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HomeMy WebLinkAbout97-03 WIA ResolutionRESOLUTION NO. WIA 97-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE WESTSIDE IMPROVEMENT AUTHORITY OF INTENTION TO ESTABLISH A COMMUNITY FACILITIES DISTRICT AND TO AUTHORIZE THE LEVY OF SPECIAL TAXES PURSUANT TO THE MELLO-ROOS COMMUNITY FACILITIES ACT OF 1982 WHEREAS, under the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 ofPart 1 ofDivision 2 of Title 5, commencing at Section 53311, of the California Government Code, this Board of Directors of the Westside Improvement Authority (the "Authority") is authorized to establish a community facilities district and to act as the legislative body for a community facilities district; and WHEREAS, this Board of Directors has received a petition by the owner of the land within the proposed RogersDale development requesting the formation of a community facilities district to finance public facilities, land acquisition and services necessary or incident to such development; and WHEREAS, this Board of Directors now desires to proceed with the establishment of a community facilities district under the Act in order to finance such public facilities, land acquisition and services. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Westside Improvement Authority as follows: Section 1. This Board of Directors proposes to conduct proceedings to establish a community facilities district pursuant to the Act. Section 2. The name proposed for the community facilities district (the "District") is Westside Improvement Authority Community Facilities District No. 1 (RogersDale Area). Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the Secretary, which boundaries are hereby preliminarily approved and to which map reference is hereby made for further particulars. The Secretary is hereby directed to record, or cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fifteen days of the date of adoption of this Resolution, but in any event at least fifteen days prior to the public hearing referred to in Section 10 below. Section 4. The type of public facilities and services proposed to be financed by the District and pursuant to the Act shall consist of those items listed as facilities and services, respectively, on Exhibit A hereto and by this reference incorporated herein (the "Facilities" and the "Services," respectively). The Board of Directors hereby finds and determines that the public interest Resos.WIA/97-03 I will not be served by allowing the property owners in the District to enter into a contract in accordance with Section 53329.5(a) of the Act; however the District may enter into one or more contracts directly with any of the property owners with respect to the construction and/or operation of the Facilities. The Executive Director is hereby authorized and directed to enter into joint community facilities agreements with the City of Temecula and any other entity that will own or operate any of the Facilities or provide any of the Services, as determined by bond counsel to be necessary to comply with the provisions of Section 53316.2(a) and (b) of the Act. The Board of Directors hereby declares that such joint community facilities agreements will be beneficial to residents in the area of the District. Section 5. Except to the extent that funds are otherwise available to the District to pay for the Facilities, Services and/or the principal and interest as it becomes due on bonds of the District issued to acquire the Facilities, a special tax sufficient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its designee shall determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. This Board of Directors hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. Section 6. It is the intention of this Board of Directors acting as the legislative body for the District to cause bonds of the Authority to be issued for the District pursuant to the Act to finance in whole or in part the Facilities. Said bonds shall be in the aggregate principal amount of not to exceed $30,000,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. Section 8. