HomeMy WebLinkAbout1992-06-09 - RESOLUTIONS - CFD NO 92-1 (2)RESOLUTION NO. 92-109
RESOLUTION OF INTENTION OF THE CITY COUNCIL
OF THE CITY OF SANTA CLARITA, CALIFORNIA,
TO ESTABLISH COMMUNITY FACILITIES DISTRICT
NO. 92-1 AND TO AUTHORIZE THE LEVY OF A
SPECIAL TAX WITHIN COMMUNITY FACILITIES
DISTRICT NO. 92-1
WHEREAS, the owner of all of the real property within a
proposed community facilities district hereinafter described
has filed a petition (the "Petition") with the City Council
of the City of Santa Clarita, California (the "City"), to
establish Community Facilities District No. 92-1 of the City
of Santa Clarita (Valencia Town Center) ("Community Facili-
ties District No. 92-1" or "CFD No. 92-1") pursuant to the
Mello -Roos Community Facilities Act of 1982, as amended,
commencing with Section 53311 of the Government Code of the
State of California (the "Act"), to finance the purchase,
construction, maintenance, expansion or rehabilitation of
certain real and other tangible property with an estimated
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useful life of five years or longer, including rights of way,
real property and structures, and other governmental
facilities which the City is authorized by law to construct,
acquire, own or operate, within or without Community
Facilities District No. 92-1, which are necessary to meet
increased demands placed upon the City and other public
agencies as a result of development or rehabilitation
occurring within Community Facilities District No. 92-1 (the
"Facilities") to serve the area of land hereinafter
described; and
WHEREAS, the City Council hereby determines that the
Petition complies with the requirements of Government Code
Section 53319 and now intends to form Community Facilities
District No. 92-1; and
WHEREAS, the City Council further intends to approve an
estimate of the costs of the Facilities for Community
Facilities District No. 92-1 in the approximate amount of
not -to -exceed Twenty Million Dollars ($20,000,000); and
WHEREAS, it is the intention of the City to finance and
purchase, construct, maintain, expand or rehabilitate the
Facilities or any combination thereof through the formation
of Community Facilities District No. 92-1 subject to the
authorization of bonds and the levy of a special tax (the
"Special Tax") to pay, among other things, principal and
interest on bonds, being approved at an election to be held
within the boundaries of Community Facilitfals District No.
92-1.
NOW, THEREFORE, the City Council of the City of Santa
Clarita, California, does hereby resolve, determine and order
as follows:
Section 1. All of the above recitals are true and
correct.
Section 2. A community facilities district is
proposed to be established under the terms of the Act. The
exterior boundaries of the community facilities district are
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hereby specified and described as shown on that certain map
now on file in the office of the City Clerk of the City
entitled "Proposed Boundaries of Community Facilities
District No. 92-1 of the City of Santa Clarita (Valencia Town
Center), County of Los Angeles, State of California," which
map indicates by a boundary line the extent of the territory
included in the proposed community facilities district and
shall govern for all details as to the extent of the
community facilities district. On the original and copy of
the map of such community facilities district on file in the
City Clerk's office, the City Clerk shall endorse the
certificate evidencing the date and adoption of this
resolution. The City Clerk shall file the original of such
map in her office and, within fifteen (15) days after the
adoption of this resolution, the City Clerk shall file a copy
..Of such map so endorsed in the records of the County
Recorder, County of Los Angeles, State of California.
Section 3. The name of thero '
p posed community
facilities district shall be "Community Facilities District
No. 92-1 of the City of Santa Clarita (Valencia Town
Center)."
Section 4. The Facilities proposed to be financed by
Community Facilities District No. 92-1 are infrastructure ,
improvements as provided for in the Act which the City is
authorized by law to construct, acquire, own or operate and
as described on Exhibit B attached hereto and by this
reference incorporated herein.
