HomeMy WebLinkAbout95-96 - Existing Special Tax ApportionmentRESOLUTION NO. 95 -96
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
WHEREAS, on 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" 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 the 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 ", "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 within 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, the City Clerk of the City has received a written petition (the "Petition ") from the
owners of not less than 25% of the area of the territory within the District requesting that proceedings
be commenced to alter the rate and method of apportionment of the special tax authorized to be levied
within the District; and
WHEREAS, the City Council desires to acknowledge receipt of the Petition and to commence
proceedings to alter the rate and method of apportionment of the special tax authorized to be levied
within the District;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach
as follows:
Section 1. Receipt by the City Council of the Petition is hereby acknowledged.
Section 2. The City Council hereby finds and determines that public convenience and necessity
require that the rate and method of apportionment of the special tax authorized to be levied within
the District be altered.
Section 3. The name of the District is "City of Newport Beach Special Improvement District No.
0 95 -1 (CIOSA) ".
Section 4. The boundaries of the District are as shown on the 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 the final
boundary map of the District.
Section 5. The rate and method of apportionment of the special tax among the parcels of real
• property within the District is proposed to be amended and restated as set forth in Exhibit A 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 said Exhibit A. Such
amended and restated rate and method of apportionment is in sufficient detail to allow each landowner
within the District to estimate the maximum amount such owner will have to pay. The City Council
hereby finds and determines that the proposed alterations to the rate and method of apportionment,
as incorporated in said amended and restated rate and method of apportionment, will not interfere with
the timely retirement of any debt incurred with respect to the District.
Section 6. Monday, October 9, 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 alterations to the rate
and method of apportionment of the special tax.
Section 7. 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 410 of the Code.
Section 8. 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 9. This Resolution shall take effect immediately upon its adoption.
APPROVED and ADOPTED by the City Council of the City of Newport Beach on August 28,
1995.
•
John W. Hedges, Mayor
ATTEST:
EXHIBIT A
AMENDED AND RESTATED
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 amounts on
deposit in the CIOSA District Improvement Fund.
"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.
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"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 - PCH /MacArthur" 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.
"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
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(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
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(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
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 I 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.
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"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 - PCH /MacArthur, Newporter North, 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 - PCH /MacArthur
2,575,000
Newporter North
7,950,000
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
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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
Bayview Landing
Block 800
Corporate Plaza
Corporate Plaza West
• Freeway Reservation
Newport Village - PCH /MacArthur
Newporter North
San Diego Creek
Upper Castaways
B. Determination as to Type of Property
Special Tax
$ 7,200
105,350
107,572
147,911
121,830
197,855
610,900
222,300
534,786
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
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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
The 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 Issuance of Bonds - Developed Property and Undeveloped Property: 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 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
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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. After Issuance of Bonds - Undeveloped Property If Test Met: Subsequent to the initial
issuance of Bonds, if the aggregate amount of the Special Taxes applicable to all Developed Property
is sufficient to satisfy the Debt Service Requirement for the Bonds then outstanding in the then
current Fiscal Year and each Fiscal Year thereafter (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. Under
the circumstances 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. After Issuance of Bonds - Developed Property and Undeveloped Property If Test Not
Met: 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); provided that, in
the case of an Assessor's Parcel which is then classified as Developed Property, the
remainder referred to in the previous clause of this subparagraph shall be reduced by twenty-
three percent (23 %) of the product obtained by multiplying (iii) the Share of Zone Area for
such Assessor's Parcel times (iv) a fraction the numerator of which is the Zone Prepayment
Amount applicable to the Zone in which such Assessor's Parcel is located and the
denominator of which is the aggregate Zone Prepayment Amounts for all Zones which then
include Developed Property times (v) the amount, if any, by which the aggregate Zone
Prepayment Amounts for all Zones which then include Developed Property exceeds the
aggregate principal amount of Bonds then outstanding; 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
(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.