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City of Temecula, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs Resos.WIA/97-03 2 and expenses of the Facilities, the Services and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the spedal tax described in Exhibit B, this Board of Directors will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District. Section 9. The Director of Public Works of the City of Temecula, as the officer having charge and control of the Facilities and Services in and for the District, or his designee, is hereby directed to study said proposed Facilities and Services and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: A. A description of the Facilities and Services by type which will be required to adequately meet the needs of the District. B. An estimate of the fair and reasonable cost of providing the Services and the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond finandng and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public heating provided for below. Section 10. Tuesday, January 13, 1998, at 7:00 p.m., in the City Council Chambers, 43200 Business Park Drive, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. Section 11. The Secretary is hereby directed to cause notice of said public heating to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. Section 12. The Executive Director is hereby authorized to execute and deliver a Deposit/Reimbursement Agreement (the "Deposit Agreement") with the developer of the RogersDale project in the form on file with the Secretary, together with such changes as may be approved by the Executive Director upon consultation with Bond Counsel and general counsel to the Authority. The City Finance Director is hereby authorized and requested to accept the Deposits described in the Deposit Agreement, and to draw against the same and make payment for expenses as contemplated by the Deposit Agreement. The Authority proposes to repay certain landowners within the District, solely from the proceeds of bonds of the Authority issued for the District, funds advanced by such landowners to pay costs of the Authority to form the District, all as provided in the Deposit Agreement. R~aoa.WIA/97-03 3 Section 13. The Board of Directors hereby designates the firms of Quint & Thimmig LLP, General Government Management Services, Fieldman, Rolapp & Associates and Stone & Youngberg LLC to act as Bond Counsel, Special Tax Consultant, Financial Advisor and Underwriter, respectively, to the Authority with respect to the District and any bonds of the Authority for the District. The Executive Director is hereby authorized to execute agreements with said firms for their services with respect to the District and such bonds, provided that any compensation to such firms is payable solely from the proceeds of the bonds or by the proponents of the District. PASSED, APPROVED AND ADOPTED, by the Board of Directors of the Westside Improvement Authority at a regular meeting held on the 9th d~fDecember, 1997. .~~x~ven J. Fo~d,' Chairper'~n City Clerk/Authority Secretary [SEAL] STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, June S. Greek, Secretary of the Westside Improvement Authority, do hereby certify that the foregoing Resolution WIA No. 97-03 was duly and regularly adopted by the Board of Directors of the Westside Improvement Authority at a regular meeting thereof held on the 9th day of December, 1997, by the following vote: AYES: 4 AUTHORITY MEMBERS: Comerchero, Linderoans, Roberts, Ford NOES: 0 AUTHORITY MEMBERS: None ABSENT: 0 AUTHORITY MEMBERS: None ABSATINED 1 AUTHORITY MEMBERS: Stone Resos.WIA/97-03 4 S. Greek, CMC/AAE City Clerk/Authority Secretary EXHIBIT A WESTSIDE IMPROVEMENT AUTHORITY COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY NO.1 (ROGERSDALE AREA) DESCRIPION OF FACILITIES AND SERVICES TO BE FINANCED BY THE DISTRICT FACILITIES The planned public improvements include the following: acquisition of open space, acquisition and/or construction of the Western By-Pass corridor, portions of Vincent Moraga Drive, portions of Ridge Park Drive, and portions of First Street. The improvements shall include all related clearing and grubbing, grading and appurtenances, and any removals or temporary signage or markings related thereto. All improvements may include any rights-of-way acquisition, intersection improvements, widening, paving and/or re-paving, striping and/or re-striping, pedestrian sidewalks, locating and/or relocating utilities, landscaping, lighting, or other related improvements or appurtenances located within the rights-of-way. The planned public improvements include the acquisition and/or construction of parking thcilities, including land acquisition, easement acquisition, entitlement acquisition, grading, site ~ncing, _street improvements (including any rights-of-way acquisition, intersection