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EXHIBIT “B”
CITY OF FONTANA
COMMUNITY FACILITIES DISTRICT NO. 12
(SIERRA LAKES)
RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES
(Summary – Full text available in the Financial Services Division)
The Resolution of Annual Levy refers to this Exhibit for an explanation of the rate and method of apportionment of the special tax so as to allow each landowner or resident within the district to estimate the annual amount that would be required for payment.
A Special Tax shall be levied on all Assessor’s Parc els of Taxable Property in City of Fontana Community Facilities District No. 12 (“CFD No. 12”) and collected each Fiscal year commencing in Fiscal year 1999 -2000, in an amount determined by the City Council of the City of Fontana (the “Council”) through th e application of the appropriate Special Tax for “Developed Property,” “Golf Course Property,” “Taxable Property Owner Association Property,” “Taxable Public Property,” “Undeveloped Non -Residential Property,” and “Undeveloped Residential Property.” All of the real property in CFD No. 12, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent and in the manner herein provided.
The rate and method of apportionment of the special tax for 2024-2025 shall be as follows.
I. SPECIAL TAXES FOR PUBLIC IMPROVEMENTS:
Maximum Annual Actual
Tax Rate Tax Rate Tax Amount
Land Use Unit FY 2024-2025 FY 2024-2025 FY 2024-2025
R - greater than 2,700 sq ft Unit $ 1,473.00 $ 866.96 $ 596,466 R - 2,601 - 2,700 sq ft Unit 1,306.00 768.67 66,874 R - 2,501 - 2,600 sq ft Unit 1,215.00 715.11 25,029 R - 2,401 - 2,500 sq ft Unit 1,147.00 675.08 72,234 R - 2,301 - 2,400 sq ft Unit 1,079.00 635.06 62,236 R - 2,201 - 2,300 sq ft Unit 1,003.00 590.33 70,840 R - 2,101 - 2,200 sq ft Unit 927.00 545.60 43,102 R - 2,001 - 2,101 sq ft Unit 882.00 519.11 109,014 R - 1,901 - 2,000 sq ft Unit 836.00 492.04 49,204 R - 1,900 sq ft or less Unit 806.00 474.38 140,892 Non-residential property Acre 3,876.00 2,281.28 191,721 Golf course property Acre 396.00 233.07 34,064
Golf course structures (per sq ft) Sq Foot 0.46 0.27 7,724 Undeveloped - residential Acre 8,617.00 0.00 0
Undeveloped - non-residential Acre 3,876.00 0.00 0
$ 1,469,399
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The maximum Special Tax Rate of $3,876 per Acre for Non -Residential Property presented above applies only to the first 65.14 Acres ass igned to Land Use Class 11 (Non -residential property). In the event the total amount of Developed Non-Residential Property exceeds 65.14 acres, the additional Acres will be subject to a Maximum Special Tax Rate of $8,617 per Acre. The CFD Administrator sh all determine which Developed Non -Residential Acres will be subject to the Maximum Special Tax Rates of $8,617 per Acre in inverse chronological order as to when the property was assigned as Land Use Class 11 as Developed Non-Residential Property.
Method of Apportionment of Special Tax A
Commencing with Fiscal year 1999 -2000 and for each following Fiscal Year, the Council shall determine the Special Tax A Requirement and shall levy Special Tax A until the amount of Special Taxes equals the Special Tax A Requirement.
Special Tax A shall be levied each Fiscal Year as follows:
First: Special Tax A shall be levied Proporti onately on each Assessor’s Parcel of Developed Property at up to 100% of the applicable Assigned Special Tax A, and Golf Course Property at up to 100% of its applicable Maximum Special Tax A to satisfy the Special Tax A Requirement;
Second: If additional monies are needed to satisfy the Special Tax A Requirement after the first step has been completed, then Special Tax A shall be levied Proportionately on each Assessor’s Parcel of Undeveloped Non - Residential Property and Undeveloped Residential Property a t up to 100% of the Maximum Special Tax A for Undeveloped Non -Residential Property and Undeveloped Residential Property;
Third: If add itional monies are needed to satisfy the Special Tax A Requirement after the first two steps have been completed, then the levy of Special Tax A on each Assessor’s Parcel of Developed Property whose Maximum Special Tax is determined through the application of the Backup Tax A shall be increased Proportionately from the Assigned Special Tax A up to the Maximum Special Tax A for each such Assessor’s Parcel;
Fourth: If additional monies are needed to satisfy the Special Tax A Requirement after the first thre e steps have been completed, then Special Tax A shall be levied Proportionately on each Assessor’s Parcel of Taxable Property Owner Association Property or Taxable Public Property at up to the Maximum Special Tax A for Taxable Property Owner Association Pr operty or Taxable Public Property.
