HomeMy WebLinkAboutResolution - 1819 RESOLUTION NO. 1819
1 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JACINTO,
CALIFORNIA, SPECIFYING CONDITIONS FOR THE PREPAYMENT OF SPECIA
2 TAXES WITHIN A COMMUNITY FACILITIES DISTRICT ✓
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�. ` THIS RESOLUTION IS ADOPTED WITH REFERENCE TO THE FOLLOWING
FACTS:
1
WHEREAS , the CITY COUNCIL of the CITY OF SAN JACINTO,
CALIFORNIA, has previously anderta:-ten proceedings and formed a
Community Facilities District pursuant to the terms and provi-
sinns of the "Mello-Roos Community Facilities Act of 196211,
7 being Chapter 2 . 5, Fart 1 . ❑ivisicn 7 , Title 5 of the Government
Code of the 5tate of California. This Community Facilities
3 District is known and designated as COMMUNITY FACILITIES
DISTRICT NO. 2 ( hereinafter referred to as the "Distric' " ) ; and,
1
of
t WHRRRAS, following approval by the qualified electors of the
10 District , the legislative body did enact Ordinance No. 354 autho-
rizing the levy of a special tax, as further described therein,
11 within the District; and,
12 WHEREAS, this legislative body now desires to specify condi-
tions under which the obligation to pay said special tax may be
13 prepaid and premanently satisfied.
14 NOW, THEREFORE, DE IT RESOLVED, by the city Council of the
City of San Jacinto, in regular session, this 18th day of April,
15 1969 as follows:
16 1. That the above recitals are all true and correct .
17 2 . That this legislative body does hereby establish that theme
special tax for any parcel may be prepaid and permanently
18 satisfied at any time upon the payment to the District of
the present value of said special tax obligation as of the
10 date of prepayment as set forth in Exhibit "A" attached
hereto and incorporated herein by this reference.
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3. The City Clerk shall certify to the adoption of this
21 Resolution .
22
MOVED, PASSED AND ADOPTED AT A REGULAR MEETING OF SAID CITY
23 COUNCIL duly held the 18th day of April, 1989 .
24 ATTEST:
25 Mayor
26
Zp;_uty City Clerk
27
28 CERTIFICATE
29 The foregoing is certified to be a true copy of a Resolution
duly adopted by said City Council of the City of San Jacinto on
30 the date therein set forth.
31 ATTEST:
32
n a�
eputylcity Clerk
'JITY OF LAN JACINTO
COMMUNITY FACILITIES UISTRICT Na. 2
'�► 2 EXHIBIT "A"
SPECIAL TAX PREPAYMENT FORMULA
t
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The obligation to pay the special taxes designated herein may be
prepaid and permanently satisfied an fcllows:
O 1. PROPERTIES SUBJECT TO SPECIAL TAR "A" .
V
7 'Phis special tax obligation may be prepaid by payment to the
District of the present value of the maximum Special Tax "A"
applicable to the parcel for which the tax is to be prepaid
for a term of 25 years . The present value shall be
calcu-lated using an S% diaCVUnt rate.
IE
PROPERTY ACQUIRED BY A PUBLIC AGENCY .
11 A prepayment for property acquired by a public agency shall
be calculated utilizing the Acreage Rate. The prepayment
12 amount shall equal the present aalue of the maximun Acreage
Rate to the applicable property for a period of 25 years,
13 utilizing an 8% discount factor. An exception tc the use of
the Acreage Rate is created for a designated echonl site,
14 the prepayment of which shall be cal_ulated based upon the
application of Speclal Tax "A" and assuming 4. 5 dwelling
15 units per acre.
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