Engineer's Report 573
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362531009 $77.68 362531010 $77.68 362531011 $77.68
362531012 $77.68 362531014 $77.68 362531015 $77.68
362531016 $77.68 362531017 $77.68 362531018 $77.68
362531019 $77.68 362531020 $77.68 362531021 $77.68
362531022 $77.68 362531023 $77.68 362531024 $77.68
362531025 $77.68 362531026 $77.68 362531027 $77.68
362531028 $77.68 362531029 $77.68 362531030 $77.68
362531031 $77.68 362532001 $77.68 362532002 $77.68
362532003 $77.68 362532004 $77.68 362532005 $77.68
362532006 $77.68 362532007 $77.68 362532008 $77.68
362533001 $77.68 362533002 $77.68 362533003 $77.68
362533004 $77.68 362533005 $77.68 362533006 $77.68
362533007 $77.68 362533008 $77.68 362533009 $77.68
362533010 $77.68 362533011 $77.68 362533012 $77.68
362533013 $77.68 362533014 $77.68 362533015 $77.68
362533016 $77.68 362533017 $77.68 362533018 $77.68
362533019 $77.68 362533020 $77.68 362533021 $77.68
362533022 $77.68 362533023 $77.68 362533024 $77.68
362533025 $77.68 362533026 $77.68 362533027 $77.68
362533028 $77.68 362533029 $77.68 362533030 $77.68
362533031 $77.68 362541001 $77.68 362541002 $77.68
362541004 $77.68 362541005 $77.68 362541006 $77.68
362541007 $77.68 362542001 $77.68 362542002 $77.68
362542003 $77.68 362542004 $77.68 362542005 $77.68
362542006 $77.68 362542007 $77.68 362542008 $77.68
362542009 $77.68 362542010 $77.68 362542011 $77.68
362542012 $77.68 362542013 $77.68 362542014 $77.68
362542015 $77.68 362542016 $77.68 362542017 $77.68
362542018 $77.68 362542019 $77.68 362542020 $77.68
362542021 $77.68 362542022 $77.68 362542023 $77.68
362542024 $77.68 362542025 $77.68 362543001 $77.68
362543002 $77.68 362543003 $77.68 362543004 $77.68
362543005 $77.68 362543006 $77.68 362543007 $77.68
362543008 $77.68 362543009 $77.68 362543010 $77.68
362543011 $77.68 362550001 $77.68 362550002 $77.68
362550003 $77.68 362550004 $77.68 362550005 $77.68
362550006 $77.68 362550007 $77.68 362550008 $77.68
362550009 $77.68 362550010 $77.68 362550011 $77.68
362550012 $77.68 362550013 $77.68 362550014 $77.68
362550015 $77.68 362550016 $77.68 362550017 $77.68
362550018 $77.68 362550019 $77.68 362550020 $77.68
362550021 $77.68 362550022 $77.68 362550023 $77.68
362550024 $77.68 362550025 $77.68 362550026 $77.68
362550027 $77.68 362550028 $77.68 362550029 $77.68
362550030 $77.68 362550031 $77.68 362550032 $77.68
362550033 $77.68 362550034 $77.68 362550035 $77.68
Engineer's Report 574
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362550036 $77.68 362550037 $77.68 362550038 $77.68
362550039 $77.68 362550040 $77.68 362550041 $77.68
362550042 $77.68 362550043 $77.68 362550044 $77.68
362550045 $77.68 362550046 $77.68 362550047 $77.68
362550048 $77.68 362550049 $77.68 362550050 $77.68
362550051 $77.68 362550052 $77.68 362550053 $77.68
362550054 $77.68 362550055 $77.68 362550056 $77.68
362550057 $77.68 362550058 $77.68 362550059 $77.68
362550060 $77.68 362550061 $77.68 362550062 $77.68
362550063 $77.68 362690001 $77.68 362690002 $77.68
362690003 $77.68 362690004 $77.68 362690005 $77.68
362690006 $77.68 362690007 $77.68 362690008 $77.68
362690009 $77.68 362690010 $77.68 362690011 $77.68
362690012 $77.68 362690013 $77.68 362690014 $77.68
362690015 $77.68 362690016 $77.68 362690017 $77.68
362690018 $77.68 362690019 $77.68 362690020 $77.68
362690021 $77.68 362691001 $77.68 362691002 $77.68
362691003 $77.68 362691004 $77.68 362691005 $77.68
362691006 $77.68 362691007 $77.68 362691008 $77.68
362691009 $77.68 362691010 $77.68 362691011 $77.68
362691012 $77.68 362691013 $77.68 362691014 $77.68
362691015 $77.68 362691016 $77.68 362700001 $77.68
362700002 $77.68 362700003 $77.68 362700004 $77.68
362700005 $77.68 362700006 $77.68 362700007 $77.68
362700008 $77.68 362700009 $77.68 362700010 $77.68
362700011 $77.68 362700012 $77.68 362700013 $77.68
362700014 $77.68 362700015 $77.68 362700016 $77.68
362701001 $77.68 362701002 $77.68 362701003 $77.68
362701004 $77.68 362701005 $77.68 362701006 $77.68
362701007 $77.68 362701008 $77.68 362701009 $77.68
362701010 $77.68 362702002 $77.68 362702003 $77.68
362702004 $77.68 362702005 $77.68 362702006 $77.68
362702007 $77.68 362702008 $77.68 362702009 $77.68
362702010 $77.68 362702011 $77.68 362702012 $77.68
362702013 $77.68 362702014 $77.68 362702015 $77.68
362702016 $77.68 362702017 $77.68 362702018 $77.68
362702019 $77.68 362710001 $77.68 362710002 $77.68
362710003 $77.68 362710004 $77.68 362710005 $77.68
362710006 $77.68 362710007 $77.68 362710008 $77.68
362710009 $77.68 362710010 $77.68 362710011 $77.68
362710012 $77.68 362710013 $77.68 362710014 $77.68
362711001 $77.68 362711002 $77.68 362711003 $77.68
362711004 $77.68 362711005 $77.68 362711006 $77.68
362711007 $77.68 362711008 $77.68 362711009 $77.68
362711010 $77.68 362711011 $77.68 362711012 $77.68
362711013 $77.68 362711014 $77.68 362711015 $77.68
Engineer's Report 575
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362711016 $77.68 362711017 $77.68 362711018 $77.68
362711019 $77.68 362711020 $77.68 362711021 $77.68
362712001 $77.68 362712002 $77.68 362712003 $77.68
362712004 $77.68 362712005 $77.68 362712006 $77.68
362712007 $77.68 362712008 $77.68 362712009 $77.68
362712010 $77.68 362712011 $77.68 362712012 $77.68
362712013 $77.68 362712014 $77.68 362712015 $77.68
362712016 $77.68 366491001 $77.68 366491002 $77.68
366491003 $77.68 366491004 $77.68 366491005 $77.68
366491006 $77.68 366491007 $77.68 366492001 $77.68
366492002 $77.68 366492003 $77.68 366492004 $77.68
366492005 $77.68 366492006 $77.68 366492007 $77.68
366492008 $77.68 366492009 $77.68 366492010 $77.68
366492011 $77.68 366492012 $77.68 366492013 $77.68
366492014 $77.68 366492015 $77.68 366492016 $77.68
366492017 $77.68 366492018 $77.68 366492019 $77.68
366492020 $77.68 366492021 $77.68 366492022 $77.68
366492023 $77.68 366492024 $77.68 366493001 $77.68
366493002 $77.68 366493003 $77.68 366493004 $77.68
366493005 $77.68 366493006 $77.68 366493007 $77.68
366493008 $77.68 366493009 $77.68 366493010 $77.68
366493011 $77.68 366501001 $77.68 366501002 $77.68
366501003 $77.68 366501004 $77.68 366501005 $77.68
366501006 $77.68 366501007 $77.68 366501008 $77.68
366501009 $77.68 366501010 $77.68 366501011 $77.68
366501012 $77.68 366501013 $77.68 366501014 $77.68
366501015 $77.68 366501016 $77.68 366501017 $77.68
366502001 $77.68 366502002 $77.68 366502003 $77.68
366502004 $77.68 366502005 $77.68 366502006 $77.68
366502007 $77.68 366502008 $77.68 366502009 $77.68
366502010 $77.68 366502011 $77.68 366502012 $77.68
366502013 $77.68 366502014 $77.68 366502015 $77.68
366502016 $77.68 366502017 $77.68 366502018 $77.68
366503001 $77.68 366503002 $77.68 366503003 $77.68
366503004 $77.68 366503005 $77.68 366503006 $77.68
366503007 $77.68 366503008 $77.68 366503009 $77.68
366503010 $77.68 366503011 $77.68 366503012 $77.68
367490001 $77.68 367490002 $77.68 367490003 $77.68
367490004 $77.68 367490005 $77.68 367490006 $77.68
367490007 $77.68 367490008 $77.68 367490009 $77.68
367490010 $77.68 367490011 $77.68 367490012 $77.68
367490013 $77.68 367490014 $77.68 367490015 $77.68
367490016 $77.68 367490017 $77.68 367490018 $77.68
367490019 $77.68 367490020 $77.68 367490021 $77.68
367490022 $77.68 367490023 $77.68 367490024 $77.68
367490025 $77.68 367490026 $77.68 367490027 $77.68
Engineer's Report 576
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
367490028 $77.68 367490029 $77.68 367490030 $77.68
367490031 $77.68 367490032 $77.68 367491001 $77.68
367491002 $77.68 367491003 $77.68 367491004 $77.68
367491005 $77.68 367491006 $77.68 367491007 $77.68
367491008 $77.68 367491009 $77.68 367491010 $77.68
367491011 $77.68 367491012 $77.68 367491015 $77.68
367491016 $77.68 367491017 $77.68 367491018 $77.68
367491020 $77.68 367491021 $77.68 370441001 $77.68
370441002 $77.68 370441003 $77.68 370441004 $77.68
370441005 $77.68 370442001 $77.68 370442002 $77.68
370442003 $77.68 370442004 $77.68 370442005 $77.68
370442006 $77.68 370442007 $77.68 370442008 $77.68
370442009 $77.68 370442010 $77.68 370442011 $77.68
370442012 $77.68 370442013 $77.68 370442014 $77.68
370442015 $77.68 370442016 $77.68 370442017 $77.68
370442018 $77.68 370442019 $77.68 370442020 $77.68
370442021 $77.68 370442022 $77.68 370442023 $77.68
370442024 $77.68 370442025 $77.68 370442026 $77.68
370442027 $77.68 370442028 $77.68 370442029 $77.68
370442030 $77.68 370442031 $77.68 370442032 $77.68
370442033 $77.68 370442034 $77.68 370442035 $77.68
370442036 $77.68 370442037 $77.68 370443001 $77.68
370443002 $77.68 370443003 $77.68 370443004 $77.68
370443005 $77.68 370443006 $77.68 370443007 $77.68
370443008 $77.68 370443009 $77.68 370443010 $77.68
370443011 $77.68 370443012 $77.68 370443013 $77.68
370443014 $77.68 370443015 $77.68 370443016 $77.68
370443017 $77.68 370451001 $77.68 370451002 $77.68
370451003 $77.68 370451004 $77.68 370451005 $77.68
370451006 $77.68 370452001 $77.68 370452002 $77.68
370452003 $77.68 370452004 $77.68 370452005 $77.68
370452006 $77.68 370452007 $77.68 370452008 $77.68
370452009 $77.68 370452010 $77.68 370452011 $77.68
370452012 $77.68 370452013 $77.68 370452014 $77.68
370452015 $77.68 376430001 $77.68 376430002 $77.68
376430003 $77.68 376430004 $77.68 376430005 $77.68
376430006 $77.68 376430007 $77.68 376430008 $77.68
376430009 $77.68 376430010 $77.68 376430011 $77.68
376430012 $77.68 376430013 $77.68 376430014 $77.68
376430015 $77.68 376430016 $77.68 376430017 $77.68
376430018 $77.68 376430019 $77.68 376430020 $77.68
376430021 $77.68 376430022 $77.68 376430023 $77.68
376430024 $77.68 376430025 $77.68 376430026 $77.68
376430027 $77.68 376430028 $77.68 376430029 $77.68
376430030 $77.68 376430031 $77.68 376430032 $77.68
376430033 $77.68 376430034 $77.68 376431001 $77.68
Engineer's Report 577
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376431002 $77.68 376431003 $77.68 376431004 $77.68
376431005 $77.68 376431006 $77.68 376431007 $77.68
376431008 $77.68 376431009 $77.68 376431010 $77.68
376431011 $77.68 376431012 $77.68 376431013 $77.68