improvements, widening, paving and/or re-paving, striping and/or re-striping, pedestrian sidewalks, locating and/or relocating utilities, or other related improvements or appurtenances located within the rights-of-way), storm drains (including trenching, inlets, outlets, channels, structures, manholes, headwalls, junctions, transitions, bedding, culverts, and appurtenances), landscaping improvements, site concrete, iron works, gas line repair, curbing, gutters, sidewalks, striping, traffic signals, street lights, light fixtures, and site electrical, all within or in the vicinity of the District. The facilities shall include all costs of engineering, design, fees, permits, bonds, supervision, planning, construction staking, materials testing and coordination incident thereto. The facilities shall include land acquisition related to any public improvement, and other land acquisition for public purposes (including but not limited to open space and land for future public improvements). SERVICES The maintenance of open space within or in the vicinity of the District. OTHER Bond related expenses, including underwriters discount, financial advisor, appraisals, reserve fund, capitalized interest, bond counsel, underwriter's counsel, special tax consultant, bond and official statement printing and all other incidental expenses. Administrative fees of the Authority, the District and the bond trustee or fiscal agent related to the District and the Bonds. · .\CFD l rogersdale Tuesday, December 02, 1997 EXHIBIT B WESTSIDE IMPROVEMENT AUTHORITY COMMUNITY FACILITIES DISTRICT FINANCING AUTHORITY NO.1 (ROGERSDALE AREA) RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX A special tax shall be levied on each Parcel of land within the Westside Improvement Authority Community Facilities District No. 1 (RogersDale Area) (the "District"), and collected according to the' Special Tax Liability determined by the Treasurer of the Authority (the "Treasurer") through the application of the following procedures. All of the property within the District, unless otherwise exempted by the express provisions of the rate and method of apportionment expressed below, shall be taxed to the extent and in the manner provided below. It is intended that all special taxes applicable to Parcels be collected in the same manner and at the same time as ordinary ad valorem property taxes, and that special taxes so levied will be subject to the same penalties and procedures, sale and lien priority in case of delinquency as is provided for ad valorem taxes, subject to any covenant for judicial foreclosure with respect thereto in any Fiscal Agent Agreement for any Bonds of the Authority for the District. Notwithstanding the foregoing, the Authority may collect the special taxes at such other times or in such other manner as necessary or convenient to satisfy the obligations of the District. MAXIMUM SPECIAL TAX ZONE A: The maximum special tax that may be levied commencing with the Fiscal Year ending June 30, 1998 and for each following Fiscal Year shall not exceed the aggregate of $500,000 for all Parcels in Zone A. ZONE B: The maximum special tax that may be levied commencing with the Fiscal Year ending June 30, 1998 and for each following Fiscal Year on any Parcel in Zone B shall not exceed the sum of: plus (i) (ii) The maximum building special tax rate of $17.00 per building square foot, multiplied_ by the sum of the Building Floor Area for all buildings on the Parcel; - The maximum land special tax rate of $6.00 per land square foot, multiplied by the Land Area of the Parcel. The special tax for each Zone shall be levied annually. A Parcel shall be subject to the maximum special tax for not more than 40 years. In no event shall the maximum special tax on any Parcel used for private residential purposes exceed any limitation imposed under Section 53321 of the California Government Code. · .