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Section 5. Except where funds are otherwise
available, it is the intention of the City to levy annually,
in accordance with the procedures contained in the Act, a
special tax sufficient to pay for the Facilities, including
the principal of and interest on the bonds proposed to be
issued to finance the Facilities and other periodic costs,
the establishment and replenishment of reserve funds, any
remarketing, credit enhancement, liquidity or activity fees,
the costs of administering the levy and collection of the
Special Tax and all other costs of the levy and collection of
the Special Tax and of the bond issue, including any
foreclosure proceedings, architectural, engineering;
inspection, legal, fiscal agent and financial consultant
'^ fees, underwriter's discount, interest on bonds due and
payable prior to the expiration of one year from the date of
completion of facilities (but not to exceed two years from
the date of issuance of the bonds), election costs and all
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costs of issuance of the bonds, including, but not limited
to, fees for bond counsel and printing costs, and all other
administrative costs of the Special Tax levy and collection
and of the bond issue. The Special Tax will be secured by
recordation of a continuing lien against all non-exempt real
property in CFD No. 92-1. In the first year in which such a
Special Tax is levied, the levy shall include a sum
sufficient to repay to the City all amounts, if any,
transferred to Community Facilities District No. 92-1
pursuant to Section 53314 of the Act and interest thereon.
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The schedule of the rate and method of apportionment and
manner of collection of the Special Tax is described in
detail in Exhibit "A" attached hereto and by this reference
incorporated herein. The Special Tax is based upon the cost
of financing the Facilities in Community Facilities District
No. 92-1 and the benefit received by each parcel from the
Facilities.
The Special Tax is apportioned to each parcel on the
basis of benefit pursuant to Section 53325.3 of the Act and
such Special Tax is not on or based upon the ownership of
real property. In the event that a portion of the property
within Community Facilities District No. 92-1 shall become
for any reason exempt, wholly or partially, from the levy of
the Special Tax specified on Exhibit "A" the City shall, on
behalf of Community Facilities District No. 92-1, increase
the levy to the extent necessary upon the remaining property
within Community Facilities District No. 92-1 which is not
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delinquent or exempt in order to yield the required payments,
subject to the maximum Special Tax.
The levy of the Special Tax shall be subject to the
approval of the qualified electors of Community Facilities
District No. 92-1 at a special election. There being fewer
than twelve (12) registered voters within CFD No. 92-1, the
proposed voting procedure shall be by mail or hand -delivered
ballot of the landowners in Community Facilities District No.
92-1, with each such owner having one vote for each acre or
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portion of an acre such owner owns in Community Facilities
District No. 92-1.
Section 6. The City Council hereby finds that the
proposed Facilities are necessary to meet increased demands
put upon the City and other public agencies as a result of
the new development or rehabilitation within Community
Facilities District No. 92-1.
Section
7. Notice
is hereby given that
a public
hearing (the
"Hearing") on
the establishment of
Community
Facilities District No. 92-1 and the proposed rate and method
of apportionment of the Special Tax shall be held on July 14,
1992, at 6:30 o'clock p.m., or as soon thereafter as
practicable at the City of Santa Clarita Civic Center, 23920
Valencia Boulevard, Santa Clarita, California 91355.
Section 8. At the time and place set forth above for
the hearing, any interested person, including all persons
owning lands or registered to vote within proposed Community
Facilities District No. 92-1 may appear and A heard.
Section 9. Fieldman, Rolapp & Associates, the City's
Financial Consultant, David Taussig and Associates, Inc., the
City's Special Tax Consultant, and each City officer who is
or will be responsible for the Facilities to be financed by
Community Facilities District No. 92-1, if it is established,
is hereby directed to study the proposed district and, at or
before the time of the above-mentioned hearing, file a report
with the City Council containing a brief description of the
Facilities by type which will, in his or her opinion, be
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required to adequately meet the needs of Community Facilities
District No. 92-1 and his or her estimate of the cost of
providing the Facilities. The Financial and Special Tax
Consultants are directed to estimate the fair and reasonable
cost of all incidental expenses, including the cost of
planning and designing the Facilities to be financed pursuant
to the Act, including the cost of environmental evaluations
of such facilities, all costs associated with the creation of
CFD No. 92-1, issuance of bonds, determination of the amount
of any Special Taxes, the levy and collection of any Special
Taxes, or costs otherwise incurred in order to carry out the
authorized purposes of the City, and any other expenses
incidental to the construction, completion and inspection of
the authorized work to be paid through the proposed
financing.
Section 10. Pursuant to Government Code Section
53314.9, the City may accept advances of funds from any
sources, including private persons or private entities, and
is authorized and directed to use such funds for any
authorized purpose, including any cost incurred by the City
in creating Community Facilities District No. 92-1. The City
may enter into an agreement to repay all of such funds as are
not expended or committed for any authorized purpose at the
time of the election on the levy of the Special Tax, if the
proposal to levy such tax should fail, and to repay all of
such funds advanced if the levy of the Special Tax shall be
approved by the qualified electors of Community Facilities
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District No. 92-1. There has been presented to this City
Council an agreement, by and between the City and The Newhall
Land and Farming Company, entitled "Agreement Regarding
Advances," which provides for such advances and repayment.
