Loading...
HomeMy WebLinkAbout05-08-1995 Item #11CITY OF NEWPORT BEACH DEPARTMENT OF FINANCE Interdepartmental Memorandum BY THE EilY C .. CITY OF NEWPOf; i_- E 81995 April 27, 1995 S'S TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: Dennis Danner, Director of Finance SUBJECT: CIOSA RESOLUTIONS DISCUSSION: The City of Newport Beach and The Irvine Company entered into the Circulation Improvement and Open Space Agreement (CIOSA) on June 30, 1993. This agreement allows for the petition of the Council to form a Special Improvement District for the sale of debt to finance public improvements including the construction of various street improvements, including access roads, sidewalks, street widening, signal relocations, median rework and landscaping, and storm drain facilities. This debt will be serviced by assessments on the improved property. In order to proceed with the formation of the Special Improvement District the City Council must take several actions. In connection with the referenced financing the City Council must adopt three (3) resolutions as follows: 1. Resolution acknowledging receipt of a Petition to Form a Special Improvement District. 2. Resolution declaring intention to establish a Special Improvement District and to authorize the levy of special taxes. 3. Resolution declaring intention to incur bonded 'indebtedness of the proposed City of Newport Beach Special Improvement District No. 95-1 (CIOSA). RECOMMENDATION: It is respectfully recommended that after public testimony the City Council adopt the attached resolutions described above. 04/27/95 6:35 PM CIOSA.DOC PETITION j TO CREATE A SPECIAL IMPROVEMENT DISTRICT (Including Waiver) City Council City of Newport Beach 3300 Newport Boulevard Newport Beach, California 92659 Members of the Council: This is a petition to create a special improvement district, and with respect to related matters, under the City of Newport Beach Special Improvement District Financing Code (the "Code"), and the undersigned hereby states as follows: 1. Petitioner. This petition is submitted by The Irvine Company ("Petitioner"), as the owner of the parcels of land identified below. By submitting this petition, Petitioner warrants to the City of Newport Beach (the "City") that it is the owner of such land. 2. Proceedings Requested. Petitioner hereby requests that the City Council of the City institute proceedings under the Code to establish a special improvement district to be designated "City of Newport Beach Special Improvement District No. 95-1 (CIOSA)" (the "Special Improvement District"), to levy special taxes in the Special Improvement District and to authorize special tax bonds for the Special Improvement District in an amount of not to exceed $29,000,000. 3. Boundaries of Special Improvement District. Petitioner hereby requests that the territory to be included in the Special Improvement District consist of those parcels of land identified in Exhibit A attached hereto and made a part hereof. 4. Purpose of Special Improvement District. Petitioner hereby requests that the Special Improvement District be created, the special taxes be levied and the bonds be issued to finance all or a part of the construction and acquisition of the public facilities and payment of the costs identified in Exhibit B attached hereto and made a part hereof. 5. Election. Petitioner hereby requests that the special elections to be held under the Code to authorize the special taxes, to authorize the issuance of the bonds and to establish an appropriations limit for the Special Improvement District be consolidated into a single election and that the election be conducted by the City and its officials, using mailed or hand -delivered ballots and that such ballots be opened and canvassed and the results certified at the same meeting of the City Council as the public hearings on the Special Improvement District under the Code or as soon thereafter as possible. 6. Waivers. To expedite the completion of the proceedings for the Special Improvement District, Petitioner hereby waives all notices of hearings (other than published notices required under the Code) and all notices of election, all applicable waiting periods under the Code for the election and all ballot analysis and arguments for the election. 7. Mailing Address. The address of the Petitioner for receiving notices is: The Irvine Company, 550 Newport Center Drive, Newport Beach, California 92660, Attention: Vice President and General Counsel Land Development Group. This petition is dated May 1, 1995. -2- The Irvine Com pan / M*d corporation By: Its: By: Its: EXHIBIT A CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95-1 (CIOSA) DESCRIPTION OF PROPERTY The land that is the subject of the Petition, consisting of approximately 120.9 acres, is depicted in the attached map and is identified as the following Orange County Assessor Parcel Nos.: 117-801-12 440-132-06 440-132-08 440-132-21 440-132-24 442-061-09 442-061-11 442-061-14 442-011-54 442-271-09 442-271-11 442-271-19 442-271-21 442-014-24 442-262-04 442-014-28 442-272-03 442-272-04 458-142-07 Exhibit A 1 NDA N0. 11 EXHIBIT "A" CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95-1 (CIOSA) MAP UPPER -- CASTAWAYS CORPORATE PLAZA UNI ITY DR FREEWAY RESERVATION CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95-1 (CIOSA) DESCRIPTION OF FACILITIES The facilities shown below are proposed to be financed by the City of Newport Beach Special Improvement District No. 95-1 (CIOSA). The facilities shall include all costs of engineering, design, planning and coordination incident thereto, together with the expenses related to the issuance and sale of any special tax bonds, including underwriters' discount, appraisals, reserve fund, capitalized interest, bond counsel, bond and official statement printing and all other expenses related 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 officials thereof. 