HomeMy WebLinkAboutCC Ord 1490 2002-10-14
ORDJNANC~ NO.~
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SEAL
BEACH, CALIFORNIA, ACTING IN ITS CAPACITY AS THE
LEGISLATIVE BODY OF CITY QF SEAL BEACH COMMUNITY
FACILITIES DISTRICT NO. 2002-1 (HERON POINTE) AUTHORIZING
THE LEVY OF A SPECIAL TAX WITHIN THAT DISTRICT .
RECITALS:
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WHEREAS, the City Council (the "City Council") of the City of Seal Beach, California (the
"City"), has previously adopted Resolution No. 5049 stating its intention to conduct proceedings to
fonn City of Seal Beach Community Facilities District No. 2002-1 (Heron Pointe) (the "District")
pursuant to the Mello-Roos Community'Facilities Act of 1982, as amended, commencing with
Section 53311 of the California Government Code (the "Act") to finance certain public facilities.
WHEREAS, the City Council has previously adopted Resolution No. 5050 stating the City
Council's intention, acting as the legislative body ofthe District, to authorize the issuance and sale of
a series of bonds in the maximum ag!,'1"Cgate principal amount of $5,000,000.
WHEREAS, Resolution Nos. 5049 and 5050 set September 23, 2002 as the date of a public
hearing on the establishment of the District, extent ofthe District, the furnishing of specified types of
public facilities within the District, the proposed rate and method of apportionment ofthc special tax,
and the proposed debt issue. .
WHEREAS, a notice of the public hearing was published and mailed to all landowners
proposed to be included in the District in accordance with the Act.
WHEREAS, prior to the public hearing there was filed with the City Council a report entitled
"Community Facilities District Report - Mello-Roos Community Facilities Act of 1982 - City of I
.Seal Beach Community Facilities District No. 2002-1 (Heron Pointe)" (the "Report") containing a
description of the facilities necessary to adequately meet the needs of the District and an estimate of
the cost of financing such facilities as required by Section 53321.5 ofthe Act.
WHEREAS, at the public hearing all persons desiring to be heard on all matters pertaining to
the establishment of the District, the extent ofthe District, the furnishing of specified types of public
facilities within the District, the proposed rate and method of apportionment of the special tax, and
the proposed debt issues were heard and a full and fair hearing was held.
WHEREAS, at the public hearing evidcnce was presented to the City Council on the matters
before it and the City Council at the conclusion of the hearing is fully advised as to all matters
relating to the formation of thc District, the levy of the special tax and the issuance of bonded
indebtedness therein.
WHEREAS, subsequent to the public hearing, the City Council adopted Resolution
No..fe,~ which approved certain modification in connection with the District, established the
District and authorized the levy of a special tax within the District.
WHEREAS, subsequent to the public hearing, the City Councillilso adopted Resolution
No. J;;",~ which determined the necessity to incur bonded indebtedness in the maximum principal
amount 0 $5,000,000.
WHEREAS, on September 23, 2002, an election was held within the District at which the I
qualified electors of the District approved the establishment of an appropriations limit for the
District, the incurrence of bonded indebtedness and the levy ofa special tax within the District.
WHEREAS, on September 23, 2002, the City Council adopted Resolution No. _ which
certified the results of the September 23,2002 election conducted by the City Clerk, which results
showed that more than two-thirds ofthe votes cast in the District were in favor of the proposition to
establish an appropriations limit for the District, incur bonded indebtedness and levy the special tax.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH
DOES HEREBY ORDAIN AS FOLLOWS:
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Ordinance Number I'~~"
Section 1.
Recitals. The above recitals are all true and correct.
Section 2. Authorization ofLevv ofSoecial Tax. By passage ofthis Ordinance, the City
Council authorizes the levy of a special (ax within the District at the maximum rate and in
accor9lince with the rates and method of apportionment set forth for in Exhibit B to Resolution
No. J(I"~ , which for reference purposes is attached hereto as Exhibit A.
Section 3. Annual Rate Determination. The City Council is hereby further authorized to
determine on or before August I 0 of each year, or such other date as is established by law or by the
County Auditor-Controller of the County of Orange, the specific special tax to be levied on each
parcel of land in the District, except that the special tax rate to be levied shall not exceed the
.maximum rates set forth in Exhibit A, but the special tax may be levied at a lo~er mte.
Section 4. Exemption of Government Property. Properties or entities of the state,
fedeml, or other local governments shall be exempt from the above-referenced and approved special
tax only to the extent set forth in Exhibit A hereto, and otherwise shall be subject to tax consistent
with the provisions of Section 53317.3 and 53317.5 ofthe Act.
Section 5. Use of Collections. All O~~llections of the special tax shall be used only
as provided for in the Act l!lld in Resolution No tJ Th~ecial tax shall be levied only so long
as needed for its purpose as described in Resolution No. ~
. Section 6. Collection. The special tax shall be collected in the same manner as ordinary
ad valorem taxes and shall be subject to the same penalties and the same procedure, sale and lien in
any case of delinquency as applicable for ad valorem property taxes. Provided, however, that the
special tax may be collected in such other manner as may be provided by the City Council.