376431014 $77.68 376431015 $77.68 376431016 $77.68
376431017 $77.68 376431018 $77.68 376431019 $77.68
376431020 $77.68 376431021 $77.68 376431022 $77.68
376431023 $77.68 376431024 $77.68 376431025 $77.68
376431026 $77.68 376431027 $77.68 376431028 $77.68
376431029 $77.68 376431030 $77.68 376431031 $77.68
376431032 $77.68 376431033 $77.68 376431034 $77.68
376431035 $77.68 376431036 $77.68 376431037 $77.68
376431038 $77.68 376431039 $77.68 376431040 $77.68
376431041 $77.68 376431042 $77.68 376431043 $77.68
376431044 $77.68 376450001 $77.68 376450002 $77.68
376450003 $77.68 376450004 $77.68 376450005 $77.68
376450006 $77.68 376450007 $77.68 376450008 $77.68
376450009 $77.68 376450010 $77.68 376450011 $77.68
376450012 $77.68 376450013 $77.68 376450014 $77.68
376450015 $77.68 376450016 $77.68 376450017 $77.68
376450018 $77.68 376450019 $77.68 376450020 $77.68
376450021 $77.68 376450022 $77.68 376450023 $77.68
376450024 $77.68 376450025 $77.68 376450026 $77.68
376450027 $77.68 376450028 $77.68 376450029 $77.68
376450030 $77.68 376450031 $77.68 376450032 $77.68
376450033 $77.68 376450034 $77.68 376450035 $77.68
376450036 $77.68 376450037 $77.68 376450038 $77.68
376451001 $77.68 376451002 $77.68 376451003 $77.68
376451004 $77.68 376451005 $77.68 376451006 $77.68
376451007 $77.68 376451008 $77.68 376451009 $77.68
376451010 $77.68 376452001 $77.68 376452002 $77.68
376452003 $77.68 376452004 $77.68 376452005 $77.68
376452006 $77.68 376452007 $77.68 376452008 $77.68
376452009 $77.68 376452010 $77.68 376452011 $77.68
376452012 $77.68 376452013 $77.68 376452014 $77.68
376452015 $77.68 380021001 $77.68 380021002 $77.68
380021003 $77.68 380021004 $77.68 380021005 $77.68
380021006 $77.68 380021007 $77.68 380021008 $77.68
380021009 $77.68 380021010 $77.68 380021011 $77.68
380021012 $77.68 380021013 $77.68 380021014 $77.68
380021015 $77.68 380021016 $77.68 380021018 $77.68
380021019 $77.68 380021020 $77.68 380021021 $77.68
380021022 $77.68 380021023 $77.68 380021024 $77.68
380021025 $77.68 380021026 $77.68 380021027 $77.68
380021028 $77.68 380021029 $77.68 380021030 $77.68
380021031 $77.68 380021032 $77.68 380021033 $77.68
Engineer's Report 578
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380021034 $77.68 380022001 $77.68 380022002 $77.68
380022003 $77.68 380022004 $77.68 380022005 $77.68
380022006 $77.68 380022007 $77.68 380022008 $77.68
380022009 $77.68 380022010 $77.68 380022011 $77.68
380022012 $77.68 380022013 $77.68 380022014 $77.68
380022015 $77.68 380022016 $77.68 380022017 $77.68
380023001 $77.68 380023002 $77.68 380023003 $77.68
380023004 $77.68 380023005 $77.68 380023006 $77.68
380023007 $77.68 380023008 $77.68 380023009 $77.68
380023010 $77.68 380023011 $77.68 380023012 $77.68
380023013 $77.68 380023014 $77.68 380023015 $77.68
380023016 $77.68 380023017 $77.68 380023018 $77.68
380023019 $77.68 380023020 $77.68 380023021 $77.68
380023022 $77.68 380031001 $77.68 380031002 $77.68
380031003 $77.68 380031004 $77.68 380031005 $77.68
380031006 $77.68 380031007 $77.68 380031008 $77.68
380031009 $77.68 380031010 $77.68 380031011 $77.68
380031012 $77.68 380031013 $77.68 380031014 $77.68
380031015 $77.68 380031016 $77.68 380031017 $77.68
380031018 $77.68 380031019 $77.68 380031020 $77.68
380031021 $77.68 380031022 $77.68 380031023 $77.68
380031024 $77.68 380031025 $77.68 380032001 $77.68
380032002 $77.68 380032003 $77.68 380032004 $77.68
380032005 $77.68 380032006 $77.68 380032007 $77.68
380032008 $77.68 380032009 $77.68 380032010 $77.68
380032011 $77.68 380032012 $77.68 380032013 $77.68
380032014 $77.68 380032015 $77.68 380032016 $77.68
380032017 $77.68 380032018 $77.68 380032019 $77.68
380032020 $77.68 380032021 $77.68 380032022 $77.68
380032023 $77.68 380032024 $77.68 380032025 $77.68
380032026 $77.68 380032027 $77.68 380032028 $77.68
380032029 $77.68 380032030 $77.68 380032031 $77.68
380032032 $77.68 380032033 $77.68 380032034 $77.68
380090016 $77.68 380090017 $77.68 380090018 $77.68
380090019 $77.68 380090020 $77.68 380090021 $77.68
380090022 $77.68 380090023 $77.68 380090024 $77.68
380090025 $77.68 380090026 $77.68 380090027 $77.68
380090028 $77.68 380090029 $77.68 380090030 $77.68
380090031 $77.68 380090032 $77.68 380090033 $77.68
380090034 $77.68 380090035 $77.68 380090036 $77.68
380090037 $77.68 380090038 $77.68 380090039 $77.68
380090040 $77.68 380090041 $77.68 380091001 $77.68
380091002 $77.68 380091003 $77.68 380091004 $77.68
380091005 $77.68 380091006 $77.68 380091007 $77.68
380092001 $77.68 380092002 $77.68 380092003 $77.68
380092004 $77.68 380092005 $77.68 380092006 $77.68
Engineer's Report 579
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380092007 $77.68 380092008 $77.68 380092009 $77.68
380092010 $77.68 380092011 $77.68 380092012 $77.68
380092013 $77.68 380092014 $77.68 380092015 $77.68
380092016 $77.68 380092017 $77.68 380092018 $77.68
380092019 $77.68 380092020 $77.68 380092021 $77.68
380092022 $77.68 380092023 $77.68 380092024 $77.68
380092025 $77.68 380092026 $77.68 380311001 $77.68
380311002 $77.68 380311003 $77.68 380311004 $77.68
380311005 $77.68 380311006 $77.68 380311007 $77.68
380311008 $77.68 380311009 $77.68 380311010 $77.68
380311011 $77.68 380311012 $77.68 380311013 $77.68
380311014 $77.68 380311015 $77.68 380311016 $77.68
380311017 $77.68 380311018 $77.68 380311019 $77.68
380311020 $77.68 380311021 $77.68 380311022 $77.68
380311023 $77.68 380311024 $77.68 380311025 $77.68
380312001 $77.68 380312002 $77.68 380312003 $77.68
380312004 $77.68 380312005 $77.68 380312006 $77.68
380312007 $77.68 380312008 $77.68 380312009 $77.68
380312010 $77.68 380312011 $77.68 380312012 $77.68
380312013 $77.68 380312014 $77.68 380312015 $77.68
380312016 $77.68 380312017 $77.68 380312018 $77.68
380312019 $77.68 380312020 $77.68 380312021 $77.68
380312022 $77.68 380312023 $77.68 380312024 $77.68
380312025 $77.68 380312026 $77.68 380312027 $77.68
380312028 $77.68 380312029 $77.68 380312030 $77.68
380312031 $77.68 380312032 $77.68 380312033 $77.68
380312034 $77.68 380312035 $77.68 380312036 $77.68
380312037 $77.68 380312038 $77.68 380313001 $77.68
380313002 $77.68 380313003 $77.68 380321001 $77.68
380321002 $77.68 380321003 $77.68 380321004 $77.68
380321005 $77.68 380321006 $77.68 380321007 $77.68
380321008 $77.68 380321009 $77.68 380321010 $77.68
380321011 $77.68 380322001 $77.68 380322002 $77.68
380322003 $77.68 380322004 $77.68 380322005 $77.68
380322006 $77.68 380322007 $77.68 380322008 $77.68
380322009 $77.68 380322010 $77.68 380322011 $77.68
380322012 $77.68 380322013 $77.68 380322014 $77.68
380322015 $77.68 380322016 $77.68 380322017 $77.68
380322018 $77.68 380322019 $77.68 380322020 $77.68
380322021 $77.68 380322022 $77.68 380322023 $77.68
380322024 $77.68 380322025 $77.68 380322026 $77.68
380322027 $77.68 380322028 $77.68 380322029 $77.68
380322030 $77.68 380322031 $77.68 380322032 $77.68
380322033 $77.68 380322034 $77.68 380322035 $77.68
380322036 $77.68 380322037 $77.68 380322038 $77.68
380322039 $77.68 380322040 $77.68 380322041 $77.68
Engineer's Report 580
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380322042 $77.68 380322043 $77.68 380322044 $77.68
380322045 $77.68 380322046 $77.68 380322047 $77.68
380322048 $77.68 380322049 $77.68 380322050 $77.68
380322051 $77.68 380322052 $77.68 380322053 $77.68
380322054 $77.68 380322055 $77.68 380322056 $77.68
380322057 $77.68 380322058 $77.68 380322059 $77.68
380340001 $77.68 380340002 $77.68 380340003 $77.68
380340004 $77.68 380340005 $77.68 380340006 $77.68
380340007 $77.68 380340008 $77.68 380340009 $77.68
380340010 $77.68 380340011 $77.68 380340012 $77.68
380340013 $77.68 380340014 $77.68 380340015 $77.68
380340016 $77.68 380340017 $77.68 380340018 $77.68
380341001 $77.68 380341002 $77.68 380341003 $77.68
380341004 $77.68 380341005 $77.68 380341006 $77.68
380341007 $77.68 380341008 $77.68 380341009 $77.68
380341010 $77.68 380341011 $77.68 380341012 $77.68
380341013 $77.68 380341014 $77.68 380341015 $77.68
380341016 $77.68 380341017 $77.68 380341018 $77.68
380341019 $77.68 380341020 $77.68 380341021 $77.68
380341022 $77.68 380341023 $77.68 380341024 $77.68
380341025 $77.68 380341026 $77.68 380341027 $77.68
380341028 $77.68 380341029 $77.68 380341030 $77.68
380341031 $77.68 380341032 $77.68 380341033 $77.68
380341034 $77.68 380341035 $77.68 380341036 $77.68
380341037 $77.68 380341038 $77.68 380341039 $77.68
380341040 $77.68 380341041 $77.68 380341042 $77.68
380341043 $77.68 380341044 $77.68 380341045 $77.68
380341046 $77.68 380341047 $77.68 380341048 $77.68
380350001 $77.68 380350002 $77.68 380350003 $77.68
380350004 $77.68 380350005 $77.68 380350006 $77.68
380350007 $77.68 380350008 $77.68 380350009 $77.68
380350010 $77.68 380350011 $77.68 380350012 $77.68
380350013 $77.68 380350014 $77.68 380350015 $77.68
380350016 $77.68 380350017 $77.68 380350018 $77.68
380350019 $77.68 380350020 $77.68 380350021 $77.68
380350022 $77.68 380350023 $77.68 380350024 $77.68
380350025 $77.68 380350026 $77.68 380350027 $77.68
380350028 $77.68 380350029 $77.68 380350030 $77.68
380350031 $77.68 380350032 $77.68 380350033 $77.68
380350034 $77.68 380351001 $77.68 380351002 $77.68
380351003 $77.68 380351004 $77.68 380351005 $77.68
380351006 $77.68 380351007 $77.68 380351008 $77.68
380351009 $77.68 380351010 $77.68 380351011 $77.68
380351012 $77.68 380351013 $77.68 380351014 $77.68
380351015 $77.68 380351016 $77.68 380351017 $77.68
380351018 $77.68 380351019 $77.68 380360001 $77.68
Engineer's Report 581
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380360002 $77.68 380360003 $77.68 380360004 $77.68
380360005 $77.68 380360006 $77.68 380360007 $77.68
380361001 $77.68 380361002 $77.68 380361003 $77.68
380361004 $77.68 380361005 $77.68 380361006 $77.68
380361007 $77.68 380361008 $77.68 380361009 $77.68
380361010 $77.68 380361011 $77.68 380361012 $77.68
380361013 $77.68 380361014 $77.68 380361015 $77.68
380361016 $77.68 380361017 $77.68 380361018 $77.68
380361019 $77.68 380361020 $77.68 380361021 $77.68
380361022 $77.68 380361023 $77.68 380361024 $77.68