\CFD 1 rogersdale Tuesday, December 02, 1997 ASSIGNMENT TO CATEGORIES; LEVY ANNUAL TAX CATEGORIES: On or about July 1 of each year, but in any event in sufficient time to include the levy of the special tax on the County's secured tax roll, the Treasurer shall determine for each Parcel within the District, whether or not such Parcel is Taxable Property, and for which Zone such Parcel is designated. Parcels subject to levy shall be determined based upon the records of the County Assessor as of the January 1 preceding such July 1. _ LEVY: The Treasurer shall then determine the estimated aggregate Special Tax Liability for the Fiscal Year commencing such July 1. Step 1: Determine the amount of Transient Occupancy Tax collected in the prior Fiscal Year in Zone B and apply such amounts, if any, to Zone A, up to the maximum special tax for Zone A. Step 2: Determine the remaining aggregate Special Tax Liability for such Fiscal Year. If the aggregate amount levied based on Step 1 above, is less than the aggregate Special Tax Liability for such Fiscal Year, levy on each Parcel in Zone B which is Taxable Property, as follows: Step 3:. Determine the Building Floor Area for each Parcel in Zone B which is Taxable Property, and the total Building Floor Area for all Parcels which are then Taxable Property in Zone B. Step 4: Calculate the annual building special tax rate by dividing an amount equal to 80% of the Special Tax Liability, by the total Building Floor Area for all Parcels which are then Taxable Property in Zone B. Step 5: Multiply the total Building Floor Area for each respective Parcel in Zone B which is Taxable Property by the lesser of: (i) the annual building special tax rate calculated in Step 4 above; or (ii) the maximum building special tax rate for Zone B, respectfully, for the Fiscal Year commencing such July 1. Step 6: Determine the Land Area for each Parcel in Zone B which is Taxable Property and the total Land Area for all Parcels in Zone B which are then Taxable Property. Step 7: Calculate the annual land special tax rate as the lesser of: (i) the Special Tax Liability, less the total amount calculated for all Parcels under all step above, divided by the total Land Area for all Parcel in Zone B which are Taxable Property; or (ii) the maximum land special tax rate for Zone B, respectfully, for the Fiscal Year commencing such July 1. Step 8: Multiply the Land Area for each Parcel in Zone B which is Taxable Property, by the annual land special tax rate determined under Step 7, above. Step 9: Calculate the sum of the annual building special tax (from Step 5) and the annual land special tax (from Step 8) for each Parcel in Zone B which is Taxable Property. ..\CFD lrogersdale Tuesday, December 02, 1997 B2 PREPAYMENTS Special tax prepayments may be made for property subject to the levy of the special taxes. A particular Parcel may prepay the special tax, provided that all authorized Bonds that are to be issued, have been issued. Any property owner in the District that desires to prepay the annual special taxes on a particular Parcel shall notify the Treasurer in writing of such intention not less than 90 days prior to an interest payment date for the Bonds and the prepayment must be made not less than 45 days prior to such interest payment.- Determination of the total amount needed by the Treasurer shall be conclusive, absent manifest error. The following must be applied for a prepayment of a particular Parcel: Ao follows: The prepayment amount for a particular Parcel shall be calculated by the Treasurer, as 1. Compute the special tax for such Parcel by the total special tax for the then current Fiscal Year. 2. The prepayment amount is computed by dividing the special tax for the Parcel by the total special tax for all Parcels in the same Zone for the then current Fiscal Year, and multiplying the results by the principal amount of any outstanding Bonds. The result shall be rounded up to the nearest five thousand dollars ($5,000); provided however, that if the Authority is provided with prepayments of special tax for more than one Parcel at the same time, then the total prepayments shall be aggregated and the aggregated prepayment amount shall be rounded up to the nearest five thousand dollars ($5,000). 3. The prepayment amount calculated in (2) above for a particular Parcel will be (a) increased in the amount of: (i) applicable redemption premium, if any, on the Bonds; (ii) an amount determined by the Treasurer to offset any difference between the amount needed to pay debt service on the Bonds and the amount derived from the reinvestment of the prepaid special tax pending the redemption of such Bonds; and (iii) amount determined by the Treasurer to pay for the applicable Administrative Expenses to provide such prepayment; and (b) decreased for any reduction in Bond reserves due to the prepayment. B. The Parcel with respect to which prepayment is made must not be delinquent in any payment of special taxes previously levied within the District. Prepayment shall not relieve any property owner from paying those special taxes which have already become due and payable, and a Notice of Cessation of Special Tax Lien shall not be recorded against any Parcel pursuant to California Government Code Section 53344, until all special taxes with respect to that Parcel have been paid. ..