HomeMy WebLinkAbout95-74 - Special Improvement District 95-1 - CIOSARESOLUTION NO. 95- 74
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
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 form 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 ");
WHEREAS, the Resolution of Intention, incorporating a map of the proposed boundaries of
the District and stating the facilities to be provided, the estimated maximum cost of providing such
facilities, and the rate and method of apportionment of the special tax to be levied within the District
to pay for said facilities and the principal of and interest on bonds proposed to be issued with respect
to the District, is on file with the City Clerk and the provisions thereof are incorporated herein by this
reference as if fully set forth herein;
WHEREAS, on this date, the City Council held a noticed public hearing as required by the
Code and the Resolution of Intention relative to the proposed formation of the District;
WHEREAS, at said hearing all interested persons desiring to be heard on all matters pertaining
to the formation of the District, the facilities to be provided therein and the levy of said special tax
were heard and a full and fair hearing was held;
WHEREAS, at said hearing evidence was presented to the City Council on said matters before
• it, including a report by the Director of Public Works /City Engineer (the 'Report ") as to the facilities
to be provided through the District and the costs thereof, a copy of which is on file with the City
Clerk, and the City Council at the conclusion of said hearing is fully advised in the premises;
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WHEREAS, written protests with respect to the formation of the District, the furnishing of
specified types of facilities and the rate and method of apportionment of the special taxes have not been
filed with the City Clerk by fifty percent (50 %) or more of the registered voters residing within the
territory of the District or property owners of one -half (1/2) or more of the area of land within the
• District and not exempt from the special tax; and
WHEREAS, the special tax proposed to be levied in the District to pay for the proposed
facilities to be provided therein, as set forth in Exhibit A hereto, has not been eliminated by protest
by fifty percent (50%) or more of the registered voters residing within the territory of the District or
the owners of one -half (1/2) or more of the area of land within the District and not exempt from the
special tax.
follows:
Now, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach as
Section 1. The foregoing recitals are true and correct.
Section 2. The proposed special tax to be levied within the District has not been precluded
by majority protest pursuant to Section 310 of the Code.
Section 3. All prior proceedings taken by the City Council in connection with the
establishment of the District and the levy of the special tax have been duly considered and are hereby
found and determined to be valid and in conformity with the requirements of the Code.
Section 4. The special improvement district designated the "City of Newport Beach Special
Improvement District No. 95 -1 (CIOSA)" is hereby established pursuant to the Code.
Section 5. The boundaries of the District, as set forth in the map of the District heretofore
• recorded in the Orange County Recorder's Office in Book 68 at pages 26 through 35 of Maps of
Assessment and Community Facilities Districts, are hereby approved, are incorporated herein by
reference and shall be the boundaries of the District.
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Section 6. The type of public facilities proposed to be financed by the District and pursuant
to the Code shall consist of those items listed as facilities on Exhibit A to the Resolution of Intention
and by this reference incorporated herein (the "Facilities ").
Section 7. Except to the extent that funds are otherwise available to the District to pay for
• the Facilities and/or the principal and interest as it becomes due on bonds of the District issued to
finance the Facilities, a special tax sufficient to pay the costs thereof, secured by a continuing lien
against all non - exempt real property in the District, will be levied annually within the District, and
collected in the same manner as ordinary ad valorem property taxes or in such other manner as this
City Council or its designee shall determine, including direct billing of the affected property owners.
The proposed rate and method of apportionment of the special tax among the parcels of real property
within the District, in sufficient detail to allow each landowner within the proposed District to estimate
the probable maximum amount such owner will have to pay, are described in Exhibit A attached
hereto and by this reference incorporated herein.
Section 8. It is hereby found and determined that the Facilities are necessary to meet increased
demands placed upon local agencies as the result of development or rehabilitation occurring in the
District.
Section 9. The Finance Director of the City of Newport Beach, 3300 Newport Boulevard,
Newport Beach, California 92663, telephone number (714) 644 -3311, is the officer of the City which
will be responsible for preparing annually a current roll of special tax levy obligations by assessor's
parcel number and which will be responsible for estimating future special tax levies pursuant to Section
601 of the Code.
Section 10. Upon recordation of a notice of special tax lien pursuant to Section 3114.5 of the
California Streets and Highways Code, a continuing lien to secure each levy of the special tax shall
attach to all nonexempt real property in the District and such lien shall continue in force and effect
until the special tax obligation is prepaid and permanently satisfied and the lien canceled in accordance
• with law or until collection of the tax by the City ceases.
