Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-1
EXHIBIT 1
C
ity of Stockton
Community Facilities District No. 2024-1
(South Stockton Facilities and Services)
San Joaquin County, California
RATE, METHOD OF APPORTIONMENT, AND
MANNER OF COLLECTION OF SPECIAL TAX
1. Basis of Special Tax Levy
A Special Tax authorized under the Mello-Roos Community Facilities Act of 1982 (Act) applicable to the land in the City of Stockton Community Facilities District No. 2024-1 (South Stockton Industrial/Commercial Services and Maintenance District) (CFD) of the City of Stockton (City) shall be levied and collected according to the tax liability determined by the City through the application of the appropriate amount or rate, as described below.
2. Definitions
“Acre” or “Acreage” means the land area of a County Assessor’s Parcel as shown on an Assessor’s Parcel Map, or if the land area is not shown on an Assessor’s Parcel Map, the land area shown on the applicable final map. “Act” means the Mello-Roos Community Facilities Act of 1982, as amended, Sections 53311 and following of the California Government Code. “Administrative Expenses” means the actual or reasonably estimated costs related to the administration of the CFD, including, but not limited to, these:
a. Costs of computing Special Taxes and preparing annual Special Tax collection schedules (whether by the City or any designee thereof or both). b. Costs of collecting the Special Taxes (whether by the County, the City, or otherwise).
c. Costs of remitting the Special Taxes to the Trustee. d. Costs of the Trustee (including its legal counsel) in the discharge of the dutie s
r
equired of it under the Bond Indenture.
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Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-2
e. Costs to the City, CFD, or any designee thereof of complying with arbitrage rebate requirements.
f. Costs to the City, CFD, or any designee thereof of complying with City, CFD, or obligated persons disclosure requirements.
g. Costs associated with preparing Special Tax disclosure statements. h. Costs incurred in responding to public inquiries regarding the Special Taxes. i. Costs to the City, CFD, or designee thereof related to any appeal of the Special Taxes.
j. Costs associated with the release of funds from an escrow account, if any. k. Costs to the City for the issuance of Bonds authorized by the CFD that are not recovered through the Bond sale proceeds.
l. Amounts estimated to be advanced or already advanced by the City for any other administrative purposes, including attorney’s fees and other costs related to collection of the Special Taxes and commencing and pursuing to completion any foreclosure of delinquent Special Taxes. “Administrator” means the City Manager or their designee. “Annexation Parcels” means a Parcel or Parcels annexed to the CFD after formation. The Maximum Annual Facilities Special Tax and Maximum Annual Services Special Tax will be assigned to Parcels in the annexation area using the provisions of Sections 4 and 5.
“Annual Facilities Costs” means, for any Fiscal Year, the total of these:
a. Administrative expenses for such Fiscal Year.
b. Debt Service to be paid from Facilities Special Taxes. c. The amount needed to replenish the reserve fund for the Bonds to the level required under the Bond Indenture, to the extent not included in a computation of Annual Facilities Costs in a previous Fiscal Year. d. The amount needed to (1) cure any delinquencies in the payment of principal or interest on Bonds, which have occurred in the prior Fiscal Year and (2) to fund any foreseeable deficiency of the amount to be available for the payment of principal or interest on Bonds, which are expected to occur in such Fiscal Year.
e. Authorized Facilities funded on a Pay-As-You-Go Basis.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-3
f. Less any available earnings on the reserve fund, Facilities Special Tax funds, or any other available revenues of the CFD or the City that may be used to fund Annual Facilities Costs.
“Annual Services Costs” means, for any Fiscal Year, the total of these for the CFD:
a. Authorized Services costs to be paid from Services Special Taxes. b. Administrative Expenses for such Fiscal Year.
c. The amount needed to (1) cure any delinquencies in the payment of the Services Special Tax in the prior Fiscal Year, to the extent not otherwise included in a computation of Annual Services Costs in the current or any previous Fiscal Year, and (2) to fund any foreseeable deficiency in the payment of the Services Special Tax for that Fiscal Year which is expected to occur in such Fiscal Year, to the extent not included in a computation of Annual Services Costs in the current or any previous Fiscal Year. d. Less any available earnings on the Services Special Tax funds or any other available revenues of the CFD or the City that may be used to fund Annual Services Costs.
