Resolution No. 42284C3
57259.1
RESOLUTION NO. 4228
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
1993 -1994 WITHIN SUCH COMMUNITY FACILITIES
DISTRICT
WHEREAS, on August 6, 1990, the City Council of the City of Cypress,
California (the "City Council "), adopted Resolution No. 3800 stating its intention to form
Community Facilities District No. 1 (Sorrento Homes) of the City of Cypress (the
"District ") pursuant to the Mello -Roos Community Facilities Act of 1982 (California
Government Code Sections 53311 el sec .), 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 the Act 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 levying a special
tax and established appropriation limits for the District; and
WHEREAS, on September 10, 1990, the City Council acting as the Legislative
body of the District 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
WHEREAS, on September 10, 1990, an election was held within the District at
which time the qualified electors unanimously approved the propositions for incurring
bonded indebtedness not to exceed $15,500,000, levying a special tax as set forth in
Resolution No. 3820 and establishing an appropriations limit for the District; and
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4E9
WHEREAS, on September 10, 1990, the City Council acting in its capacity as
the Legislative body of the District, adopted Resolution No. 3823 which declared the
results of the election conducted by the Election Official, which results showed that the
votes cast were unanimously in favor of the propositions to incur bonded indebtedness,
to levy the special tax and established an appropriations limit for the District; and
WHEREAS, on September 24, 1990, the City Council acting in its capacity as
the Legislative body of the District, 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 acting in
its capacity as the Legislative body of the District, levy and collect the special taxes for
fiscal year 1993 -94 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 1993 -1994 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 a certified list of all parcels subject to the special tax levy including the
amount of the tax to be levied on each parcel for fiscal year 1993 -94 and other
supporting documentation as may be required to place said special taxes on the secured
property tax roll for fiscal year 1993 -94 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.
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470
57259.1
PASSED AND ADOPTED by the City Council of the City of Cypress,
California, at a regular meeting held on the 9th day of August , 1993.
ATTEST:
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 9th day of August , 1993, by the
following roll call vote:
AYES: 4 COUNCILMEMBERS: Bowman, Nicholson, Partin and Kerry
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN: 1 COUNCILMEMBERS: Age
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CITY CLE1 K
471
EXHIBIT "A"
CITY OF CYPRESS
COMMUNITY FACILITIES DISTRICT NO. 1
(SORRENTO HOMES)
1993/94 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 1993/1994 Special
Tax Rate per unit are as follows:
Zona A
Zone B
Undeveloped Property
Maximum Special 1993/1994
Tax Rate Special Tax Rate
$2,151.00 per unit
2,581.00 per unit
20,000.00 per acre
$1,715.59 per unit
2,058.55 per unit
per acre*
Property designated as open space on a recorded tract map is exempt
from the special tax.
*NOTE: The District no longer contains property designated as
"Undeveloped Property."
41`?
COMMUNITIES FACILITIES DISTRICT NO. 1
City of Cypress
Sorrento Homes
Amount to Collect Fiscal Year 1993 -94
Principal due 9/1/94
Interest due 3/1/94 556,823
Interest due 9/1/94 556,823
WILLDAN ASSOCIATES
2_ 2o,Qee
Total Debt Service 93/94 1,333,645
Reserve Earnings (110,230)
Administration:
Levy of Special Tax 4,050
Trustee Fees 6,000
Arbitrage Rebate Calculation 1,500
Delinquency Tracking 1,200
Property Owner Inquiries 750
City Administration 1500
Resolution Preparation 5000
Total Administration
Amount to collect 1993/94
Fiscal Year 1993/94 Special Tax Rates
20,000
1,243,415
# of Max Spec Max Coll Amount # of 1993/94
Zone Units Tax Rate Amount 1993/94 Units Rates
A 402 2,151.00 864,702 689,666.28 402 1,715.59
B 269 2,581.00 694,289 553,748.82 269 2,058.55
Total 671 4,732.00 1,558,991 1,243,415.11 671