\CFD lrogersdale Tuesday, December 02, 1997 B3 DEFINITIONS Administrative Expenses means any or all of the following: the fees and expenses of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the Authority in carrying out its duties with respect to the District (including, but 'not limited to, the levy and collection of the special taxes) including the. fees and expenses of its counsel, any fees of the County related to the District or the collection of special taxes, an allocable share of the salaries of the Authority staff directly related thereto, a proportionate amount of Authority general administrative overhead related thereto, any amounts paid by the Authority, from its own funds with respect to the District or the Bonds, and all other costs and expenses of the Authority or the Fiscal Agent incurred in connection with the discharge of their respective duties under the Fiscal Agent Agreement and, in the case of the Authority, in any way related to administration of the District. Bonds means any bonds of the Authority issued for the District under Mello-Roos Community Facilities Act of 1982, as amended, authorized to be issued under the Resolution of Issuance. Building Floor Area means the area included within the surrounding exterior walls of a building, including each floor of a multiple story building, exclusive of vent shafts and courts (defined here as open and unobstructed to the sky). The Building Floor Area will be determined by the Treasurer by reference to City or County approved building plans or other such documentation as the Treasurer shall determine applicable. City means the City of Temecula. County means the County of Riverside. Debt Service, for each Fiscal Year, is the total annual principal and interest payable on the Bonds during the calendar year which commences in such Fiscal Year, less any capitalized interest and any other amounts remaining in the bond fund held under the Fiscal Agent Agreement as of the end of the previous Fiscal Year available to make such payments. - District means the Westside Improvement Authority Community Facilities District No. 1 (RogersDale Area). Fiscal Agent mdans the Fiscal Agent designated under the Fiscal Agent Agreement. Fiscal Agent Agreement means the agreement by that name approved by the Resolution of Issuance, and as it may be amended and/or supplemented from time to time. Fiscal Year means the period starting on July 1 and ending the following June 30. Land Area means the measure of land area of a Parcel, in square feet of land, rounded up to the nearest whole integer. · .\CFD lrogersdale Tuesday, December 02, 1997 B4 Parcel means any County Assessor's parcel or portion thereof that is within the boundaries of the District based on the equalized tax rolls of the County. Resolution of Issuance is any Resolution adopted by the Authority authorizing the issuance of Bonds. Treasurer is the Treasurer of the Authority. Special Tax Liability for any Fiscal Year is an amount sufficient to pay Debt Service for such Fiscal Year, Administrative Expenses for such Fiscal Year, an amount necessary, as determined by the Treasurer, to offset projected tax delinquencies that may occur in such Fiscal Year based on prior Fiscal Year delinquencies and to otherwise replenish any reserve fund established for the Bonds, and all payments required to be made in the applicable Fiscal Year under the Fiscal Agent Agreement for the Bonds and any supplements thereto. Taxable Property shall mean all real property within the boundaries of the District which is not otherwise exempt from the special tax pursuant to law, except that the following property shall not be taxed: any acres of land (up to an aggregate of the first 20.0 acres so designated) which is a public right of way or which is an unmanned utility easement making impractical its utilization for other than the purpose set forth in the easement, or which is owned by a government entity or agency. Taxable Property includes Parcels owned by a public agency if the public agency has granted a leasehold or possessory interest therein to a non-exempt person or entity. Zone A is designated as .those Parcels within the boundaries of the District, with an aggregate of 15.88 acres, as shown on the map designated Exhibit 1 herein. Zone B is designated as those Parcels within the boundaries of the District, as shown on the map designated Exhibit 1 herein. ..