“Anticipated Construction Proceeds” means the amount anticipated to be available through the CFD for acquiring or constructing Authorized Facilities, which is equal to $20.0 million at formation of the CFD. This amount is increased on July 1 of the current Fiscal Year for the prior calendar year by the average increase in the ENR-CCI.
“Assessor’s Parcel Map” means an official map of the County Assessor designating Parcels by Assessor’s Parcel Number.
“Assessor's Parcel Number” means the Parcel and Parcel Number as assigned by the County Assessor on the equalized tax roll.
“Authorized Facilities” means those facilities to be financed, as identified in the resolution forming the CFD.
“Authorized Services” means those services authorized to be funded by the CFD, as defined in the resolution forming the CFD.
“Base Year” means the Fiscal Year beginning July 1, 2024, and ending June 30, 2025.
“Benefit Share” means the Maximum Annual Facilities Special Tax for a Parcel divided by the Maximum Annual CFD Special Tax Revenue.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-4
“Bond Indenture” means the indenture, resolution, fiscal agent agreement, or other financing document pursuant to which any Bonds are issued. “Bond Share” means the share of Outstanding Bonds assigned to a Parcel as specified in Section 8 hereof.
“Bond(s)” means any bond(s) issued by the City for the CFD under the Act and any other debt, as defined in the Act, the City incurs to further the CFD’s purposes.
“Building Permit” means a permit issued by the City for the construction of a Nonresidential Use structure.
“CFD” means the City of Stockton Community Facilities District No. 2024-1 (South Stockton Facilities and Services) of the City of Stockton, San Joaquin County, California.
“Chief Financial Officer” means the Chief Financial Officer for the City, or their designee.
“City” means the City of Stockton in San Joaquin County, California. “Council” means the City Council of the City acting for the CFD under the Act. “County” means the County of San Joaquin, California.
“County Assessor’s Parcel” means a lot or Parcel with an assigned Assessor’s Parcel Number in the maps used by the County Assessor in preparing the tax roll. “Debt Service” means the total amount of Bond principal, interest, and the scheduled sinking fund payments of the Bonds in the calendar year that begins in that Fiscal Year.
“Developed Parcel” means, in any Fiscal Year for all Nonresidential Use Parcels, all Parcels for which a Building Permit for new construction of a Nonresidential Use structure was issued before May 1 of the preceding Fiscal Year. “ENR-CCI” means the Engineering News-Record—Construction Cost Index for San Francisco in the prior calendar year, as determined on July 1 of the current Fiscal Year.
“Facilities Special Tax” means the Special Tax authorized to be levied in the CFD to fund Annual Facilities Cost. Facilities Special Taxes are shown in Attachment 1, or as to Annexation Parcels, as shown in a subsequent attachment to the RMA.
“Fiscal Year” means the period starting July 1 and ending the following June 30.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-5
“Full Prepayment” means the complete fulfillment of a Parcel’s Facilities Special Tax obligation, as determined by following the procedures in Section 8. “Maximum Annual Facilities Special Tax” means the greatest amount of Facilities Special Tax that can be levied against a Parcel in a given Fiscal Year, as shown in Attachment 1.
“Maximum Annual Facilities Special Tax Revenue” means the greatest amount of Facilities Special Tax revenue that can be collected in total from a group of Parcels (such as Developed Parcels) by levying the Maximum Annual Facilities Special Tax charged per Taxable Acre, as shown in Attachment 1. “Maximum Annual Services Special Tax” means the greatest amount of Services Special Tax that can be levied against a Parcel in a given Fiscal Year, as shown in Attachment 1.