Section 7. Foreclosure. As a cumulative remedy, if any amount levied as a special tax for
payment of bond interest or principal, together with any penalties and other charges accruing under
this Ordinance, are not paid when due, the City Council may, not later than four years after the due
date of the last installment of principal on the Bonds, order that the same be collected by an action
brought in the superior court to foreclose the lien of such special tax.
Section 8. Authorization. The specific authorization for adoption of this Ordinance is
pursuant to the provisions of Section 53340 of the Act.
Section 9. Certification. The City Clerk shall certify to the passage of this Ordinance and
cause it to be published or posted in accordance with law.
PASSED, APPROVED ANq,~OPTED ~ ~uncil of the City of Seal Beach at a
meeting thereof held on the ~ day of ~002.
~b{.~
Mayor
Ordinance Number /~~t'
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS
CITY OF SEAL BEACH )
I, Joanne M. Yeo, City Clerk of the City of Seal Beach, califomiW"herebY certify that the I
foregoi ordinance is the original copy of Ordinance NW!!ber f. on file in the office
of Ity C rk, i duced at a meeting held on the .,.lilt"'" day of ,
02 and passed, approved, anft.9I'>pted by ~it}J}:9Jmcil of the
CI of al Beach at ame1;ting thereof held on the ~dayof~-r:!-r. ""-' ,
2002 by the following vote:
NOES:
Councilmembers
AYES:
Councilmembe
ABSENT:
and do hereby certify that Ordinance Number 14ft) has been published pursuant to
t al Beach City Charter and Resolution Number 2836.
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Ordinance Number I~~t'
EXHIBIT A
RATE AND METHOD OF APPORTIONMENT FOR
CITY OF SEAL REACH
COMMUNITY FACILITIES DISTRICT NO. 2002-01
(HE~WN POINTE)
A Special Tax as hereinafter defined shall be levied on all Assessor's Parcels in lilt: City of Seal
Deach Community Facilities ~istrict No. 2002-01 (Heron Poiute) ("CFO No. 2002-01") and
collected each Fiscal Y car commencing in Fiscal Year 2002-03, in an amount dctemlined hy the City
Council of the City of Seal Deach, through the application of the Rate and Method ofApporlionment
as dt:scribed below. All oflhereal property in CFDNo. 2002-01, unless exempted by law orby the
provisions hereot; shall be taxed t'lr thc purposes, to the extent and in the manner herein provided.
A, DEFINITIONS
The terms hereinafter set forth have the following meanings:
"Acre or Acrellge" means the land area of an Assessor's Parcel as shown on an Assessor's
Parcel Map, or if the land area is not showl! on an Assessor's Parcel Map, the land IIrea
showl! on the applicable linalmap, parcel map, condominium plan, or'other reconieLl County
parccl map.
"Act" means the Mcll~-Roos Community Facilities Act of 1982, as ameuded, being Chapler
2.5, ~ivision 2 of Title 5 oflhe'Government Cude of the Slate of California.
"Aclminislrlltive Expenses" means the lollowing actual or reasonahly estimnted costs
directly related to the aclministration ofCFO No. 2002-01: the costs of computing the Special
Taxes ancl preparing the annual Special Tax cullection schedules (whether hy tht: CIty or
designec thcreofor both); the costs of collecting the Special Taxes (wheHler hy the County or
otherwise); the costs ofn:mitting 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 thc City, CFO No. 2002-01 or any designee thereof of complying with arbitrage
rt:bate requirements; the costs to the City, CFO No. 2002-0 I or any designee thereof of
complying wilh City, cro No. 2002-01 or obligated persons disclosure requirements
associated with applicable federal and state sccurities laws and of the Act; the costs
associated witb preparing Spe..:ial Tax disclosure statements and responding to puhlic
inquiries regardiug the Special Taxes; the costs of the City, CPO No. 2002-01 or any
designee thereof related to an appeal of the Special Tax; the costs associated WIth the release
of funds fi'om any escrow account; and the City's annual administration ft:es and third party
expenses. Administrative Expenses shall also include amounts estimated or advan..:ed hy the
City or CrD No. 2002-01 tor any other administrative purposes ofCFD No. 2002-01,
including attorney's fees and other costs related to commencing and pursuing to completion
any foreclosure of delinquent Special Taxes.
"Assessor's PlIrcel" mcans a lot or parcel shown in an Assessor's Parcel Map with an
assigned Assessor's parcel number.
"Ass~ssor's PaJ'cel Map" meim~' an official map of the County Assessor oLthe CO;lI1ty
designating parcels by Assessor's parcel number.
"Assigned Speci:11 Tax" means the Special Tax for each Land Use Class of Developed
Propel1y, as determined in accordance with Section C below.
"Buclmp Special Tax" means,the Special. Tax applicuble to each Assessor's Parcd of
Developed Property, as determincd in accordance with Section C below.
"Bonds" means any honds or other debt (as defined in Section 5J317(d) llflhe Act), whether
in one or more series, issued by the City on behulfol'CFO No. 2002-01 under the Act.