Section 11. In accordance with Section 315 of the Code, the annual appropriations limit, as
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•
defined by subdivision (h) of Section 8 of Article XIII B of the California Constitution, of the District
is hereby preliminarily established at $29,000,000 and said appropriations limit shall be submitted to
the voters of the District as hereafter provided. The proposition establishing said annual appropriations
limit shall become effective if approved by the qualified electors voting thereon and shall be adjusted
in accordance with the applicable provisions of Section 315 of the Code.
Section 12. Pursuant to the provisions of the Code, the proposition of the levy of the special
tax and the proposition of the establishment of the appropriations limit specified above shall be
submitted to the qualified electors of the District at an election the time, place and conditions of which
election shall be as specified by a separate resolution of the City Council.
Section 13. This Resolution shall take effect immediately upon its adoption.
APPROVED and ADOPTED by the City Council of the City of Newport Beach on June
12, 1995.
ATTEST:
Wanda City Clerr
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AJJJ�
John W. Hedges, Mayor
EXHIBIT A
CITY OF NEWPORT BEACH
SPECIAL IMPROVEMENT DISTRICT NO. 95 -1
• (CIOSA)
•
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX
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RECORDING REQUESTED BY AND pin R. fiF> ZE
AFTER RECORDATION RETURN TO:
City Clerk
City of Newport Beach
3300 Newport Boulevard
Newport Beach, CA 92663
• NOTICE OF SPECIAL TAX LIEN CONFORMED p COY
i'
Not Compared wit h Original
CITY OF NEWPORT BEACH
SPECIAL IMPROVEMENT DISTRICT NO. 95-1
(CIOSA)
Pursuant to the requirements of Section 3114.5 of the California Streets and
Highways Code and Section 320 of the City of Newport Beach Special Improvement District
Financing Code (the "Code "), the undersigned City Clerk of the City of Newport Beach (the
"City "), County of Orange, State of California, hereby gives notice that a lien to secure
payment of a special tax is hereby imposed by the City Council of the City. The special tax
secured by this lien is authorized to be levied for the purpose of paying the principal of and
interest on bonds, the proceeds of which are being used to finance the acquisition and
construction of public facilities described on Exhibit A attached hereto and hereby made a
part hereof.
The special tax is authorized to be levied within the City of Newport Beach Special
Improvement District No., 95 -1 (CIOSA) (the "District ") which has now been officially
formed and the lien of the special tax is a continuing lien which shall secure each annual
levy of the special tax and which shall continue in force and effect until the special tax
obligation is prepaid, permanently satisfied, and canceled in accordance with law or until
the special tax ceases to be levied and a notice of cessation of special tax is recorded in
accordance with Section 403 of the Code.
The rate, method of apportionment, and manner of collection of the authorized
special tax is as set forth in Exhibit B attached hereto and hereby made a part hereof.
Conditions under which the obligation to pay the special tax may be prepaid and
permanently satisfied and the lien of the special tax canceled are as set forth in Exhibit B
hereto.
Notice is further given that upon the recording of this notice in the office of the
County Recorder of the County of Orange, the obligation to pay the special tax levy shall
become a lien upon all nonexempt real property within the District in accordance with
Section 3115.5 of the California Streets and Highways Code.
The name(s) of the owner(s) and the assessor's tax parcel number(s) of the real
property included within the District and not exempt from the special tax are as set forth in
Exhibit C attached hereto and hereby made a part hereof.
Reference is made to the boundary map of the District recorded at Book 68 of Maps of
Assessment and Community Facilities Districts at Pages 26 through 35, in the office of the
County Recorder for the County of Orange, State of California, which map is now the final
boundary map of the District.
For further information concerning the current and estimated future tax liability of
owners or purchasers of real property subject to this special tax lien, interested persons
•should contact the Finance Director of the City of Newport Beach, 3300 Newport Boulevard,
Newport Beach, California, 92663, telephone number (714) 6443311.
Dated: July 3,1995
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EXHIBIT A
CITY OF NEWPORT BEACH
SPECIAL IMPROVEMENT DISTRICT NO. 95-1
(CIOSA)
•FACILITIES TO BE FINANCED
Facilities
The planned public improvements include the construction of various street
improvements, including access roads, sidewalks, street widening, signal relocations,
median rework and landscaping, and storm drain facilities, including all costs of
engineering, design, planning and coordination incident thereto. The facilities shall be
constructed, whether or not acquired in their completed states, pursuant to plans and
specifications approved by the City of Newport Beach and the applicable officials thereof.