“Maximum Annual Services Special Tax Revenue” means the greatest amount of Services Special Tax revenue that can be collected in total from a group of Parcels (such as Developed Parcels) by levying the Maximum Annual Special Tax charged per Taxable Acre, as shown in Attachment 1. “Maximum Annual Special Tax Revenue” means the greatest amount of revenue that can be collected in total from a group of Parcels (such as Developed Parcels) by levying the Maximum Annual Special Tax.
“Maximum Annual CFD Special Tax Revenue” means the sum of the Maximum Annual Special Tax levied on all Taxable Parcels in the CFD in a Fiscal Year.
“Mixed Use Parcel” means a Parcel or Parcels designated for a combination of Residential Uses and Nonresidential Uses.
“Nonresidential Use” means a Taxable Parcel with land uses which may include commercial (office, neighborhood, general, etc.), industrial (limited, general, etc.), and Mixed Use Parcels (Nonresidential Use portion only). “Outstanding Bonds” means the total principal amount of Bonds that have been issued and not fully repaid or legally defeased.
“Parcel” means any County Assessor’s Parcel in the CFD based on the equalized tax rolls of the County as of January 1 of each Fiscal Year. “Partial Prepayment” means the partial fulfillment of a Parcel’s Special Tax obligation, as determined by following the procedures in Section 8. “Pay-As-You-Go Basis” means the use of annual and one-time Special Tax revenues to directly fund the acquisition, construction, and improvement of Authorized Facilities on a first in-first out basis.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-6
“Prepayment” means the complete or partial fulfillment of a Parcel’s Special Tax obligation, as determined by following the procedures in Section 8. “Proportionately” means that the ratio of the actual Special Tax levy to the Maximum Annual Special Tax is equal for all Developed Parcels. For Undeveloped Parcels, Proportionately means that the ratio of the actual Special Tax levy to the Maximum Annual Special Tax is equal for all Undeveloped Parcels. “Public Parcel” means any Parcel that is or is intended to be publicly owned, as designated in any final map that is normally exempt from the levy of general ad valorem property taxes under California law, including public streets; schools; parks; and public drainageways, landscaping, wetlands, greenbelts, and open space.
“Remaining Facilities Costs” means the amount of Anticipated Construction Proceeds less construction proceeds from previous CFD Bond issuances and costs of Authorized Facilities funded on a Pay-As-You-Go Basis from the levy of the Special Tax.
“Remaining Facilities Cost Share” means the Remaining Facilities Costs multiplied by the Benefit Share.
“Reserve Fund” means any debt service reserve fund established pursuant to the Bonds.
“Reserve Fund Requirement” means the amount required to be held in any Reserve Fund.
“Reserve Fund Share” means the amount on deposit in any Reserve Fund, but in any event not to exceed the Reserve Fund Requirement, multiplied by the Benefit Share for a given Parcel.
“Residential Use” means a Parcel designated for residential use, such as single- family residential Units, residential condominiums, townhouses, or apartments.
Residential Uses Parcels are Tax-Exempt Parcels under this RMA. “RMA” means the Rate and Method of Apportionment of Special Tax. “Services Special Tax” means the Special Tax authorized to fund Annual Services Costs. Services Special Taxes are shown in Attachment 1. “Special Tax(es)” mean(s) any tax levy under the Act in the CFD. “Subdivision” or “Subdivided” means a division of a Parcel into two or more Parcels through the Subdivision Map Act process. A Subdivision also may include the merging of two or more Parcels to create new Parcels.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-7
“Tax Category” means the categories of taxable land uses shown in Attachment 1.
“Tax Collection Schedule” means the document prepared by the Administrator for the County Auditor-Controller to use in levying and collecting the Special Taxes each Fiscal Year.
“Tax Escalation Factor” means a factor of 2 percent by which the Maximum Annual Facilities Special Tax and Maximum Annual Facilities Special Tax Rates shall be increased annually. The Maximum Annual Services Special Tax may be increased up to 4 percent annually at the City’s discretion. The Administrator should refer to Section 4a and Section 5a for application of the Tax Escalation Factor.
