionment page 2
same property after the issuance of Bonds, and the amount of Assigned Special Tax for Facilities
which may be levied pursuant to the new building permit is greater than the Assigned Special
Tax for Facilities which may be levied pursuant to the original building permit, then the building
square footage and building type as indicated on the new building permit shall thereafter be
used for purposes of determining the Land Use Class, otherwise the Land Use Class pursuant to
the original building permit shall continue to be used, and (c) if a building permit is revoked,
expired or otherwise cancelled and no new building permit is issued for the same property, then
the property will continue to be considered Developed Property and taxed based on the original
building permit.
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"Floor Area" means the total building square footage of the building(s) located on an Assessor's
Parcel, measured from outside wall to outside wall, not including space devoted to stairwells,
public restrooms, lighted courts, vehicle parking and areas incident thereto, and mechanical
equipment incidental to the operation of such building(s). The determination of Floor Area shall
be made by reference to the building permit(s) issued for such Assessor's Parcel and/or to the
appropriate records kept by the City, as reasonably determined by the CFD Administrator.
"Hotel Property" means Assessor's Parcels of Developed Property for which a building permit
has been issued by the City permitting the construction of a non-residential structure that
constitutes a place of lodging providing sleeping accommodations and related facilities for
travelers.
"Hotel Room" means a hotel room or suite available for overnight lodging located on an
Assessor's Parcel of Hotel Property.
"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 below.
"Maximum Special Tax for Facilities" means for each Fiscal Year for each Assessor's Parcel, the
maximum Special Tax for Facilities, determined in accordance with Section C below, that can be
levied on such Assessor's Parcel in such Fiscal Year.
"Non -Residential Property" means all Assessor's Parcels of Developed Property, exclusive of
Office Property, Retail Property and Hotel Property, for which a building permit(s) was issued
for a non-residential use.
"Office Property" means Assessor's Parcels of Developed Property for which a building permit
has been issued by the City permitting the construction of one or more non-residential facilities
which is primarily used for: professional or medical offices, or for any other uses that are
consistent with office land use designations; as determined by the City.
"Outstanding Bonds" means all Bonds which are deemed to be outstanding under the
Indenture.
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 3
"Partial Prepayment Amount" means the amount required to prepay a portion of the Special
Tax obligation for an Assessor's Parcel as described in Section G.
"Prepayment Amount" means the amount required to prepay the Special Tax obligation for an
Assessor's Parcel as described in Section G.
"Property Owner Association Property" means, for each Fiscal Year, any property within the
boundaries of CFD No. 2016-1 that is owned in fee or by easement, or dedicated to, a property
owner association, including any master or sub -association as of January 1 of the prior Fiscal
Year.
"Proportionately" means (i) with respect to the Special Tax for Facilities, (A) for Developed
Property that the ratio of the actual Special Tax for Facilities levy to the Assigned Special Tax for
Facilities is equal for all Assessor's Parcels of Developed Property within CFD No. 2016-1, (B) for
Undeveloped Property, that the ratio of the actual Special Tax for Facilities levy per Acre to the
Maximum Special Tax for Facilities per Acre is equal for all Assessor's Parcels of Undeveloped
Property in CFD No. 2016-1, and (C) for Taxable Public Property, Taxable Property Owner
Association Property and Taxable Religious Property, that the ratio of the actual Special Tax for
Facilities levy per Acre to the Maximum Special Tax for Facilities per Acre is equal for all
Assessor's Parcels of Taxable Public Property, Taxable Property Owner Association Property or
Taxable Religious Property, as applicable, and (ii) with respect to the Special Tax for Services, for
Developed Property that the ratio of the actual Special Tax for Services levy to the Maximum
Special Tax for Services is equal for all Assessor's Parcels of Developed Property within CFD No.
2016-1.
"Public Property" means, for each Fiscal Year, any property within the boundaries of CFD No.
2016-1 that is used for rights-of-way or any other purpose and is owned by, dedicated to, or
irrevocably offered for dedication to the federal government, the State of California, the City or
any other public agency as of January 1 of the prior Fiscal Year; provided however that any
property leased by a public agency 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. In order to ensure
that such property is correctly classified as Public Property, the owner of such property shall
provide the CFD Administrator with a copy of any applicable documents.
"Religious Property" means, for each Fiscal Year, all property within the boundaries of CFD No.
2016-1 which (i) is either (a) used primarily as a place of worship or (b) vacant land or land
under construction that is intended to be used primarily as a place of worship as determined by
the CFD Administrator; and (ii) is exempt from ad valorem property taxes because it is owned by
a religious organization as of January 1 of the prior Fiscal Year. Religious Property, without
limitation, does not include any Assessor's Parcels used primarily for religious schools, day care
centers, or congregate care facilities.