380361025 $77.68 380361026 $77.68 380361027 $77.68
380361028 $77.68 380361029 $77.68 380361030 $77.68
380361031 $77.68 380361032 $77.68 380362001 $77.68
380362002 $77.68 380362003 $77.68 380362004 $77.68
380362005 $77.68 380362006 $77.68 380362007 $77.68
380362008 $77.68 380362009 $77.68 380362010 $77.68
380362011 $77.68 380362012 $77.68 380362013 $77.68
380362014 $77.68 380362015 $77.68 380362016 $77.68
380362017 $77.68 380362018 $77.68 380362019 $77.68
380362020 $77.68 380370001 $77.68 380370002 $77.68
380370003 $77.68 380370004 $77.68 380370005 $77.68
380370006 $77.68 380370007 $77.68 380370008 $77.68
380370009 $77.68 380370010 $77.68 380370011 $77.68
380370012 $77.68 380370014 $77.68 380370015 $77.68
380370016 $77.68 380370017 $77.68 380370018 $77.68
380370019 $77.68 380370020 $77.68 380370021 $77.68
380370022 $77.68 380370023 $77.68 380370024 $77.68
380370025 $77.68 380370026 $77.68 380370027 $77.68
380370028 $77.68 380370029 $77.68 380370030 $77.68
380370031 $77.68 380370032 $77.68 380370033 $77.68
380380001 $77.68 380380002 $77.68 380380003 $77.68
380380004 $77.68 380380005 $77.68 380380006 $77.68
380380007 $77.68 380380008 $77.68 380380009 $77.68
380380010 $77.68 380380011 $77.68 380380012 $77.68
380380013 $77.68 380380014 $77.68 380380015 $77.68
380380016 $77.68 380380017 $77.68 380380018 $77.68
380380019 $77.68 380380020 $77.68 380380021 $77.68
380380022 $77.68 380380024 $77.68 380380025 $77.68
380380026 $77.68 380380027 $77.68 380380028 $77.68
380380029 $77.68 380380030 $77.68 380380031 $77.68
380380032 $77.68 380380033 $77.68 380380034 $77.68
380380035 $77.68 380380036 $77.68 380380037 $77.68
380381001 $77.68 380381002 $77.68 380381003 $77.68
380381004 $77.68 380381005 $77.68 380381006 $77.68
380381007 $77.68 380381008 $77.68 380381009 $77.68
380381010 $77.68 380381011 $77.68 380381012 $77.68
Engineer's Report 582
68-9836 - LMD 89-1-C Vol.1 - Zone 3
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380381013 $77.68 380381014 $77.68 380381015 $77.68
380381016 $77.68 380381017 $77.68 380381018 $77.68
Totals Parcels 1,386 Levy $107,664.48
Engineer's Report 583
68-9837 - LMD 89-1-C Vol.1 - Zone 29
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
368272016 $123.86 368272017 $123.86 368272018 $123.86
368272019 $123.86 368272020 $123.86 368272021 $123.86
368272022 $123.86 368272023 $123.86
368272024 $123.86 368272025 $123.86
Totals Parcels 10 Levy $1,238.60
Assessment Roll
Engineer's Report 584
68-9838 - LMD 89-1-C Vol.1 - Zone 30
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380330001 $228.10 380330002 $228.10 380330003 $228.10
380330004 $228.10 380330005 $228.10 380330006 $228.10
380330007 $228.10 380330008 $228.10 380330009 $228.10
380330010 $228.10 380330011 $228.10 380330012 $228.10
380330013 $228.10 380330014 $228.10 380330015 $228.10
380330016 $228.10 380330017 $228.10 380330018 $228.10
380330019 $228.10 380330020 $228.10 380330021 $228.10
380330022 $228.10 380330023 $228.10 380330024 $228.10
380330025 $228.10 380330026 $228.10 380330027 $228.10
380330028 $228.10 380330029 $228.10 380330030 $228.10
380330031 $228.10 380330032 $228.10 380330033 $228.10
380330034 $228.10 380330035 $228.10 380330036 $228.10
380330037 $228.10 380330038 $228.10 380330039 $228.10
380330040 $228.10 380330041 $228.10 380330042 $228.10
380330043 $228.10 380330044 $228.10 380330045 $228.10
380330046 $228.10 380330047 $228.10 380330048 $228.10
380331001 $228.10 380331002 $228.10 380331003 $228.10
380331004 $228.10 380331005 $228.10 380331006 $228.10
380331007 $228.10 380331008 $228.10 380331009 $228.10
380331010 $228.10 380331011 $228.10 380331012 $228.10
380331013 $228.10 380331014 $228.10 380331015 $228.10
380331016 $228.10 380331017 $228.10 380331018 $228.10
380331019 $228.10 380331020 $228.10 380331021 $228.10
380331022 $228.10 380331023 $228.10 380331024 $228.10
380331025 $228.10 380331026 $228.10 380331027 $228.10
380331028 $228.10 380331029 $228.10 380331030 $228.10
380390001 $228.10 380390002 $228.10 380390003 $228.10
380390004 $228.10 380390005 $228.10 380390006 $228.10
380390007 $228.10 380390008 $228.10 380390009 $228.10
380390010 $228.10 380390011 $228.10 380390012 $228.10
380390013 $228.10 380390014 $228.10 380390015 $228.10
380390016 $228.10 380390017 $228.10 380390018 $228.10
380390019 $228.10 380390020 $228.10 380390021 $228.10
380390022 $228.10 380390023 $228.10 380390024 $228.10
380390026 $228.10 380390027 $228.10 380390028 $228.10
380390029 $228.10 380390030 $228.10 380390031 $228.10
380390032 $228.10 380390033 $228.10 380390034 $228.10
380390035 $228.10 380390036 $228.10 380390037 $228.10
380390038 $228.10 380390039 $228.10 380390041 $228.10
380391001 $228.10 380391002 $228.10 380391003 $228.10
380391004 $228.10 380391005 $228.10 380400003 $228.10
380400004 $228.10 380400005 $228.10 380400006 $228.10
380400007 $228.10 380400011 $228.10 380400015 $228.10
380400016 $228.10 380400017 $228.10 380400018 $228.10
380400019 $228.10 380400020 $228.10 380400021 $228.10
380400022 $228.10 380400026 $228.10 380400027 $228.10
Assessment Roll
Engineer's Report 585
68-9838 - LMD 89-1-C Vol.1 - Zone 30
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380400028 $228.10 380400029 $228.10 380400030 $228.10
380400031 $228.10 380400032 $228.10 380400040 $228.10
380400041 $228.10 380401001 $228.10 380401002 $228.10
380401003 $228.10 380401004 $228.10 380401005 $228.10
380401006 $228.10 380401007 $228.10 380401008 $228.10
380401009 $228.10 380401010 $228.10 380401011 $228.10
380401012 $228.10 380401013 $228.10 380401014 $228.10
380401015 $228.10 380401016 $228.10 380401017 $228.10
380401018 $228.10 380401019 $228.10
Totals Parcels 164 Levy $37,408.24
Engineer's Report 586
68-9839 - LMD 89-1-C Vol.1 - Zone 42
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
362670001 $212.46 362670002 $212.46 362670003 $212.46
362670004 $212.46 362671001 $212.46 362671002 $212.46
362671003 $212.46 362671004 $212.46 362671005 $212.46
362671006 $212.46 362671007 $212.46 362671008 $212.46
362671009 $212.46 362671010 $212.46 362671011 $212.46
362671012 $212.46 362671013 $212.46 362671014 $212.46
362671015 $212.46 362671016 $212.46 362671017 $212.46
362671018 $212.46 362671019 $212.46 362671020 $212.46
362671021 $212.46 362671022 $212.46 362671023 $212.46
362671024 $212.46 362671025 $212.46 362671026 $212.46
362671027 $212.46 362671028 $212.46 362671029 $212.46
362671030 $212.46 362671031 $212.46 362671032 $212.46
362671033 $212.46 362672001 $212.46 362672002 $212.46
362672003 $212.46 362672004 $212.46 362672005 $212.46
362672006 $212.46 362672007 $212.46 362672008 $212.46
362672009 $212.46 362672010 $212.46 362680001 $212.46
362680002 $212.46 362680003 $212.46 362680004 $212.46
362680005 $212.46 362680006 $212.46 362680007 $212.46
362680008 $212.46 362680009 $212.46 362680010 $212.46
362680011 $212.46 362680012 $212.46 362680013 $212.46
362680014 $212.46 362680015 $212.46 362680016 $212.46
362680017 $212.46 362680018 $212.46 362680019 $212.46
362680020 $212.46 362681001 $212.46 362681002 $212.46
362681003 $212.46 362681004 $212.46 362681005 $212.46
362681006 $212.46 362681007 $212.46 362681008 $212.46
362681009 $212.46 362681010 $212.46 362681012 $212.46
362681013 $212.46 362681014 $212.46 362681015 $212.46
362681016 $212.46 362681017 $212.46 362681018 $212.46
362681019 $212.46 362681020 $212.46 362681021 $212.46
362681022 $212.46 362681023 $212.46 362681024 $212.46
362681025 $212.46 362681026 $212.46 362681027 $212.46
362681028 $212.46 362681029 $212.46 362681030 $212.46
362681031 $212.46 362681032 $212.46 362681033 $212.46
362681034 $212.46 362681035 $212.46 362681036 $212.46
362681037 $212.46 362681038 $212.46 362720001 $212.46
362720002 $212.46 362720003 $212.46 362720004 $212.46
362720005 $212.46 362720006 $212.46 362720007 $212.46
362720008 $212.46 362720009 $212.46 362720010 $212.46
362720011 $212.46 362720012 $212.46 362720013 $212.46
362720014 $212.46 362720015 $212.46 362720016 $212.46
362720017 $212.46 362720018 $212.46 362720019 $212.46
362720020 $212.46 362720021 $212.46 362720022 $212.46
362720023 $212.46 362720024 $212.46 362720025 $212.46
362720026 $212.46 362720027 $212.46 362720028 $212.46
362720029 $212.46 362720030 $212.46 362720031 $212.46
362720032 $212.46 362720033 $212.46 362720034 $212.46
Assessment Roll
Engineer's Report 587
68-9839 - LMD 89-1-C Vol.1 - Zone 42
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362720035 $212.46 362720036 $212.46 362720037 $212.46
362720038 $212.46 362720039 $212.46 362720040 $212.46
362720041 $212.46 362720042 $212.46 362720043 $212.46
362720044 $212.46 362720045 $212.46 362720046 $212.46
362720047 $212.46 362721001 $212.46 362721002 $212.46
362721003 $212.46 362721004 $212.46 362721005 $212.46
362721006 $212.46 362721007 $212.46 362721008 $212.46
362721009 $212.46 362721010 $212.46 362721011 $212.46
362721012 $212.46 362721013 $212.46 362721014 $212.46
362721015 $212.46 362721016 $212.46 362721017 $212.46
362721018 $212.46 362721019 $212.46 362721020 $212.46
362722001 $212.46 362722002 $212.46 362722003 $212.46
362722004 $212.46 362722005 $212.46 362722006 $212.46
362722007 $212.46 362722008 $212.46 362722009 $212.46
362722010 $212.46 362722011 $212.46 362722012 $212.46
362722013 $212.46 362722014 $212.46
362722015 $212.46 362722016 $212.46
Totals Parcels 187 Levy $39,730.30
Engineer's Report 588
68-9840 - LMD 89-1-C Vol.1 - Zone 51
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
376440001 $167.18 376440002 $167.18 376440003 $167.18
376440004 $167.18 376440005 $167.18 376440006 $167.18
376440007 $167.18 376440008 $167.18 376440009 $167.18
376440010 $167.18 376440011 $167.18 376440012 $167.18
376440013 $167.18 376440014 $167.18 376440015 $167.18
376440016 $167.18 376440017 $167.18 376440018 $167.18
376440019 $167.18 376440020 $167.18 376440021 $167.18
376440022 $167.18 376440023 $167.18 376440024 $167.18
376440025 $167.18 376440026 $167.18 376440027 $167.18
376440028 $167.18 376440029 $167.18 376440030 $167.18