“Taxable Acreage” means that area of a Parcel determined by the Administrator to become a Taxable Parcel or Parcels upon further Subdivision. An example might be that a Large Lot Parcel Map creates a Remainder Parcel that, according to Attachment 1, contains both taxable and tax-exempt uses, such as a detention basin.
“Taxable Parcel” means any Parcel that is not a Tax-Exempt Parcel. “Tax-Exempt Parcel” means a Parcel not subject to the Annual Special Tax.
Tax-Exempt Parcels include (a) Public Parcels, (b) Residential Uses, and (c) Parcels owned by the City, school districts, special districts, or the state or federal government. A Taxable Parcel that is acquired by a public agency shall remain a Taxable Parcel as per the provisions of Sections 4g and 5g.
Certain privately owned Parcels also may be exempt from the levy of Annual Special Taxes, including common areas owned by property owner associations, wetlands, detention basins, water quality ponds, and open space, as determined by the Administrator.
“Trustee” means a national banking association organized and existing under the laws of the United States.
“Undeveloped Parcel” means a Taxable Parcel that is not a Developed Parcel.
3. Duration of the Special Tax
The Facilities Special Tax will be levied and collected until Fiscal Year 2073-74.
The Services Special Tax will be levied and collected in perpetuity.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-8
4. Administrative Tasks for the
Facilities Special Tax
Tasks required of the Administrator for the Facilities Special Tax are discussed below:
a. Annual Special Tax Escalation. The Administrator shall increase the Maximum Annual Facilities Special Tax and Maximum Annual Facilities Special Tax Rates by the Tax Escalation Factor in all Fiscal Years following the Base Year. b. Assignment of the Maximum Annual Facilities Special Tax to Developed Parcels. Attachment 1 identifies the Maximum Annual Facilities Special Tax per Taxable Acre for Developed Parcels. The Maximum Annual Facilities Special Tax is determined by multiplying the Taxable Acreage of a Developed Parcel by the Maximum Annual Facilities Special Tax for a given Fiscal Year. c. Assignment of the Maximum Annual Facilities Special Tax to Undeveloped Parcels. Undeveloped Parcels are Tax-Exempt Parcels until the issuance of a Building Permit for Nonresidential Uses.
d. Assignment of the Maximum Annual Facilities Special Tax to Annexation Parcels. Upon annexation of property to the CFD, Parcels will be assigned Maximum Annual Facilities Special Taxes using Attachment 1. Once annexed, these annexed Parcels shall be will be subject to the same procedures for assignment of the Maximum Annual Facilities Special Tax to Developed Parcels described in Section 4b.
e. Conversion of a Tax-Exempt Parcel to a Taxable Parcel. If a Tax-Exempt Parcel is not needed for public use and is converted to a taxable use or transferred to a private owner, it shall become subject to the Facilities Special Tax. The Maximum Annual Facilities Special Tax for the newly Taxable Parcel will be determined using the provisions of Sections 4 and 6 of the RMA. f. Taxable Parcels Acquired by a Public Agency. A Taxable Parcel that is acquired by a public agency after the CFD is formed will remain subject to the applicable Special Tax unless the Special Tax obligation is satisfied pursuant to Section 53317.5 of the Government Code. An exception to this may be made if a Public Parcel, such as a park site, is relocated to a Taxable Parcel, in which case the previously Tax-Exempt Parcel of comparable acreage becomes a Taxable Parcel and the Maximum Annual Facilities Special Tax from the previously Taxable Parcel is transferred to the new Taxable Parcel. This trading of a Parcel from a Taxable Parcel to a Public Parcel will be permitted to the extent there is no net loss in Maximum Annual CFD Special Tax Revenue, and the transfer is agreed to by the owners of the Parcels involved in the transfer and the CFO.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-9
5. Administrative Tasks for the
Services Special Tax
Tasks required of the Administrator for the Services Special Tax are discussed below:
a. Annual Special Tax Escalation. The Administrator shall increase the Maximum Annual Services Special Tax and Maximum Annual Special Services Tax Rates by the Tax Escalation Factor in all Fiscal Years following the Base Year. b. Assignment of the Maximum Annual Services Special Tax to Developed Parcels. Attachment 1 identifies the Maximum Annual Services Special Tax per Taxable Acre for Developed Parcels. The Maximum Annual Services Special Tax is determined for a Developed Parcel by multiplying the Taxable Acres by the Maximum Annual Services Special Tax for a given Fiscal Year. c. Assignment of the Maximum Annual Services Special Tax to Undeveloped Parcels. Undeveloped Parcels are Tax-Exempt Parcels until the issuance of a Building Permit for Nonresidential Uses.
