1 Resolution No. 2024-____
Date Adopted: June 4, 2024
RESOLUTION NO. 2024-____
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MORENO VALLEY, ACTING AS THE LEGISLATIVE BODY
OF CITY OF MORENO VALLEY TOWNGATE COMMUNITY
FACILITIES DISTRICT NO. 87 -1 IMPROVEMENT AREA
NO. 1, DETERMINING THAT THE SPECIAL TAX OF SAID
COMMUNITY FACILITIES DISTRICT SHALL CEASE TO
BE LEVIED, AUTHORIZING AND DIRECTING THE
RECORDATION OF A NOTICE OF CESSATION OF
SPECIAL TAX AND TAKING CERTAIN OTHER ACTIONS
IN CONNECTION THEREWITH
WHEREAS, in 19 92, the City Council of the City of Moreno Val ley (the “City Council”) previously formed the City of Moreno Valley Towngate Community Facilities District (CFD) No. 87 -1 Improvement Area No. 1 (the “District”) pursuant to the terms and provisions of the Mello Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the “Act”); and
WHEREAS, the property within the District is subject to the lien of a special tax (the “Special Tax”) as set forth in that Notice of Special Tax Lien recorded in the Official Records of Riverside County on March 23, 1993 as Document No. 107319 (the “Notice of Special Tax Lien”); and
WHEREAS, pursuant to the Act, the District previously issued its City of Moreno Valley Towngate Community Facilities District No. 87-1 IA 1 Special Tax Bonds on April 1, 1993 (the “Original Bonds”); and
WHEREAS, pursuant to the Act, the District previously issued its City of Moreno Valley Towngate Community Facilities District No. 87 -1 IA1 Special Tax Refund ing Bonds, Series 2007 ( the “2007 Bonds”) on November 29, 2007 to refund the 199 3 Bonds; and
WHEREAS, on October 1, 202 3, the remaining outstanding 2007 Bonds matured; and
WHEREAS, Government Code Section 53330.5 provides that a special tax may be levied only so long as it is needed to pay the principal and interest on debt incurred in order to construct facilities under authority of the Act, or so long as it is needed to pay the costs and incidental expenses of services or of the construction of facilitie s authorized by the Act; and
WHEREAS, Government Code Section 53330.5 further provides that when the legislative body de termines that the special tax shall cease to be levied, the legislative body shall direct the clerk to record a Notice of Cessation of S pecial Tax that shall state 2 Resolution No. 2024-____
Date Adopted: June 4, 2024
that the obligation to pay the special tax has ceased and that the lien imposed by the Notice of Special Tax Lien is extinguished; and
WHEREAS, as a result of the maturity of the remaining outstanding 2007 Bonds, the City Counci l acting as the legislative body of the District desires to take action in accordance with Government Code Section 53330 .5 to determine that the obligation to pay the Special Tax within the District has ceased and to extinguish the lien created by the Notice of Special Tax Lien.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MORENO VALLEY,
CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY OF MORENO VALLEY TOWNGATE COMMUNITY FACILITIES DISTRICT NO. 87 -1, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. Each of the above recitals is true and correct and is adopted by the legislative body of the District.
SECTION 2. In accordance w ith Government Code Section 53330.5, the City Council acting as the legislative body of the District hereby determines that the obligation to pay the Special Tax within the District has ceased and hereby authorizes and directs the City Clerk to execute a Notice of Cessation of Special Tax and to cause it to be recorded with the County Recorder of the County of Riverside.
SECTION 3. Any moneys in the funds and accounts established pursuant to the Rate and Method of Apportionment of Special Tax for the Distri ct and the Bond Indenture, dated as of October 1, 2007, by and between the District and Computershare Trust Company, N.A. (as successor trustee to Wells Fargo Bank, National Association) pursuant to which the 2007 Bonds were issued may be used by the District for any lawful purpose including to reimburse the City for staff time and expenses related to the administration of the District as determined by the City Manager in consultation with bond counsel.
SECTION 4. All of the officers and staff of the City o f Moreno Valley and the District who are responsible for the fiscal affairs of the District are hereby authorized and directed to take a ny actions and to execute and deliver any and all documents as are necessary to carry out the intent of this Resolution.
SECTION 5. This Resolution shall take effect from and after its adoption and approval.
3 Resolution No. 2024-____
Date Adopted: June 4, 2024
APPROVED AND ADOPTED this 4th day of June, 2024.
___________________________
Mayor of the City of Moreno Valley
ATTEST:
____________________________
City Clerk
APPROVED AS TO FORM:
____________________________
City Attorney
4 Resolution No. 2024-____
Date Adopted: June 4, 2024
RESOLUTION JURAT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF MORENO VALLEY )
I, Jane Halstead, City Clerk of the City of Moreno Valley, California, do hereby certify that Resolution No. 2021-___ was duly and regularly adopted by the City Council of the City of Moreno Valley at a regular meeting thereof held on the 4th day of June, 2024 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro Tem and Mayor)
___________________________________
JANE HALSTEAD, CITY CLERK
(SEAL)