Other
Bond related expenses, including underwriters' discount, appraisals, reserve fund,
capitalized interest, bond counsel, bond and official statement printing and all other
expenses related thereto, and administrative fees of the City and the Bond trustee or fiscal
agent related to the District and the Bonds.
A -1
EXHIBIT B
RATE AND METHOD OF APPORTIONMENT
FOR CITY OF NEWPORT BEACH
SPECIAL IMPROVEMENT DISTRICT NO. 95 -1 ( CIOSA)
• A Special Tax (the "Special Tax ") shall be levied and collected in Newport Beach Special
Improvement District No. 95 -1 ( CIOSA) (the " CIOSA District ") each Fiscal Year in an amount
determined by the City Council of the City of Newport Beach, or its designee, as described
below. Commencing in Fiscal Year 1995 -96 all of the property within the CIOSA District shall
be subject to the Special Tax for the purposes, to the extent and in the manner herein provided.
A. Definitions
The terms hereinafter set forth have the following meanings:
"Administrative Expenses" means any reasonably necessary or appropriate expenses
incurred by the City in the administration of the CIOSA District.
"Advance Amount" means the amount of the Advance as defined in the CIOSA
Agreement.
"Assessor's Parcel" means a lot or parcel with an assigned Assessor's Parcel number
shown in an Assessor's Parcel Map.
"Assessor's Parcel Map" means an official map of the County Assessor of the County of
Orange designating parcels by Assessor's Parcel numbers.
hereto.
"Bayview Landing" means that portion of the CIOSA District described in Exhibit A
"Block 800" means that portion of the CIOSA District described in Exhibit A hereto.
"Bond Year" means, with respect to each issue of Bonds, the period which commences on
the date on which such Bonds are issued and, subsequent to such issuance, on each September 2,
and ends on the following September 1.
"Bonds" means bonds, notes or other evidences of indebtedness issued by or on behalf of
the CIOSA District pursuant to the Code which are payable from Special Taxes.
" CIOSA Agreement" means the Circulation Improvement and Open Space Agreement
dated June 30, 1993 by and between the City and The Irvine Company as the same may be
amended from time to time.
" CIOSA Agreement Amount" means the sum of (a) the Fair Share Fees Amount, (b) the
Frontage Improvements Amount and (c) the Advance Amount.
" CIOSA District" means Newport Beach Special Improvement District No. 95 -1
( CIOSA) as formed by the City pursuant to the Code and as it may be amended from time to
time.
" CIOSA District Improvement Fund" means the fund established and maintained by or
on behalf of the City separate and apart from its other funds and accounts into which money is to
be deposited and from which money is to be expended as provided herein and as may be
• provided in an agreement by and between the City and The Irvine Company.
" CIOSA District Improvement Fund Requirement" means, as of any date of calculation,
the CIOSA Agreement Amount as of such date, less the total amount deposited in the CIOSA
District Improvement Fund on or before such date from (a) proceeds from the sale of Bonds,
(b) Special Taxes, (c) the prepayment of Special Taxes, (d) repayments from the City pursuant to
Section 3.7 of the CIOSA Agreement and (e) earnings derived from the investment of the
foregoing.
"City" means the City of Newport Beach.
"City Council" means the City Council of the City of Newport Beach, acting as the
legislative body of the CIOSA District, or its designee.
"City Engineer" means the City Engineer of the City or such other person or firm as may
from time to time be authorized and directed by the City Council to undertake the duties of the
City Engineer hereunder.
"Code" means the City of Newport Beach Special Improvement District Financing Code.
"Corporate Plaza" means that portion of the CIOSA District described in Exhibit A
hereto.
"Corporate Plaza West" means that portion of the CIOSA District described in Exhibit A
hereto.
"Debt Service Requirement" means for each Fiscal Year the sum of (a) one hundred
percent (100%) of the principal of and interest on Bonds coming due in the Bond Year which
ends in the next subsequent Fiscal Year, except to the extent such principal or interest is expected
to be paid from proceeds from the sale of Bonds or other amounts then available in the applicable
debt service fund for such purpose, (b) the product of the amount described in clause (a) times
the larger of (i) the rate of delinquency in the payment of the Special Tax during the Fiscal Year
immediately preceding the Fiscal Year for which the Debt Service Requirement is being
determined or (ii) ten percent (10 %), (c) the sum of all deposits then required to be made into
any reserve fund established with respect to any Bonds, and (d) the reasonably estimated
Administrative Expenses for the Bond Year referred to in clause (a).