d. Assignment of the Maximum Annual Services Special Tax to Annexation Parcels. Upon annexation of property to the CFD, Parcels will be assigned Maximum Annual Services Special Taxes using Attachment 1. Once annexed, these annexed Parcels will be subject to the same procedures for assignment of the Maximum Annual Services Special Tax to Developed Parcels described in Section 5b. d.
e. Conversion of a Tax-Exempt Parcel to a Taxable Parcel. If a Tax-Exempt Parcel is not needed for public use and is converted to a taxable use or transferred to a private owner, it shall become subject to the Services Special Tax. The Maximum Annual Services Special Tax for the newly Taxable Parcel will be determined using the provisions of Sections 5 and 6 of the RMA. f. Taxable Parcels Acquired by a Public Agency. A Taxable Parcel that is acquired by a public agency after the CFD is formed will remain subject to the applicable Special Tax unless the Special Tax obligation is satisfied pursuant to Section 53317.5 of the Government Code. An exception to this may be made if a Public Parcel, such as a park site, is relocated to a Taxable Parcel, in which case the previously Tax-Exempt Parcel of comparable acreage becomes a Taxable Parcel and the Maximum Annual Services Special Tax from the previously Taxable Parcel is transferred to the new Taxable Parcel. This trading of a Parcel from a Taxable Parcel to a Public Parcel will be permitted to the extent there is no net loss in Maximum Annual CFD Special Tax Revenue, and the transfer is agreed to by the owners of the Parcels involved in the transfer and the CFO.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-10
6. Assignment of the Maximum Annual
Special Tax
a. Classification of Parcels. For purposes of the next Fiscal Year tax levy, by June 30 of each Fiscal Year, using the Definitions in Section 2, the Parcel records of the Assessor’s secured tax roll as of January 1, and other City development approval records, the Administrator shall cause:
1. Each Parcel to be classified as a Taxable Parcel or Tax-Exempt Parcel.
2. Each Parcel to be classified as a Developed Parcel or an Undeveloped Parcel.
b. Assignment of the Maximum Annual Special Tax to Taxable Parcels. The Maximum Annual Special Tax will be assigned to each Taxable Parcel each Fiscal Year using the procedures (not all steps may be applicable for each such Parcel) in Sections 4 and 5.
7. Calculating Annual Special Taxes
This section discusses the levy of the Facilities Special Tax and the Services Special Tax. Collectively, these Special Taxes are included in the discussion of the assignment of the Maximum Annual Special Taxes. The Administrator will compute the Annual Facilities Costs and Annual Services Costs and determine the annual Special Tax levy for each Taxable Parcel based on the assignment of the Special Tax in Sections 4, 5, and 6. The Administrator then will determine the tax levy for each Taxable Parcel using the following process.
Facilities Special Tax Levy
a. Compute the Annual Facilities Costs using the definition of Annual Facilities Costs in Section 2.
b. For all Taxable Parcels, calculate the Facilities Special Tax levy for each using the following steps:
Step 7.b.1. The Facilities Special Tax shall be levied Proportionately on all Developed Parcels up to the amount of Annual Facilities Cost or up to 100 percent of the Maximum Annual Facilities Special Tax Revenue for all Developed Parcels, whichever is less.