"CFD AdmillistI'atOl'" means an ofJicial of the City, or designee thereof. responsible tor
detell11ining the Special Tax Requirement and providing fur the levy and coJ1ection of tht:
Special Taxes.
Ordinance Number /~~~
"crD No. 2IJ02-01" means thc City llfSc:al Beach Coml1lunity Facilities Oistlict No. 2002-
o I (I-I~ron Poiuttl).
"City" means the City of Seal Beach.
"Council" means the City Council oflhe City.
"County" means the County ofOnl11ge.
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"Developed PI"OJlerty" means for each Fiscal Year, all Taxable Proptlrty, exclusive of
Taxable Public Property and Taxable Property Owner Association Pr!lperly, for which a
building permit for new construction was issued allcr January 1,200 I and prior to Jal1llUl y I
orthe prior Fiscal Year.
"Fiscal YellI'" means the period starting July I and endmg on the following June 30.
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"Jndentlll'e" means the indenture, fiscal agent agreement, resolution or other iustnnnent
]1ursuanlto which Bonds are issued, as modified, amended and/or supplemented from lime to
time.
"Land Use Class" means any of the classes listed in Table I below.
"MalCimum Special Tax" means the Maximum Special Tax, detennined in accordance wilh
Section C below, lhlll can be levied in any Fiscal Year on any Assessor's Parcel.
"Non-Residentinl PI'operty" means all Assessor's Parcels ofOeveloped Property tor which
a building pe1l11it was issued for a non-residcnlialuse.
"Outstllnding Bonds" means all Bonds which are deemcd to be outstanding under the
fudtlnturc.
"I'l"Uporlionately" means, lor Oeveloped Property. that the ratin of the actual Spc:cial Tax
levy to the Assigned Sptlcial Tax is equal lor all Asstlssor's Pm"cds ofOevcl,)ped Proptlrty.
For Undevelop~d Propelty, "Proportionately" means thai the ratio offhe actual Special Tax
levy per Acre to the Maximum Special Tnx per Acre is equal tor all Assessor's Pm'cels of
Undeveloped Property. For TlIxnble Public Propelty and TlIxahle Property Owner
Associntion Propelty, "I'roportionntely" means that the ratio of the actual Special Tax It:vy
per Acre to the Maximum Special Tax per Acre is equal lor all Assessor's Parcels ofTaxllbltl
Public T'roperty or Tuxable Property Owner Association Property, as al!plicable.
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"Pl'Opel.ty Ownel' Association Propel'ty" means, for each Fiscal Year, any property within
the boundaries of CFO No. 2002-0 I that was owned by a property ownc:r association,
including any master or sub-association, as of January I of lhe prior Fiscal Year.
"I'ublie Pl"Operty" means, for each Fiscal Year, any propclty within CFO No. 2002-01 thaI
is owned by, ilTevocably offered for dedication to. or dedicated 10 the federal government,
the State, the County, the City or any other public agency as of June 30 oCthe prior Fis"al
Year; provided however that any properly leased by a public agency to a privalc entity amI
subject to taxation under Stlction 53340.1 of Ihe Act shall btl taxed aud c1assilied in
aceordmlCe with its use. To ensllre that propeliy is classified as Public Properly inlhe firsl
Fiscal Yeur after it is acquired by, in'evocably offered for dedicatiollto, or dedicated to a
puhlic agency, the property owner shall notify the CPO Adminislralnr in writing 01' such
acquisition, offer, or dedication not later lhan June 30 of the Fiscal Year in which the I
acquisition, after, or dedication occurred.
"Hesiclential FloOl' AI'ell" means all of the square footage of living artla within Ihe
perimeter of a residentiul stmcture, not including any call1ort, walkway, garage, overhang,
palio, enclosed palio, or similar area. The detennination of Rtlsidenlial Flonr Area shall hI::
made hy reference to the huilumg permit(s) issued Cor sllch Assessor's Parctll.
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"Residcutilll PI"lIJlerty" means all Assessor's Parcels of Devc1nped Property for which a
building ptlnnit has been issued for pUllloses ofconstrucling one or more residential dwelling
units.
"Special Tax" means the special lax to be levied in each Fiscal Yenr 'lIl each Assessn,'s
Parcel oCTnxabJI:: Property to flUld Ihe Special Tax Requirement.
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Ordinance Number
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"Speci:11 Tax Requh"ement" means that amount required in any Fiscal Year for CFD No.
2002-0 I to: (i) pay debt selvice on all Outstanding Bonds; (ii) pay periodic costs on the
Bonds, including but not limited to, credit enhancement and rebate payments on the Bonds;
(iii) pay Administrutive Expenses; (iv) pay any amounts required to estuhlish or replenish
any reselve funds for all Outstanding Bonds; (v) pay directly for acquisition or construction
of CFD No. 2002-01 facilities eligible under the Act; (vi) pay tor reasonably anticipated
delinquent Special Taxes based on the delinquency rate lor Special Taxes levied in the
previous Fiscal Year; less (vii) a credit for funds availablc to reduce the annual Speciu\ Tall
levy, as detellllined by the CFD Administrator pursuant to the Indenture.
"Stare" means the State of California.
"Taxable Pl'Dpel'ly" means all of the Assessor's Parcels within the boundaries ofCFD No.