\CFD lrogersdale Tuesday, December 02, 1997 B5 EXHIBIT C NOTICE OF PUBLIC I~ARING Westside Improvement Authority Community Facilities District No. 1 (RogersDale Area) Notice is hereby given that on December 9, 1997, the Board of Directors of the Westside Improvement AuthoriF adopted a Resolution entified "A Resolution of the Board of Directors of the Westside Improvement Authority of Intention To Establish A Community Facilities District And To Authorize The Levy Of Special Taxes Pursuant To The Mello-Roos Community Facilities Act Of 1982". Pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act") the Board of Directors hereby gives notice as follows: The text of said Resolution of Intention is as follows: WHEREAS, under the Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.5 of Part 1 ofDivision 2 of Title 5, commencing at Section 53311, of the California Government Code, this Board of Directors of the Westside Improvement Authority (the "Authority") is authorized to establish a community facilities district and to act as the legislative body for a community facilities district; and WHEREAS, this Board of Directors has received a petition by the owner of the land within the proposed RogersDale development requesting the formation of a community facilities district to finance public facilities, land acquisition and services necessary or incident to such development; and WHEREAS, this Board of Directors now desires to proceed with the establishment of a community facilities district under the Act in order to finance such public facilities, land acquisition and services. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Westside Improvement Authority as follows: Section 1. This Board of Directors proposes to conduct proceedings to establish a community facilities district pursuant to the Act. Section 2. The name proposed for the community facilities district (the "District") is Westside Improvement Authority Community Facilities District No. 1 (RogersDale Area). Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the Secretary, which boundaries are hereby preliminarily approved and to which map reference is hereby made for further particulars. The Secretary is hereby directed to record, or Resos.Wia/97-03 7 cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fit~een days of the date of adoption of this Resolution, but in any event at least fifteen days prior to the public hearing referred to in Section 10 below. Section 4. The type of public facilities and services proposed to be financed by the District and pursuant to the Act shall consist of those items listed as facilities and services, respectively, on Exhibit A hereto and by this reference incorporated herein (the "Facilities" and the "Services," respectively). The Board of Directors hereby finds and determines that the public interest will not be served by allowing the property owners in the District to enter into a contract in accordance with Section 53329.5(a) of the Act; however the District may enter into one or more contracts directly with any of the property owners with respect to the construction and/or operation of the Facilities. The Executive Director is hereby authorized and directed to enter into joint community facilities agreements with the City of Temecula and any other entity that will own or operate any of the Facilities or provide any of the Set-vices, as determined by bond counsel to be necessary to comply with the provisions of Section 53316.2(a) and (b) of the Act. The Board of Directors hereby declares that such joint community facilities agreements will be beneficial to residents in the area of the District. Section 5. Except to the extent that funds are otherwise available to the District to pay for the Facilities, Services and/or the principal and interest as it becomes due on bonds of the District issued to acquire the Facilities, a special tax ~fflcient to pay the costs thereof, secured by recordation of a continuing lien against all non-exempt real property in the District, will be levied annually within the District, and collected in the same manner as ordinary ad valorem property taxes or in such other manner as this Board of Directors or its desis~ee shah determine, including direct billing of the affected property owners. The proposed rate and method of apportionment of the special tax among the parcels