B-1
EXHIBIT “B”
CITY OF FONTANA
COMMUNITY FACILITIES DISTRICT NO. 22
(SIERRA HILLS SOUTH)
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.
Special Taxes shall be levied on all Parcels located within the boundaries of City of Fontana Community Facilities District No. 22 (Sierra Hills South) (hereinafter “CFD No. 22”). The amount of Special Tax to be levied on a Parcel in any fiscal year shall be determined by the City Council of the City of Fontana (hereinafter the “Council” and the “City”), in accordance with the rate and method of apportionment of the Special Taxes described below. All of the property in CFD No. 22, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner provided herein.
The rate and method of apportionment of the special tax for 2025-2026 shall be as follows.
Maximum Annual Actual
Tax Rate Tax Rate Tax Amount
Tax Rate Zone / Land Use Class Unit FY 2025-2026 FY 2025-2026 FY 2025-2026
Tax Rate Zone 1 – Non residential Acre $ 13,913.82 $ 10,402.00 $ 645,964 Tax Rate Zone 2 – Non residential Acre 6,183.92 4,623.11 967,617 Tax Rate Zone 2 – Hotel Acre 6,183.92 4,623.11 4,161 Tax Rate Zone 3 – Residential Unit 1,538.25 1,150.00 440,450 Tax Rate Zone 4 – Residential Unit 1,538.25 1,150.00 455,400 Tax Rate Zone 5 – Non residential Acre 13,913.82 10,402.00 182,035
$ 2,695,627
Maximum Special Tax Rates escalate at 2% per year commencing July 1, 2004.
Tax Rate Zone 3 may only be taxed until the earlier of Fiscal Year 2029-2030 or when no Bonds are outstanding. All other tax rate zones may be taxed until the earlier of Fiscal Year 2041-2042 or when no Bonds are outstanding.
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Method of Apportionment of the Special Tax
No earlier than the fiscal year in which CFD No. 90-3 is dissolved pursuant to Section 5338.5 of the Act and for each subsequent fiscal year, the Council shall determine the Special Tax Requirement and levy the Special Taxes until the amount of Special Taxes equals the Special Tax Requirement.
Step 1: The Special Tax shall be levied proportionately on each Parcel of Single Family Residential Property, Hotel Property and Non-Residential Property at up to 100 percent of its applicable Maximum Special Tax to satisfy the Special Tax Requirement.
Step 2: If additional monies are needed to satisfy the Special Tax Requirement after Step 1 has been completed, then the Special Tax shall be levied proportionately on each Parcel of Property Owner Association Property at up to 100 percent of its applicable Maximum Special Tax to satisfy the Special Tax Requirement.
Step 3: If additional monies are needed to satisfy the Special Tax Requirement after Step 1 and Step 2 have been completed, then the Special Tax shall be levied proportionately on each Parcel of Public Property at up to 100 percent of its applicable Maximum Special Tax to satisfy the Special Tax Requirement.
“Special Tax Requirement” means, for a fiscal year, that amount required in such fiscal year for CFD No. 22 to: (i) pay debt service on all Outstanding Bonds; (ii) pay periodic costs on the bonds, including but not limited to, credit enhancement and rebate payments on the bonds; (iii) pay Administrative Expenses; (iv) pay any amounts required to establish or replenish any reserve funds for the Bonds; and (v) pay for reasonably anticipated delinquent Special Taxes based on the delinquency rate for Special Taxes levied in the previous fiscal year, except for the first fiscal year in which the Special Taxes are levied, for which the delinquency rate will be three percent (3%), taking into account any available funds, as determined by the CFD Administrator.