"Residential Property" means all Assessor's Parcels of Developed Property, not including
Apartment Property or Condominium Conversion Property, for which a building permit has
been issued for purposes of constructing one or more for -sale residential dwelling units.
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 4
"Retail Property" means Assessor's Parcels of Developed Property for which a building permit
has been issued by the City permitting the construction of one or more non-residential facilities
which is primarily used for: the sale of general merchandise, hard goods, personal services, and
other items directly to consumers, or other uses that are consistent with retail land use
designations, as determined by the City.
"Special Tax" means, as applicable, the Special Tax for Facilities or the Special Tax for Services.
"Special Tax for Facilities" means the special tax to be levied in each Fiscal Year on each
Assessor's Parcel of Taxable Property by CFD No. 2016-1 pursuant to the Act to fund the Special
Tax Requirement for Facilities.
"Special Tax Requirement for Facilities" means for each Fiscal Year, that amount required for
CFD No. 2016-1 to pay the sum of: (i) debt service on all Outstanding Bonds or Bonds expected
to be issued in such Fiscal Year; (ii) periodic costs on the Bonds, including but not limited to,
credit enhancement and rebate payments on the Bonds; (iii) Administrative Expenses related to
the Special Tax for Facilities; (iv) any amounts required to establish a reserve fund for Bonds
expected to be issued in such Fiscal Year or replenish any reserve funds established by the
Indenture for any Outstanding Bonds to the extent such replenishment has not been included in
the computation of the Special Tax Requirement for Facilities in a previous Fiscal Year; and (v)
any amounts required for construction of facilities eligible to be constructed or acquired by CFD
No. 2016-1 under the Act, provided that such amounts do not increase the Special Tax for
Facilities levied on Undeveloped Property, Taxable Public Property, Taxable Religious Property,
and Taxable Property Owners' Association Property. In arriving at the Special Tax Requirement
for Facilities, the CFD Administrator shall tale into account the reasonably anticipated
delinquent Special Tax for Facilities based on the delinquency rate for Special Tax for Facilities
levied in the previous Fiscal Year and shall give a credit for funds available to reduce the annual
Special Tax for Facilities levy.
"State" means the State of California.
"Taxable Property" means all of the Assessor's Parcels within the boundaries of CFD No. 2016-1
which are not exempt from the Special Tax for Facilities pursuant to law or Section E below.
"Taxable Property Owner Association Property" means all Assessor's Parcels of Property
Owner Association Property that are not exempt pursuant to Section E below.
"Taxable Public Property" means all Assessor's Parcels of Public Property that are not exempt
pursuant to Section E below.
"Taxable Religious Property" means all Assessor's Parcels of Religious Property that are not
exempt pursuant to Section E below.
"Trustee" means the trustee, fiscal agent, or paying agent under the Indenture.
"Undeveloped Property" means, for each Fiscal Year, all Taxable Property not classified as
Developed Property, Taxable Property Owner Association Property, Taxable Public Property, or
Taxable Religious Property.
City of Santa C/arita CFD No. 2016-1(Visto Canyon) February 4, 2015
Rate and Method of Apportionment Page 5
1
1
1
"Zone" means any one of the separate geographic areas within CFD No. 2016-1 designated on
Exhibit A herein as: Zone 1 or Zone 2.
B. ASSIGNMENT TO LAND USE CATEGORIES
Each Fiscal Year, commencing with Fiscal Year 2016-17, each Assessor's Parcel of Taxable
Property within Zone 1 and each Assessor's Parcel of Taxable Property within Zone 2 shall be
classified as Developed Property, Taxable Public Property, Taxable Property Owner Association
Property, Taxable Religious Property, or Undeveloped Property, and shall be subject to Special
Tax for Facilities in accordance with the rate and method of apportionment determined
pursuant to Sections C and D below.
The Assigned Special Tax for Facilities for each Assessor's Parcel of Developed Property shall be
based on the Land Use Class for such Assessor's Parcel.
C. MAXIMUM SPECIAL TAX FOR FACILITIES
1. Developed Property
a. Maximum Special Tax for Facilities
The Maximum Special Tax for Facilities for each Assessor's Parcel classified as Developed
Property shall be the greater of (i) the amount derived by application of the Assigned
Special Tax for Facilities or (ii) the amount derived by application of the Backup Special
Tax for Facilities for the Zone in which such Assessor's Parcel is located.
b. Assigned Special Tax for Facilities
The Assigned Special Tax for Facilities for each Land Use Class for Fiscal Year 2016-17 is
shown below in Table 1.