Services Special Tax Levy
a. Compute the Annual Services Cost using the definition of Annual Services Costs in Section 2.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-11
b. For all Taxable Parcels, calculate the Services Special Tax levy for each using the following steps:
Step 7.b.1. The Services Special Tax shall be levied Proportionately on all Developed Parcels up to the amount of Annual Services Cost or up to 100 percent of the Maximum Annual Services Special Tax Revenue for all Developed Parcels, whichever is less.
c. Sum the amounts calculated for the Facilities Special Tax levy and the Services Special Tax levy computed above.
d. Levy on each Taxable Parcel the amount calculated above. e. Prepare the Tax Collection Schedule and, unless an alternative method of collection has been selected pursuant to Section 10, send it to the County Auditor requesting that it be placed on the general, secured property tax roll for the Fiscal Year. The Tax Collection Schedule will be sent no later than the date required by the County Auditor for such inclusion.
The Administrator will make every effort to calculate the Special Tax correctly for each Parcel. It will be the burden of the taxpayer to identify any errors in determining which Parcels are subject to the tax and their Special Tax assignments.
8. Prepayment of the Special Tax
Obligation
A property owner may permanently or partially satisfy the Maximum Annual Facilities Special Tax for a Taxable Parcel by a Full or Partial Prepayment, as permitted under Government Code Section 53344. Prepayments must be made by May 1 to have the Prepayment reflected in the following Fiscal Year’s Special Tax levy. Prepayment is permitted only under the following conditions:
• The City determines that Prepayment of the Facilities Special Tax does not jeopardize its ability to make timely payments of Debt Service on Outstanding Bonds.
• The landowner prepaying the Special Tax on a Parcel has paid any delinquent Special Tax and penalties on that Parcel before Prepayment. • Amounts in the Reserve Fund are equal to or greater than the Reserve Fund Requirement.
• The City determines that the Prepayment will not jeopardize its ability to make timely payments of Debt Service and maintain a 110 percent Maximum EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-12
Annual Facilities Special Tax coverage of Debt Service, plus Administrative Expenses in all years where there will be Outstanding Bonds.
When permitted, the Administrator shall calculate Full Prepayments using the following steps:
a. The Full Prepayment amount before any issuance of CFD Bonds shall be calculated using the following procedures:
Step 8.a.1. Determine the Maximum Annual Facilities Special Tax for the Developed Parcel for which the Special Tax is to be prepaid using the provisions of Sections 4 and 6.
Step 8.a.2. Divide the amount from Step 8.a.1. by the Maximum Annual Facilities Special Tax Revenue to determine the Benefit Share for the Full Prepayment Parcel.
Step 8.a.3. Multiply the Remaining Facilities Costs, as increased by ENR-CCI from the Base Year, by the Benefit Share to determine the Full Prepayment amount.
Step 8.a.4. Add to the amount determined in Step 8.a.3. any costs to the City, including the costs of any City consultants, associated with the preparation of the Full Prepayment calculation.
b. The Full Prepayment amount after all issuances of CFD Bonds shall be calculated using the following procedures:
Step 8.b.1. Determine the Maximum Annual Facilities Special Tax for the Parcel for which the Special Tax is to be prepaid using the provisions of Sections 4 and 6.
Step 8.b.2. Divide the amount from Step 8.b.1. by the Maximum Annual Facilities Special Tax Revenue to determine the Benefit Share for the Parcel.
Step 8.b.3. Multiply the Benefit Share by the total amount of Outstanding Bonds to determine the Bond Share for the Full Prepayment Parcel.
Step 8.b.4. Multiply the Benefit Share by the Remaining Facilities Costs, as increased by ENR-CCI from the Base Year, to determine the Remaining Facilities Cost Share for the Full Prepayment Parcel.
Step 8.b.5. Sum the Bond Share and Remaining Facilities Cost Share from Steps 8.b.3. and 8.b.4.
EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-13
Step 8.b.6. Determine the total amount of Bonds to be called by rounding the amount summed in Step 8.b.5. down to the nearest $5,000.
Step 8.b.7. Multiply the amount calculated in Step 8.b.6. by the call premium for the next available call date.
