Resolution No. 5974191
RESOLUTION NO. 5974
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
2006 -2007 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 et seg.), 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 Ionger, 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 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
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; and
WHEREAS, on January 24, 1994, the City Council acting in its capacity as Legislative body of
the District, adopted Resolution 4275 authorizing the issuance, sale and delivery of refunding
bonds; and
WHEREAS, on February 22, 1994, the refunding bonds were sold; and
WHEREAS, on March 8, 2004, the City Council acting in its capacity as Legislative body of the
District, adopted Resolution 5746 authorizing the issuance, sale and delivery of special tax
refunding bonds; and
WHEREAS, on June 3, 2004, the special tax refunding bonds were sold; and
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 2006 -07 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 of the
Ordinance the special taxes for fiscal year 2006 -07 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 2006 -07 and other supporting documentation as may be required to place said
special taxes on the secured property tax roll for fiscal year 2006 -07 and to perform all other acts
which are required by the Act of 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 24th day of July, 2006.
ATTEST;
CITY CLERK OF THE CITY OF CYPRESS
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192
STATE OF CALIFORNIA )ss
COUNTY OF ORANGE )
193
I, DENISE BASHAM, Acting 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 24th day of July, 2006, by the following roll call vote:
AYES: 5 COUNCILMEMBERS: McCoy, McGill, Seymore, Luebben and Sondhi
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
ABSTAIN: 0 COUNCILMEMBERS: None
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CITY CLERK OF THE CITY OF CYPRESS
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194
Attachment "A"
CITY OF CYPRESS
COMMUNITY FACILITIES DISTRICT NO. 1
(SORRENTO HOMES)
2006/2007 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 2006 -07 Special Tax Rate per unit are
as follows:
Zone A
Zone B
Undeveloped Property
Maximum Special FY 2006 -07
Tax Rate Special Tax Rate
$2,151.00 per unit
2,581.00 per unit
20,000.00 per acre
$1,429.96 per unit
1,715.82 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"
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