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. Exhibit B 24005 -02 . JHHW:GH:bct 5/16/95 NOTICE OF PUBLIC HEARING CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95-1 (CIOSA) Notice is hereby given that on May 8, 1995, the City Council of the City of Newport Beach adopted a Resolution entitled "A Resolution of the City Council of the City of Newport Beach Declaring Intention to Incur Bonded Indebtedness of the Proposed City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) ". Pursuant to Section 703 of the City of Newport Beach Special Improvement District Financing Code (the "Code "), the City Council hereby gives notice as follows: A. The text of said Resolution is as follows: WHEREAS, the City Council (the "City Council ") of the City of Newport Beach (the "City ") has this date adopted its 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 ", stating its intention to form a special improvement district pursuant to the City of Newport Beach Special improvement District Financing Code (the "Code"), for the purpose of financing certain public improvements (the "Facilities'), as further provided in said Resolution; WHEREAS, the City Council estimates the amount required for the financing of the Facilities to be not more than $2900,000; and WHEREAS, in order to finance said Facilities it is necessary to incur bonded indebtedness in the amount of up to $29,000,000; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach as follows: Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) (the "District ") in the amount of up to $29,000,000 to finance the costs of the Facilities. Section 2. The bonded indebtedness is proposed to be incurred for the purpose of financing the costs of the Facilities, including construction costs and all costs incidental to or connected with the accomplishment of said purposes and of the financing thereof, as permitted by Section 702 of the Code. Section 3. The City Council, acting as legislative body for the District, intends to authorize the issuance and sale of bonds in the maximum aggregate principal amount of not to exceed $29,000,000, bearing interest payable semi- annually or in such other manner as the City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and maturing not to exceed 40 years from the date of the issuance of said bonds. 0 0 Section 4. Monday, June 12, 1995, at 7:00 p.m., in the regular meeting place of the City Council, Council Chambers, City Hall, 3300 Newport Boulevard, Newport Beach, California, be, and the same are hereby appointed and fixed as the time and place when and where the City Council, as legislative body for the District, will conduct a public hearing on the proposed debt issue and consider and finally determine whether the public interest, convenience and necessity require the issuance of bonds of the City for the District. Section 5. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper of general circulation circulated within the District. The publication of said notice shall be completed at least seven days before the date herein set for said public hearing. Said notice shall contain the information prescribed by Section 7.03 of the Code. Section 6. The officers and employees of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions hereof. Section 7. This Resolution shall take effect immediately upon its adoption. B. The hearing referred to in the aforesaid Resolution shall be at the time and place specified in said Resolution. C. At that time and place the testimony of all interested persons, including persons owning property in the area of the proposed District, will be heard. Dated: �� 1995 2 /s/ Wanda E. Raggio City Clerk, City of Newport Beach 24005 -02 . IHHW:GFI:bct • 5/16195 NOTICE OF PUBLIC HEARING CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO. 95-1 (CIOSA) Notice is hereby given that on May 8, 1995, the City Council of the City of Newport Beach 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". Pursuant to the City of Newport Beach Special Improvement District Financing Code, the City Council of the City of Newport Beach hereby gives notice as follows: A. The text of said Resolution of Intention is as follows: WHEREAS, the City Clerk of the City of Newport Beach (the "City ") has received a written petition (the "Petition ") from the owners of not less than 10% of the area of land proposed to be included within a special improvement district (the "District "), the proceedings for the formation of which District are as hereafter provided; WHEREAS, under the City of Newport Beach Special Improvement District Financing Code (the "Code "), the City Council of the City (the "City Council") is the legislative body for the proposed District and is empowered with the authority to establish the District; and WHEREAS, on the date hereof the City Council adopted a Resolution acknowledging receipt of the Petition and now desires to proceed with the establishment of the District as contemplated by said Resolution; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach as follows: Section 1. The City Council proposes to conduct proceedings to establish a special improvement district pursuant to the Code. Section 2. The name proposed for the District is "City of Newport Beach Special Improvement District No. 95 -1 (CIOSA) ". Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the City Clerk, which boundaries are hereby preliminarily approved and to which map reference is hereby made for further particulars. The City Clerk is hereby directed to record, or cause to be recorded, said map of the boundaries of the District in the office of the County Recorder within fifteen days of the date of adoption of this Resolution. Section 4. The 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 hereto and by this reference incorporated herein (the "Facilities "). The City Council hereby finds and determines that the public interest will not be served by allowing the property owners in the District to enter into a contract in accordance with Section 323 of the Code; however the City may enter into one or 0 0 more contracts directly with any of the property owners with respect to the construction and /or operation of the Facilities. Section S. 