376440031 $167.18 376440032 $167.18 376440033 $167.18
376440034 $167.18 376440035 $167.18 376440036 $167.18
376440037 $167.18 376440038 $167.18 376440039 $167.18
376440040 $167.18 376440041 $167.18 376440042 $167.18
376440043 $167.18 376440044 $167.18 376440045 $167.18
376440046 $167.18 376440047 $167.18 376440048 $167.18
376440049 $167.18 376440050 $167.18 376440051 $167.18
376440052 $167.18 376440053 $167.18 376440054 $167.18
376440055 $167.18 376441001 $167.18 376441002 $167.18
376441003 $167.18 376441004 $167.18
376441005 $167.18 376441006 $167.18
Totals Parcels 61 Levy $10,197.98
Assessment Roll
Engineer's Report 589
68-9841 - LMD 89-1-C Vol.1 - Zone 52
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
382410001 $833.90 382410002 $833.90 382410003 $833.90
382410004 $833.90 382410005 $833.90 382411002 $833.90
382411003 $833.90 382411004 $833.90 382411005 $833.90
382411006 $833.90 382411007 $833.90 382411008 $833.90
382411009 $833.90 382411010 $833.90 382411011 $833.90
382411012 $833.90 382411013 $833.90 382411016 $833.90
382411017 $833.90 382411018 $833.90 382411019 $833.90
382411020 $833.90 382411021 $833.90 382411022 $833.90
382411023 $833.90 382411024 $833.90 382411025 $833.90
382420001 $833.90 382420002 $833.90 382420003 $833.90
382420004 $833.90 382420005 $833.90 382420006 $833.90
382420007 $833.90 382420008 $833.90 382420009 $833.90
382420010 $833.90 382420011 $833.90 382420012 $833.90
382420013 $833.90 382421001 $833.90 382421002 $833.90
382421003 $833.90 382421004 $833.90 382421005 $833.90
382421006 $833.90 382421007 $833.90 382421008 $833.90
382421009 $833.90 382421010 $833.90 382421011 $833.90
382421012 $833.90 382421013 $833.90 382421014 $833.90
382430001 $833.90 382430002 $833.90 382430003 $833.90
382430004 $833.90 382430005 $833.90 382430006 $833.90
382430007 $833.90 382430008 $833.90 382430009 $833.90
382430010 $833.90 382431003 $833.90 382431004 $833.90
382431005 $833.90 382431006 $833.90 382431007 $833.90
382431008 $833.90 382431009 $833.90 382431010 $833.90
382431011 $833.90 382431012 $833.90 382431013 $833.90
382431014 $833.90 382431016 $833.90 382440001 $833.90
382440002 $833.90 382440003 $833.90 382440004 $833.90
382440005 $833.90 382440006 $833.90 382440007 $833.90
382440008 $833.90 382440009 $833.90 382440010 $833.90
382440011 $833.90 382440012 $833.90
382440013 $833.90 382440014 $833.90
Totals Parcels 91 Levy $75,884.51
Assessment Roll
Engineer's Report 590
68-9842 - LMD 89-1-C Vol.1 - Zone 59
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380260033 $1,353.20 380260034 $1,363.22 380260035 $2,094.94 380260036 $1,633.86
Totals Parcels 4 Levy $6,445.22
Assessment Roll
Engineer's Report 591
68-9843 - LMD 89-1-C Vol.1 - Zone 62
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380090016 $179.40 380090017 $179.40 380090018 $179.40
380090019 $179.40 380090020 $179.40 380090021 $179.40
380090022 $179.40 380090023 $179.40 380090024 $179.40
380090025 $179.40 380090026 $179.40 380090027 $179.40
380090028 $179.40 380090029 $179.40 380090030 $179.40
380090031 $179.40 380090032 $179.40 380090033 $179.40
380090034 $179.40 380090035 $179.40 380090036 $179.40
380090037 $179.40 380090038 $179.40 380090039 $179.40
380090040 $179.40 380090041 $179.40 380091001 $179.40
380091002 $179.40 380091003 $179.40 380091004 $179.40
380091005 $179.40 380091006 $179.40 380091007 $179.40
380092001 $179.40 380092002 $179.40 380092003 $179.40
380092004 $179.40 380092005 $179.40 380092006 $179.40
380092007 $179.40 380092008 $179.40 380092009 $179.40
380092010 $179.40 380092011 $179.40 380092012 $179.40
380092013 $179.40 380092014 $179.40 380092015 $179.40
380092016 $179.40 380092017 $179.40 380092018 $179.40
380092019 $179.40 380092020 $179.40 380092021 $179.40
380092022 $179.40 380092023 $179.40 380092024 $179.40
380092025 $179.40 380092026 $179.40 380380001 $179.40
380380002 $179.40 380380003 $179.40 380380004 $179.40
380380005 $179.40 380380006 $179.40 380380007 $179.40
380380008 $179.40 380380009 $179.40 380380010 $179.40
380380011 $179.40 380380012 $179.40 380380013 $179.40
380380014 $179.40 380380015 $179.40 380380016 $179.40
380380017 $179.40 380380018 $179.40 380380019 $179.40
380380020 $179.40 380380021 $179.40 380380022 $179.40
380380024 $179.40 380380025 $179.40 380380026 $179.40
380380027 $179.40 380380028 $179.40 380380029 $179.40
380380030 $179.40 380380031 $179.40 380380032 $179.40
380380033 $179.40 380380034 $179.40 380380035 $179.40
380380036 $179.40 380380037 $179.40 380381001 $179.40
380381002 $179.40 380381003 $179.40 380381004 $179.40
380381005 $179.40 380381006 $179.40 380381007 $179.40
380381008 $179.40 380381009 $179.40 380381010 $179.40
380381011 $179.40 380381012 $179.40 380381013 $179.40
380381014 $179.40 380381015 $179.40 380381016 $179.40
380381017 $179.40 380381018 $179.40
Totals Parcels 113 Levy $20,272.19
Assessment Roll
Engineer's Report 592
68-9855 - LMD 89-1-C Vol.1 - Zone 67
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380410001 $198.64 380410002 $198.64 380410003 $198.64
380410004 $198.64 380410005 $198.64 380410006 $198.64
380410007 $198.64 380410008 $198.64 380410009 $198.64
380410010 $198.64 380410011 $198.64 380410012 $198.64
380410013 $198.64 380410014 $198.64 380410015 $198.64
380410016 $198.64 380410017 $198.64 380410018 $198.64
380410019 $198.64 380411001 $198.64 380411002 $198.64
380411003 $198.64 380411004 $198.64 380411005 $198.64
380411006 $198.64 380411007 $198.64 380411008 $198.64
380411009 $198.64 380411010 $198.64 380411011 $198.64
380411012 $198.64 380411013 $198.64 380411014 $198.64
380411015 $198.64 380411016 $198.64 380411017 $198.64
380411018 $198.64 380411019 $198.64 380411020 $198.64
380411021 $198.64 380411022 $198.64 380411023 $198.64
380411024 $198.64 380411025 $198.64
Totals Parcels 44 Levy $8,740.29
Assessment Roll
Engineer's Report 593
68-9844 - LMD 89-1-C Vol.1 - Zone 71
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
382240006 $95.34 382240007 $95.34 382240008 $95.34
382240009 $95.34 382240010 $95.34 382240011 $95.34
382240012 $95.34 382240013 $95.34 382240014 $95.34
382240015 $95.34 382240016 $95.34 382240017 $95.34
382240018 $95.34 382240019 $95.34 382240020 $95.34
382240021 $95.34 382240022 $95.34 382240023 $95.34
382240024 $95.34 382240025 $95.34 382240026 $95.34
382240027 $95.34 382240028 $95.34 382240029 $95.34
382240030 $95.34 382240031 $95.34 382240032 $95.34
382240033 $95.34 382241001 $95.34 382241002 $95.34
382241003 $95.34 382241004 $95.34 382241005 $95.34
382241006 $95.34 382241007 $95.34 382241008 $95.34
382241009 $95.34 382241010 $95.34 382241012 $95.34
382242001 $95.34 382242002 $95.34 382242003 $95.34
382242004 $95.34 382242005 $95.34 382242006 $95.34
382242007 $95.34 382242008 $95.34 382242009 $95.34
382242010 $95.34 382242011 $95.34 382242012 $95.34
382242013 $95.34 382242014 $95.34 382242015 $95.34
382242016 $95.34 382242017 $95.34 382242018 $95.34
382250003 $95.34 382250004 $95.34 382250005 $95.34
382250006 $95.34 382250007 $95.34 382250008 $95.34
382250009 $95.34 382250010 $95.34 382250011 $95.34
382250012 $95.34 382250013 $95.34 382250014 $95.34
382250015 $95.34 382250016 $95.34 382250017 $95.34
382250018 $95.34 382250019 $95.34 382250021 $95.34
382250022 $95.34 382250023 $95.34 382250024 $95.34
382250025 $95.34 382250026 $95.34 382250027 $95.34
382250028 $95.34 382250029 $95.34 382251001 $95.34
382251002 $95.34 382251003 $95.34 382251004 $95.34
382251005 $95.34 382251006 $95.34 382251007 $95.34
382251008 $95.34 382251009 $95.34 382251010 $95.34
382251011 $95.34 382251012 $95.34 382251013 $95.34
382251014 $95.34 382251015 $95.34 382251016 $95.34
382251017 $95.34 382251018 $95.34 382251019 $95.34
382251020 $95.34 382251021 $95.34 382251022 $95.34
382251023 $95.34 382251024 $95.34 382260005 $95.34
382260006 $95.34 382260007 $95.34 382260008 $95.34
382260009 $95.34 382260010 $95.34 382260011 $95.34
382260012 $95.34 382260013 $95.34 382260014 $95.34
382260015 $95.34 382260016 $95.34 382260017 $95.34
382260018 $95.34 382260019 $95.34 382260020 $95.34
382260021 $95.34 382261001 $95.34 382261002 $95.34
382261003 $95.34 382261004 $95.34 382261005 $95.34
382261006 $95.34 382261007 $95.34 382261008 $95.34
382261009 $95.34 382261010 $95.34 382261011 $95.34
382261012 $95.34 382261013 $95.34 382261014 $95.34
Assessment Roll
Engineer's Report 594
68-9844 - LMD 89-1-C Vol.1 - Zone 71
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
382261015 $95.34 382261016 $95.34 382261017 $95.34
382261018 $95.34 382261019 $95.34
Totals Parcels 143 Levy $13,633.52
Engineer's Report 595
68-9835 - LMD 89-1-C Vol.1 - Zone 181
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380250035 $18,076.00 380250038 $11,121.70
Totals Parcels 2 Levy $29,197.70
Assessment Roll
Engineer's Report 596
Appendix B:
Assessment Diagrams
597
UNION
ST
TRAILWOOD
CT
ROSS
RD
GRAND
AVE
ALDERBROOK
RD
WELLS
PL
MAPLELEAF
CT
ROBERT
ST
BATSON
LN
HILL
SPRING
RD
MAYHALL
DR
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 7
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
598
S
PASADENA
ST
MAPLE
ST
QUARTZ WAY
FRONT
ST
CARNATION
LN
PRIMROSE LN
PALOMAR
ST
AMARYLLIS
CT
WILLOW
B
AY
RD
IRIS
LN
DAHLIA
LN
HELIOTROPE
LN
GOLDENROD
LN
GARDENA
LN
POINSETTIA
LN
CAMELLIA
LN
PROTEA
CT
PINK
GINGER
CT
0 100 200 400 600Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 23
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
599
LEMON ST
WO
O
DCREEK LN
CIT
R
US
GROVE
LN
O
RA
N
GE ST
VICTORIAN LN
WINDTREE AVE
PLEASANT LN
GAFFORD
RD
CIT
R
US LN
BLONDON CT
WILLO
W
T
REE LN
CHER
RY ST
COUNTRY HILLS DR
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 24
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
600
OPALO
RD
LA ESTRELLA ST
ORO
CT
ROSITA
DR
T
RIG
R
D
SENNA
DR
BRILLANTE
DR
WILD
O
M
A
R
T
RL
RUBI CT
EL DIA
M
A
N
TE D
R
AMATISTA
AVE
IO
DINE SPRIN
GS RD
PLATA CT
PERLA PL
VERONA DR
SAFIRO CT
TOPACIO CT
ESMERALDA CT
PORTOLA
PL
0 100 200 400 600 800Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 25
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
601
?