of real property within the District, in sufficient detail to allow each landowner within the proposed District to estimate the maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. This Board of Directors hereby finds that the provisions of Section 53313.6, 53313.7 and 53313.9 of the Act (relating to adjustments to ad valorem property taxes and schools financed by a community facilities district) are inapplicable to the District. Section 6. It is the intention of this Board of Directors acting as the legislative body for the District to cause bonds of the Authority to be issued for the District pursuant to the Act to finance in whole or in part the Facilities. Said bonds shah be in the aggregate principal amount of not to exceed $30,000,000, shall bear interest payable semi-annually or in such other manner as this Board of Directors shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shah mature not to exceed 40 years from the date of the issuance thereof. Section 7. The levy of said proposed special tax shah be subject to the approval of the l~so~ .Wh/97-03 8 qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand-delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. Section 8. Except as may otherwise be provided by law or by the rate and method of apportionment of the special taxes for the District, all lands owned by any public entity, including the United States, the State of California and/or the City of Temecula, or any departments or political subdivisions thereof, shall be omitted from the levy of the special tax to be made to cover the costs and expenses of the Facilities, the Services and the District. In the event that a portion of the property within the District shall become for any reason exempt, wholly or in part, from the levy of the special tax described in Exhibit B, this Board of Directors will, on behalf of the District, increase the levy to the extent necessary upon the remaining property within the District which is not exempt in order to yield the required debt service payments and other annual expenses of the District, if any, subject to the provisions of the rate and method of apportionment of the special taxes for the District. Section 9. The Director of Public Works of the City of Temecula, as the officer having charge and control of the Facilities and Services in and for the District, or his designee, is hereby directed to study said proposed Facih'ties and Services and to make, or cause to be made, and file with the Secretary a report in writing, presenting the following: A. A description of the Facilities and Services by type which will be required to adequately meet the needs of the District. B. An estimate of the fair and reasonable cost of providing the Services and the Facilities including the cost of acquisition of lands, rights-of-way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 53345.3 of the Act. Said report shall be made a part of the record of the public hearing provided for below. Section 10. Tuesday, January 13, 1998, at 7:00 p.m., in the City Council Chambers, 43200 Business Park Drive, Temecula, California, be, and the same are hereby appointed and fixed as the time and place when and where this Board of Directors, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. Section 11. The Secretary is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall be substantially in the form of Exhibit C hereto. Section 12. The Executive Director is hereby authorized to execute and deliver a Deposit/Reim~ent Agreement (the "Deposit Agreement") with the developer of the RogersDale l~oa .W'm/97-03 9 project in the form on file with the Secretary, together with such changes as may be ap~ Executive Director upon consultation with Bond Counsel and general counsel to the Au City Finance Director is hereby authorized and requested to accept the Deposits des Deposit Agreement, and to draw against the same and make payment for expenses as ¢ by the Deposit Agreement. The Authority proposes to repay certain landowners withi~ solely from the proceeds of bonds of the Authority issued for the District, funds adva landowners to pay costs of the Authority to form the District, all as provided in Agreement. Section 13. The Board of Directors hereby designates the firms of Quint & T1 General Government Management Services, Fiddinah, Rolapp & Associates and Stone & LLC to act as Bond Counsel, Special Tax Consultant, Financial Advisor and respectively, to the Authority with respect to the District and any