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HomeMy WebLinkAbout95-54 - Levying Special Taxes Within the City of Newport Beach Special Improvement District 95-1 (CIOSA)ORDINANCE NO. 95 -54 ORDINANCE OF THE CITY OF NEWPORT BEACH LEVYING SPECIAL TAXES WITHIN THE CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95 -1 ( CIOSA) WHEREAS, on May 8, 1995, the City Council adopted a resolution entitled "A Resolution •of the City Council of the City of Newport Beach Declaring Intention to Establish a Special Improvement District and to Authorize the Levy of Special Taxes" (the 'Resolution of Intention ") stating its intention to establish the City of Newport Beach Special Improvement District No. 95 -1 ( CIOSA) (the 'District "), pursuant to the City of Newport Beach Special Improvement District Financing Code (the "Code "), to finance certain facilities (the "Facilities "); WHEREAS, notice was published as required by the Code relative to the intention of this City Council to form the District and to provide for the Facilities; WHEREAS, the City Council has held a noticed public hearing as required by the Code relative to the determination to proceed with the formation of the District and the rate and method of apportionment of the special tax to be levied within the District to finance a portion of the costs of the Facilities; WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the District and the levy of said special taxes were heard, substantial evidence was presented and considered by the City Council and a full and fair hearing was held; WHEREAS, subsequent to said hearing, the City Council adopted resolutions entitled "A Resolution of the City Council of the City of Newport Beach of Formation of the City of Newport Beach Special Improvement District No. 95 -1 ( CIOSA), Authorizing the Levy of a Special Tax Within the District and Preliminarily Establishing an Appropriations Limit for the District" (the "Resolution of Formation "), "A Resolution of the City Council of the City of Newport Beach Determining the Necessity to Incur Bonded Indebtedness Within the City of Newport Beach Special Improvement District No. 95 -1 ( CIOSA)" and "A Resolution of the City Council of the City of • Newport Beach Calling Special Election for the City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) ", which resolutions established the District, authorized the levy of a special tax with the District, and called an election within the District on the proposition of incurring indebtedness, levying a special tax, and establishing an appropriations limit within the District, respectively; WHEREAS, an election was held within the District in which the eligible landowner electors approved said propositions by more than the two- thirds vote required by the Code; WHEREAS, subsequent to said election, the City Council adopted resolutions entitled "A Resolution of the City Council of the City of Newport Beach of Consideration To Alter the Rate And Method of Apportionment of an Existing Special Tax" and "A Resolution of the City Council of the City of Newport Beach Calling Special Election Regarding Alterations to the Rate and Method of Apportionment of Special Taxes for the City of Newport Beach Special Improvement District No. 95 -1 ( CIOSA)" (the 'Resolution Regarding Alterations "), proposing to alter the rate and method of apportionment of the special tax for the District and calling for a special election of the qualified electors within the District; and WHEREAS, an election was held within the District in which the eligible landowner electors approved by more than the two- thirds vote required by the Code the proposition to alter the rate and method of apportionment of the special tax to be levied in the District; THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH ORDAIN AS FOLLOWS: • Section 1. By the passage of this Ordinance the City Council hereby authorizes and levies special taxes within the District pursuant to Sections 319 and 601 of the Code, at the rate and in accordance with the method of apportionment set forth in Exhibit A to the Resolution Regarding Alterations (the "Amended and Restated Rate and Method of Apportionment "). The special taxes are hereby levied commencing in fiscal year 1995 -96 and in each fiscal year thereafter until the earlier of (i) the date on which the CIOSA District Improvement Fund Requirement (as defined in the Amended and Restated Rate and Method of Apportionment) has been reduced to zero and there are no bonds of the City issued for the District (the 'Bonds ") outstanding, or (iii) the fiscal year ending June 30, 2036. Section 2. The Finance Director of the City is hereby authorized and directed each fiscal year to determine the specific special tax rate and amount to be levied for the next ensuing fiscal year for each parcel of real property within the District, in the manner and as provided in the Amended and Restated Rate and Method of Apportionment. Section 3. Properties or entities of the State, federal or local governments shall be exempt from any levy of the special taxes, to the extent set forth in the Amended and Restated Rate and Method of Apportionment. In no event shall the special taxes be levied on any parcel within the District in excess of the maximum tax specified in the Amended and Restated Rate and Method of Apportionment. Section 4. All of the collections of the special tax shall be used as provided for in the Code, • the Amended and Restated Rate and Method of Apportionment and the Resolution of Formation including, but not limited to, the payment of principal of and interest on the Bonds, the payment of the costs of the Facilities, the replenishment of the reserve fund for the Bonds, the payment of the costs of the City in administering the District and the costs of collecting and administering the special tax. Section 5. The special taxes shall be collected from time to time as necessary to meet the financial obligations of the District on the secured real property tax roll in the same manner as ordinary ad valorem taxes are collected. The special taxes shall have the same lien priority, and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem taxes. In addition, the provisions of Section 713 of the Code shall apply to delinquent special tax payments. The Finance Director of the City is hereby authorized and directed to provide all necessary information to the auditor /tax collector of the County of Orange and to otherwise take all actions necessary in order to effect proper billing and collection of the special tax, so that the special tax shall be levied and collected in sufficient amounts and at the times necessary to satisfy the financial obligations of the District in each fiscal year. Notwithstanding the foregoing, the Finance Director of the City may collect one or more installments of the special taxes by means of direct billing by the City of the property owners within the District if, in the judgment of the Finance Director, such means of collection will reduce the administrative burden on the City in administering the District or is otherwise appropriate in the circumstances. In such event, the special taxes shall become delinquent if not paid when due as set forth in any such respective billing to the property owners. • Section 6. If for any reason any portion of this Ordinance is found to be invalid, or if the special tax is found inapplicable to any particular parcel within the District, by a court of competent jurisdiction, the balance of this Ordinance and the application of the special tax to the remaining parcels within the District shall not be affected. is Section 7. This Ordinance shall be in full force and effect from and after the date of its adoption. APPROVED AND ADOPTED by the City Council of the City of Newport Beach on October 19, 1995 by the following vote to wit: AYE: EDWARDS, WATT, DEBAY, HEDGES, COX, GLOVER, O'NEIL NOES: NONE ABSENT: NONE ABSTENTION: NONE John W. Hedges, Mayor A **oar