"B
CATT
RD
PALOMAR
ST
CHARLES
ST
CANNERY RD
RIVERSTONE CIR
SHADY GROVE CIR
MADORA
DR
FREDERICK
ST
JOY
CT
NAN
ST
BLACKSTONE
CIR
ARNOLD
LN
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 29
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
602
CRIMSON LASSO DR SMIT
H
RA
NCH
R
D
HOOFPRINT DR
CLINTON KEITH RD
SARATOGA
SPRIN
GS PL
BRIDLEPA
T
H LN
STIRUP DR
LIPIZZA
N LN
MUSTANG
SPIRIT LN
GELDING
CT
BAY ROAN CT
MERIDIAN CT
H
O
RSESH
OE CT
UND
E
RW
O
O
D
CIR
0 100 200 400 600Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 35
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
603
CATT RD
TWINFLOWER AVE
FO
X
RID
GE LN
WILD HORSE CT
BUENA CT
ALTA OAKS DR
BA
N
YA
N
RIM
D
R
AVRY
WAY
N
O
N
NIE D
R
LEXI
LN
§¨¦15
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 42
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
604
CATT RD
ROLLING
BROOK
LN
DELCA
LN
A
R
N
ET
T
RD
CHARLES
ST
HARBOR SEAL CT
A
G
APE LN
MADORA
DR
SU
NLIG
H
T CT
PALOMAR
ST
HAILY CT
TRAIL
C
RE
E
K
CIR
HIGHLAND OAKS CT
GREYHAWK RD
WIND
SO
NG
R
D
G
REEN PA
R
R
O
T
WAY
PLATINUM CT
SEATTLE
RIDGE RD
JOY
CT
TIMBER
RIDGE
CT
KETCH
U
M
RD
NAN
ST
R
USTIC OAK DR
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 43
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
605
NUTMEG ST
CLINTON KEITH RD
HUDSON CT
DARCY
PL
CORNUCOPIA WAY
LA
ESTRELLA
RD
COUNTRYSIDE
LN
DAPPLE CT
COPPER
CRAFT
DR
D
AVID LN
VIA
SARAH
SPINDLE
WAY
SEAGRASS
TRL
KETTLE
RD
MICHAEL
CT
VIA
CASTELLO
WIN
KLER ST
0 100 200 400 600 800Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 45
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
606
CATT RD
LEXI LN
WILD HORSE CT
BUENA CT
TWINFLOWER AVE
A
R
NET
T
R
D
EMPIRE PENGUIN RD
TEIL GLEN RD
CANNERY RD
HIGHLAND OAKS CT
OCT
OPUS LN
G
REY
W
H
ALE LN
BA
N
YA
N
RIM
D
R
ALTA OAKS DR
N
O
N
NIE D
R
§¨¦15
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 47
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
607
S
PASADENA
ST
GRAND
AVE
PENROSE
ST
CARNATION
LN
FRONT ST
WILLOW
BAY
RD
LESLIE
ST
QUARTZ
WAY
AMETHYST
RD
STARLIGHT
ST
ATHEA
WAY
SKY MEADOW WAY
FIRELIGHT
CIR
PECAN
ST
SUNSET
RIDGE
CT
DARBY
ST
DUNN
ST
VIRGO
WAY
CANYON
CREST
ST
0 100 200 400 600Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 49
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
608
CORAL WOOD CT
SU
N
RISE D
R
CANYON DR
DOROF
CT
CLOVIS
WAY
0 100 200 400Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 3, LOCATION 53
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
609
GRAND
AVE
WILSON
ST
CHADLYN
CT
WADE
CT
CELESTE
WAY
0 50 100 200 300Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 29, LOCATION 2
Landscaping Multi-Purpose Trail
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
610
CHARLES
ST
PALOMAR
ST
DELCA
LN
CATT
RD
HAILY CT
MADORA
DR
GREYHAWK
RD
JOY
CT
TIMBER
RIDGE
CT
FREDERICK
ST
ROLLING
BROOK
LN
NAN
ST
SEATTLE
RIDGE
RD
BLACKSTONE
CIR
380330016
380330004
380330014
380330007
380330011
380330048
380330020
380331006
380331016
380330012
380330010
380330019
380331005
380331028
380330001
380331029
380331008
380330032
380331004
380330033
380331030
380330021
380330015
380330009
380330023
380330003
380330002
380330035
380330022
380330036
380330034
380330044
380330045
380330008
380330042 380330039
380330041
380330005
380331007
380330037
380330043
380330047
380330046
380330038
380330013
380330017
380330018
380331002
380330030
380330006
380331018
380331020
380331013 380331019
380331021
380330031
380331003
380331010
380331027
380330024
380330025
380331009
380330026
380331014
380331024
380330029
380331025
380331011
380331026
380331015
380331023
380331012
380331017
380330027
380331022
380330028
380331001
380330040
0 125 250 500Feet
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 30, LOCATION 1
Ê
Landscaping Multi-Purpose Trail
611
OAK HOLLOW CT
SHADOW CANYON
TRL
WHISPERING
GLEN
TRL
MEADOWRIDGE
LN
ROLLING
BROOK
LN
FALLING
LEAF CT
PALOMAR
ST
MEADOW
G
L
E
N
CT
MEADOW
CREEK
LN
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 30, LOCATION 2
Landscaping Multi-Purpose Trail
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
612
LA ESTRELLA ST
COUNTRY PARK DR
CLINTON KEITH RD
LORING RD CAMINO DEL LOCO
VER
DE VISTA
WAY
SMIT
H
RA
NCH
R
D
JA
N
A LN
PASTURE CT
CAM
E
L
OT
CIR
WOLCOTT CT
B
U
TCH
A
RT ST
PORTICA CT
LITTLE BOOK CIR
COVINGT
O
N
D
R
MAURI CT
CHESTERFIELD LN
BELLA OAKS ST
CARLTON
R
D
CREST
MEADOW
DR
CR
OSSR
O
A
DS ST
RO
SEDOWN
LN
0 100 200 400 600 800Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 42
Landscaping Future Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
613
S
PASADENA
ST
PENROSE
ST
PALOMAR
ST
CARNATION
LN
AMARYLLIS
CT
DAHLIA
LN
MAPLE
ST
FRONT
ST
POINSETTIA
LN
CAMELLIA
LN
PROTEA
CT
PINK
GINGER
CT
ILLINOIS
ST
DARBY
ST
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 51
Landscaping Multi-Purpose Trail
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
614
?
"B
?
"B
?
" ?
"B B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
?
"B
GRAND
AVE
TRANQUIL
LN
CRESTED FINCH CT
SWEET
NECTAR
RD
FOX
DEN RD
RED
DAWN
C
T
SHEILA
LN
BLACK WALNUT
CT
NYIRI
WAY
LOS
OLIVOS
LN
MIMI
CT
BIG
SYCAMORE
CT
COOPERS
HAWK
CT
BRYANT
ST
VERDE
MESA
ST
ENDERLEIN
ST
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 52
?
"B Fossil Filter Fenced Trail Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
615
?
"B
?
"B
?
"B ?
"B
?
"B PRIELIPP RD
WYMAN RD
KEVIN
R
D
§¨¦15
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 59
?
"B Fossil Filter Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
616
?
"B
?
"B
?
"B
?
"B
?
"B ?
"B
?
"B
?
"B
?
"B
?
"B ?
"B
?
"B
BA
N
YA
N
RIM
D
R
CATT RD
CANNERY RD
HARBOR SEAL CT
A
R
N
ETT
RD
A
G
APE LN
CRYSTAL WAY
MEADOWRIDGE
LN
HAILY CT
DELCA
LN
ROLLING
BROOK
LN
TRAIL
C
RE
E
K
CIR
MADORA
DR
BRONZE CT
HIGHLAND OAKS CT
GREYHAWK RD
G
REEN PA
R
R
O
T
WAY
CHARLES
ST
POPPY
FIELD
CT
SEATTLE
RIDGE RD
JOY
CT
TIMBER RIDGE CT
PALOMAR
ST
PLATINUM CT
KETCH
U
M
RD
MEADOW
CREEK
LN
WIN
DSO
N
G
RD
NAN
ST
R
USTIC OAK DR
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 62
?
"B Fossil Filter
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
617
?
"B
?
"B
?
"B
?
"B
380410019
380410016
380410014
380410002
380411005
380411010
380411009
380410001
380410015
380410012
380411006 380410017
380410003 380410013
380411021
380411023
380411019
380410004 380411001
380411020
380411012
380411011
380411024
380411018
380410018
380410011
380411004
380410007
380410008 380410010
380410005
380411008
380411002
380410006 380411003
380410009
380411007
380411013
380411016
380411015
380411014
380411025
380411022
380411017
CATT RD
A
R
NET
T
RD
A
G
APE LN
DELCA LN
RHINESTONE CT
KET
CHUM
RD
PLATINUM
CT
HAILY CT
WALK
NI G
H
O
RSE CT
SEATTLE RIDGE RD
R
USTIC O
A
K
DR
0 100 200 400Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 67
Landscaping ?
"B Fossil Filter
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
618
ELM
ST
DUNN
ST
GRUWELL
ST
WILDOMAR
TRL
GRAND
AVE
PENROSE
ST
MA
RB
L
E
C
T
PECAN
ST
WINDSTONE
DR
CAMEO
LN
CORAL
ROCK
LN
CHERT LN
PUMICE
LN
AUSTIN
ST
TERRAZZO
LN
0 200 400 800Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 71
Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
619
?
"B ?
"B ?
"B
?
"B
?
"B
CLINTON KEITH RD
O
A
K SPRIN
GS R
D
NINA
LN
CATT RD
OLD
OAKS
DR
INLA
N
D
VALLEY
D
R
§¨¦15
0 200 400 800Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
ZONE 181
?
"B Fossil Filter Street Light Landscaping
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
620
Appendix C:
Capital Improvement Projects
621
Appendix C. Capital Improvement Projects
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 1
Fiscal Year 2024-25
The City is planning to implement specific upgrade projects throughout several of the LLMD Zones and planning to consider and evaluate additional upgrades where possible. Project schedules may change based on different factors including staffing resources.
Zone specific projects and anticipated schedules are listed below:
Zone 3 Capital Project
The City will be considering a landscape upgrade project within this zone.
Zone 30 Capital Project
A landscape, trail and fence upgrade project is being taken into consideration for the upcoming year.
Zone 42 Capital Project
A landscape upgrade project is being taken into consideration for the upcoming year.
Zone 52 Capital Project
The City plans to conduct a catch basin filter replacement/upgrade project in the upcoming year, and a fence upgrade is being taken into consideration to match the Grand Avenue Multi-Purpose Trail.
Zone 59 Capital Project
The City plans to conduct a catch basin filter replacement/upgrade project in the upcoming year. Landscape enhancement on Prielipp/Kevin Roads is also being taken into consideration, along with the potential addition of street lights.
Zone 62 Capital Project
The City plans to conduct a catch basin filter replacement/upgrade project in the upcoming year and a landscape, trail and fence upgrade project is being taken into consideration for the upcoming year.
Zone 67 Capital Project
The City plans to conduct a catch basin filter replacement/upgrade project in the upcoming year and a landscape, trail and fence upgrade is being taken into consideration for the upcoming year.
Zone 181 Capital Project
The City plans to conduct a catch basin filter replacement/upgrade project in the upcoming year and looking to repair the trail on Inland Valley.