bonds of the Autl District. The Executive Director is hereby authorized to execute agreements with said ~ services with respect to the District and such bonds, provided that any compensation t¢ payable solely from the proceeds of the bonds or the proponents of the District. A. The exhibits to the Resolution which describe the facilities and s financed and the rate and method of apportionment of the special taxes for the district the office of the Secretary of the Authority. B. The time and place established under said Resolution for the p required under the Act are Tuesday, January 13, 1998, at 7:00 p.m., in the City Counc 43200 Business Park Drive, Temecula, California. roved by the thority. The cribed in the ;ontemplated the District, ~ced by such the Deposit fimmig LLP, Youngberg Jnderwriter, ~ority for the rms for their such firm is ;rvices to be are on file in ~blic hearing il Chambers, C. At said hearing, the testimony of all interested persons or taxpayers for or against the establishment of the district, the extent of the district or the furnishing or,he specified types of facilities or services will be heard. Any person interested may file a protest in writing as provided in Section 53323 of the Act. If fii~ percent or more of the registered .~o!ers, or six registered voters, whichever is more, residing in the territory proposed to be included hi the district, or the owners of one-half or more of the area of land in the territory proposed to be in:luded in the district and not exempt from the special tax, file written protests against the establis~'nent of the district and the protests are not withdrawn to reduce the value of the protests to less tha the Board of Directors shall take no further action to create the district or levy the spe period of one year from the date of decision of the Board of Directors, and if the maj¢ of the registered voters or landowners are only against the furnishing of a type or type or services within the district, or against levying a specified special tax, those types o services or the specified special tax will be eliminated from the proceedings to form tl~ Reaos.W'm/97-03 10 n a majority, :ial taxes for ~rity protests s of facilities f facilities or e district. D. The proposed voting procedure shall be by special mail or hand-delivered ballot to the property owners within the territory proposed to be included in the district. Dated: December 9, 1997 By: /s/ June S. Greek CMC/AAE Authority Secretary/City Clerk Resos.Wia/97-03 11 I MAP nF -'ONES; , , ;_., I HER~i!Y C~--~TIt~'.¢' THAT THE WITHIN MAP SHOWING THE BOUNDARIES OF THE ':F,'~EST$tDE !MPROVD,~ENT (m,~:.~r.r,..,u,~.~.r_ ,~,r.~,,). C;OLtNT'i' OF Rh/E~;iDE, STATE oF ,2..~,LIFOENi.~.. WAS .~.PP~OVEB ~Y THE I~OA~,D OF DIRECTORS 0F THE ~$T$iDE iMPROVEM, ENT AUTHOIRIT'I', AT A !tEETIt',IG ,THEREOF, HELD THE .... DA'Y OF ~'T' ITS ~ESOLUTIOH ?.~,-j. .. ,,, - -'"""'-:"%.. -"- "; "'." "- $E(,'RETARY -... %. '- , %%, %.. ~"..,,. ""-i"": " .... FILED I.N THE OFFICE OF THE 5ECP, ETA~'f OF %' "~::~-- ............... '" ........ WESTSiDE tMPRO'v~:MEHT AUTHOF.:tT'C THiS ;"% '% "' ,""*-.-~ i '--...:---.._ -- ...... ' JL.. i ;',. raA',," OF' ! _~_a.._, -"-" '"~"-" i 'k. ---,__--~.. ZONE: ~ ./' '"'-..~'"N. ... ? '"'k %,. ';'" ,'?':" :/:: SFCRFTA.~Y i ,..... ',%./ .. ..... "' ii '"'"' .,.. ......... .......... ,, '"---.-.'f'--:'i/ ...... ~.~ % ... (.- ~ '°'-. · . ... ~... .,~./."" '~'\. "v" %,, ~,. ~' '"%-... i'li ""'"'"'" tti '":s '., ...... z~-~£ e :-.':,/,,,--..., '! "-- I !.300' '~...,~'- .... "-,. -. ,~,_.:.. · ..... ,-,~ ',.,..',,,. ./.,.- ,,- ... ",,. '--.,. "-..;:- .... ,~:' ,,., ',,"'-. ,4?' FiLF__..D T'~ii".S EI~.'¥" ~F i':.2 ",,."-,,. ~.,~,,' ~ _ .AT THE H©'dR C'F ~O"C:LOO'K ,M,,, fill! ..... ,.'....,-:? ~OOK_ .OF ',~AP.5 OF A.55'EDSMENT AND ...... · '_-:OM~!L.tN!T'.r F.,&CCLITiE:S DiST.~-ICT, 2.A.C,E '"'- %' \ ,,..' ~, ~ ......~,.~-.:. ,-.r n,.,. ,~ ~ O~ '"%%,. -.~ t/:i. I r- CALIFOt~NIA, '%'?',, .'-~. ~, ~'.. ' ,...$:OUNTh" RECORDE~:, COUNTY OF R!':.,'ER.-SiDE \: \ '-',, \k \ '· '~,. \.. ~-.. ~,,,. '"-.... '-.N.'%.~ ,z,.'-~' '...~ g~O-.31 O- O,:l~ ~4-6-S2D-C~0S ~,1.0-320-007 '~-,U-3! 5-0'~ ~"~ ~'~ '~ .... -""---,.I _e,~r,_~n_r,,,u:: ~I",lLsl hi-r~.i I':iLs ",.!~l':~. I i,j~'.~. i F'- . ....... · .~ . · , LAND PLANNING :~ C,&,":: ENGINEERING ."re.. ~ {f~ce) ~,-_~_o .~,.~:.: ~ (-~:, ~.e-..~e~ REFERENCE ~4E Ri\.-'E.~IDE r.;OUHT-,; A.B¢..F_~'~R'-~ M.:'.'.P-~ FDR A r.~_T.'-]LEI3 ~v f 27."-=,- ~ o,~ '12/ ~.~i'~? ~,mL"r I or 1.~ I ~1 ~'1 'i ~,t',,&l '4 ,.I