"Developed Property" means for any Fiscal Year all Taxable Property within a Zone in
which is located an Assessor's Parcel for which a building permit (other than a building permit
for a structure in a model home complex) was issued prior to May 1 of the preceding Fiscal
Year.
IN
"Fair Share Fees Amount" means the total amount of the Fair Share Fees as defined in the
CIOSA Agreement.
"Fiscal Year" means the period starting July 1 and ending on the following June 30.
"Freeway Reservation" means that portion of the CIOSA District described in Exhibit A
hereto.
• "Frontage Improvements Amount" means the total cost of the Frontage Improvements as
defined in the CIOSA Agreement.
"Initial Final Subdivision Map" means for each Zone the first final subdivision map
permitting the sale of lots for single family residential uses within the Zone.
"Maximum Special Tax" means the highest Special Tax, determined in accordance with
Sections C and H, that can be levied by the City Council on an Assessor's Parcel in any Fiscal Year.
"Newport Village" means that portion of the CIOSA District described in Exhibit A hereto.
"Newporter North" means that portion of the CIOSA District described in Exhibit A hereto.
"Parcel Area" means the square footage of an Assessor's Parcel determined by the City
Engineer from the subdivision map or parcel map creating such Assessor's Parcel.
"PCH - MacArthur" means that portion of the CIOSA District described in Exhibit A hereto.
"Property Owner Association Property" means any Assessor's Parcel which is owned by a
property owner association or which the City Engineer determines from the subdivision map or
parcel map creating such Assessor's Parcel is intended to be so owned.
"Proportionately" means, with respect to Developed Property, that the ratio of the actual
Special Tax levy to the Maximum Special Tax is equal for all Assessor's Parcels and, with respect
to Undeveloped Property, means that the ratio of the actual Special Tax levy to the Maximum Special
Tax is equal for all Assessor's Parcels.
"Public Property" means any property within the boundaries of the CIOSA District owned
by or dedicated to the federal government, the State of California, the City or any other public
agency, provided that any leasehold or other possessory interest in such property (which leasehold
or other possessory interest is not owned by a public agency) shall not be considered Public
Property.
"San Diego Creek" means that portion of the CIOSA District described in Exhibit A hereto.
"Share of Zone Area" shall mean:
(1) in the case of an Assessor's Parcel within a Zone which contains no Single Family
Residential Property, the quotient obtained by dividing the Parcel Area of the Assessor's
Parcel by the Zone Area of the Zone; and
WN
(2) in the case of an Assessor's Parcel within a Zone which contains any Single
Family Residential Property:
(a) prior to the recordation of the Initial Final Subdivision Map, the quotient
obtained by dividing the Parcel Area of the Assessor's Parcel by the Zone Area of
the Zone;
• (b) from and after the recordation of the Initial Final Subdivision Map, but
(in the case of any Assessor's Parcel within the Zone not included within the Initial
Final Subdivision Map) prior to the recordation of a Subsequent Final Subdivision
Map:
(i) for each Assessor's Parcel included within the Initial Final
Subdivision Map which is Taxable Property other than Single Family
Residential Property, the quotient obtained by dividing the Parcel Area of the
Assessor's Parcel by the sum of the aggregate Parcel Area of all Assessor's
Parcels included within the Initial Final Subdivision Map which are Taxable
Property plus the aggregate area which the City Engineer estimates (pursuant
to clause (iii) hereof), at the time Initial Final Subdivision Map is recorded,
will be Taxable Property of all Assessor's Parcels not included within the
Initial Final Subdivision Map;
(ii) for each Assessor's Parcel included within the Initial Final
Subdivision Map which is Single Family Residential Property, the product of
a fraction the numerator of which is the aggregate Parcel Area of all
Assessor's Parcels included within the Initial Final Subdivision Map which
are Single Family Residential Property and the denominator of which is the
sum of the aggregate Parcel Area of all Assessor's Parcels included within the
Initial Final Subdivision Map which are Taxable Property plus the aggregate
area which the City Engineer estimates (pursuant to clause (iii) hereof), at the
time Initial Final Subdivision Map is recorded, will be Taxable Property of
all Assessor's Parcels not included within the Initial Final Subdivision Map,
times a fraction the numerator of which is one (1) and the denominator of
which is the number of Assessor's Parcels included within the Initial Final
Subdivision Map which are Single Family Residential Property; and
(iii) for each Assessor's Parcel within the Zone not included within
the Initial Final Subdivision Map, the quotient obtained by dividing the area
of the portion thereof which the City Engineer estimates, at the time the
Initial Final Subdivision Map is recorded, will be Taxable Property upon the
subdivision thereof by the sum of the aggregate Parcel Area of all Assessor's
Parcels included within the Initial Final Subdivision Map which are Taxable
Property plus the aggregate area which the City Engineer estimates, at the
time Initial Final Subdivision Map is recorded, will be Taxable Property of
all Assessor's Parcels within the Zone not included within the Initial Final
Subdivision Map; and
Imo!