Said agreement is hereby approved in substantially the form
presented and the Mayor is hereby authorized to execute it,
with such changes, modifications or amendments as may be
deemed necessary.
Section 11. The City Clerk of the City is hereby
directed to publish a notice ("Notice") of the hearing
pursuant to Section 6061 of the Government Code in a
newspaper of general circulation published in the area of
proposed Community Facilities District No. 92-1. Such Notice
^,. shall contain the text or a summary of this Resolution, state
the time and place of the Hearing, a statement that the
testimony of all interested persons will be heard, a
description of the protest rights of the registered voters
and landowners in the proposed Community Facilities District
No. 92-1 and a description of the proposed voting procedure
for the election required by the Act. Such publication shall
be completed at least seven (7) days prior to the date of the
Hearing.
Section 12. The City Clerk of the City is hereby
directed to send a copy of said Notice of the Hearing by
first-class mail, postage prepaid, to each registered voter
and to each landowner within proposed Community Facilities
District No. 92-1 as shown on the last equalized assessment
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roll. Said mailing shall be completed not less than fifteen
(15) days prior to the date of the Hearing.
PASSED and ADOPTED by the City Council of the City of
Santa Clarita, California, at a regular meeting held on the
9th day of ,Tune , 1992.
ATTEST:
ZL'e�
� TY CLERK
CITY OF SANTA CLARITA,
CALIFORNIA
MAYO
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ar
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of the City of Santa Clarita,
California, at a regular meeting thereof, held on the
9th day of June , of 1992, by the following vote of the
Council:
AYES: COUNCILMEMBERS Boyer, Darcy, Heidt, Pederson, Klajic
NOES: COUNCILMEMBERS None
ABSENT: COUNCILMEMBERS None
J
TY CLERK L/
(SEAL)
I, DONNA GRINDEY, City Clerk of the City of Santa
Clarita, California, DO HEREBY CERTIFY that the above and
foregoing is a full, true and correct copy of Resolution No.
92-109 and that the same has not been amended or repealed.
DATED: .Tune o , 1992.
9/146/014040-0001-05
V
y Clerk o t e
ity of Santa Clarita
15.
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EXHIBIT A
RATE AND METHOD OF APPORTIONMENT FOR
COMMUNITY FACILITIES DISTRICT NO. 92-1
OF THE CITY OF SANTA CLARITA
(VALENCIA TOWN CENTER)
A Special Tax (the "Special Tax") shall be levied on and collected in Community Facilities
District No. 92-1 of the City of Santa Clarita (Valencia Town Center) ("CFD No. 92-1") each
Fiscal Year, in an amount determined by the City Council of the City of Santa Clarita, acting
as the legislative body of CFD No. 92-1, through the application of the appropriate Special Tax
for "Taxable Property," as described below. All of the property in CFD No. 92-1, 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:
"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" shall mean any ordinary and necessary expenses of CFD
No. 92-1 and the City to carry out its duties as the legislative body of CFD No. 92-1.
"Assessor's Parcel" means a lot or parcel shown in an Assessor's Parcel Map with an
assigned Assessor's Parcel number.
"Assessor's Parcel Map" means an official map of the County Assessor of the County
of Los Angeles designating parcels by Assessor's Parcel number.
"City" means the City of Santa Clarita, California.
"Council" means the City Council of the City of Santa Clarita, acting as the legislative
body of CFD No. 92-1.
"Fiscal Year" means the period starting each July I and ending on the following June
30.
"Maximum Special Tax" means the maximum Special Tax, determined in accordance
with Section C, that can be levied by the Council in any Fiscal Year for Taxable
Property.
CFD No. 92-1
Page 2
"Prepayment Fees" means the Administrative Expenses and fees of CFD No. 92-1, the
fees of any fiscal agent and any consultant retained by CFD No. 92-1 in connection with
the prepayment calculation and redemption of bonds.
"Reserve Fund Credit" means the pro rata reduction in the reserve fund balance for the
bonds as a result of the redemption of a portion of the principal amount of bonds from
the proceeds of a prepayment made pursuant to Section H below.