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 recordation of 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 the 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 maximum amount such owner will have to pay, are described in Exhibit B attached hereto and by this reference incorporated herein. The conditions under which the obligation to pay the specified special tax may be prepaid and permanently satisfied are specified in Exhibit B hereto. In the case of any special tax to pay for the Facilities and to be levied against any parcel used for private residential purposes, (i) the maximum special tax shall be specified as a dollar amount which shall be calculated and thereby established not later than the date on which the parcel is first subject to the tax because of its use for private residential purposes, which amount shall not be increased over time except that it may be increased by an amount not to exceed 2% per year, (ii) the tax year after which no further special tax subject to this sentence shall be levied or collected shall be as set forth in Exhibit B hereto, and (iii) under no circumstances will the special tax levied against any parcel subject to this sentence be increased as a consequence of delinquency or default by the owner of any other parcel or parcels within the district by more than 10%. For purposes of this paragraph, a parcel shall be considered "used for private residential purposes' not later than the date on which an occupancy permit for private residential use is issued. Section 6. It is the intention of the City Council acting as the legislative body for the District to cause bonds of the City to be issued for the District pursuant to the Code to finance in whole or in part the construction of the Facilities. Said bonds shall be in the aggregate principal amount of not to exceed $29,000,000, shall bear interest payable semi- annually or in such other manner as the City Council shall determine, at a rate not to exceed the maximum rate of interest as may be authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed voting procedure shall be by mailed or hand- delivered ballot among the landowners in said proposed District, with each owner having one vote for each acre or portion of an acre such owner owns in the District. Section S. The Director of Public Works /City Engineer of the City, as the officer having charge and control of the Facilities in and for the District, is hereby directed to study said proposed Facilities and to make, or cause to be made, and file with the City Clerk a report in writing, presenting the following: • 0 (a) A brief description of the Facilities by type which will be required to adequately meet the needs of the District. (b) An estimate of the fair and reasonable cost of the Facilities, including the cost of acquisition of lands, rights -of -way and easements, any physical facilities required in conjunction therewith and incidental expenses in connection therewith, including the costs of the proposed bond financing and all other related costs as provided in Section 702 of the Code. Said report shall be made a part of the record of the public hearing provided for below. Section 9. Monday, June 12, 1995, at 7:00 p.m., in the regular meeting place of the City Council, Council Chambers, City Hall, 3300 Newport Boulevard, Newport Beach, California, be, and the same are hereby appointed and fixed as the time and place when and where the City Council, as legislative body for the District, will conduct a public hearing on the establishment of the District and consider and finally determine whether the public interest, convenience and necessity require the formation of the District and the levy of said special tax. Section 10. The City Clerk is hereby directed to cause notice of said public hearing to be given by publication one time in a newspaper published in the area of the District. The publication of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall contain the information prescribed by Section 3.07 of the Code. Section 11. The officers and employees of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions hereof. Section 12. This Resolution shall take effect immediately upon its adoption. B. The exhibits to the Resolution which describe the facilities to be financed and the rate and method of apportionment of the special taxes for the district are on file in the office of the City Clerk. C. The time and place established under said Resolution for the public hearing required under the Code are Monday, June 12,1995, at 7:00 p.m., in the regular meeting place of the City Council of the City of Newport Beach, Council Chambers, City Hall, 3300 Newport Boulevard, Newport Beach, California. D. At said hearing, the testimony of all interested persons or taxpayers for or against the establishment of the District, the extent of the District or the furnishing of the specified types of public facilities will be heard. Any person interested may file a protest in writing as provided in Section 309 of the Code. If fifty percent or more of the registered voters, or six registered voters, whichever is more, residing in the territory proposed to be included in the District, or the owners of one -half or more of the area of land in the territory proposed to be included in the District and not exempt from the special tax, file written protests against the establishment of the District, and the protests are not withdrawn so as to reduce the value of 0 the protests to less than a majority, the City Council shall take no further action to create the District or levy the special taxes for period