(c) subsequent to the recordation of each Subsequent Final Subdivision Map
(in each case, for Assessor's Parcels within the Zone which had not theretofore been
included within either the Initial Final Subdivision Map or a Subsequent Final
Subdivision Map):
(i) for each Assessor's Parcel included within such Subsequent Final
Subdivision Map which is Taxable Property other than Single Family
is Residential Property, the product of a fraction the numerator of which is the
Parcel Area of the Assessor's Parcel and the denominator of which is the
actual total of the area of all the Assessor's Parcels included in such
Subsequent Final Subdivision Map which are Taxable Property, times a
fraction the numerator of which is the area which the City Engineer estimated
would be Taxable Property pursuant to clause (b)(iii) of all the Assessor's
Parcels included in such Subsequent Final Subdivision Map (as a whole, and
not individually) and the denominator of which is the sum of the aggregate
Parcel Area of all Assessor's Parcels described in clauses (b)(i) and (b)(ii)
plus the aggregate area which the City Engineer estimated pursuant to clause
(b)(iii) would be Taxable Property of all Assessor's Parcels within the Zone
which were not included within the Initial Final Subdivision Map;
(ii) for each Assessor's Parcel included within the Subsequent Final
Subdivision Map which is Single Family Residential Property, the product of
a fraction the numerator of which is the total Parcel Area of all Assessor's
Parcels included within the Subsequent Final Subdivision Map which are
Single Family Residential Property and the denominator of which is the actual
total of the area of all the Assessor's Parcels included in such Subsequent
Final Subdivision Map which are Taxable Property, times a fraction the
numerator of which is the area which the City Engineer estimated would be
Taxable Property pursuant to clause (b)(iii) of all the Assessor's Parcels
included in such Subsequent Final Subdivision Map (as a whole, and not
individually) and the denominator of which is the sum of the aggregate Parcel
Area of all Assessor's Parcels described in clauses (b)(i) and (b)(ii) plus the
aggregate area which the City Engineer estimated pursuant to clause (b)(iii)
would be Taxable Property of all Assessor's Parcels within the Zone which
were not included within the Initial Final Subdivision Map, times a fraction
the numerator of which is 1 and the denominator of which is the number of
Assessor's Parcels which are included within such Subsequent Final
Subdivision Map and which are Single Family Residential Property; and
(iii) for each Assessor's Parcel within the Zone which is not included
within such Subsequent Final Subdivision Map, the quotient obtained by
dividing the area of such Assessor's Parcel which the City Engineer estimated
would be Taxable Property pursuant to clause (b)(iii) by the sum of the
aggregate Parcel Area of all Assessor's Parcels described in clauses (b)(i) and
(b)(ii) plus the aggregate area which the City Engineer estimated pursuant to
clause (b)(iii) would be Taxable Property of all Assessor's Parcels within the
Zone which were not included within the Initial Final Subdivision Map.
EN
"Single Family Residential Property" means all Assessor's Parcels which are used, or are
permitted under the City's planning and zoning laws to be used, as the site of one single family
dwelling unit (either detached or attached) or a condominium unit, provided that Single Family
Residential Property shall not include any Assessor's Parcel which is Property Owner Association
Property or Public Property.
"Special Tax" means the Special Tax, if any, to be levied in each Fiscal Year on each
Assessor's Parcel within the CIOSA District.
• "Special Tax Reduction" means the product of 0.69 times a fraction the numerator of which
is $14,300,000 minus the Advance Amount and the denominator of which is $14,300,000.
"Subsequent Final Subdivision Map" means for each Zone a final subdivision map permitting
the sale of lots for single family residential uses within the Zone which is recorded subsequent to the
Initial Final Subdivision Map.
"Taxable Property" means all of the Assessor's Parcels within the boundaries of the CIOSA
District which are not exempt from the Special Tax pursuant to law or Section E below.