TABLE 1
Zone 1 and Zone 2
For Fiscal Year 2016-17
City of Santa Clarita CFD No. 2016-1 (Vista Canyon)
Rate and Method of Apportionment
February 4, 2016
Page 6
Assigned Special Tax for Facilities for Developed Property
Land
Use
Description
Assigned Special Tax
for Facilities
Class
$667.00 per
1
Apartment Property
Apartment Unit
$1.15 per square
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of Floor Area
$3.00 per square
3
Retail Property
foot
of Floor Area
$1.15 per square
4
Non -Residential Property
foot
of Floor Area
$300.00 per
5
Hotel Property
Hotel Room
6
Condominium Conversion Property
$667.00 per Unit
------------j
c. Multiple Land Use Classes
In some instances an Assessor's Parcel of Developed Property may contain more than
one Land Use Class. In such cases, the Acreage of the Assessor's Parcel shall be
allocated between the different Land Use Classes based on the site plan or other
available information. The Maximum Special Tax for Facilities that can be levied on such
Assessor's Parcel shall be the sum of the Maximum Special Tax for Facilities that can be
levied on each type of property located on that Assessor's Parcel.
d. Backup Special Tax for Facilities
The Backup Special Tax for Facilities for Assessor's Parcels of Developed Propertv in
Zone 1 shall equal $46,721 per Acre for Fiscal Year 2016-17, and the Backup Special Tax
for Facilities for Assessor's Parcels of Developed Property in Zone 2 shall equal $115,908
per Acre for Fiscal Year 2016-17.
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 7
1
1
e. Increase in the Assigned Special Tax for Facilities and Backup Special Tax for Facilities
On each July 1, commencing on July 1, 2017, the Assigned Special Tax for Facilities and
the Backup Special Tax for Facilities for Developed Property shall be increased by an
amount equal to two percent (2%) of the amount in effect for the previous Fiscal Year.
2. Taxable Property Owner Association Property, Taxable Public Property, Taxable Religious
Property, and Undeveloped Property
a. Maximum Special Tax for Facilities
For Fiscal Year 2016-17, the Maximum Special Tax for Facilities for Taxable Property
Owner Association Property, Taxable Public Property, Taxable Religious Property, and
Undeveloped Property shall equal $46,721 per Acre for Assessor's Parcels in Zone 1 and
$115,908 per Acre for Assessor's Parcels in Zone 2.
b. Increase in the Maximum Special Tax for Facilities
On each July 1, commencing on July 1, 2017, the Maximum Special Tax for Facilities for
Taxable Property Owner Association Property, Taxable Public Property, Taxable
Religious Property, and Undeveloped Property shall be increased by an amount equal to
two percent (2%) of the amount in effect for the previous Fiscal Year.
D. METHOD OF APPORTIONMENT OF THE SPECIAL TAX FOR FACILITIES
Commencing with Fiscal Year 2016-17 and for each following Fiscal Year, the City shall levy the
Special Tax for Facilities until the amount of Special Tax for Facilities levied equals the Special
Tax Requirement for Facilities. The Special Tax for Facilities shall be levied each Fiscal Year as
follows:
L Apportionment of Special Tax for Facilities prior to Completion of Development
First: The Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel
of Developed Property within Zone 1 at up to 100% of the applicable Assigned Special Tax
for Facilities as needed to satisfy the Special Tax Requirement for Facilities;
Second: If additional monies 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 Undeveloped Property within Zone 1 at up to
100% of the Maximum Special Tax for Facilities for Undeveloped Property;
Third: If additional monies are needed to satisfy the Special Tax Requirement for Facilities
after the first two steps have been completed, then the Special Tax for Facilities shall be
levied Proportionately on each Assessor's Parcel of Developed Property within Zone 2 at up
to 100% of the applicable Assigned Special Tax for Facilities;
Fourth: If additional monies 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
City of Santa Clarito CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment page 8
Proportionately on each Assessor's Parcel of Undeveloped Property within Zone 2 at up to
100% of the Maximum Special Tax for Facilities for Undeveloped Property;
Fifth: If additional monies are needed to satisfy the Special Tax Requirement for Facilities
after the first four steps have been completed, then the levy of the Special Tax for Facilities
on each Assessor's Parcel of Developed Property in Zone 1 and each Assessor's Parcel of
Developed Property in Zone 2 for which the Maximum Special Tax for Facilities is
determined through the application of the Backup Special Tax for Facilities shall be
increased Proportionately from the Assigned Special Tax for Facilities up to the Maximum
Special Tax for Facilities for each such Assessor's Parcel;
Sixth: If additional monies are needed to satisfy the Special Tax Requirement for Facilities
after the first five steps have been completed, then the Special Tax for Facilities shall be
levied Proportionately on each Assessor's Parcel of Taxable Property Owner Association
Property or Taxable Religious Property at up to the Maximum Special Tax for Facilities for
Taxable Property Owner Association Property or Taxable Religious Property.