622
623
Final Engineers Report
Fiscal Year 2024-25
Landscape and Lighting Maintenance
District No. 89-1-Consolidated Vol. 2
624
Table of Contents
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Sections
i. Introduction i
1. Plans and Specifications 1
2. Cost Estimates 2
3. Method of Apportionment of Assessment 10
4. Engineer’s Signature 15
5. Assessment Diagrams 16
6. Assessment Rolls 17
Tables
Table i-1 Summary of Assessments ii
Table 2-1 Zone 18 Budget 2
Table 2-2 Zone 26 Budget 3
Table 2-3 Zone 27 Budget 4
Table 2-4 Zone 35 Budget 5
Table 2-5 Zone 50 Budget 6
Table 2-6 Zone 70 Budget 7
Table 2-7 Zone 71 Budget 8
Table 2-8 Zone 73 Budget 9
Table 3-1 Benefit by Zone 13
Table 3-2 Proposed Assessments 14
Appendices
Appendix A – Assessment Rolls
Appendix B – Assessment Diagrams
625
i. Introduction Page | i
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
AGENCY: CITY OF WILDOMAR
PROJECT: LANDSCAPING AND LIGHTING MAINTENANCE DISTRICT 89-1-CONSOLIDATED VOLUME 2 TO: CITY COUNCIL
CITY OF WILDOMAR
STATE OF CALIFORNIA
ENGINEER’S REPORT PURSUANT TO "LANDSCAPING AND LIGHTING ACT OF 1972" Pursuant to direction from the City Council (the “City Council”) of the City of Wildomar (the “City”), State of California, submitted herewith is the Engineer’s Report (the “Report”) for Landscaping and Lighting Maintenance District No. 89-1-Consolidated, Volume 2 (“LMD No. 89-1-C” or the “District”), consisting of the following parts, pursuant to the provisions of Section 22565 through 22574 of the Landscaping and Lighting Act of 1972 (the “Act”), said Act being Part 2 of Division 15 of the Streets and Highways Code of the State of California, Section 4 of Article XIII D of the California Constitution, and which is in accordance with Resolution No. 2024-22 adopted by the City of Wildomar Council, Riverside County, California ordering preparation of this Report. This Report is applicable for the ensuing 12-month period, being the Fiscal Year commencing July 1, 2024 to June 30, 2025.
Section 1 PLANS AND SPECIFICATIONS including a general description of the maintenance and plans of the landscaping, multi-purpose trails, fencing, fossil filters, and streetlights proposed to be funded.
Section 2 COST ESTIMATES of maintaining the landscaping, multi-purpose trails, fencing, fossil filters, and streetlights, including incidental costs and expenses in connection therewith for Fiscal Year 2024-25, are as set forth on the lists thereof, attached hereto.
Section 3 The METHOD OF APPORTIONMENT OF ASSESSMENT contains the method of apportionment of assessments, indicating the proposed assessment of the total amount of the costs and expenses of the improvements upon the several lots and parcels of land within the District, in proportion to the estimated benefits to be received by such lots and parcels.
Section 4 ASSESSMENT DIAGRAMS showing the District, the lines and dimensions of each parcel of land within said District, as the same exists on the maps of the Assessor of Riverside County for Fiscal Year 2024-25, is filed in the offices of the City of Wildomar. A boundary map of each zone can be found in Appendix B.
Section 5 ASSESSMENT ROLLS showing the actual assessment for the Fiscal Year 2024-25 apportioned to each parcel as shown on the latest equalized roll at the County Assessor’s Office can be found in Appendix A.
626
i. Introduction Page | ii
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
The following assessment is made to cover the portion of the estimated costs of maintenance, operation, and associated administrative costs of said improvements to be paid by the assessable real property within LMD No. 89-1-C in proportion to the special benefit received:
Table i-1
Summary of Assessments
Zone Energy Costs Administrative Costs
Maximum
Assessment
Est Parcels/Acres
to be Assessed
Zone 18 $576 $92 $1,038 1 Parcel
Zone 26 $701 $127 $1,447 9.77 Acres
Zone 27 $1,326 $145 $1,632 8.67 Acres
Zone 35 $225 $24 $87 1.32 Acres
Zone 50 $225 $34 $381 7.12 Acres
Zone 70 $576 $140 $1,571 4.18 Acres
Zone 71 $425 $47 $535 12.86 Acres
Zone 73 $351 $92 $1,035 3.02 Acres
Each succeeding Fiscal Year the special assessment for Street Lighting Zones 18, 26, 27, 35, 50, 70, 71, and 73 may be subject to an annual adjustment that is the greater of two percent (2.00%) or the cumulative percentage increase, if any, in the Consumer Price Index for all Urban Consumers (“CPI-U”) for “electricity” for the Riverside-San Bernardino-Ontario Standard Metropolitan Statistical area (“Index”) published by the Bureau of Labor Statistics of the United States Department of Labor. The annual CPI-U adjustment will be based on the cumulative increase, if any, in the Index as it stands in March of each year over the base Index. Any increase larger than the greater of 2.00% or the CPI-U annual adjustment requires a majority approval of all the property owners within each of the benefit zones in the District. There is a 4.25% proposed inflationary increase in the assessment per acre or per parcel as applicable in Zones 18, 26, 27, 35, 50, 70, 71, and 73 over the assessment levied for Fiscal Year 2023-24, which is consistent with the ballot proposition approved by the qualified electors when establishing said zones. The Bureau of Labor Statistics of the United States Department of Labor has discontinued the Los Angeles-Riverside-Orange County, CA Index. 627
1. Plans and Specifications Page | 1
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Description of Improvements
Landscaping and Lighting Maintenance District No. 89-1-C is located throughout the County of Riverside. This Report provides information specific to the Zones within the boundaries of the City of Wildomar. LMD 89-1-C maintains and services 31 locations throughout the City of Wildomar. The District contains 11 separate Zones of Benefit and 8 Street Lighting Zones. Each zone is created within the District in order to apportion the annual costs of the maintenance of the authorized improvements and the administration of the District to each property according to the special benefit to be conferred on each such property by such improvements. The following information is specific to the zone within the boundaries of the City of Wildomar.
Zone 18 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Bundy Canyon Rd. Sellers Rd.
Zone 26 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Catt Rd. Hidden Springs Rd.
Zone 27 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Clinton Keith Rd. Elizabeth Ln.
Zone 35 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Frederick St.
Zone 50 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Clinton Keith Rd.
Zone 70 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Clinton Keith Rd. Hidden Springs Rd.
Zone 71 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Prielipp Rd.
Zone 73 funds electricity to streetlights including incidental costs and expenses within the public right-of-ways of:
Clinton Keith Rd. Palomar St.
628
2. Cost Estimates Page | 2
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
The cost estimate contains each of the items specified in Section 22569 of the Act. The Act provides that the estimated costs of the improvements shall include the total cost of the improvements for the entire Fiscal Year 2024-25, including incidental expenses, which may include operating reserves.
The Act also provides that the amount of any surplus, deficit, or contribution be included in the estimated cost of improvements. The net amount to be assessed on the lots or parcels within the Zones is the total cost of installation, maintenance, and servicing with adjustments either positive or negative for reserves, surpluses, deficits, and/or contributions.
The inflation factor, for those zones with an inflation factor in place, may increase budgets for Zones, which have not been accepted for maintenance, as if assessed. However, the amount to levy may be credited resulting in a zero assessment.
There is a 4.25% proposed inflationary increase in Street Lighting Zones 18, 26, 27, 35, 50, 70, 71, and 73, over the assessment levied for Fiscal Year 2023-24, and is consistent with ballot proposition approved by the qualified electors when establishing said zones. The Bureau of Labor Statistics of the United States Department of Labor has discontinued the Los Angeles-Riverside-Orange County, CA Index.
Table 2-1
Zone 18 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $200.00 $200.00
Debt Service Repayment $372.00 $376.00
Total Direct Costs $572.00 $576.00
Indirect Costs
Administration $90.51 $92.32
Rounding $0.00 $0.00
Total Indirect Costs $90.51 $92.32
Total Costs $662.51 $668.32
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $320.07 $356.02
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $320.07 $356.02
Total Assessment $982.58 $1,024.34
Reserve Fund Balances
Beginning Operating Reserve $334.16
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $334.16
Beginning Capital Replacement Reserve $895.87
Capital Reserve Collection $356.02
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $1,251.89
629
2. Cost Estimates Page | 3
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-2
Zone 26 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $200.00 $200.00
Debt Service Repayment $496.00 $501.00
Total Direct Costs $696.00 $701.00
Indirect Costs
Administration $124.63 $127.12
Rounding $0.00 $0.00
Total Indirect Costs $124.63 $127.12
Total Costs $820.63 $828.12
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $548.67 $599.47
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $548.67 $599.47
Total Assessment $1,369.30 $1,427.59
Reserve Fund Balances
Beginning Operating Reserve $414.06
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $414.06
Beginning Capital Replacement Reserve $3,519.07
Capital Reserve Collection $599.47
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $4,118.54
630
2. Cost Estimates Page | 4
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-3
Zone 27 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $600.00 $700.00
Debt Service Repayment $621.00 $626.00
Total Direct Costs $1,221.00 $1,326.00
Indirect Costs
Administration $141.99 $144.83
Rounding $0.00 $0.00
Total Indirect Costs $141.99 $144.83
Total Costs $1,362.99 $1,470.83
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $181.61 $139.43
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $181.61 $139.43
Total Assessment $1,544.60 $1,610.26
Reserve Fund Balances
Beginning Operating Reserve $735.42
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $735.42
Beginning Capital Replacement Reserve $1,647.18
Capital Reserve Collection $139.43
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $1,786.61
631
2. Cost Estimates Page | 5
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-4
Zone 35 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $100.00 $100.00
Debt Service Repayment $124.00 $125.00
Total Direct Costs $224.00 $225.00
Indirect Costs
Administration $23.96 $24.44
Rounding $0.00 $0.00
Total Indirect Costs $23.96 $24.44
Total Costs $247.96 $249.44
Collections/(Contributions)
Operating Reserve ($165.26) ($163.22)
Capital Replacement $0.00 $0.00
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments ($165.26) ($163.22)
Total Assessment $82.70 $86.22
Reserve Fund Balances
Beginning Operating Reserve ($865.69)
Operating Reserve Collection $0.00
Operating Reserve Contribution ($163.22)
Est. Ending Operating Reserve ($1,028.91)
Beginning Capital Replacement Reserve $0.00
Capital Reserve Collection $0.00
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $0.00
632
2. Cost Estimates Page | 6
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-5
Zone 50 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $100.00 $100.00
Debt Service Repayment $124.00 $125.00
Total Direct Costs $224.00 $225.00
Indirect Costs
Administration $33.70 $34.37
Rounding $0.00 $0.00
Total Indirect Costs $33.70 $34.37
Total Costs $257.70 $259.37
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $103.02 $116.70
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $103.02 $116.70
Total Assessment $360.72 $376.07
Reserve Fund Balances
Beginning Operating Reserve $129.69
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $129.69
Beginning Capital Replacement Reserve $182.30
Capital Reserve Collection $116.70
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $299.00
633
2. Cost Estimates Page | 7
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-6
Zone 70 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $200.00 $200.00
Debt Service Repayment $372.00 $376.00
Total Direct Costs $572.00 $576.00
Indirect Costs
Administration $137.27 $140.02
Rounding $0.00 $0.00
Total Indirect Costs $137.27 $140.02
Total Costs $709.27 $716.02
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $777.47 $833.96
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $777.47 $833.96
Total Assessment $1,486.74 $1,549.98
Reserve Fund Balances
Beginning Operating Reserve $358.01
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $358.01
Beginning Capital Replacement Reserve $14,537.70
Capital Reserve Collection $833.96
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $15,371.66
634
2. Cost Estimates Page | 8
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-7
Zone 71 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $300.00 $300.00
Debt Service Repayment $124.00 $125.00
Total Direct Costs $424.00 $425.00
Indirect Costs
Administration $46.56 $47.49
Rounding $0.00 $0.00
Total Indirect Costs $46.56 $47.49
Total Costs $470.56 $472.49
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $36.34 $55.99
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $36.34 $55.99
Total Assessment $506.90 $528.48
Reserve Fund Balances
Beginning Operating Reserve $236.25
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $236.25
Beginning Capital Replacement Reserve $1,502.40
Capital Reserve Collection $55.99
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $1,558.39
635
2. Cost Estimates Page | 9
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Table 2-8
Zone 73 Budget
Estimated through June 30
Direct Costs FY 2023-24 FY 2024-25
Energy $100.00 $100.00
Debt Service Repayment $248.00 $251.00
Total Direct Costs $348.00 $351.00
Indirect Costs
Administration $90.47 $92.28
Rounding $0.00 $0.00
Total Indirect Costs $90.47 $92.28
Total Costs $438.47 $443.28
Collections/(Contributions)
Operating Reserve $0.00 $0.00
Capital Replacement $541.17 $578.03
General Benefit Contribution $0.00 $0.00
City Contribution $0.00 $0.00
Total Adjustments $541.17 $578.03
Total Assessment $979.64 $1,021.31
Reserve Fund Balances
Beginning Operating Reserve $221.64
Operating Reserve Collection $0.00
Operating Reserve Contribution $0.00
Est. Ending Operating Reserve $221.64
Beginning Capital Replacement Reserve $2,540.85
Capital Reserve Collection $578.03
Capital Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $3,118.88
636
3. Method of Apportionment of Assessment Page | 10
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Changes in Organization
There are no changes in organization for any zone for Fiscal Year 2024-25.