of one year from the date of the decision of the City Council, and if the majority protests of the registered voters or of the landowners are only against the furnishing of a type or types of facilities within the District, or against levying a specified special tax; those types of facilities or the specified special tax will be eliminated from the proceedings to form the District. E. The proposed voting procedure shall be by special mail or hand- delivered ballot to the property owners within the territory proposed to be included in the District. Dated: 1995 /s/ Wanda E. Raggio City Clerk, City of Newport Beach O PUBLIC NOTICE NOTICE 0 PUBLIC HEA Authorised to Publish Advertisements of all ki ncluding public notices by CITY OF Decree of the Superior Court of Orange County, California. Number A -6214, I NEWPORT BEACH September 29, 1961, and A -24631 June 11, 1963. SPECIAL IMPROVEMENT DISTRICT NO.95.1 (CIOSA) PROOF OF PUBLICATION onaMay that Bar 1995g1 the City Council of the City of Newport Beach adopted a Resolution entitled "A Res- olution of the City Council of the City of Newport Beach Declaring Intention annually or in such other STATE OF CALIFORNIA) to Incur Bonded Indebted- ness of the Proposed City manner as the Gty Council shall delermine, at a rate of Newport Beach Special not to exceed the maxi- mum rate of interest as S$, Improvement District No.95 -1 (CIOSA) ". Pursu- may be authorized by ap -. County of Orange ) ant to Section 703 of the City of Newport Beach plicable law at the lime of sale of such bonds, and maturing not to exceed 40 Speclat Improvement Dis- years from the dale of the Irlcl Financing Code (the Code "), the City Council issuance of said bonds. I am a Citizen of the United States and a hereby gives notice as lot. Section 4. Monday, June 12 1995, at 7:00 p.m., in resident of the County aforesaid; I am over 10 ": A The text of said Res. the regular meeting place Of the City Council, Council the age of eighteen years, and not a party to olution is as follows: cif (the "Ci Co ci�g °of Chambers, City Hall, 3300 Newport Boulevard, New - or interested in the below entitled I lhe CIryry of Newport Beach 'Ci port Beach, California, be, and the Same are hereby matter. the y') has this date lIs and and fixed as the am a principal clerk of the NEWPORT adopted Resolution en- titled "A Resolution of the time and place when and the City City Council of the City of Newport Beach Declaring where where for he as tegislatill body for the BEACH COSTA MESA DAILY PILOT a Intention to Establish public will a public newspaper of general circulation, printed and a Special Improvement Dis- IhM and to Authorize [he It ar on the It the proposed tlabl issue and consider Levy Special Taxes ", and finally determine published in the City.of Costa Mesa County of staling its intention to form whether the public interest, convenience and necessity o Orange, State of California, and that a special improvement dl s- irict pursuant to the City of require the issuance of bonds of the City y or the Newport Beach Special Im- District. d attache Notice is a true and complete copy provement District Financ- ing Code (the "Code "), for Section 5. The City Care as was printed and published on the p p Ihe purpose of financing certain im• directed n hereby md pu to cause notice of said public hear. following ates- public p provemen s pha "FaciO- Ing to be given by publics• eon one time in a newspa• g lies "), as lurlher provided circualted Within c�thelaDs- May 22, 1995 in said Resolution; WHEREAS, the City Coun- trict. The publication of said notice shall be com- cil estimates the amount required for the financing pleted at least seven days of the Facilities to be not before the date herein set for said public hearing. more than $29,000,000: and Said notice shall contain WHEREAS. In order to 0• the information prescribed te by Section 7.03 oOf f the nance said Facilities It Is Coda. necessary to Incur bonded Section 6. The officers Iiaebtetl ness In the :r. a u n t o f u p t o and employees of the City - 529.000,000; are hereby authorized and NOW, THEREFORE, BE IT directed [° take as actions and do all things which RESOLVED by the City Council of the City of New- they, or any of them, may • port Beach as follows: deem necessary ore put. able accomplish the Section 1. It is necessary Ito Incur bonded indebted. ion s Resolution poses inconsistent ness within the boundarles and not with t con the provisions hereof. of the proposed City of Newport Beach Special Im- Section 7. This Resolution, i take provement District No.95.1 'District ") hall rn1 n its op- mediately upon its atop• JCIOSA) (the in Don. the amount of up to $29,000,000 to finance the B. The hearing refereed to costs of the Facilities. in the aforesaid Resolution shall be at In at the time and foregoing is true and correct. debtedness Is proposed to pace specified in said Res• °lull°^. be incurred for Ihe purpoaa of financing the costs of f C. At that lime and place the Facilities, Icosts n the me testimony of all Inter- esletl persons, including costs and all Executed on May 22 199 costs Incidental to or con- persons owning properly In Posed 1 _5 at Costa Mesa California. Mesa, come hme of said put- pl nt poses and of the financing District, willllfbehheard Dated: 5. 