Seventh: If additional monies are needed to satisfy the Special Tax Requirement for
Facilities after the first six steps have been completed, then the Special Tax for Facilities
shall be levied Proportionately on each Assessor's Parcel of Taxable Public Property at up to
the Maximum Special Tax for Facilities for Taxable Public Property.
2. Apportionment of Special Tax for Facilities upon Completion of Development
Once the CFD Administrator has determined that there is no Undeveloped Property in both
Zone 1 and Zone 2, the Special Tax for Facilities shall be levied each Fiscal Year as follows:
First: The Special Tax for Facilities shall be levied Proportionately on each Assessor's Parcel
of Developed Property within Zone 1 and Zone 2 at up to 100% of the applicable Assigned
Special Tax for Facilities as needed to satisfy the Special Tax Requirement for Facilities;
Second: If additional monies are needed to satisfy the Special Tax Requirement for Facilities
after the first step has been completed, then the levy of the Special Tax for Facilities on each
Assessor's Parcel of Developed Property in Zone 1 and each Assessor's Parcel of Developed
Property in Zone 2 for which the Maximum Special Tax for Facilities is determined through
the application of the Backup Special Tax for Facilities shall be increased Proportionately
from the Assigned Special Tax for Facilities up to the Maximum Special Tax for Facilities for
each such Assessor's Parcel;
Third: If additional monies are needed to satisfy the Special Tax Requirement for Facilities
after the first two steps have been completed, then the Special Tax for Facilities shall be
levied Proportionately on each Assessor's Parcel of Taxable Property Owner Association
Property or Taxable Religious Property at up to the Maximum Special Tax for Facilities for
Taxable Property Owner Association Property or Taxable Religious Property;
Fourth: If additional monies are needed to satisfy the Special Tax Requirement for Facilities
after the first three steps have been completed, then the Special Tax for Facilities shall be
City of Santa Clarito CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 9
levied Proportionately on each Assessor's Parcel of Taxable Public Property at up to the
Maximum Special Tax for Facilities for Taxable Public Property.
Notwithstanding the above, under no circumstances will the Special Tax for Facilities levied
in a Fiscal Year against any Assessor's Parcel of Apartment Property or Condominium
Conversion Property for which an occupancy permit for private residential use has been
issued be increased by more than ten percent (10%) above the amount that would have
been levied in that Fiscal Year as a consequence of delinquency or default by the owner of
any other Assessor's Parcel within CFD No. 2016-1. To the extent that the levy of the Special
Tax for Facilities on Residential Property is limited by the provision in the previous sentence,
the levy of the Special Tax for Facilities on all other Assessor's Parcels shall continue in equal
percentages at up to 100% of the Maximum Special Tax for Facilities.
E. EXEMPTIONS
No Special Tax for Facilities shall be levied on any Assessor's Parcels of Residential Property. In
addition, the CFD Administrator shall classify Property Owner Association Property, Public
Property, and Religious Property as exempt from the Special Tax for Facilities, provided that no
such classification would reduce the Acreage of Taxable Property to less than 14.75 Acres in
Zone 1 and 10.60 Acres in Zone 2. Special Taxes for Facilities shall not be levied on any
Assessor's Parcel, or portion thereof, not within Zone 1 or Zone 2.
Tax-exempt status will be assigned to Assessor's Parcels by the CFD Administrator in the
chronological order in which such Assessor's Parcels become Property Owner Association
Property, Public Property, or Religious Property. However, should an Assessor's Parcel no
longer be classified as Property Owner Association Property, Public Property, or Religious
Property its tax-exempt status will be revoked and it will thereafter be classified as Developed
Property or Undeveloped Property in accordance with Section D above.
Property Owner Association Property, Public Property, or Religious Property that is not exempt
from Special Tax for Facilities under this section shall be subject to the levy of the Special Tax for
Facilities and shall be taxed Proportionately as part of the sixth and seventh steps, respectively,
in Section D above, at up to 100% of the applicable Maximum Special Tax for Facilities for
Taxable Property Owner Association Property, Taxable Public Property, or Taxable Religious
Property.
F. MANNER OF COLLECTION
The Special Tax for Facilities shall be collected in the same manner and at the same time as
ordinary ad valorem property taxes; provided, however, that CFD No. 2016-1 may directly bill
the Special Tax for Facilities, may collect the Special Tax for Facilities at a different time or in a
different manner if necessary to meet its financial obligations, and may covenant to foreclose
and may actually foreclose on delinquent Assessor's Parcels as permitted by the Act.
Tenders of Bonds may be accepted for payment of the Special Tax for Facilities upon the terms
and conditions established by the Act and permitted by CFD No. 2016-1. The use of Bond
tenders shall only be allowed on a case-by-case basis as specifically approved by the Council.