A -10
EXHIBIT A
NEWPORT BEACH
CIOSA ASSESSOR PARCELS
Upper Castaways 117- 801 -12
Bayview Landing
440- 132-06
440 - 132 -08
Newporter North
440 - 132 -21
440 - 132 -24
San Diego Creek
442 - 061 -09
442 - 061 -11
442 - 061 -14
Corporate Plaza West
442- 011 -54
Corporate Plaza
442 - 271 -09
442 - 271 -10
442 - 271 -11
442 - 271 -12
442 - 271 -19
442 - 271 -26
Block 800
442 - 262 -04
Newport Village - PCH /MacArthur
442 -014 -28
442 - 272 -03
442 - 272 -04
Freeway Reservation 458- 142 -07
EXHIBIT A -1
24005-02 JHHW.GH:ba
NOTICE OF PUBLIC HEARING
CITY OF NEWPORT BEACH
SPECIAL IMPROVEMENT DISTRICT NO. 95-1
(CIOSA)
Notice is hereby given that on August 28, 1995, the City Council of the City -
Newport Beach adopted a Resolution entitled "A Resolution of the City Council of fimr ;:
of Newport Beach of Consideration to Alter the Rate and Method of Appor a. - -me -
Existing Special Ti'. x Pursuant to the City of Newport Beach Special Improvement �� 4
Financing Code, the City Council of the City of Newport Beach hereby gives notice --
follows:
A. The text of said Resolution of Consideration is as follows:
B. The time and place established under said Resolution of Consideration for :`••_
public hearing required under the Code are Monday, October 9, 1995, at 7:00 p.m., in
regular meeting place of the City Council of the City of Newport Beach, Council Chamharc
City Hall, 3300 Newport Boulevard, Newport Beach, California.
C. At said hearing, the testimony of all interested persons or taxpayers for or -7 -._
the proposed alterations to the rate and method of apportionment of the special tax will
heard. Any person interested may file a protest in writing as provided in Section 410 of
Code. If fifty percent or more of the registered voters, or six registered voters, whichever is
more, residing within the District, or the owners of one -half or more of the area of land in
the territory included in the District and not exempt from the special tax, file wr "i . --
protests against any proposed alteration to the rate and method of apportionment of the
special tax, and the protests are not withdrawn so as to reduce the value of the protests to
less than a majority, those changes shall be eliminated from the Resolution of
Consideration and the changes shall not be included in a resolution of Consideration for
period of one year from the date of the decision of the City Council on the hearing.
D. The proposed voting procedure shall be by special mail or hand- delivered ballot
to the property owners within the District.
Dated: 1995
/s/ Wanda E. Raggio
City Clerk, City of Newport Beach
•
PETITION
TO COMMENCE PROCEEDINGS TO ALTER
RATE AND METHOD OF APPORTIONMENT
City Council
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92659
Members of the Council:
This is a petition to commence proceedings, under the City of Newport Beach Special
Improvement District Financing Code (the "Code ") to alter the rate and method of
apportionment of an existing special tax, and the undersigned hereby states as follows:
1. Petitioner. This petition is submitted by The Irvine Company ('Petitioner'),
as the owner of all of the parcels of land within the City of Newport Beach Special
Improvement District No. 95 -1 (CIOSA) (the "District "). 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 alter the rate and method of apportionment of
the special tax previously authorized to be levied on property within the District.
3. Alterations Proposed. The proposed alterations to the previously authorized
rate and method of apportionment are incorporated into the amended and restated rate and
method of apportionment set forth in Exhibit A attached hereto and made a part hereof.
4. Election. Petitioner hereby requests that the special election to be held under
the Code to authorize the alterations to the previously authorized rate and method of
apportionment 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 hearing on the proposed alterations required
under the Code, or as soon thereafter as possible.
5. Waivers. To expedite the completion of the proceedings for the alterations to
the previously authorized rate and method of apportionment, 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.
6. 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 August 21, 1995.
-2-
The Irvine Company, Wvlichigan
corporation
By: OLKNAKU Its: Cam, ua riw++mr --
B ,i a division Irvi e`Co /pan;
Its: \1 THOMAS SAl
ASSISTANT SECRETAKY
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 August 28, 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:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
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.
Dated: 1995
Wanda E. Raggio, City Clerk