2002-01 which are not exempt from the Special Tax pursuant to law or Section E below.
"Taxahle Pl"Opel.ty Owner Association Pl"Operty" means all Assessor's Parcels of
Property Owner Association Property that are not ellempt pursuant to Section E below.
"Taxnble Public }ll'operty" means all Assessor's Parcels of Public Properly that are not
exempt pursuant to Section E helow.
"Tmstee" means the trustee or fiscal agent under the Indenture.
"Undeveloped Property" means, for each Fiscal Year, all Taxable Properly not classi lied as
Developed Property, Taxable Public Property or Taxable Property Owner Association
Property. .
n.
ASSIGNMENT TO LAND USE CATEGORIES
Each Fiscal Year, all Taxable Property within CFD No. 2002-01 shall be classified us
Developed Propelty, Taxable l',ublic Propelty, Taxable Property Owner Association
Property, or Undeveloped Property, and shall be subject to Specml Taxes in accordance with
the rate and method of apportionment detellllined pursuant to Sections C amID below.
C,
MAXIMUM SPECIAL TAX
. 1. Developed Properly
a. Maxinll)m Snecial Tax
The Maximum Special Tax for each Assessor's Parcel classiJied as
Developed Property shall be the greatcr of (i) the amount derived by
apphcation of the Assigned Special Tax or (ii) the amount derived by
application of the Backup Special Tax.
h. Assigned Special Tax
The Fiscal Year 2002-03 Assigned Special Tax for each Land Use Class is
shown below in Table I.
TABLE 1
Fisl'al Year 21102-03
Assigned Special Taxes for Developed Pl"Operty iu
Community Fncilities Disfrict No. 2002-01
(Huou Pointe)
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,:, "all~lllse . ;;,,::,,::~;";":'De~~r'ipii~;~' ',:,:: ." ~;":. R~sidenti~i Flo~l: Area As~.igne. d. ,Spec!.al Tax
"'LClass '....I.,.,I.:J~.....r:'it.:(o_,...... ,,'1)". .~.. /~'"'~H' /_ :.- 0\ .'
'., ~ t' ':", "',~. '. .
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Residential Property
? 4,000 s.f.
$5,350 per unit
2
3,750 - 3,999 s. f.
$5,078 per unit
Residential PropClty
3
Residential Pl'Opelty
3,500 - 3,749 s.f.
$4,900 per unit
Ordinance Number I'~~"
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.. '<I~and Use '. '
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,..,:, Cla~s., .;~..
,~';~;~',~;;6':'~':~::~~~'~'~'~~~::b~.~~~~;~",,,~~ :-~"r~,,,""!":":'<'?';:r:.::f. .';, .", .;". ~.:l,".-'L
~1:;.~: :/::: ~e~.CJi~~~~q <;~~\;;~:.:,;, ; ~~s}.~~~ii!\~.;p'I,~.p'l:~\~!I' , . A&sigh~~ .Sp~cia~ Tax
4
Residential Property
< 3,500 s. f.
$4,570 per unit
5
Non-Residential Properly
NA
$41,977 per Acre
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c. Backup Special Tax
The Fiscal Year 2002-03 Backup Special Tax for an Assessor's Pm'cel of
Developed Property shall equal $4\,977 per Acre,
d. Increase in the Assigned Special Tax and Backup Special Tax
On each July I, commencing on July 1,2003 and through and including July
I, 2012, the Assigned Special Tax and the Dackup Special Tax shall be
increased by an amount equal to two percent (2%) ofthe amount in effect for
the previuus Fiscal Year, There will be no increase in the Assigned Tax or
Dackup Special Tax subsequent to July 1,.2012.
2, Undeveloped PI'opel'ty, Tnxable Public Property, and Tnxnble Pl"Operty Owner
Association Pl'Operty
a. Maximum Special Tux
TIle Fiscal Yeur 2002-03 Maximum Special Tax lor Undeveloped Property,
Taxable Puhlic Property, aud Taxable Property Owner Association Property I
shall be $47,043 per Acre.
b. Increase in the Maximum Special Tux
On each Jnly I, commencing on July 1,2003 and through and including July
I, 20\2, the Maximum Special Tax for Undc\'eloped Property, Taxable
Public Propeliy, and Taxable Propeliy Owner Association Property shall he
increased by an amount equal to two percent (2%) of the amoullt in effectli)r
the previous Fiscal Year. There will be no increase in the Maximum Special
Tax lor Undeveloped Property, Taxable Public Property, and Taxnble
Property Owner Association Property subsequent to July I. 2012.