Step 8.b.8. Determine the Reserve Fund Share for the Full Prepayment Parcel by multiplying the Reserve Fund Requirement by the Benefit Share.
Step 8.b.9. Reduce the amount calculated in Step 8.b.5. by the amount of the Reserve Fund Share in Step 8.b.8., provided the amount in the Reserve Fund equals the Reserve Fund Requirement after reduction.
Step 8.b.10. Determine the Full Prepayment amount by adding to the amount calculated in Step 8.b.9. any fees, call premiums, and interest to the next Bond call date not covered by Special Taxes already levied and collected for the prepaying Parcel, and expenses incurred by the CFD in connection with the Full Prepayment calculation or the application of the proceeds of the Full Prepayment to the call of Outstanding Bonds.
Step 8.b.11. If the Special Taxes already have been levied but not collected, the Parcel shall not become a Full Prepayment Parcel until the owner of the Parcel has paid the Special Taxes included on the current property tax bill in addition to the Full Prepayment amount.
c. Partial Prepayments are allowed only for Parcels owned by a property owner before the issuance of the initial Building Permit. A Partial Prepayment can occur only once per Assessor’s Parcel. The City may allow a Partial Prepayment if it is determined that the Partial Prepayment will not jeopardize its ability to make timely payments of Debt Service and maintain a 110-percent Maximum Special Tax coverage of Debt Service, plus Administrative Expenses in all years where there will be Outstanding Bonds.
Partial Prepayments can occur only after the Final Bond Sale. Partial Prepayments will be calculated as described below:
The amount of any Partial Prepayment must be either 25 percent or 50 percent of the Full Prepayment amount determined in Step 8.b.10.
A Partial Prepayment may be made in an amount equal to 25 percent or 50 percent of the Full Prepayment desired by the party making a Partial Prepayment, except that the full amount of Administrative fees and expenses determined in Step 8.b.10. shall be included in the Partial Prepayment. The Maximum Annual Special Tax that can be levied on a Parcel after a Partial EXHIBIT 1
Rate, Method of Apportionment, and Manner of Collection of Special Tax August 2, 2024
Economic & Planning Systems, Inc. (EPS) 1-14
Prepayment is made is equal to the Maximum Annual Special Tax that could have been levied before the Prepayment, reduced by the percentage of the Full Prepayment that the Partial Prepayment represents, all as determined by or at the direction of the Finance Director. For example, if the Partial Prepayment is equal to 25 percent, the Maximum Annual Special Tax applied to the Parcel would be 75 percent of the Maximum Annual Special Tax.
9. Interpretation, Application, and
Appeal of Special Tax Formula and
Procedures
Any taxpayer who feels the amount of the Special Tax assigned to a Parcel is in error may file a notice with the Finance Director appealing the levy of the Special Tax. The Finance Director then will promptly review the appeal and, if necessary, will meet with the applicant. If the Finance Director verifies that the tax should be modified or changed, the Special Tax levy will be corrected and, if applicable in any case, a credit or refund will be granted.
Interpretations may be made by the City, without Resolution or Ordinance of the Council, for purposes of clarifying any vagueness or ambiguity as it relates to the Special Tax rate, the method of apportionment, the classification of properties, or any definition applicable to the CFD.
Without Council approval, the Finance Director may make minor, non-substantive administrative and technical changes to the provisions of this RMA that do not materially affect the rate, method of apportionment, or manner of collection of the Special Tax for purposes of administrative efficiency or convenience or to comply with new applicable federal, state, or local law.
The City, upon request of an owner of land in the CFD that is not a Developed Parcel, also may amend this RMA in any manner acceptable to the City, without Resolution or Ordinance of the Council, upon the affirmative vote of such owner and without the vote of owners of any other land in the CFD, provided such amendment only affects such owner’s land and does not reduce the total Maximum Annual Special Tax Revenue for the CFD.