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 10
G. PREPAYMENT OF SPECIAL TAX FOR FACILITIES
The following definitions apply to this Section G:
"CFD Public Facilities Cost" means either $29,000,000 million in 2016 dollars, which shall
increase by the Construction Inflation Index on July 1, 2017, and on each July 1 thereafter, or
such lower number as (i) shall be determined by the CFD Administrator as sufficient to provide
the public facilities to be provided by CFD No. 2016-1 under the authorized bonding program for
CFD No. 2016-1, or (ii) shall be determined by the Council concurrently with a covenant that it
will not issue any more Bonds to be supported by the Special Tax for Facilities levied under this
Rate and Method of Apportionment as described in Section D.
"Construction Fund" means an account specifically identified in the Indenture to hold funds
which are currently available for expenditure to acquire or construct public facilities eligible
under the Act.
"Construction Inflation Index" means, for a Fiscal Year, 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 CFD
Administrator 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 Cost minus (i) public facility costs
previously paid from the Construction Fund, (ii) moneys currently on deposit in the Construction
Fund, and (iii) moneys currently on deposit in an escrow fund that are expected to be available
to finance facilities costs.
"Outstanding Bonds" means all Previously Issued Bonds which are deemed to be outstanding
under the Indenture after the first interest and/or principal payment date following the current
Fiscal Year.
"Previously Issued Bonds" means all Bonds that have been issued by CFD No. 2016-1 prior to
the date of prepayment.
1. Prepayment in Full
The obligation to pay the Special Tax for Facilities for an Assessor's Parcel may be prepaid
and permanently satisfied as described herein; provided that there are no delinquent
amounts of Special Tax for Facilities with respect to such Assessor's Parcel at the time of
prepayment. An owner of an Assessor's Parcel intending to prepay the Special Tax for
Facilities obligation shall provide the CFD Administrator with written notice of intent to
prepay. Within 30 days of receipt of such written notice, the CFD Administrator shall notify
such owner of the prepayment amount for such Assessor's Parcel. The CFD Administrator
may charge a reasonable fee for providing this figure. Prepayment must be made not less
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than vS days prior to the next occurring date that. notice of redemption of Bonus from the
proceeds of such prepayment may be given to the Trustee pursuant to the Indenture.
City of Santa Clarita CFD No. 2016-1(Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 11
The Prepayment Amount (defined below) shall be calculated as summarized below
(capitalized terms as defined below):
Bond Redemption Amount
plus Redemption Premium
plus Future Facilities Amount
plus Defeasance Amount
plus Administrative Fees and Expenses
less Reserve Fund Credit
less Capitalized Interest Credit
equals Prepayment Amount
As of the proposed date of prepayment, the Prepayment Amount shall be calculated as
follows:
Paragraph No.:
1. For Assessor's Parcels of Developed Property, compute the Assigned Special Tax for
Facilities and Backup Special Tax for Facilities applicable for the Assessor's Parcel to be
prepaid. For Assessor's Parcels of Undeveloped Property for which a building permit has
been issued, compute the Assigned Special Tax for Facilities and Backup Special Tax for
Facilities for that Assessor's Parcel as though it was already designated as Developed
Property, based upon the building permit which has already been issued for that
Assessor's Parcel. For Assessor's Parcels of Undeveloped Property for which a building
permit has not been issued, Taxable Property Owner Association Property, Taxable
Public Property, or Taxable Religious Property, compute the Maximum Special Tax for
Facilities for the Assessor's Parcel to be prepaid.
2. (a) For an Assessor's Parcel of Developed Property or Undeveloped Property for which a
building permit has been issued (i) Divide the Assigned Special Tax for Facilities
computed pursuant to paragraph 1 by the total estimated Assigned Special Tax for
Facilities for the entire CFD No. 2016-1 based on the Developed Property Special Tax for
Facilities which could be charged in the current Fiscal Year on all expected development
through buildout of CFD No. 2016-1, excluding any Assessor's Parcels which have been
prepaid, and (ii) Divide the Backup Special Tax for Facilities computed pursuant to
paragraph 1 by the total estimated Backup Special Tax for Facilities for the entire CFD
No. 2016-1 based on the Backup Special Tax for Facilities which could be charged in the
current Fiscal Year on all expected development through buildout of CFD No. 2016-1,
excluding any Assessor's Parcels which have been prepaid.
(b) For Assessor's Parcels of Undeveloped Property for which a building permit has not
been issued, Taxable Property Owner Association Property, Taxable Public Property, or
Taxable Religious Property, divide the Maximum Special Tax for Facilities computed
pursuant to paragraph 1 by the total estimated Maximum Special Tax for Facilities for
the entire CFD No. 2016-1 based on the Maximum Special Tax for Facilities which could
be charged in the current Fiscal Year on all expected development through buildout of
CFD No. 2016-1, excluding any Assessor's Parcels which have been prepaid.