17-95 thereof, as permitted by /s/ Wanda. E. Ragglo Section 702 Olathe Code. City Clerk, City of Section 3. The City Coun- Newport Beach lve cif, acting as lehe body for the Disulcl, in- Published Newport lends to authorize the isau- is Beach-Costa Mesa Deily ance and sale of bonds in the maximum aggregate Pilot May 22, 1995. mS40 Signature principal amount of not to - exceed S29,000,000, bear. ing Interest payable semi. %f7- 8$ O Autho{Iaed to Publish Advertisements of all kincluding public notices by Decree or the Superior Court of orange County, Calilornia, Number A•6114, Scptcmber 29, 1961, and A•24811 June 11, 1967. PROOF OF PUBLICATION STATE OF CALIFORNIA) ) SS. County of Orange ) I am a Citizen of the United States and a resident of the County aforesaid; t am over the age of.eighteen years, and not a party to or interested in the below entitled matter. I am a principal clerk of the NEWPORT BEACH -COSTA MESA DAILY PILOT, a newspaper of general circulation, printed and published in the City,of Costa Mesa, County of Orange, State of California, and that attached Notice is a true and complete copy as was printed and published on the following dates; May 22, 1995 I declare, under penalty of perjury, that the foregoing is true and correct. Executed on May 22 , 199 ,.L at Costa Mesa, California. i Signature JgL;3b PUBLIC NOTICE NOTICE OF PUBLIC NEARING CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT N0.93.1 (CIOSA) Nonce Is hereby gn that on May 8, 1995, City Council of the City Newport Beach adoptec Resolution entitled "A R olution of the City Coui of the Cily of Newp Beach Declaring Intent. to Establish a Special provement District and Authorize the Lew of Si City Council of the Cit) Newport Beach her gives notice as follows: A. The text of said F clutter, of Intention Is follows: WHEREAS, the City C of the City of Newl Beach (the "City ") has owners of not less 10% of the area of proposed to be Inc within a speclai provement district for the formation of which District are as hereafter provided; WHEREAS, under the City of Newport Beach Special Improvement District Fi. nancing Code (the "Code"), the City Council of the City (the "City Coun. cil") is the legislative body for the proposed District and is empowered with the authority to establish the District, and WHEREAS, on the date hereof the City Council ment of the District as templated by said olution; NOW, THEREFORE, RESOLVED by the Council of the City of port Beach as follows: Section 1, The City cit proposes to col proceedings to establ 2. The name r the Dlstrii boundaries of WO as shown on the map of the District on file with the City Clerk, which boundaries are hereby pre- liminarily approved and to which map reference is hereby made for further Particulars. The City Clerk a hereby directed to record, or cause to be re- corded, said map of the boundaries of the District days of the date of ad lion of this Resolution. Section 4. The public citifies proposed to be nanced by the District x pursuant to the Code at consist of those Ile listed as facilities on hibit A hereto and by t The City Council he finds and determines the public Interest will be served by allowing property owners in the In accordance with Se( 323 of the Code; how the City may enter Into or more contracts din with any of the pros 0 owners w h respect to the construction and /or opera. • lion of the Facilities. Section 5. Except to the extent that funds are other. wise available to the Dis. trict to pay for the Facilities and/or the principal and In. terest as It becomes due on bonds of the District is. sued to finance the Fa. cilities, a special tax suf. ficient to pay the costs thereof, secured by recor. I datlon of 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 or. dinary ad valorem property taxes or in such Other man. , ner as the City Council or its designee shall deter. . mine, including direct bill. Ing of the affected property owners. The proposed rate and method of apportion - mom 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 estl- mate the maximum amount such owner will have to Pay, are described In Ex- hibit B attached hereto and by this reference Incorpo. rated herein. The condi- tions under which the obli- gation to pay the specified special lax may be prepaid end permanently satisfied are specified In Exhibit B hereto. In the rase of any special lax to pay for the Facilities and to be levied against any parcel used for private residential purposes. (1) the maximum special tax shall be specified as a dollar amount which shall be cal- culated and thereby estab- lished not later than the date on which the parcel is first sub act to the tax be. cause o� its use for private residential purposes, which amount shall not be In. creased over time except that It may be increased by an amount not to exceed) 2% per year, (it the tax year after which no further special tax subject to this sentence shall be levied or collected shall be as set forth In Exhibit B hereto, and (iii) under no circum- stances will the special tax levied against any parcel subject to this sentence be Increased as a conse- quence of delinquency or default by the owner of any other parcel or parcels within the district by more than 10 %. Par purposes of this paragraph, a Qarcel shall be considered used for private residential pur. Poses" not later than the data on which an oc. cupancy permit for private residenfial use is issued. Section 6. It is the inten. tion of the City Council act. Ing as the legislative body for the District to cause bonds of the City to be is. sued for the District pursu. ant to the Code to finance in whole or in part the con- struction of the Facilities. Said bonds shall be In the aggregate principal amount of not to exceed $29,000,000, shall bear in. terest payable semi- annually or in such other manner as the City Council shall determine, at a rate not to exceed the maxi- mum rate of Interest as may be authorized by ap. plicable law at the time of sale of Such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. Section 7. The levy of said proposed special tax shall be subject to the approval of the qualified electors of the District at a special election. The proposed vot. ing procedure shall be by mailed or hand - delivered PUBLIC NOTICES ballot among the landcwn. e, , said proposed Dis. t rith each owner hay. in, .ne vote for each acre of portion of an acre such owner owns in the District. Section 8. The Director of Public Works. +City Engineer of the City, as the officer or and (a) A brief description of the Facilities