"Undeveloped Property" means for any Fiscal Year all Taxable Property which is not
classified as Developed Property for such Fiscal Year.
"Upper Castaways" means that portion of the CIOSA District described in Exhibit A hereto.
"Zone" means Bayview Landing, Block 800, Corporate Plaza, Corporate Plaza West,
Freeway Reservation, Newport Village, Newporter North, PCH - MacArthur, San Diego Creek or
Upper Castaways, as the case may be.
"Zone Area" means the sum of the Parcel Area of each Assessor's Parcel of Taxable
Property included in such Zone.
"Zone Prepayment Amount" means the respective amount set forth in the following table
minus the product of such amount times the Special Tax Reduction, if any:
Zone Prepayment Amount
Bayview Landing
$ 95,000
Block 800
1,370,000
Corporate Plaza
1,400,000
Corporate Plaza West
1,925,000
Freeway Reservation
1,585,000
Newport Village
435,000
Newporter North
7,950,000
PCH - MacArthur
2,140,000
San Diego Creek
2,890,000
Upper Castaways
6,960,000
"Zone Special Tax" means, for Fiscal Year 1995 -96, the respective amount set forth in the
following table and, for each Fiscal Year subsequent to Fiscal Year 1995 -96, one hundred two
M
percent (102%) of the amount for the preceding Fiscal Year, minus in each case the product of such
amount (as increased in each Fiscal Year) times the Special Tax Reduction, if any.
Zone
Special Tar
Bayview Landing
$ 7,920
Block 800
116,865
Corporate Plaza
119,910
• Corporate Plaza West
Freeway Reservation
164,406
135,270
Newport Village
37,304
PCH - MacArthur
182,718
Newporter North
678,397
San Diego Creek
246,600
Upper Castaways
593,810
B. Determination as to Type of Property
For each Fiscal Year, all Taxable Property within the CIOSA District shall be classified as
Developed Property or Undeveloped Property and shall be subject to the Special Tax in accordance
with the rate and method of apportionment determined pursuant to Sections C, D and H below.
C. Maximum Special Tax Rate
The Maximum Special Tax in each Fiscal Year for an Assessor's Parcel of Taxable Property
shall be the product obtained by multiplying the Share of Zone Area for such Assessor's Parcel times
the Zone Special Tax then applicable to the Zone in which such Assessor's Parcel is located.
Notwithstanding the foregoing, the Maximum Special Tax for an Assessor's Parcel shall be reduced
to reflect a prepayment of the Special Tax applicable thereto as provided for in Section H.
D. Method of Apportionment of Special Tax
For each Fiscal Year, commencing with Fiscal Year 1995 -96 until the earlier of (i) the date
on which the CIOSA District Improvement Fund Requirement has been reduced to zero and there
are no Bonds outstanding, or (ii) June 30, 2036, the City Council shall levy the Special Tax as
follows:
First: Until the CIOSA District Improvement Fund Requirement has been reduced to zero,
the Special Tax shall be levied on each Assessor's Parcel of Developed Property at a rate equal to
its Maximum Special Tax;
Second: To the extent additional money is needed in order to equal the Debt Service
Requirement prior to the reduction of the CIOSA District Improvement Fund Requirement to zero,
the Special Tax shall be levied Proportionately on all Undeveloped Property in an amount not in
excess of the Maximum Special Tax;
Third: After the CIOSA District Improvement Fund Requirement has been reduced to zero,
the Special Tax shall be levied Proportionately on each Assessor's Parcel of Developed Property such
that the total thereof will equal the Debt Service Requirement, provided, however, that in no event
shall the amount of the Special Tax so levied exceed the Maximum Special Tax; and
Fourth: After the CIOSA District Improvement Fund Requirement has been reduced to zero,
to the extent additional money is needed in order to equal the Debt Service Requirement, the Special
Tax shall be levied Proportionately on all Undeveloped Property, provided, however, that in no event
shall the amount of the Special Tax so levied exceed the Maximum Special Tax.
E. Exemptions
isThe City Council shall not levy a Special Tax on either (a) Property Owner Association
Property, except the Property Owner Association Property within a Zone which was included in the
estimate of Taxable Property made pursuant to clause (b)(iii) of the definition of "Share of Zone
Area" and which first became Property Owner Association Property subsequent to the date of
recordation of the Initial Final Subdivision Map or (b) Public Property, except the Public Property
within a Zone which was included in the estimate of Taxable Property made pursuant to clause
(b)(iii) of the definition of "Share of Zone Area" and which first became Public Property subsequent
to the date of recordation of the Initial Final Subdivision Map as a result of acquisition through a
negotiated transaction (other than the CIOSA Agreement) or by gift or devise or through eminent
domain proceedings, provided that in the case of such property acquired through eminent domain
proceedings the obligation to pay the Special Tax shall be treated as if it were a special annual
assessment.