City of Santa Clarita CFD No. 2016-1(Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 12
3. Multiply the larger of quotient (i) and (ii) computed pursuant to paragraph 2(a) for
Assessor's Parcels of Developed Property or Undeveloped Property for which a building
permit has been issued, or the quotient computed pursuant to paragraph 2(b) for
Assessor's Parcels of Undeveloped Property for which a building permit has not been
issued, Taxable Property Owner Association Property, Taxable Public Property, or
Taxable Religious Property, by the Outstanding Bonds to compute the amount of
Outstanding Bonds to be retired and prepaid (the "Bond Redemption Amount").
4. Multiply the Bond Redemption Amount computed pursuant to paragraph 3 by the
applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the
11 n ,. ,.1 ...,...... a:..... n.......,.:. ...,.111
Rede Iiption Premium ].
5. Compute the current Future Facilities Costs.
6. Multiply the larger of quotient (i) and (ii) computed pursuant to paragraph 2(a) for
Assessor's Parcels of Developed Property or Undeveloped Property for which a building
permit has been issued, or the quotient computed pursuant to paragraph 2(b) for
Assessor's Parcels of Undeveloped Property for which a building permit has not been
issued, Taxable Property Owner Association Property, Taxable Public Property, or
Taxable Religious Property, by the amount determined pursuant to paragraph 5 to
compute the amount of Future Facilities Costs to be prepaid (the "Future Facilities
Amount").
7. Compute the amount needed to pay interest on the Bond Redemption Amount from the
first bond interest and principal payment date following the current Fiscal Year until
the earliest redemption date for the Outstanding Bonds.
8. Confirm that no Special Tax for Facilities delinquencies apply to such Assessor's Parcel.
9. Determine the amount of Special Tax for Facilities levied on the Assessor's Parcel in the
current Fiscal Year which have not yet been paid.
10. Compute the minimum amount the CFD Administrator reasonably expects to derive
from the reinvestment of the Prepayment Amount less the Future Facilities Amount and
the Administrative Fees and Expenses from the date of prepayment until the
redemption date for the Outstanding Bonds to be redeemed with the prepayment.
11. Add the amounts computed pursuant to paragraphs 7 and 9 and subtract the amount
computed pursuant to paragraph 10 (the "Defeasance Amount").
12. verify the administrative fees and expenses of CFD No. 2016-1, including the costs of
computation of the prepayment, the costs to invest the prepayment proceeds, the costs
of redeeming Bonds, and the costs of recording any notices to evidence the prepayment
and the redemption (the "Administrative Fees and Expenses").
13. 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
City of Santa Clarita CFD No. 2016-1(Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 13
(b) the amount derived by subtracting the new reserve requirement (as defined in the
Indenture) in effect after the redemption of Outstanding Bonds as a result of the
prepayment from the balance in the reserve fund on the prepayment date, but in no
event shall such amount be less than zero.
14. 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 larger of quotient (i) and
(ii) computed pursuant to paragraph 2(a) for Assessor's Parcels of Developed Property
or Undeveloped Property for which a building permit has been issued, or the quotient
computed pursuant to paragraph 2(b) for Assessor's Parcels of Undeveloped Property
for which a building permit has not been issued, Taxable Property Owner Association
Property, Taxable Public Property, or Taxable Religious Property, by the expected
balance in the capitalized interest fund after such first interest and/or principal payment
(the "Capitalized Interest Credit").
15. The Special Tax for Facilities prepayment is equal to the sum of the amounts computed
pursuant to paragraphs 3, 4, 6, 11 and 12, less the amounts computed pursuant to
paragraphs 13 and 14 (the "Prepayment Amount").
16. From the Prepayment Amount, the amounts computed pursuant to paragraphs 3, 4, 11,
13 and 14 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 6 shall be deposited into the Construction
Fund. The amount computed pursuant to paragraph 12 shall be retained by CFD No.
2016-1.
The Prepayment Amount may be sufficient to redeem other than a $5,000 increment of
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 be used with the next
prepayment of Bonds or to make debt service payments.
As a result of the payment of the current Fiscal Year's Special Tax for Facilities levy as
determined under paragraph 9 (above), the CFD Administrator shall remove the current
Fiscal Year's Special Tax for Facilities levy for such Assessor's Parcel from the County tax
rolls. With respect to any Assessor's Parcel for which the Special Tax for Facilities is prepaid,
the City shall cause a suitable notice to be recorded in compliance with the Act, to indicate
the prepayment of Special Tax for Facilities and the release of the Special Tax for Facilities
lien on such Assessor's Parcel, and the obligation to pay the Special Tax for Facilities for such
Assessor's Parcel shall cease.