Proposition 218 Compliance
On November 5, 1996 California voters approved Proposition 218 entitled “Right to Vote on Taxes Act” which added Article XIII D to the California Constitution. While its title refers only to taxes, Proposition 218 establishes new procedural requirements for the formation and administration of assessment districts. Proposition 218 also requires that with certain specified exceptions, which are described below, all existing assessment districts must be ratified by the property owners within the District using the new procedures.
Some of these exceptions include:
1. Any assessment imposed exclusively to finance the capital cost or maintenance and operation expenses for streets.
2. Any assessments levied pursuant to a petition signed by the persons owning all of the parcels subject to the assessment at the time the assessment was initially imposed
However, even if assessments are initially exempt from Proposition 218, if the assessments are increased in the future, the City will need to comply with the provisions of Proposition 218 for that portion of the increased assessment formula (e.g., CPI increase).
Proposition 218 does not define this term “streets.” However, based on the opinions of the public agency officials, attorneys, assessment engineers, and Senate Bill 919, it has been determined that streets include all public improvements located within the street right-of-way. This would include median and parkway landscaping, traffic signals, safety lighting, and street lighting.
Proposition 218 defines “assessment” as “any levy or charge upon real property by an agency for a special benefit conferred upon the real property” (California Constitution, Article XIII D, §2(b)). A special assessment, sometimes called a “benefit assessment,” is a charge generally levied upon parcels of real property to pay for benefits the parcels receive from local improvements. Special assessments are levied according to statutory authority granted by the Legislature or, in some instances, local charters.
Distinguishing among taxes, fees and assessments can be difficult and often depends on the context in which the distinction is made.
For example, taxes, assessments and property-related fees all may be imposed on property. The key feature that distinguishes an assessment from a tax, fee, or charge is the existence of a special benefit to real property. Without identifying a special benefit, there can be no assessment.
Distinguishing General and Special Benefit
Proposition 218 added a set of procedures and requirements which a local government must follow to levy an assessment. In addition to notice, hearing, and assessment ballot proceedings, Proposition 218 provides that “only special benefits are assessable” and requires a local government to “separate the general benefits from the special benefits conferred on a parcel.” By its nature most every public improvement financed through an assessment district contains an element of public benefit. The test is: does there exist, with relation to the improvement, a special benefit to the property assessed? The law requires that portion of the cost of the improvement which benefits the public generally, to be separated from that portion of the cost of the improvement which specially benefits assessed properties. Proposition 218 provides the following definition of “special benefit”:
“’Special benefit’ means a particular and distinct benefit over and above general benefits conferred on real property located in the district or to the public at large. General enhancement of property value does not constitute ‘special benefit’.”
The amount of the assessment for the Fiscal Year 2024-25 apportioned to each parcel as shown on the latest equalized roll at the County Assessor’s office are listed in Appendix A of this Report. The description of each lot or parcel is part of the records of the County Assessor of the County of Riverside and such records are, by reference, made part of this Report. 637
3. Method of Apportionment of Assessment Page | 11
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Direct and Special Benefit
The servicing of streetlights provides direct and special benefit to those properties located within the District.
Each and every lot or parcel within the District receives a particular and distinct benefit from the improvements over and above general benefits conferred by the improvements. First, improvements were conditions of approval for the creation or development of the parcels. In order to create or develop the parcels, the County or City required the original developer to install and/or guarantee the maintenance of the improvements and appurtenant facilities serving the lots or parcels. Therefore, each and every lot or parcel within the District could not have been developed in the absence of the installation and expected maintenance and servicing of these facilities.
In addition, the improvements continue to confer a particular and distinct special benefit upon parcels within the District because of the nature of the improvements. The servicing of streetlights, and appurtenant facilities, especially benefit parcels within the District by increased public safety, improved neighborhood property protection, reduced property-related crimes (especially vandalism), increasing public safety for both pedestrians and the motoring public, and increasing traffic safety by improving visibility. Streetlights also assign rights-of-way for the safety of pedestrians and motorists by defining a specific path during all hours of the day.
Streets are constructed for the safe and convenient travel of vehicles and pedestrians. They also provide an area for underground and overhead utilities. These elements are a distinct and special benefit to all developed parcels in the District. Streetlights are installed on and are for street purposes and are maintained and serviced to allow the street to perform to the standards it was designed.
Streetlights are determined to be an integral part of “streets” as a “permanent public improvement.” One of the principal purposes of fixed roadway lighting is to create a nighttime environment conducive to quick, accurate, and comfortable seeing for the user of the facility. These factors, if attained, combine to improve traffic safety and achieve efficient traffic movement. Fixed lighting can enable the motorist to see detail more distinctly and to react safely toward roadway and traffic conditions present on or near the roadway facility.
The system of streets within the District is established to provide access to each parcel in the District. Streetlights provide a safer street environment for owners of the parcels served. If the parcels were not subdivided to provide individual parcels to owners within the District, there would be no need for a system of streets with streetlights. Therefore, the installation of streetlights is for the express, special benefit of the parcels within the District.
Finally, the servicing of streetlights provides an enhanced quality of life and sense of well-being for properties within the District.
Because all benefiting properties consist of a uniform land use, it is determined that all lots or parcels benefit equally from the improvements and the costs and expenses for the provision of electricity for the streetlights are apportioned on a per acre or per parcel basis.
Based on the benefits described above, streetlights are an integral part of the quality of life of the District. This quality of life is a special benefit to those parcels that are not government owned easements, utility easements, and flood channel parcels. Government owned easements, utility easements, and flood channel parcels do not benefit from the improvements due to their use and lack of habitation on such parcels. Parcels of this nature are usually vacant narrow strips of land or flood control channels and therefore do not generate or experience pedestrian or vehicular traffic. Nor do these types of parcels support dwelling units or other structures that would promote frequent use of the parcels by the traveling public. As a result of this lack of activity on such parcels they do not receive any benefit from streetlights and are not assessed.
General Benefit
The total benefit from the works of improvement is a combination of the special benefits to the parcels within the District and the general benefits to the public at large and to adjacent property owners. The portion of the total streetlight servicing costs associated with general benefits will not be assessed to the parcels in the District, but will be paid from other City Funds. Because the streetlights are located immediately adjacent to properties within the District and are maintained solely for the benefit of the properties within the District, any benefit received by properties outside of the District will be in the proportions stated under Special Benefit. As a result, no property is assessed in excess of the reasonable cost of the proportional special benefit conferred on that property. 638
3. Method of Apportionment of Assessment Page | 12
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Method of Apportionment
The Act permits the establishment of assessment districts by agencies for the purpose of providing certain public improvements, which include the construction, maintenance, and servicing of public lights, landscaping, dedicated easements for landscape use, and appurtenant facilities. The Act further provides that assessments may be apportioned upon all assessable lots or parcels of land within an assessment district in proportion to the estimated benefits to be received by each lot or parcel from the improvements rather than assessed value.
“The net amount to be assessed upon lands within an assessment district may be apportioned by any formula or method which fairly distributes the net amount among all assessable lots or parcels in proportion to the estimated benefits to be received by each such lot or parcel from the improvements.”
The formula used for calculating assessments reflects the composition of the parcels and the improvements and services provided by the District to fairly apportion the costs based on the estimated benefit to each parcel.
In addition, Article XIII D of the California Constitution (the “Article”) requires that a parcel's assessment may not exceed the reasonable cost of the proportional special benefit conferred on that parcel. The Article provides that only special benefits are assessable, and the City must separate the general benefits from the special benefits conferred on a parcel. A special benefit is a particular and distinct benefit over and above general benefits conferred on the public at large, including real property within the district. The general enhancement of property value does not constitute a special benefit. 639
3. Method of Apportionment of Assessment Page | 13
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Benefit by Zone
Each of the assessable lots within the zones listed below has been deemed to receive proportional special benefit from the street lighting within that zone. The percentage change in allowable Fiscal Year 2024-25 assessment from the allowable Fiscal Year 2023- 24 assessment is as follows:
Table 3-1
Benefit by Zone
Zone
Estimated
Cost
FY 2024-25
Total
Parcels/Acres
Allowable
Assessment
per Parcel/Acre
FY 2023-2024
Allowable
Assessment
per Parcel/Acre
FY 2024-25
Maximum
Assessment
Rate
Change (%)
Preliminary
Assessment
per Parcel/Acre
FY 2024-25
Zone 18 $668.32 1 Parcel $995.62 $1,037.93 4.25% $1,024.34 Zone 26 $828.12 9.77 Acres $142.03 $148.06 4.25% $146.12 Zone 27 $1,470.83 8.67 Acres $180.52 $188.19 4.25% $185.73 Zone 35 $249.44 1.32 Acres $63.48 $66.18 4.25% $65.32
Zone 50 $259.37 7.12 Acres $51.34 $53.52 4.25% $52.82
Zone 70 $716.02 4.18 Acres $360.41 $375.73 4.25% $370.81 Zone 71 $472.49 12.86 Acres $39.94 $41.64 4.25% $41.09
Zone 73 $443.28 3.02 Acres $328.70 $342.67 4.25% $338.18 Whereas, the Board of Supervisors of the County of Riverside, State of California, did, pursuant to the provisions of the “Landscaping and Lighting Act of 1972", being Division 15 of the Streets and Highways Code of the State of California, adopt Resolution No. 94-389 to initiate proceedings to form a special assessment district known and designated as:
Landscaping and Lighting Maintenance District No. 89-1-Consolidated; and, Whereas, the City Council, did direct the appointed engineer to prepare and file an annual report, in accordance with Article 4 (commencing with Section 22565) of Chapter 1 of Part 2 of Division 15 of the Streets and Highways Code, being an article of the aforementioned Landscaping and Lighting Act of 1972.
Whereas, Section 22567 of said Article 4 states the Report shall consist of the following; a. Maintenance plans for the improvements
b. An estimate of the costs of the improvements
c. A diagram for the assessment district
d. An assessment of the estimated costs of the maintenance of the improvements Now, Therefore, I, the appointed ENGINEER, acting on behalf of the City of Wildomar, pursuant to the Act, do hereby submit the following:
1. Pursuant to the provisions of law the costs and expenses of the District have been assessed upon the parcels of land in the District benefited thereby in direct proportion and relation to the estimated benefits to be received by each of said parcels. For particulars as to the identification of said parcel, reference is made to the Assessment Diagram, a reduced copy of which is included herein.
2. As required by law, a Diagram is filed herewith, showing the District, as well as the boundaries and dimensions of the respective parcels and subdivisions of land within said District as the same exist each of which subdivisions of land or parcels or lots, respectively, have been given a separate number upon said Diagram and in the Assessment Roll contained herein.
3. The separate numbers given the subdivisions and parcels of land, as shown on said Assessment Diagram and Assessment Roll, correspond with the numbers assigned to each parcel by the Riverside County Assessor. Reference is made to the County Assessment Roll for a description of the lots or parcels. 640
3. Method of Apportionment of Assessment Page | 14
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
4. There are no parcels or lots within Street Lighting Zones 18, 26, 27, 35, 50, 70, 71, and 73 that are owned by a federal, state, or other local governmental agency that will benefit from the services to be provided by the assessments to be collected.
The City requested Spicer Consulting Group, LLC., to prepare and file an Engineer’s Report for Landscaping and Lighting Maintenance District No. 89-1-Consolidated pursuant to the Landscaping and Lighting Act of 1972 presenting plans and specifications describing the general nature, location and extent of the improvements to be maintained, an estimate of the costs of the maintenance, operations and servicing of the improvements for LMD No. 89-1-C for the referenced Fiscal Year, a diagram for LMD No. 89-1-C showing the area and properties to be assessed, and an assessment of the estimated costs of the maintenance, operations and servicing the improvements, assessing the net amount upon all assessable lots and-or parcels within LMD No. 89-1-C in proportion to the special benefit received.