"Special Tax" means the Special Tax to be levied in each Fiscal Year on each Assessor's
Parcel of Taxable Property.
"Special Tax Requirement" means that amount required in any Fiscal Year for CFD
No. 92-1 to pay: (1) debt service on all bonds or other periodic costs incidental to the
bonds or other indebtedness, including, without limitation, any credit enhancement or
liquidity facilities fees, (2) Administrative Expenses, (3) costs associated with the release
of funds from an escrow account if any, and (4) any amounts required, to the extent
permitted in the formula for the Maximum Special Tax, to replenish any reserve funds.
"Taxable Property" means all Assessor's Parcels within the boundaries of CFD No. 92-
1 which are not exempt from the Special Tax pursuant to law or Section E below.
B. CLASSIFICATION OF PROPERTY
For each Fiscal Year, all Assessor's Parcels within CFD No. 92-1 shall be classified as
Taxable Property and shall be subject to tax in accordance with the rate and method of
apportionment determined pursuant to Sections C and D below.
C. MAXIMUM SPECIAL TAX RATE
1. Taxable Property
The Maximum Special Tax for each Assessor's Parcel of Taxable Property shall
be the amount derived by multiplying the acreage for such Assessor's Parcel or
Parcels, as shown on the boundary map for CFD No. 92-1, by the applicable rate
in Table I below.
66122/1992
CFD No. 92-1
Page 3
TABLE I
Assessor's
Parcel
Number
Parcel Map
22206
Lot#
Fiscal Year 1992-93
Step 1
Maximum Special Tax
Fiscal Year 1992-93
Step 2
Maximum Special Tax
2861-059-024
4
$39,831 per acre
N/A
2861-059-004
5
$39,831 per acre
N/A
2861-058-004
6
$39,831 per acre
N/A
2861-059-008
11
$39,831 per acre
N/A
2861-058-008
12
$39,831 per acre
N/A
2861-058-009
12
$39,831 per acre
N/A
2861-058-024
13
$39,831 per acre
$326,927 per acre
2861-058-025
14
$39,831 per acre
N/A
2861-058-019
14
$39,831 per acre
N/A
2861-058-011
14
$39,831 per acre
N/A
2861-059-021
14
$39,831 per acre
N/A
2861-059-028
14
$39,831 per acre
N/A
On each July 1, commencing with July 1, 1993, the Special Tax rates shown in the table
above shall be increased to 102 % of the amount in effect in the previous Fiscal Year.
D. METHOD OF APPORTIONMENT OF THE SPECIAL TAX
Commencing with Fiscal Year 1992-93 and for each following Fiscal Year, the Council
shall determine the amount of money to be collected from Taxable Property in CFD No.
92-1 in that Fiscal Year (the Special Tax Requirement).
The Council shall levy the Special Tax as follows until the amount of the levy equals the
Special Tax Requirement:
First: The Special Tax shall be levied proportionately on each Assessor's Parcel of
Taxable Property up to 100% of the applicable Step 1 Maximum Special Tax determined
by Section C.1 above.
Second: Notwithstanding the above, if any Assessor's Parcel other than 2861-058-024
or its successor(s) is delinquent in the payment of Special Taxes, then the levy of the
Special Tax on Assessor's Parcel 2861-058-024 or its successor(s) shall be increased
from the amount levied pursuant to the fust step up to 100% of the applicable Step 2
06122/1992
CFD No. 92-1
Page 4
Maximum Special Tax determined by reference to Section C.1 above, until the
incremental amount levied on Assessor's Parcel 2861-058-024 or its successor(s) is equal
to amount of delinquent Special Taxes. Proceeds from the collection of such delinquent
Special Taxes, exclusive of any penalties, shall first be credited to Assessor's Parcel
2861-058-024 in the Fiscal Year following the Fiscal Year in which such delinquent
Special Taxes are collected until the credit is equal to the amount levied on 2861-058-024
pursuant to this paragraph.
E. EXEMPTION
The Council shall not levy a Special Tax on properties owned by the State of California,
Federal or other local governments or public agencies except as otherwise provided in
Sections 53317.3 and 53317.5 of the Act.
F. APPEALS
Any landowner or resident who feels that the amount of the Special Tax is in error may
file a notice with CFD No. 92-1 appealing the levy of the Special Tax. A
representative
of CFD No. 92-1 will then review theappeal and, if necessary, meet with the applicant.