)). METHOD OF APl'ORTIONMENT OF THE SPECIAL TAX
Commencing with Fisen] Y enr 2002-03 nnd for each following Fiscnl Year, the Coullcil shall
determine the Special Tax Requirement and shall levy the Special Tax until the amount of
Special Taxes equal the Special Tnx Requirement. The Special Tux shall be levied each
Fiscal Year as follows:
Fir~: The Special Tax shall be levied Proportionately on each Assessor's Purcel uf I
Developed Property at up to 100% of the applicable Assigned Special Tax;
Second: If additional monies are needed to satisfy the Specinl Tax Requirement aner the
first step has been completed, the Special Tax shull be levied Proportionately on each
Assessm's Parcel of Undeveloped Property at up to 100% of the Maximum Special Tnx "n'
Umlevelopec1 Propeliy;
Third: If additional monies are needed to satisfy the Special Tax Requirement atler the first
two steps have been completed, then the levy ofthe Special Tax on cach Assessor's Parcd or
Developed Properly whose IVlaximum Special Tux is deternuned through the nppli~ali(lu of
the Backup Special Tax shall be increased in equal percentages li'om the Assigned Specilll
Tax up to the Maximum Special Tux for each such Assessor's PllI'cel;
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Ordinance Number I'~~~
Fourth: If additional monies are needed to satisfY the Special Tax Reqnirement aner the filst
three steps have been completed, then the Special Tax shall he levied Proportionately on elll'h
Assessor's Parcel ofTaxnble Property Owner Association Property at up to the Maximum
Special Tax for Taxable Property Owner Association Property; and
Fillh: Ifadditionalmonies are needed to satisfy the Special Tax Requirement aller the first
four steps have been completed, then the Special Tax shnll be levied Proportionately on each
Assessor's Parcel of Taxable Puhlic Property at up to the Maximum Special Tax for Taxahle
Public Property.
Notwithstanding the ahove, under no circumstances will the Special Tax levied ngainst any
Assessor's Parcel of Residential Property lor whieh an occupancy pennit for I'ri I'ate
residential use has been issued be increased hy more than ten percent as a consequence of
delinquency or default by the owner of any other Assessor's Parcel within the CFO.
E.
EXEMPTIONS
No Special Tax shall be levied on up to 6.2 Acres of Property Owner Association Property.
Tax-exempt status will be ilTevocably assigned by the CFO Administrator in the
chronological order in which property becomes Property Owner Association Property.
However, should an Assessor's Pm'cel no longer be classified as Property Owner Association
Property, its tax-exempt status will be revoked. No Public Property shall be exempt li'om
Special Tax, except as required by law.
Public Property or Propelty Owner Association Propelty that is not exempt from Special
Taxes uuder this section shall be subject to the levy of the Special Tax and shall be tllxed
Proportionately as part orthe fourth or fifth step in Section 0 ahove, at up to 100%. of the
applicable Maximum Special Tax for Taxable Public Property or Taxable Property Owner
Association Property.
F.
APPEALS AND INTERPRETATIONS
Any taxpayer may tile a written appeal of the Special Tax on his/her property with the CFO
Administrator, provided that the appellan't is current in his/her payments of Special Taxes.
During the pendency of an appeal, all Specilll Taxes previously levied must be paid on or
, hetore the payment date established when the levy was made. The appeal must specify the
reasons why the appellant claims the calculation of the Special Tax is in error. The CFO
Administrator shall review the appeal, meet WIth the appellant if the CFO Administrator
deems necessary, and advise the appellant of its detel111ination. If the CFO Administrator
agrees with the appellant, the CFO Administrator shall eliminate or reduce the Spt:cial Tax
on the appellant's propelty and/or provide a refund to the appellant. If the CFO
Administrator disagrees with the appellant and the appellant is dissatistied with the
detennination, the apiJellantthen has 30 days in which to appeal to the Council hy tiling a
written notice of appeal with the City clerk, provided that the appellant is current in his/her
payments of Special Taxes. The second appeal must specifY the reasons for Its disagreement
with the CFO Administrator's determination.
G. MANNER OF COLLECTION
The Special Tux will bc collected in the same manner and at the same time as ordinary at!
1'Olo/'em property taxes; provided, however, that CFO No. 2002-01 may directly bill the
Special Tax, may collect Special Taxes lit a different time or in a different manner if
necessary to meet its financial obligations, and may covenant to toreclose and may actually
foreclose on delinquent Assessor's Parcels as permilled by the Act.
1-1,
PREI)A YMENT OF SPECIAL TAX
The following definition applies to this Section H:
"CFD Pnblic Facilities Cost" means either $3.015 million in 2002 dollars, which shall
increase hy the Construction Inflation Index on July 1,2003, and on each July I thereafter, or
such lower numher as (i) shall be detenllined hy the CFO Ac1ministl'lltor as Ruf1lcit:nt In
provide the public facihlies to be provided by CFO No. 2002-01 under the authorized
bonding program flll" CFO No. 2002-01, or (ii) sluill be determined by the Council
conclIITenlly with a covenant that it will not issue any more Bonds to be supported hy
Ordinance Number I~~t'
Special Tuxes levied under this Rate and Method of Apportionment as described in Sechun
D.
"Construction Fund" mea us an account specifically identilied in the Indenture to hold
funds which are currcntly available 'lor expenditure to acquire or constl1lct pnblic Ihcihties
eligible under the Act.
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"Construction Inllution Indt'x" means the lIIillual percentage change in thc Engineering
Nllws-Reconll3uilding Cost Index for lhc City of Los Angeles, measure\1 as of the calendar
year which ends in the previous riscul Year. In the event this index ccases to be published,
the Conslruction Inflation Index shall be another index as determined by the CrD
Administrator that is reasunably comparable to the EnQineering News-Record Building Cost
Index for lhe City of Los Angeles.