by type which will be required to ad. equately meet the needs of the District. (b) An estimate of the fair and reasonable cost of the Facilities, including the cost of acquisition of lands, rights-of-way and ease- ments, any physical is, militias required in conjunc- tion therewith and inciden. tal expenses in connection therewith, Including the costs of the proposed bond financing and all other related costs as pro- vided In Section 702 of the Said report shall be made a part of the record of the public hearing provided for below. Section 9. Monday, June 12, 1995, at 7:00 p.m., In the regular meeting place of the City Council. Council Ina same are her inted and fixed as and Place when legislative body for the DiS- trict, will conduct a public hearing on the establish. ment of the District antl consider and finally tleter- mine whether the public m terest, convenience and ne• messily require the forma- tion of the District and the levy of said special tax. Section 10. The City Clerk Is hereby directed to cause notice of said public hear. Ing to be given by publics,i lion one time in a newspa. per published in the area of the District. The publica- tion of said notice shall be completed at least seven pays before the data herein set for said hearing. Said notice shall contain the in- formation prescribed by Section 3.07 of the Code. Section 11. The officers and employees of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desir- able to accomplish the pur. poses of this Resolution and not inconsistent with the provisions hereof. Section 12. This Res. olution shall take effect Im. madiately upon its adop lion. B. The exhibits to the Resolution which describe the facilities to be financed and the rate and method of agortionment of the spe- cial fazes for the district are on file in the office of the City Clerk. C. The time and place es- tablished under said Res. olution for the public hew. ing required under the Code are Monday. June 12, 1995, at 7:00 p.m., In the regular meeting place of the Cily Council of the City at Newport Beach, Council Chambers, City Hall, 3300 Newport Saule- ✓ard, Newport Beach, Cali. forms. D. At said hearing, the testimony of all interested Persons or taxpayers for or of the or PUBLIC NOTICES of public facilities will be heard. Any person inter. ested may file a protest in writing as provided In Sec. tlon 309 of the Code. If fitly percent or more of the reg. istered voters, or six reg. ]stated voters, whichever is more, residing in the terri. tory proposed to be in. cluded in the District, or the owners of one -half or more of the area of land in the territory proposed to be included In the District and not exempt from the spe- cial tax, file written protests against the establishment of the District, and the pro- tests are not withdrawn so as to reduce the value all an take no runner a( create the District or r special taxes for pe one year from the the decision of the voters or of the landowners are only against the fur- nishing of a type or types of facilities within the Dis- trict. or against levying a specified s ecial tax, those types of Facilities or the specified special tax will be eliminated from the pro- ceedings to form the Dis. trict. E. The proposed voting procedure shall be by spe. cial mall or hand - delivered ballot to the property own- ers within the territory pro. posed to be included In the District. Dated: 5.17.95 /a/ Wanda E. Ragglo City Clerk, City of Newport Beach Published Newport Beach -Costa Mesa Daily Pilot May 22, 1995. m841 STATE OF CALIFORNIA) PUBLIC NOTI Aulhoiired to Publish Adrenitements of all kinn0Induding public notices by NOTICE OF Dcciec of the Superior Court of Orange County, California, Number A•6214, PUBLIC HEARING September 29, 1961, and A -24611 June 11, 1963. CITY OF NEWPORT BEACH SPECIAL PROOF OF PUBLICATION IMPROVEMENT DISTRI NO s1 a ICIOSAJ OSAI resident the County Notice is hereby given of aforesaid; I am over that on May 1995, the the age of eighteen years, and not a party to City Council 01 f the Citv of STATE OF CALIFORNIA) of the City of Newport Beach Declaring Intention to Incur ss. Bonded Indebted. ness of the Proposed City County of Orange ) of Newport Beach Speciai Improvement District N0.95.1 ". (CIOSA) Pursu. ant to Section 703 of the City of Newport Beach annually or In such other am a Citizen of the United States and Special Improvement Dis. manner es the City Council a tact Financing Code (the shall determine, at a rate resident the County "Code "), the City Council not to exceed the maxi. of aforesaid; I am over hereby gives notice as lot. mum rate of Interest as the age of eighteen years, and not a party to lows: may be authorized by ap. A. The laid of said Res• plicable law at the time of or interested in the below entitled matter, I tuition is as follows: sale of such bonds, and WHEREAS, the City Coun- maturing not to exceed 40 am a principal clerk of the NEWPORT cif (the City Council ") of years from the dale of the the City of Newport Beach Issuance of said bonds. "City ") Section (the has this dale 4. Monday, June BEACH -COSTA MESA DAILY PILOT a 2 adopted Its Resolution the the re, I at meeting p.m., In tilled "A Resolution of the the regular meeting place ,City DOUOCI of the City OI of the Clly DOO°CII, Council newspaper of general circulation printed and / NewpOrt Beach Declaring Chambers, City Hall, 3300 Intention to Establish Newport Boulevard, published in the City-of Costa Mesa, County a New - Srct`laa nd m roverne ite Dhe and Beasameaare nia, hereby of Orange, State of California, and that Levy or Special Taxes ", appointed and fixed as the slating Its intention to form time and when and attached Notice is a true and complete copy place I special Improvementy of where the Cltyy Council, as trlcl pursuant to the Clry of, legislative Ci for the Dls Newport Beach as was printed and published on the Special Im- trick will can ucl a public