If the findings of the CFD No. 92-1 representative verify that the amount of the Special
�.. Tax should be modified or changed, then, as appropriate, the Special Tax levy shall be
corrected.
G. MANNER OF COLLECTION
The Special Tax will be collected in the same manner and at the same time as ordinary
ad valorem property taxes, or alternatively, at the discretion of the Council, CFD No.
92-1 may separately bill to and collect the Special Tax from each owner(s) or record of
Taxable Property.
H. PREPAYMENT FO Mi li A
Prepayment in Whole
The Special Tax applicable to any Assessor's Parcel in CFD No. 92-1 may be prepaid
in whole by delivering to the Director of Finance not less than 75 days prior to an
interest payment date for the bonds or other indebtedness issued by CFD No. 92-1, an
amount in cash equal to all of the following:
(i) all delinquent Special Taxes and penalties applicable to the subject parcel;
(ii) the principal amount of the bonds or other indebtedness of CFD No. 92-1 to be
redeemed as a result of such prepayment which shall be the product obtained by
multiplying the principal amount of bonds or other indebtedness of CFD No. 92-1 then
outstanding times a fraction, the numerator of which is equal to the acreage of the
06/22/1992
CFD No. 92-1
Page 5
Assessor's Parcel and the denominator of which is equal to the total acreage for all
Assessor's Parcels of Taxable Property which have not prepaid in whole the Special Tax;
(iii) interest on such principal amount from the previous interest payment date to the
aforesaid interest payment date at the rate borne by the bonds or other indebtedness of
CFD No. 92-1;
(iv) the premium required to be paid, if any, in connection with the redemption of the
bonds or other indebtedness of CFD No. 92-1 as a result of such prepayment;
(v) the applicable Prepayment Fees as determined by the Council, less;
(vi) the Reserve Fund Credit, and less;
(vii) the amount of any Special Tax applicable to the subject Assessor's Parcel that has
been posted to the current tax roll and actually paid but that has not been then applied
to the payment of debt service on the bonds or other indebtedness of CFD No. 92-1.
In the event a property owner wishes to prepay the Special Tax in whole for Assessor's
Parcel 2861-058-024 then the Special Tax for all other Assessor's Parcels must also be
prepaid in whole. The Director of Finance shall effect the calculation of the prepayment
amount pursuant to the terms above. The resulting prepayment amount shall be final and
binding.
Prepayment In Part
The Special Tax may be prepaid in part only if a proportional partial prepayment is made
for all Assessor's Parcels in CFD No. 92-1 which are subject to the Special Tax. The
partial prepayment for each Assessor's Parcel shall be made by delivering to the Director
of Finance not less than 75 days prior to an interest payment date for the bonds or other
indebtedness issued by CFD No. 92-1 an amount in cash equal to all of the following:
(i) all delinquent Special Taxes and penalties applicable to the subject parcel;
(ii) the principal amount of the bonds or other indebtedness of CFD No. 92-1 to be
redeemed as a result of such partial prepayment which shall be the product obtained by
multiplying the acreage of the Assessor's Parcel times a fraction, the numerator for
which is equal to the percentage of the Special Tax to be prepaid times the principal
amount of bonds or other indebtedness of CFD No. 92-1 then outstanding and the
denominator of which is equal to the total acreage for all Assessor's Parcels of Taxable
Property which have not prepaid the Special Tax in whole;
'-- (iii) interest on such principal amount from the previous interest payment date to the
aforesaid interest payment date at the rate home by the bonds or other indebtedness of
CFD No. 92-1;
06/2211992
CFD No. 92-1
Page 6
(iv) the premium required to be paid, if any, in connection with the redemption of the
bonds or other indebtedness of CFD No. 92-1 as a result of such prepayment;
(v) the applicable Prepayment Fees as determined by the Council, less;
(vi) the Reserve Fund Credit, and less;
(vii) the amount of any Special Tax applicable to the subject Assessor's Parcel that has
been posted to the current tax roll and actually paid but that has not been then applied
to the payment of debt service on the bonds or other indebtedness of CFD No. 92-1.
The Director of Finance shall effect the calculation of the prepayment amount pursuant
to the terms above. The resulting prepayment amount shall be final and binding.
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06/22/1992