Resolution No. 39623 J J
RESOLUTION NO 3962
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 AUTHORIZING THE LEVY OF A
SPECIAL TAX FOR FISCAL YEAR 1991-1992
WITHIN SUCH COMMUNITY FACILITIES DISTRICT
WHEREAS on August 6, 1990 the City Council (the
'City Council ) of the City of Cypress California (the
'City') 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, 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
rf P1
a
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 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
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 1991-92 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
correct
The above recitals are all true and
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 1991-1992 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 1991-1992 and to perform
all other acts which are required by rhe Act or the
Ordinance in order to accomplish the purpose 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 8th
day of July 1991
ATTEST
1/1
T CLERK
CITY OF CYPRESS CALIFORNIA
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 8th day of July 1991
by the following roll call vote
AYES 4 COUNCIL MEMBERS
NOES 0 COUNCIL MEMBERS
ABSENT 0 COUNCIL MEMBERS
ABSTAINED 1COUNCIL MEMBERS
Kerry, Nicholson, Partin and Bowman
None
None
Age
ib;Lrf
CIT CLERK
EXHIBIT A
CITY OF CYPRESS
COMMUNITY FACILITIES DISTRICT NO. 1
(SORRENTO HOMES)
1991/1992 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 8.
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 1991/1992 Special Tax Rate per unit
are as follows:
Zone A
Zone B
Undeveloped Property
Maximum Special 1991/1992 Special
Tax Rate Tax Rate
$2,151.00 per unit $1,231.51 per unit
2,581.00 per unit 1 477.70 per unit
20,000.00 per acre 0.00 per acre
Property designated as open space on a recorded tract map is exempt from the special tax.
COMMUNITIES FACILITIES DISTRICT NO. 1 WILLDAN ASSOCIATES
City of Cypress 06/09/91
(Sorrento Homes) aml
Amount to Collect FY 1991-92
Principal due 9/1/92 $190,000
Interest due 3/1/92 (Capitalized) 0
Interest due 9/1/92 570410
Total Debt Service 91/92
Reserve Earnings
Administration:
Levy of Special Tax 8,500
Trustee Fees 4,000
Arbitrage Rebate Calculation 3,000
City Administration (property owner inquiries) 4 500
Total administration
Contingency for Delinquency
$760,410
(65,025)
20,000
38.022
Amount to collect 1991/92 $753,408
FY 1991-92 Special Tax Rates
# of Max Spec Max Coll Amount # of 1991-92 Check
Zone Units Tax Rate Amount 1991-92 Units Rates Total
A 289 2,151.00 621,639 355,906.71 289 1,231.51 355,906.39
S 269 2,581.00 694,289 397,500.98 269 1477.70 397.501.30
Total 1,315,928 753,407.69 558 753,407.69