F. Appeals
Any landowner or resident who feels that the amount of the Special Tax is in error may file
a notice with the CIOSA District appealing the amount of the Special Tax; provided, however, that
if Bonds are outstanding any appeal must be accompanied by payment in full of the actual Special
Tax levied. A representative of the CIOSA District will then review the appeal and, if necessary,
meet with the applicant. If the findings of the CIOSA District representative verify that the amount
of the Special Tax should be modified or changed, then, as appropriate, the Special Tax levy shall
be corrected, or if the amount has been paid, then it shall be refunded from available Special Taxes
levied and collected in the following Fiscal Year.
G. Manner of Collection
The Special Tax will be collected in the same manner and at the same time as ordinary ad
valorem property taxes, provided, however, the CIOSA District may collect Special Taxes at a
different time or in a different manner if necessary to meet its financial obligations and may covenant
to foreclose on delinquent parcels as permitted by the Code.
H. Prepayment of Special Tax
1. Prior to the initial issuance of Bonds, the Special Tax applicable to any Assessor's
Parcel may be prepaid in whole by paying to the City Treasurer seventy-seven percent (77 %) of the
product obtained by multiplying the Share of Zone Area for such Assessor's Parcel times the Zone
Prepayment Amount applicable to the Zone in which such Assessor's Parcel is located. Prior to the
initial issuance of Bonds, the Special Tax applicable to any Assessor's Parcel may be prepaid in part
M
by paying to the City Treasurer a specific dollar amount in lieu of the amount determined pursuant
to the preceding sentence; and from and after the City Treasurer's receipt of such partial prepayment,
the Maximum Special Tax applicable to such Assessor's Parcel shall be the product of the Maximum
Special Tax which would have otherwise been applicable thereto times a fraction the numerator of
which is the specific amount paid in lieu of the amount described in the first sentence of this
paragraph and the denominator of which is the amount described in said sentence.
2. Subsequent to the initial issuance of Bonds, during any Fiscal Year in which the
. aggregate amount of the Special Taxes applicable to all Developed Property is sufficient to satisfy
the Debt Service Requirement for such Fiscal Year (determined without any credit for capitalized
interest), the Special Tax applicable to any Assessor's Parcel which is then classified as Undeveloped
Property may be prepaid in whole by paying to the City Treasurer seventy-seven percent (77 %) of
the product obtained by multiplying the Share of Zone Area for such Assessor's Parcel times the
Zone Prepayment Amount applicable to the Zone in which such Assessor's Parcel is located. During
any Fiscal Year described in the preceding sentence, the Special Tax applicable to any Assessor's
Parcel may be prepaid in part by paying to the City Treasurer a specific dollar amount in lieu of the
amount determined pursuant to the preceding sentence; and from and after the City Treasurer's
receipt of such partial prepayment, the Maximum Special Tax applicable to such Assessor's Parcel
shall be the product of the Maximum Special Tax which would have otherwise been applicable
thereto times a fraction the numerator of which is the specific amount paid in lieu of the amount
described in the first sentence of this paragraph and the denominator of which is the amount
described in said sentence.
3. Except as otherwise provided in the preceding two paragraphs, the Special Tax
applicable to any Assessor's Parcel may be prepaid in whole by paying to the City Treasurer the sum
of:
(a) The remainder of (i) the product obtained by multiplying the Share of Zone
Area for such Assessor's Parcel times the Zone Prepayment Amount applicable to the Zone
in which such Assessor's Parcel is located minus (ii) the portion of said product which would
have been amortized as principal through the application of the portion of the Special Taxes
attributable to the principal of and interest on Bonds theretofore paid with respect to said
Assessor's Parcel (as determined by the City Treasurer) assuming that said product had
borne interest at an annual rate equal to the highest rate borne by any Bond (or, if no Bond
is then outstanding, nine percent (9 %)) and that it had been payable in annual installments
(each of which is two percent (2 %) larger than the prior year's installment) over the same
number of years as the Bond with the longest maturity, measured from the date of issuance
of such Bond (or, if no Bond is then outstanding, twenty-five (25) years); and
(b) The amount of any delinquent Special Taxes applicable to said Assessor's
Parcel, together with penalties, interest, and Administrative Expenses incurred as a result of
said delinquencies accrued to the date of prepayment; and
(c) An amount equal to the product of the amount determined pursuant to
paragraph (a) above times the highest redemption premium applicable to any Bond at the next
call date (as defined in paragraph (e) below); and
IS9
(d) A reasonable fee, fixed by the City Treasurer, for the cost of administering
the prepayment and, if applicable, the advance redemption of Bonds; and
(e) Interest to the next call date on the amount determined pursuant to paragraph
(a) above, computed at the highest interest rate then applicable to any Bond. For purposes
of this paragraph and paragraph (c) above, the next call date is the next Bond interest
payment date which is not less than 90 days after the date of prepayment.