Notwithstanding the foregoing, no prepayment will be allowed unless (i) the amount of
Maximum Special Tax for Facilities that may be levied on Taxable Property (based on
expected development at build out), after the proposed prepayment, less expected
Administrative Expenses, shall be at least 1.1 times the regularly scheduled annual interest
and principal payments on all Outstanding Bonds (excluding Bonds to be redeemed by such
prepayment and all prior prepayments) in each future Fiscal Year and (ii) the amount of
City of Santa Clarita CFD No. 2016-1(Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 14
Maximum Special Tax for Facilities that may be levied on non -delinquent Taxable Property
(based on expected development at build out) after the proposed prepayment, less
expected Administrative Expenses, shall be at least equal to the regularly scheduled annual
interest and principal payments on all Outstanding Bonds (excluding Bonds to be redeemed
by such prepayment and all prior prepayments) in each future Fiscal Year.
2. Prepayment in Part
The Special Tax for Facilities for an Assessor's Parcel of Taxable Property may be partially
prepaid. The amount of the prepayment shall be calculated as in Section G.1; except that a
partial prepayment shall be calculated according to the following formula:
PP = [(PE -AE) x F] + AE
These terms have the following meaning:
AE = the Administrative Fees and Expenses
PP = the partial prepayment amount
PE = the Prepayment Amount calculated according to Section G.1
F = the percentage by which the owner of the Assessor's Parcel is
partially prepaying the Special Tax for Facilities.
The owner of any Assessor's Parcel who desires such prepayment shall notify the CFD
Administrator of such owner's intent to partially prepay the Special Tax for Facilities and the
percentage by which the Special Tax for Facilities shall be prepaid. The CFD Administrator
shall provide the owner with a statement of the amount required for the partial
prepayment of the Special Tax for Facilities for an Assessor's Parcel within thirty (30) days of
the request and may charge a reasonable fee for providing this service. With respect to any
Assessor's Parcel for which the Special Tax for Facilities is partially prepaid, CFD No. 2016-1
shall (i) distribute the funds remitted to it according to Section G.1, and (ii) indicate in the
records of CFD No. 2016-1 that there has been a partial prepayment of the Special Tax for
Facilities and that a portion of the Special Tax for Facilities with respect to such Assessor's
Parcel, equal to the outstanding percentage (1.00 - F) of the Assigned Special Tax for
Facilities, Backup Special Tax for Facilities and Maximum Special Tax for Facilities, shall
continue to be levied on such Assessor's Parcel pursuant to Section D.
Notwithstanding the foregoing, no partial prepayment will be allowed unless (i) the amount
of Maximum Special Tax for Facilities that may be levied on Taxable Property (based on
expected development at build out), after the proposed partial prepayment, less expected
AU liii i$tr aLIVC. Expcii$e5, $hail be at least i.1 times file regularly scheduled annual Il interest eJt
and principal payments on all Outstanding Bonds (excluding Bonds to be redeemed by such
prepayment and all prior prepayments) in each future Fiscal Year and (ii) the amount of
Maximum Special Tax for Facilities that may be levied on non -delinquent Taxable Property
(based on expected development at build out) after the proposed partial prepayment, less
expected Administrative Expenses, shall be at least equal to the regularly scheduled annual
interest and principal payments on all Outstanding Bonds (excluding Bonds to be redeemed
by such prepayment and all prior prepayments) in each future Fiscal Year.
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 15
H. TERM OF SPECIAL TAX FOR FACILITIES
The Special Tax for Facilities shall be levied until the final maturity of the last series of Bonds,
provided that that the Special Tax for Facilities shall not be levied later than Fiscal Year 2060-61.
I. SPECIAL TAX FOR SERVICES
1. Definitions
The following definitions apply to this Section I:
Annual Escalation Factor" means the greater of (i) annual percent increase, as of
December 2016 and each December thereafter, in the Bureau of Labor Statistics' Consumer
Price Index for All Urban Consumers (CPI -U) for the Los Angeles -Riverside -Orange County
area and (ii) 0%.
"Maintenance Costs" means for each Fiscal Year, the estimated costs to maintain Parking
Structure 1 and Parking Structure 2 which have been accepted and maintained by the City
or are reasonably expected to be accepted and maintained by the City during the current
Fiscal Year,
"Maximum Special Tax for Services" means for each Fiscal Year and for each Assessor's
Parcel, the maximum Special Tax for Services that can be levied by CFD No. 2016-1 on such
Assessor's Parcel.