"Futul'c Fncilities Costs" means the CFD Public Facililies Cost minus (i) public facility
cosls previously paid fi'om the Construction Fund, (ii) moneys cUlTently on deposit in lhe
Construction Fund, and (iii) moneys cUlTently on deposit in an escrow fund Ihat are expected
to he available to finance facilitics cosls.
"Outstlluding Bonds" means all Previously Issued Bonds which are deemed to he
outstanding under the Indenlure aller the lirst interest lind/or principal payment date
following the CIllTent Fiscal Year.
"Previously Issued Bonds" means alll30nds that have been issued by CFD No. 2002-0 I
prior to the date of prepayment.
1. PI'Cjlllymcnt in Full
The obligation of an Assessor's Parcel to pay the Special Tax may be prepaid and I
pemlanently satisfied as dcscribed herein; provided that a prepayment may be made
only for Assessor's Parcels of Developed Property or Undeveloped Properly Illr
which a building pennit has been issued, and only if there are no delinquent Special
Taxes with respecllo such Assessor's Parcel at the time of prepayment. An owner of
llIl AssessOl's Parcel intending to prepay the Special Tax obligation shall provide the
CFD Administrator with written notice ofintentto prepay. Within 30 days of receipt
of such written notice, the CFD Administrator shall notify such owndr of the
prepayment amount of such Assessor's Parcel. TIle CFO Administrator may charge
a reasonahle fee for providing this service. Prepaymenlmust be made not less than
45 days prior to lhe next occurring date lhat notice of redemption of Bonds fi'omthe
proceeds of such prepayment may be gi ven to the Trustee pursuuntto the Indenture.
The Prepayment Amount (defined below) shall he clllculnted as summarized below
(capitalized tenns us detincd below):
Bond Redemption Amount
plus Redemption Premium
plus Future Facilities Amount
plus Defeasance Amount
plus Administrative Fees and Expenses
less Reserve Fund Credi t
less Capitalized Interest Credit
Total: equals Prepayment Amount
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As of the proposed date of prepayment, the Prepayment Amollnt (detined helow)
shall he calculated as lollows:
Ordinance Number /~~~
Pural:l'llllh No.:
I. Confin11 that no Special Tux delinqucncics apply to such Assessor's Parcel.
2.
For Assessor's Parcels of Developed Property, compuh:: the Assigned Special Tax
and Backup Special Tax applicable for the Assessor's Parcel to he prepaid. For
Assessor's Parcels ofUlllleveloped Property (for which a building permit has heen
issued) to he prepaid, compute the Assigned Special Tax m1L1Backup Special Tax lilr
that Assessor's Parcel as though it was already designated as Developcd Property,
based upon the building pCllnit which has already been issued lor that Assessor's
Parcel.
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3. (a) Divide the Assigncd Special Tax computed pursuant to parngraph 2 hy the total
estimated Assigned Special Taxes /i1l" the entire CFD No. 2002-01 hased on the
Dt:veloped Properly Special Taxes which could be charged in the currenl Fiscal Y cur
on all e.xj;ected development through buildout ofCFD No. 2002-01, exclnding any
Assessor's Parcels which have heen prepaid, llnd
(b) Divide the Backup Special Tax computed pursuant to paragraph 2 by the
estimated l3ackup Special Taxes al buildout ofCrD No. 2002-01 using the Backup
Special Tax amount for the current Fiscal Year, excluding any Assessor's Parcels
which have been prepaid.
4. Mulliply the larger quotient computed pursuant to paragraph 3(a) or 3(h) by the
Outstanding Bonds to compute the amount of Outstanding Bonds to be retired and
prepaid (the "Bbnd Redemption Amount"),
5. Mulliply the Bond Redemption Amonnt computed pursuant to paragrnph 4 by the
lIpplicahle redemption premium, if any, on the Outstanding 130nds to be redeemed
(the "Redemplion Premium").
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6.
Compute the CIIITcnt Future Facilities Costs
7.
Multiply the lurgcr l)uotient computed pursuant to paragraph 3(a) or 3(b) by lht:
amount detcll11ined pursuant to paragraph 6 to compute the m110unt of Future
Facilities Costs to he prepaiCl (the "Future Facilities Amount").
8. Compute the amount need.::d to pay interest on the Bond Redemplion Amonnt!i"ol1l
the lirst bond interest and/or principal payment date following the ClIlTent Fiscal Year
until the earliest redemption date lor the Outstanding Bonds.
9. Determine the Special Taxes levied on the AsseSSOr's Parcel in the current Fiscal
Yem which have not yet been paid.
10. Cumpute the minimnm amount the CFD Administrator reasonably expects to derive
!i'om the r"investment oflhe Prepayment Amount (as delined below) less the Future
Facilities Amount ami the Administrative Fecs and Expenses (as delined belnw) li'ulII
the date of prepayment until the redemption date for the Outstanding Bonds In he
redeemed with lht: prepaymenl.