rovement District Fnanc. hearing on the proposed "Code" the Code (the ), for debt Issue and consider following dates: purpose of financing and finally determine ' certain public Im. whether the public interest, provemenls (the "Facili- convenience and necessity May 22, 1995 ties"), as further require the Issuance of ) provided bonds of the City for the In said Resolution; District. WHEREAS, the City Coun- Section 5. The City Clerk Cil estimates the amount is hereby dlreclod to cause'', required for the financing notice of said public hear - Of the Facilities 10 be not ing to be given by publica- more than $29,000,000; tion one time In a news pa- IaWHEREAS, In order to fi- per of general clrculaton circulated within the Dis- nance said Facilities It Is trict. The publication 01 necessary to incur bonded said notice shall be com- ' indebtedness In the pplated at least seven days a m o u n t 01 up 10 before the date herein set 529,000,000; for said public hearing. NOW, THEREFORE, BE R Said notice shall contain RESOLVED by the City the information prescribed Council of the City of New- by Section 7.03 of the port Beach as follows: Code. Section 1. It is necessary Section 6. The officers to Incur bonded Indebted- and employees of the City ness within the boundaries are hereby authorized and of the proposed City of directed to take all actions Newport Beach Special Im- and do all things which provement District 1,10.95.1 they, or any of them, may declare, under penalty of perjury, that the I p ' (CIOSA) (the "District ") in deem necessary or desir- the amount of up 10 abletoaccomplishthepur- ! foregoing is true and correct, $29.000,000 to finance the poses of this Resolution costs of the Facilities. and not Inconsistent with Section 2. The bonded in- the provisions hereof. debtedness is proposed to Section 7. This Resolution) be incurred for the purpose shall take effect Im -! of financing the costs or medialely upon Its adop- Executed on may 22 Y 199 the Facilities, Including lion, / construction costs and all B, The hearing referred to at Costa Mesa, California. costs In `°eta Incidental `° ` °n- theRmeluatnd n with the ac' a shale be at complishmenl of said pur• place specified in said Res -' poses and of the financing olulion. thereof, as permitted by C. At that lime and place Section 702 of the Code. the testimony of all Inter- Section 3. The City Coun- ested persons, Including' cil, acting as legislative body for the District, In• persons owning properly in tends to authorize the Issu• the area of the proposed Signature once and sale of bonds In District, will be heard. the maximum aggregate Dated: 5.17.95 principal amount of not to is/ Wanda E. Ragglo exceed 529,000,000, bear- City Clerk, City of _) ing interest pavable semi- !Newport Beach C Published Newport Beach -Costa Mesa Daily Pilot May 22, 1995. m840 1� � Y Authorized to Publish Advertisements of an kintncluding public notices by Decree of the Superior Court of Orange County, Gfifomis. Number A -6214, September 29, 1961, and A -24831 June 11, 1967. PROOF OF PUBLICATION STATE OF CALIFORNIA) ) SS. County of Orange ) I am a Citizen of the United States and a resident of the County aforesaid; 1 am over the age of - eighteen years, and not a party to or interested in the below entitled matter. 1 am a principal clerk of the NEWPORT BEACH -COSTA MESA DAILY PILOT, a newspaper of general circulation, printed and published in the City.of Costa Mesa, County of Orange, State of California, and that attached Notice is a true and con) plete copy as was printed and published on the following dates: May 22, 1995 I declare, under penalty of perjury, that the foregoing is true and correct. Executed on May 22 , 199 _5_ at Costa Mesa, California. �f zk�z Signature / q /0q CJ bu�) af�f�d-._ M i • PUBLIC NOTICE NOTICE OF PUBLIC NEARING CITY OF NEWPORT BEACH SPECIAL IMPROVEMENT DISTRICT NO.95.1 the CI ity of Taxes ". Pursuant to gives notice as follows: A. The text of said I olutlon of Intention Is follows: WHEREAS, the City C of the City of New Beach (the "City ") has calved a written pet! (the "Petition ") from owners of not less t 10% of the area of I proposed to be inclu within a sppecial provement CIstrict I "District "), the proceedi for the formation of wt District are as here: of Newport Beach Special Improvement District Fi. nancing Code (the "Code'), the Cily Council of the City ' "City Coun- cil') Is the legislative botly for the proposetl District and is empowered with the authority to establish the District, and WHEREAS, on the date hereof the City Council adopled a Resolution ac. knowledging receipt of the Petition and now desires to proceed with the establish. ment of the District as con. templated by said Res. olution; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of New. port Beach as follows: Section 1. The City Coun. cil proposes to conduct proceedings to establish a special Improvement dis. trict pursuant to the Code. Section 2. The name pro- posed for the District is "City of Newport Beach SPec'al Improvement Dis. Inct No. 954 (CIOSA) ". Section 3. The proposed boundaries of the District are as shown on the map of the District on file with the City Clark, which boundaries are herobv ors- Is hereby directed record, or cause to be corded, said map of boundaries of the Dist in the office of the Cou Recorder within fine days of the date of ad tlon of this Resolution. Section 4. The public citifies proposed to be noticed by the District r pursuant to the Code at consist of those its listed as facilities on hibit A hereto and by I reference Incorporal herein (the "Facilities The City Council hen finds and determines I the public interest will be served by allowing property owners in the I trict to enter into a contr in accordance with Sect 323 of the Code; howe the City may enter Into t or more contracts dire) with any of the props bon of the Facilities. Section 5. Except to extent that