Notwithstanding the above, under no circumstances will the amount of Special Tax A levied against any Assessor’s Parcel of Residential Property for which an occupancy permit for private residential use has been issued be increased by more than ten percent as a consequence of delinquency or default by the owner of any other Assessor’s Parcel within the CFD.
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“Special Tax A Requirement” means that amount required in any Fiscal Year for CFD No. 12 to: (i) pay debt service on all Outstanding Bonds; (ii) pay periodic costs on the bonds, including but not limited to, credit enhancement and arbitrage and other rebate payments on the bonds; (iii) pay Administrative Expenses; (iv) pay any amounts required to establish or replenish a ny reserve funds for all Outstanding Bonds; (v) pay for reasonably anticipated Special Tax A delinquencies based on the delinquency rate for Special Taxes levied in the previous Fiscal year; (vi) pay directly for the acquisition or construction of authorized facilities; less (vii) available funds as directed under the Indenture.
II. SPECIAL TAXES FOR MAINTENANCE OF PARK, PARK WAYS, AND
OPEN SPACE
Maximum Annual Actual
Tax Rate Tax Rate Tax Amount
Land Use Unit FY 2024-2025 FY 2024-2025 FY 2024-2025
Residential property Unit $ 899.05 $ 463.50 $ 844,033 Non-residential property Acre 1,514.28 780.74 65,614 Golf course property Acre 390.46 201.88 29,505
Undeveloped property Acre 6,007.99 0.00 0
$ 939,153
Commencing July 1, 2000, and each July 1 thereafter, the Maximum Special Tax rates for Special Tax B for Residential Property, Non -Residential Property, and Golf Course Property shall be increased by two percent (2%).
The Maximum Special Tax B for Undeveloped Property shall be $1,905 per Acre for Fiscal Year 1999 -2000; $2,860 per Acre for Fiscal Year 2000 -2001; and $3,810 per Acre for Fiscal Year 2001-2002. Commencing July 1, 2002, and each July 1 thereafter, the Maxi mum Special Tax B for Undeveloped Pr operty shall be increased by two percent (2%).
Method of Apportionment of Special Tax B
Commencing with Fiscal Year 1999 -2000 and for each following Fiscal Year, the Council shall determine the Special Tax B Requiremen t and shall levy Special Tax B until the amount of Special Taxes equals the Special Tax B Requirement.
Special Tax B shall be levied each Fiscal Year as follows:
First: Special Tax B shall be levied Proportionately on each Assessor’s Parcel of Residential Property classified as Developed Property at up to $ 450 per dwelling unit, on each Assessor’s Parcel of Non -Residential Property classified as Developed Property at up to $ 758 per Acre, and on each Assessor’s Parcel of B-4
Golf Course Property at up to $170 per Acre to satisfy the Special Tax B Requirement;
Second: If additional monies are needed to satisfy the Special Tax B Requirement after the first step has been completed, then Special Tax B shall be levied Proportionately on each Assessor’s Parcel of U ndeveloped Non - Residential Property and Undeveloped Residential Property at up to 100% of the Maximum Special Tax B rate for Undeveloped Non -Residential Property and Undeveloped Residential Property;
Third: If additional monies are needed to satisfy the Special Tax B Requirement after the first two steps have been completed, then Special Tax B shall be levied Proportionately on each Assessor’s parcel of Residential Property that is Developed Property, Non -Residential Property, and Golf Course Property at up to 100% of the applicable Maximum Special Tax B rate;
Fourth: If additional monies are needed to satisfy the Special Tax B Requirement after the first three steps have been completed, then Special Tax B shall be levied proportionately on each Assessor ’s parcel of Taxable Property Owner or Taxable Public Property at up to the Maximum Special Tax B for Taxable Property Owner Association Property or Taxable Public Property.
Notwithstanding the above, under no circumstances will the amount of Special Tax B levied against any Assessor’s Parc el of Residential Property for which an occupancy permit for private residential use has been issued be increased by more than ten percent as a consequence of delinquency or default by the owner of any other Assessor’s Parcel within the CFD.