II. Add the amounts computcd pursuant to paragraphs 8 ami 9 ami subtract the amonnl
compult:d pursuant 10 paragraph 10 (the "Defe:asance Amount").
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1'2.
Verily the administrative fees and expenses ofCFD No. 2002-01, including the cosls
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 Expt:nses").
13. If reselve nlllds for the Outstanding Bonds, if any, are at or ahove 100% of the
reselve requirement (as defined in the Indenture) on the prep:lyment dale, a reserve
lillld credit shall be calculatcd as a reduction in the applicable reserve tiulll for lhe
Outstanc1ing Bonds to be redeemed pursuant to the prepayment (the "Reselve Fnlld
Credit"). No Reserve Fund Credit shall be gran led ifreserve funds are below 100%
of the reserve requirement.
Ordinance Number 11/90
14. Ifany capitalized interest for the Outstanding Bonds wi11not have been expended at
the time of the tirst interestlln(Vor principal payment following (he current Fiscal
Year, a capitalized interest credit shall be calculated by multiplying the larger
quotient computed pursuant to paragraph 3(a) or 3(b) hy the expected balance inlhe
capitalized interest fund aller such first intcrest and/or principal payment (lhe
"Capitalized Interest Credit'~.
15.
The Special Tax prepayment is equal to the sum of the amounts computed pursuant
to paragraphs 4, 5, 7, II and 12, less the amounts computed pmsuant to
parngraphs 13 and 14 (the "Prepayment Amount").
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16. From the Prepayment Amount, the amounts computed pursuant to parngraphs 'I, 5,
II, 13 and 14 shall be deposited into the appropriate limd as established under the
Indentnre and be used to retire Outstanding Bonds or make dcbt servicc payments.
The amount computed pursuant to paragraph 7 shall be deposited into the
constl1lction fund. The amount computed pursuant to paragraph 12 shall he retaincd
by CFO No. 2002-01.
The Prepayment Amount may be sufficient to redeem other than a $5,000 increment or
Bonds. In such cases, the increment above $5,000 or integral multiple thereof will be
retained in the appropriate fund estahlishcd under the Indenture to be used with the next
prepayment ofbolllls or to make dcbt service payments.
As a result of the payment of the current Fiscal Year's Specilll Tax levy as detenl1ined under
parngraph 9 (ahove), the CFO Adminish'ator shall remove tht: current Fiscal Year's Sp<,cial
Tax levy lor such Assessor's Pm'ccl from the County tax rolls. With respect to any
Assessor's Parcel that is prepaid, tht: Council shall cause a suitable notice to be recorded in
compliance with the Act, to indicate the prepayment ofSpecilll Taxes and the relellse orthe
Special Tax lien on such Assessor's Parcel, and the obligation or such Assessor's Parcel to
pay the Special Tax shall cease.
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Notwithstanding the foregoing, no Special Tax prepayment shall be allowed unless tht:
amount or Assigned Speciul Taxes that may be levied on Taxable Propel'ty within CFO No.
2002-0 I hoth prior to and aller the proposed prepayment is alleasl 1.1 times the maximum
. annual deht st:rvice on all Outstanding Bonds.
2. l'l'cpayml'nt in 1):11'1
The Special Tax on an Assessor's Parcel of Oeveloped Property or an Assessor's
1'1Ircel of Undeveloped Property for whidl a building pe1l11it has been issued may he
partially prepaid. The amount of the prepayment shall be calculated as in Section
H.t; except that a partial prepayment shall be calculated according to the lallowing
lormula:
PP = p" x F.
These tenl1S have the following meaning:
1'1'=
I' =
Ii
F=
the partilll prepayment
the Prepayment Amollnt calcllllll~d according to Section H.I
the percentage by which the owner of the Assessor's Parcel(s) is
partially prepaying the Special Tax.
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Ordinance Number /~?O
The owner of any Assessor's Parcel who desires such prepayment shull notify the
CFO Adminisrrulor of such owner's intent to partially prepay the Special Tax and lhe
percentage by which the Special Tax shall be prcpuid. The CfoO Administrator shull
provide the owncr with a slulcment of the amounl required for the partial prepayment
of the Special Tux tor an Assessor's Parcel withinthirly (30) days of the requtlstund
may charge a reasonable fee for providing this service. With respect to any
Assessor's Purcel that is pUl1ially prepaid, the City shall (i) dislribute the funds
remilled to it according to Section H.l, ami (ii) indicate in the records of CfoO No.
2002-0 I that there has been a partial prepayment oflhe Speciul Tax alllltllllt a pOl"lion
of the Special Tux with respect to such Assessor's Parcel, equul 'to the outstUluling
perccnluge (1.00 - F) of the remaining Maximum Special Tax, shall continue tll be
levied on such Assessor's Parcel pursuunt to Section O.
J.
TlmM OF Sl'EC1AL TAX
The Special Tax shall bc levied for the period necessary to fully satisfy the Special Tax
Requirement, bnt in no cvent shall it be levied aller Fiscal Year 2042-43.
Ordinance Number /L/ 9"
PROOF OF PUBLICATION
" (2015.5 C.C.P.)