"Operating Fund" means a fund that shall be maintained for CFD No. 2016-1 for any Fiscal
Year to pay for the actual costs of maintenance related to the Service Area, and the
applicable Administrative Expenses.
"Operating Fund Balance" means the amount of funds in the Operating Fund at the end of
the preceding Fiscal Year.
"Parking Structure 1" means the parking structure known as the Cooper Street Parking
Garage.
"Parking Structure 2" means the parking structure known as the Vista Canyon Boulevard
Parking Garage.
"Service Area" means parking structure maintenance within the boundary of CFD No. 2016-
1, which may include, but is not limited to: automated gate maintenance, parking space
restriping, concrete repair and elevator maintenance.
"Special Tax for Services" means any of the special taxes authorized to be levied within CFD
No. 2016-1 pursuant to the Act to fund the Special Tax Requirement for Services.
"Special Tax Requirement for Services" means for each Fiscal Year, the amount determined
for CFD No. 2016-1 equal to (i) the Maintenance Costs, (ii) Administrative Expenses related
to the Special Tax for Services and (iii) anticipated delinquent Special Taxes for Services
City of Santa Clarita CFD No. 2015-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 16
based on the delinquency rate in CFD No. 2016-1 for the previous Fiscal Year, less (iv) the
Operating Fund Balance, as determined by the CFD Administrator.
2. Maximum Special Tax for Services
Developed Property Land Use Classes, as identified in Section B, shall be used in assigning
the Maximum Special Tax for Services amount for each Assessor's Parcel of Developed
Property within CFD No. 2016-1 as shown in Table 2 below.
TABLE 2
Zone 1 and Zone 2
For Fiscal Year 2016-17
Maximum Special Tax for Services for Developed Property
Land
Maximum Special Tax for
Use
Description
Services
Class
$120.50
1
Apartment Property
per Apartment Unit
$0.21 per square foot
2
Office Property
of Floor Area
$0.54 per square foot
3
Retail Property
_r _
ui riuul Hf Cd
$0.21 per square foot
4
Non -Residential Property
of Floor Area
$54.18 per
5
Hotel Property
Hotel Room
6
Condominium Conversion Property
$120.50 per Unit
On each July 1, commencing on July 1, 2017, the Maximum Special Tax for Services shall be
increased by an amount equal to the Annual Escalation Factor multiplied by the Maximum
Special Tax for Services in effect for the previous Fiscal Year.
3. Method of Apportionment of the Special Tax for Services
Commencing the Fiscal Year following the determination that a property owner association
Is not maintaining Parking Structure 1 or Parking Structure 2 In accordance with a
maintenance agreement with the City and for each subsequent Fiscal Year for which a
property owner association is not maintaining Parking Structure 1 or Parking Structure 2,
the City shall levy Special Taxes for Services Proportionately on all Developed Property
City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 17
1
1
1
within CFD No. 2016-1, up to the applicable Maximum Special Tax for Services to fund the
Special Tax Requirement for Services.
4. Duration of the Special Tax for Services
The Special Tax for Services shall be levied in perpetuity to fund the Special Tax
Requirement for Services, unless no longer required as determined at the sole discretion of
the Council.
5. Exemptions from the Special Tax for Services
No Special Tax for Services shall be levied on Residential Property, Undeveloped Property,
Property Owner Association Property, Public Property and Religious Property.
6. Manner of Collection of the Special Tax for Services
The Special Tax for Services shall be collected in the same manner and at the same time as
ordinary ad valorem property taxes, provided, however, that CFD No. 2016-1 may collect
the Special Tax for Services at a different time or in a different manner, including direct
billing, if necessary to meet its funding requirements.
7. Prepayment of the Special Tax for Services
The Special Tax for Services may not be prepaid.
J. APPEALS AND INTERPRETATIONS
Any landowner who feels that the amount of the Special Taxes levied on their Assessor's Parcel
is in error may submit a written appeal to the CFD Administrator. The CFD Administrator shall
review the appeal. If the City concurs, no refund shall be given; however, the amount of the
Special Taxes levied shall be appropriately reduced in the following Fiscal Year(s). The CFD
Administrator may interpret this Rate and Method of Apportionment for purposes of clarifying
any ambiguities and make determinations relative to the annual administration of the Special
Taxes and any landowner appeals.
City of Santa Clarita CFD No. 2016-1(Vista Canyon)
Rate and Method of Apportionment
February 4, 2016
Page 18
EXHIBIT A
CITY OF SANTA CLARITA
COMMUNITY FACILITY DISTRICT NO. 2016-1
(VISTA CANYON)
TAX ZONE DESIGNATION
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Legend
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City of Santa Clarita CFD No. 2016-1 (Vista Canyon) February 4, 2016
Rate and Method of Apportionment Page 19
1
1
1