10. Manner of Collection
The Special Tax will be collected in the same manner and at the same time as ad valorem property taxes, provided, however, the Administrator or its designee may directly bill the Special Tax and may collect the Special Tax at a different time, such as on a monthly or other periodic basis, or in a different manner, if necessary, to meet the City’s financial obligations.
EXHIBIT 1
Attachment 1
City of Stockton CFD No. 2024-1
(South Stockton Facilities and Services)
Maximum Annual Special Tax per Acre (Base Year 2024-25) Maximum Annual Maximum Annual Total
Facilities Special Tax Services Special Tax Maximum Annual Land Use Category Per Acr
e Per Acre Special Tax
[1] [2]
per acre per acre per acre
Commercial $650 $1,637 $2,287
Industrial $650 $1,637 $2,287
Undeveloped $0 $0 $0
"att1"
[2] The Maximum Annual Facilities Special Tax will escalate by 2-percent each Fiscal Year following the Base Year.
[2] The Maximum Annual Services Special Tax will escalate by 4-percent each Fiscal Year following the Base Year.
Prepared by EPS 8/14/2024 Z:\Shared\Projects\SAC\232000\232107 Stockton Mariposa Road Services CFD\Models\232107 Model Stress 15 cents EXHIBIT 1
CITY CLERK
CITY CLERK'S MAP FILING STATEMENT
CITY CLERK'S MAP STATEMENT
BY:
RECORDER'S STATEMENT
20004000 10000
SCALE: 1"=2000'
CITY OF STOCKTON SAN JOAQUIN COUNTY CALIFORNIA
1025 Creekside Ridge Drive, Suite 150, Roseville, CA 95678(916) 773-1189SHEET 1 OF 118529.CFD AUGUST 2024
SAN JOAQUIN COUNTY, CALIFORNIA
CITY OF STOCKTON
CITY CLERK
SAN JOAQUIN COUNTY, CALIFORNIA
CITY OF STOCKTON
PROPOSED BOUNDARY MAP
COUNTY OF SAN JOAQUIN
PROPOSED CFD BOUNDARY
LEGEND
DOCUMENT NO.
FEE:
COUNTY RECORDER
N
AREAS OF FUTURE ANNEXATION
BOOK ____ OF COMMUNITY FACILITIES DISTRICT, PAGE ____
FILED IN THE OFFICE OF THE CITY CLERK OF THE CITY OF STOCKTON, COUNTY OF SAN JOAQUIN, STATE OF CALIFORNIA THIS _______ DAY OF ____________ 2024.
I HEREBY CERTIFY THAT THE WITHIN MAP SHOWING THE PROPOSED BOUNDARIES OF COMMUNITY FACILITIES DISTRICT NO. 2024-1 (SOUTH STOCKTON FACILITIES AND
SERVICES), CITY OF STOCKTON, COUNTY OF SAN JOAQUIN, STATE OF CALIFORNIA,
WAS APPROVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AT A REGULAR MEETING THEREOF, HELD ON THE DAY OF , 2024 BY IT'S RESOLUTION NO. .
FILED THIS DAY OF , 2024, AT THE HOUR OF O'CLOCK M. IN BOOK OF MAPS OF COMMUNITY FACILITIES DISTRICT, AT PAGE _____ IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF SAN JOAQUIN, STATE OF CALIFORNIA.
INTERSTATE 5
ARCH-AIRPORT RD
ARCH RD
HIGHWAY 99
HIGHWAY 99
S AIRPORT WAY
FRENCH CAMP RD
STOCKTON
METROPOLITAN
AIRPORT
INDUSTRIAL DR
FRENCH
CAMP
STOCKTON CITY LIMIT
STOCKTON
CITY
LIMIT STOCKTON CITY LIMIT
STOCKTON CITY LIMIT
NEWCASTLE RD
S AUSTIN RD
ZEPHYR ST
3 4
5 6
127
CITY OF STOCKTON
COMMUNITY FACILITIES DISTRICT NO. 2024-1
(SOUTH STOCKTON FACILITIES AND SERVICES)
EXHIBIT 1