STATE OF CALIFORNIA,
County of Orange
This space is for the County
Clerk's Filing Stamp
I am a citizen of the United States
and a resident of the county afore-
said; I am over the age of eighteen
years. and not a party to or inter-
ested in the above-entitled matter.
I am the principal clerk of the printer
of the SEAL BEACH Sl,I.N, a
newspaper of general circulation.
printed and published weekly in the
City of Seal Beach, County of
Orange and which newspaper has
been adjudged a newspaper of
general circulation by the Supe"rior
Court of the County of Orange, State
of California, under the date of
2/24/75. Case Number A82583; that
the notice of which the annexed is a
printed copy (set in type not smaller
than nonpareil), has been published
in each regular and entire issue of
said newspaper and not in any
supplement thereof on the following
dates, to-wit:
to! l 0
all in the year 2002.
Proof of Publication of
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...............................................
...............................................
" SUMMARY
, OROINANCE NUMBER 1410-
" COMMUNITY FACILmES
, OISTRICT (HERON POINTE~
Ordinance Number 1490 of the
0' Seal Beach e_ the CIIy COIln
of the CIty 0' Seal beach, ecting In Ita
- eo theleolslaUve bodY of lI1e
City of Seal Beech Convnunlly Fecll-
Itle. District No. 2002-1 (Heron
Pomtel..1o levy e speclel Tox within
lI1et district pursusnt 10 the Mello-_
Community facflities Act of 1982. as
amended, to finance certain public
FacillUes. Ordinance Number 1490
was Introduced at the regular Clly
Council meeting of Seplember 23rd.
2002 and first reading was apProved
by the following vote:
AYES. Antos, Cempoll, Ooene,l.e~
son, Yost
NOES: None Mabon Canted
0lduIance Number 1490 wUI receive
second reeding end be cons_d for
adoption at the regular
City COUncd meeting of October 14th,
2002. Copies of Ordinance Number
1490 are avallab.le from the offJce of
the CIIy Cleric, CIty Hell, 211 81h
Street. Seal Beech; .
leIe""one (562) 431-2527
"OAtEO THIS 3'" dey of October,
2002 ." "
Joanne M. Yea, City Clerk
CIIy of SeeI Beech
I
I certify (or declare) under penalty of
perjury that the foregoing is true and
correct.
Dated .at Seal Beach, CA.
this \ VI day of Oc fo ~I, 2002.
~~ ,VIA, {) ~15
ature
PUBLICATION PROCESSED BY:
THE SEAL BEACH SUN
216 Main Street
Seal Beach, CA 90740
(562) 430-7555
I
I
I
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Ordinance Number )41~t'
PROOF OF PUBLICATION
(2015.5 C.C.P.)
STATE OF CALIFORNIA,
~ County of Orange
This space is for the County
Clerk's Filing Stamp
I am a citizen of the United States
and a resident of the county afore-
said; I am over the age of eighteen
years, and not a party to or inter-
ested in the above-entitled matter.
I am the principal clerk of the printer
of the SEAL BEACH SUN, a
newspaper of general circulation,
printed and published weekly in the
City of Seal Beach, County of
Orange and which newspaper has
been adjudged a newspaper of
general circulation by the Superior
Court of the County of Orange, State
of California, under the date of
2/24/75. Case Number A82583; that
the notice of which the annexed is a
printed copy (set in type not smaller
than nonpareil), has been published
in each regular and entire issue of
said newspaper and not in any
supplement thereof on the following
dates, to-wit:
Proof of Publication of
...............................................
...............................................
, -
SEAL BEACH
PUBLIC NOTICES
SUMMARY
ORDINANCE NUMBER 1.-
COMMUNITY FACIUTlES
DISTRICT (HERON POINTEI
Ordinance Number 1490 of the City
of Seal Beach allows the Ctty council
of the City of Seal beach, &ClIng In lis
CIlpOCIIy as the IegIs/aUva body of lha
C!1y of Saal Baach Community Facti.
Itres District No. 2002-1 (Heron
Polnle), to levy I special tax Within
lhat dIaiitct PUIlUllnlIo lha MalIo-Rooa
Community FaclliUes Act of 1982 .1
amended. to hnance cenaln public
facilities. Ordinance-Number 1490
received second feadlng and was
adopIad by 1110 CIty CouIlCll at the rag_
ular meeUng thereof held on OcIob8r
14lh, 2002 by the following VOla'
AYES: AnIoa, Campen, Deana La.-
- ~ '
NOES: Yoat MotIon Carrfad
Copies of Ordinance Number 1490
BIB _from the oflico of the City
Clark, City HaD. 211 BII1 SOnl SaaI
Baach: laIephona (582) 431-2527 '
DATED THIS 23rd day of 0c:t0IM..
2002 : '
Joanna M. Va", City Clark .
ClIy of SaaI Baach .
Ib{~ (
all in the year 2002,
I certify (or declare) under penalty of
perjury that the foregoing is true and
correct.
Dated at Seal Beach, CA, (
this~day of ct~ \ ,2002.
ignature
PUBLICATION PROCESSED B;r':
THE SEAL BEACH SUN
216 Main Street
Seal Beach, CA 90740
(562) 430-7555