funds are of ufct to pay for the Facilities and /or the principal and In. terest as It becomes due on bonds of the District is. sued to finance the Fa. cilities, a special tax sub ficient to pay the costs thereof. secured by recur. cation of a Continuing lien against all non- exempt real Uin the District, will be levied annually within the District, and collected in the same manner as or- dinary ad valorem property lazes or In such other man - net as the City Council or its designee shall deter- mine, including direct bill. ing of the affected property owners. The proposed rate and method of apportion. ment of the special tax among the parcels of real properly within the District, in sufficient detail to allow such owner will have to pay, are described In Ex- hibit B attached hereto and by this reference Incprpa rated herein. The condi- tions under which the obli- gatlon to pay the specified special lax may be prepaid and permanently satisfied are specified In Exhibit B hereto. In me case of any special tax to pay for the Facilities and to be levied against any parcel used for private residential purposes, (I) the maximum special tax shall be specified as a dollar amount which shall be cal. culated and thereby estab. lished not later than the date on which the parcel is first subject to the tax be. cause o� Its use for private residential purposes, which amount shall not be In- creased over time except that It may be Increased by an amount not to exceed 2% per year, (if) the tax year alter which no further special tax subject to this sentence shall be levied or collected shall be as set forth in Exhibit B hereto, and (iii) under no circum- stances will the special tax levied against any parcel subject to this sentence be increased as a conse- quence of delinquenc9 or default by the owner or any other parcel or parcels within the district by more than 10 %. For purposes of this paragraph, a parcel shall be considered "used for private residential pur- poses" not later than the date on which an oc. cupancv permit for private Ing as me legislative be for the District to Cal bonds of the City to be sued for the District put ant to the Code to finer in whole or in part the a struolion of the Faclliti Said bonds shall be in aggregate principal amo� of not to exce $29,000,000, shall bear forest payable set annually or In such oil manner as the City Cout shall determine, at a r not to exceed the m: mum rate of Interest may be authorized by i plicable law at the time sale of such bonds, a shalt mature not to exce 40 years from the date the issuance thereof. Section 7. The levy of s Proposed special tax at or portion of an acre the city, as me on ring charge and cot the Facilities in and District. is hereby Red to study said sed Facilities and Me, or cause to de, and file with the irk a report in will rsenlino the following be required to e tely meet the needs listrict. An estimate of the f reasonable cost of I and omer related costs as vided In Sectiod 702 c Code. Said report shall be I a part of the record c public hearing provide below. Section 9. Monday, 12, 1995, at 7:00 p.n port Beach, California, be, and the same are hereby appointed and fixed as the time and place when and where the City Council, as legislative body for the Dis. trict, will conduct a public hearing on the establish. ment of the District and consider and finally deter. mine whether the public in- terest, convenience and ne- cessity require the forma- tion of the District and the levy of said spacial lax. Section 10. The City Clerk Is hereby directed to cause notice of said public hear. Ing to be given by publica- tion one time In a newspa- per published In the area of the District. The publica- tion of said notice shall be completed at least seven days before the date herein set for said hearing. Said notice shall contain the in- formation prescribed by Section 3.07 of the Code. Section it. The officers and employees of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desir. able to accomplish the pur. poses of this Resolution and not inconsistent with upon Its aaop- B. The exhibits to the lesolutlon which describe is facilities to be financed nd the rate and method of pportionment of the spe- ta taxes for the district to on fife in the office of C. The time and place as- sblished under said Res. elution for the public hear - ig required under the ;ode are Monday, June 2, 1995, at 7:00 p.m., In is regular meeting place I the City Council of the D. At Saitl hearing, the )alimony of all Interested persons Or taxpayers for or gainsl the establishment f the District, the extent of 1e District or, the hemsh- ro of the specified types rYY \ry nv I rvcV of public facilities will be heard. Any person inter- ested may file a protest in writing as provided in Sec. tion 309 of the Code. If fifty F ercent or more of the reg- stated voters, or six reg- Istered voters, whichever Is more, resitfing in the terri- tory proposed to be in. cluded in the District, or the owners of one -half or more of the area of land in the territory proposed to be included In the District and not exempt from the spe- cial tax, file written protests egafnst the establishment of the District, and the pro - lesls are not withdrawn s0 as to reduce the value of the protests to less than a majority, the City Council shall take no further action to create the District or levy the special taxes for period of one year from the date of the decision of the City Council, and if the majority protests of the registered voters or of the landowners are only against the fur -I nlshing of a type or types of facilibes within the or will "dings to form the ct, E. The proposed vc rocedure shall be by l Lai mail or hand- dellve allot to the property c to within the territory osed to be included in Dated: 5.17.95 /a/ Wanda E. Ragglo City Clerk, City oil lewport Beach Published Newport leach -Costa Mesa Daily 'Ilol May 22, 1995. m841