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Resolution No. 4093RESOLUTION NO. 4093 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 1 (SORRENTO HOMES) OF THE CITY OF CYPRESS, CALIFORNIA, AUTHORIZING THE LEVY OF A SPECIAL TAX FOR FISCAL YEAR 1992 -1993 WITHIN SUCH COMMUNITY FACILITIES DISTRICT WHEREAS, on August 6, 1990, the City Council of the City of Cypress, California (the "City Council "), acting as the legislative body of the Community Facilities District No. 1 (Sorrento Homes) of the City of Cypress (the "District ") adopted Resolution No. 3800 stating its intention to form the District pursuant to the Mello -Roos Community Facilities Act of 1982 (California Government Code Sections 53311 et seq.), as amended (the "Act "); and WHEREAS, on August 6, 1990, the City Council adopted Resolution No. 3801 stating its intention to incur bonded indebtedness in an amount not to exceed $15,500,000 within the proposed District for the purpose of financing the construction, acquisition, modification, expansion or rehabilitation of certain real and other tangible property with an estimated useful life of five (5) years or longer, including the funding, financing, construction, rehabilitation, installation and acquisition of certain public facilities and appurtenances including streets and highways, drainage facilities, sewer facilities, traffic and safety lighting facilities, parkway landscaping improvements and school facilities, together with appurtenances and appurtenant work, including equipment, real property and other property and the incidental expenses to be incurred in connection therewith, all as more fully described in Resolution No. 3820 adopted by the City Council on September 10, 1990 (the "Facilities ") to serve the area within the District; and WHEREAS, on September 10, 1990, the City Council held a noticed public hearing as required by law to determine whether it should proceed with the formation of the District, issue bonds to pay for the Facilities, creating or replenishing any necessary reserve funds paying the annual costs associated with the bonds proposed to be issued to finance the Facilities, including, but not limited to, the principal and interest on the bonds, and paying any incidental expenses of the District as set forth in the Act and Resolution Nos. 3800 and 3801; and WHEREAS, on September 10, 1990, the City Council adopted Resolution No. 3820 which established the District, authorized the levy of a special tax within the District and called an election within the District on the proposition of incurring bonded indebtedness and levying a special tax; and WHEREAS, on September 10, 1990, the City Council also adopted Resolution No. 3821 which determined the necessity to incur bonded indebtedness in an amount not to exceed $15,500,000 within the District and called for an election on the proposition of incurring bonded indebtedness and levying a special tax; and WHEREAS, on September 10, 1990, an election was held within the District at which time the qualified electors approved by more than a two - thirds (2/3) vote the proposition of incurring bonded indebtedness not to exceed $15,500,000 and levying a special tax as set forth in Resolution No. 3821; and WHEREAS, on September 10, 1990, the City Council adopted Resolution No. 3823 which certified the results of the election conducted by the Election Official, which results showed that more than two - thirds (2/3) of the votes cast were in favor of the proposition to incur bonded indebtedness and levy the special tax; and r" WHEREAS, on September 24, 1990, the City Council adopted Ordinance No. 855 (the "Ordinance ") which provided for the levying and collection of special taxes within the District, as provided in the Act and the Ordinance; WHEREAS, it is now necessary and appropriate that the City Council levy and collect the special taxes for fiscal year 1992 -93 for the purpose specified in the Ordinance by the adoption of a resolution as specified by the Act and the Ordinance; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CYPRESS, CALIFORNIA, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 1 (SORRENTO HOMES) OF THE CITY OF CYPRESS DOES ORDAIN AS FOLLOWS: SECTION 1. The above recitals are all true and correct. SECTION 2. In accordance with the Act and the Ordinance, there is hereby levied upon all parcels within the District which are not otherwise exempt from taxation under the Act or the Ordinance the special taxes for fiscal year 1992 -1993 at the tax rates set forth in the report attached hereto and incorporated herein as Exhibit A, which rates do not exceed the maximum rates set forth in the Ordinance. After adoption of this Resolution, the District may make any necessary modifications to these special taxes to account for unforeseen circumstances; provided, however, that any such modifications shall not result in an increase in the tax applicable to a category and can only be made prior to the submission of the tax roll to the Orange County Treasurer -Tax Collector. SECTION 3. The special tax shall be collected in the same manner as ordinary ad valorem taxes are collected and shall be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem taxes as such procedure may be modified by law or by the City Council from time to time. SECTION 4. The City Clerk is hereby authorized to transmit a certified copy of this resolution and the attached report to the Orange County Treasurer -Tax Collector, together with other supporting documentation as may be required to place said special taxes on the secured property tax roll for fiscal year 1992 -93 and to perform all other acts which are required by the Act or the Ordinance in order to accomplish the purposes of this Resolution. SECTION 5. This resolution relating to the levy of the special tax shall take effect immediately upon its final passage in accordance with the provisions of Government Code Section 53340, as amended. SECTION 6. The City Clerk shall certify the adoption of this Resolution. PASSED AND ADOPTED by the City Council of the City of Cypress, California, at a regular meeting held on the 13th day of July , 1992. ATTEST: CITY CLER — 2 — CITY OF CYPRESS, CALIFORNIA MAYOR 1 ?3 STATE OF CALIFORNIA ) ) ss COUNTY OF ORANGE I, DARRELL ESSEX, City Clerk of the City of Cypress, California, DO HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the said City Council held on the 13th day of July , 1992, by the following roll call vote: AYES: NOES: ABSENT: ABSTAIN: 4 COUNCILMEMBERS: Bowman, Kerry, Nicholson and Partin 0 COUNCILMEMBERS: None 0 COUNCILMEMBERS: None 1 COUNCILMEMBERS: Age 3 TY CLE 134 EXHIBIT A CITY OF CYPRESS COMMUNITY FACILITIES DISTRICT NO. 1 (SORRENTO HOMES) 1992/1993 SPECIAL TAX LEVY The Community Facilities District has been divided into three types of taxable property: Zone A: Lots designated in the Sorrento Specific Plan and the Vesting Tentative Tract Map 13228 as a minimum 5,000 square foot lot and shown on the District Boundary Map as a part of Zone A. Zone B: Lots designated in the Sorrento Specific Plan and the Vesting Tentative Tract Map 13228 as a minimum 6,000 square foot lot and shown on the District Boundary Map as a part of Zone B. Undeveloped Property: Property within the District without a recorded tract map as of March 1 of the preceding fiscal year. The Maximum Special Tax Rate and the fiscal year 1992/1993 Special Tax Rate per unit are as follows: Zone A Zone B Undeveloped Property tax. Maximum Special 1992/1993 Tax Rate Special Tax Rate $ 2,151.00 per unit 2,581.00 per unit 20,000.00 per acre $ 1,830.11 per unit 2,195.97 per unit per acre* Property designated as open space on a recorded tract map is exempt from the special *NOTE: The District no longer contains property designated as "Undeveloped Property ".