A credit against the foregoing shall be given, or a refund paid, for the Special Tax applicable to said
• Assessor's Parcel posted to the current tax roll and actually paid.
The Special Tax applicable to any Assessor's Parcel may be prepaid in part by paying to the
City Treasurer a portion (in increments of five thousand dollars ($5,000)) of the amount determined
pursuant to paragraph (a) above plus the respective amounts relative thereto described in paragraphs
(b) through (e) above. From and after the City Treasurer's receipt of any such partial prepayment,
the Maximum Special Tax applicable to such Assessor's Parcel shall be the product of the Maximum
Special Tax which would have otherwise been applicable thereto times a fraction the numerator of
which is the specific amount paid in lieu of the amount described in paragraph (a) above and the
denominator of which is the amount described in paragraph (a) above.
UE
EXHIBIT TO EXHIBIT B
NEWPORT BEACH
CIOSA ASSESSOR PARCELS
Upper Castaways
Bayview Landing
•
Newporter North
San Diego Creek
Corporate Plaza West
Corporate Plaza
Newport Village and PCH- MacArthur
Freeway Reservation
EXHIBITTO EXHIBIT B
117 - 801 -12
440 -132 -06
440 -132 -08
440- 132 -21
440- 132 -24
442 -061 -09
442 -061 -11
442 -061 -14
442 -011 -54
442- 271 -09
442- 271 -10
442- 271 -11
442- 271 -12
442- 271 -19
442 - 271 -26
442- 262 -04
442 -014-28
442 -272 -03
442 -272 -04
458 -142 -07
•
EXHIBIT C
CITY OF NEWPORT BEACH
SPECIAL IMPROVEMENT DISTRICT NO. 95-1
(CIOSA)
PROPERTY OWNER ASSESSOR'S PARCEL NUMBERS
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
The Irvine Company
C -1
117 - 801 -12
440 -132 -06
440 -132 -08
440- 132 -21
440- 132 -24
442 -061-09
442 -061 -11
442 -061 -14
442 -011 -54
442- 271-09
442- 271 -10
442- 271 -11
442- 271 -12
442- 271 -19
442- 271 -26
442 -262-04
442 -014-28
442- 272-03
442 -272-04
458 -142 -07
�.
•
•
STATE OF CALIFORNIA
COUNTY OF ORANGE
ss
I, Wanda E. Raggio, City Clerk of the City of Newport Beach, California hereby certify that
the foregoing is a full, true and correct copy of a Resolution duly adopted at a regular meeting of the
City Council of said City duly and regularly held at the regular meeting place thereof on June 12, 1995,
of which meeting all of the members of said City Council had due notice and at which a majority
thereof were present; and that at said meeting said Resolution was adopted by the following vote:
AYES: COUNCIL MEMBERS: EDWARDS, WATT, DEBAY, .MIDGES, COX, GLOVER, O'NEIL
NOES: COUNCIL MEMBERS: NONE
ABSENT: COUNCIL MEMBERS: NONE
An agenda of said meeting was posted at least 72 hours before said meeting at 3300 Newport
Boulevard, Newport Beach, California, a location freely accessible to members of the public, and a brief
general description of said Resolution appeared on said agenda.
I further certify that I have carefully compared the same with the original minutes of said
meeting on file and of record in my office; that the foregoing Resolution is a full, true and correct copy
of the original Resolution adopted at said meeting and entered in said minutes; and that said Resolution
has not been amended, modified or rescinded since the date of its adoption, and the same is now in full
force and effect.
A -2
Dated: /o , 1995
•
•
A -3
1 f/ ®iz%G�4i
Wanda E. Raggio, City Clerk