Table 3-2
Proposed Assessments
Zone Fiscal Year
Maximum
% Increase
Maximum
Assessment
Actual
Assessment
% of
Maximum
Zone 18 2023-24 4.56% $995.62 $982.58 100%
2024-25 4.25% $1,037.93 $1,024.34 99%
Zone 26 2023-24 4.56% $142.03 $140.16 99%
2024-25 4.25% $148.06 $146.12 99%
Zone 27 2023-24 4.56% $180.52 $178.16 99%
2024-25 4.25% $188.19 $185.73 99%
Zone 35 2023-24 4.56% $63.48 $62.65 99%
2024-25 4.25% $66.18 $65.32 99%
Zone 50 2023-24 4.56% $51.34 $50.67 99%
2024-25 4.25% $53.52 $52.82 99%
Zone 70 2023-24 4.56% $360.41 $355.69 99%
2024-25 4.25% $375.73 $370.81 99%
Zone 71 2023-24 4.56% $39.94 $39.42 99%
2024-25 4.25% $41.64 $41.09 99%
Zone 73 2023-24 4.56% $328.70 $324.40 99%
2024-25 4.25% $342.67 $338.18 99%
641
4. Engineer’s Signature Page | 15
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
Executed this 12th day of June 2024.
FRANCISCO MARTINEZ JR
PROFESSIONAL CIVIL ENGINEER NO. 84640
ENGINEER OF WORK
CITY OF WILDOMAR
STATE OF CALIFORNIA
I HEREBY CERTIFY that the enclosed Engineer’s Report, together with the Assessment Roll and Assessment Diagram thereto attached, was filed with me on the 12th day of June , 2024.
CITY CLERK
CITY OF WILDOMAR
STATE OF CALIFORNIA
I HEREBY CERTIFY that the enclosed Engineer’s Report, together with the Assessment Roll and Assessment Diagram thereto attached, was approved and confirmed by the City Council of the City of Wildomar, California 12th day of June , 2024.
CITY CLERK
CITY OF WILDOMAR
STATE OF CALIFORNIA
642
5. Assessment Diagrams Page | 16
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
A reduced copy of the Assessment Diagrams are filed herewith, are incorporated by reference in Appendix B herein, and made part of this Report.
If any parcel submitted for collection is identified by the County Auditor-Controller to be an invalid parcel number for the current Fiscal Year, a corrected parcel number and/or new parcel number will be identified and resubmitted to the County Auditor/Controller. The assessment amount to be levied and collected for the resubmitted parcel or parcels shall be based on the method of apportionment and assessment rate approved in this Report. Therefore, if a single parcel has changed to multiple parcels, the assessment amount applied to each of the new parcels shall be recalculated and applied according to the approved method of apportionment and assessment rate rather than a proportionate share of the original assessment.
Information identified on these maps was received from several sources including the owner/developer, City of Wildomar, and the Riverside County Assessor.
643
6. Assessment Rolls
City of Wildomar
Engineer’s Report LMD 89-1-Consolidated Volume 2
Fiscal Year 2024-25
The actual assessment and the amount of the assessment for the Fiscal Year 2024-25 apportioned to each parcel as shown on the latest equalized roll at the County Assessor’s office are listed in Appendix A of this Report. The description of each lot or parcel is part of the records of the County Assessor of the County of Riverside and such records are, by reference, made part of this Report.
The total assessment for the Fiscal year 2024-25 is $7,624.25.8
8 The actual assessment roll might have a minimal variance due to rounding. 644
Appendix A:
Assessment Rolls
645
68-9845 - LMD 89-1-C Vol.2 - Zone 18
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
366300083 $1,024.34
Totals Parcels 1 Levy $1,024.34
Assessment Roll
Engineer's Report 646
68-9846 - LMD 89-1-C Vol.2 - Zone 26
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380110030 $694.06 380110031 $113.96 380110032 $109.58
380110033 $122.74 380110034 $172.42 380110035 $80.36
380110036 $89.12 380110037 $45.28
Totals Parcels 8 Levy $1,427.52
Assessment Roll
Engineer's Report 647
68-9847 - LMD 89-1-C Vol.2 - Zone 27
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380290030 $1,610.26
Totals Parcels 1 Levy $1,610.26
Assessment Roll
Engineer's Report 648
68-9848 - LMD 89-1-C Vol.2 - Zone 35
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
367181001 $1.96 367181002 $1.30 367181003 $1.30
367181004 $5.86 367181005 $3.26 367181006 $3.26
367181007 $3.26 367181008 $3.26 367181009 $1.94
367181010 $3.90 367181011 $3.26 367181012 $1.30
367181013 $1.30 367181014 $2.60 367181016 $5.86
367181017 $5.22 367181018 $18.28 367181019 $18.94
Totals Parcels 18 Levy $86.06
Assessment Roll
Engineer's Report 649
68-9849 - LMD 89-1-C Vol.2 - Zone 50
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380140018 $376.06
Totals Parcels 1 Levy $376.06
Assessment Roll
Engineer's Report 650
68-9850 - LMD 89-1-C Vol.2 - Zone 70
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380110040 $289.22 380110041 $548.78 380110042 $341.14
380110043 $370.80
Totals Parcels 4 Levy $1,549.94
Assessment Roll
Engineer's Report 651
APN Levy APN Levy APN Levy
380260033 $110.94 380260034 $111.76 380260035 $171.76
380260036 $133.96
Totals Parcels 4 Levy $528.42
Assessment Roll
68-9851 - LMD 89-1-C Vol.2 - Zone 71
Fiscal Year 2024-25
Engineer's Report 652
68-9852 - LMD 89-1-C Vol.2 - Zone 73
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
380130027 $510.64 380130028 $510.64
Totals Parcels 2 Levy $1,021.28
Assessment Roll
Engineer's Report 653
Appendix B:
Assessment Diagrams
654
BA
R
REN
G
O
D
R
SPUR BROOK DR
SELLERS R
D
BUNDY CANYON RD
TA
MERRON
WAY
BRECKENRIDGE
TRL
M
O
N
TE VISTA
D
R
0 100 200 400Feet
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 18
Ê
Street Light
655
CLINTON
KEITH
RD
CATT RD
HIDDEN
SPRINGS
RD
§¨¦15
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 26
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
656
CLINTON KEITH RD
ELIZABET
H LN
BUNNY TRL
JA
N
A LN
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 27
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
657
MONTE
VISTA
DR
FREDERICK ST
0 50 100 200Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 35
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
658
CLINTON
KEITH
RD
FALLING
LEAF
CT
PALOMAR
ST
CORDUROY
RD
KILGORE
LN
OSA
AVE
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 50
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
659
CLINTON
KEITH
RD
STABLE
LANES
RD
HIDDEN
SPRINGS
RD
0 100 200 400Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 70
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
660
PRIELIPP RD
WYMAN RD
KEVIN
R
D
§¨¦15
0 125 250 500Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 71
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
661
PALOMAR
ST
BAYBERRY
RD
WING
ELM
CIR
CLINTON
KEITH
RD
0 75 150 300Feet
LANDSCAPE AND LIGHTING DISTRICT NO. 89-1 CONSOLIDATED
STREET LIGHTING ZONE 73
Street Light
CITY OF WILDOMAR
ASSESSMENT DIAGRAM
Ê
662
663
CITY OF WILDOMAR
CC - REGULAR MEETING
PUBLIC HEARING
Agenda Staff Report # 2.3
Meeting Date: June 12, 2024
SUBJECT: Community Service Area Charges for FY 2024-25
SUBMITTED BY: Jason Farag, Public Works Director
PREPARED BY: Jason Farag, Public Works Director
ACTION:
Adopt a Resolution entitled:
RESOLUTION NO. 2024 - _____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WILDOMAR, CALIFORNIA,
ADOPTING COUNTY SERVICE AREA CHARGES WITHIN THE CITY FOR FISCAL YEAR 2024-25
SUMMARY:
Upon adoption of this resolution, Spicer Consulting Group, LLC on behalf of the City, will submit the County Service Area (CSA) charges to the County Assessor’s Office for inclusion on the annual property tax bills.
BACKGROUND:
Upon incorporation on July 1, 2008, the City of Wildomar assumed the responsibility for certain County Service Areas now within the City’s jurisdictional boundaries (County Service Areas, CSAs), and now is responsible for the services and charges provided by County Service Areas 22, 103 (Drainage, Landscape), 103 (Lighting), and 142. A map of the service areas and the proposed charges are included in Attachment A.
DISCUSSION:
On May 8, 2024, the City Council adopted a Notice of Intent to Establish County Service Area Charges for FY 2024-25 and set today’s meeting for the public hearing to hear and consider testimony regarding the continuation of charges for the services within the County Service Areas.
A copy of the Projected CSA Levy Ranges and Projected Levy is included in Attachment B, and a copy of the Final Annual Levy Report for the County Service Areas is included as Attachment C.
FISCAL IMPACT:
Adoption of this resolution will allow the City of Wildomar to collect funds to meet part of its financial obligations for City of Wildomar County Service Areas.
The total assessment for the Fiscal Year 2024-25 is $249,840.08. CSA 22 Street Lights and CSA 103 Street Lights are both underfunded by $13,829.18 and $24,427.15 respectively and 664
will need to be offset by City contributions, reserve funds and/or other sources available to the CSAs.
ATTACHMENTS:
Resolution
A - CSA Map
B - CSA Projected Levy (FY 24-25)
C - CSA Final Annual Report (FY 24-25)
665
RESOLUTION NO. 2024 - _____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WILDOMAR,
CALIFORNIA, ADOPTING COUNTY SERVICE AREA CHARGES WITHIN THE CITY FOR FISCAL YEAR 2024-25
WHEREAS, upon incorporation on July 1, 2008, the City of Wildomar assumed the authority and responsibility for providing services and levying charges that were previously provided and levied by County Service Areas 22, 103 (Drainage, Landscape), 103 (Lighting), and 142 established pursuant to County Service Area Law, as set forth in Government Code Section 25210.1 et seq., within the City’s jurisdictional boundaries; and WHEREAS, the City Council has determined that it is necessary to continue the County Service Area charges within such areas in order to continue to provide such extended services; and
WHEREAS, City Council annually causes a report of the services, parcels and charges (the “Report”) for each County Service Area for the upcoming fiscal year to be prepared and filed with the City Clerk; and
WHEREAS, upon the filing of such report with the City Clerk, the City Council shall cause to be noticed and thereafter conduct a public hearing to hear and consider testimony regarding the continuation of charges for such extended services within such County Service Areas within the City of Wildomar; and
WHEREAS, the City Clerk has confirmed that such Report has been filed for Fiscal Year 2024-25 for such County Service Areas within the City; and WHEREAS, a public hearing, pursuant to Government Code Section 25210.66a, was conducted by the City Council on June 12, 2024, to determine the establishment of charges for Fiscal Year 2024-25 as shown in the Report for the County Service Areas.
NOW THEREFORE BE IT RESOLVED, by the City of Wildomar City Council assembled in regular session on June 12, 2024, that this Council adopts the County Service Area charges as shown in the Report for the County Service Areas. 666
PASSED, APPROVED, AND ADOPTED this 12th day of June, 2024. ______________________________
Bridgette Moore
Mayor
APPROVED AS TO FORM: ATTEST:
______________________________ ______________________________ Thomas D. Jex Janet Morales
City Attorney City Clerk
667
Palomar St
Clinton Keith Rd
Baxter Rd Palomar St
Mission Trl
Walnut St Central St Grand Ave
BundyCanyon
Rd
Orange St
§¨¦215
§¨¦15
0 2,500 5,000 10,000 Feet
COUNTY SERVICE AREAS
CITY OF WILDOMAR
Ê
CSA 103 DRAINAGE/
LANDSCAPE
CSA 103 LIGHTING CSA 142 LIGHTING CSA 22 LIGHTING CITY BOUNDARY 668
CITY OF WILDOMAR
Projected CSA Levy Ranges and Projected Levy
Fund No. CSA Name Date Formed Resolution Parcels
Projected
FY 2024‐25
Levy Min/Max
Projected
FY 2024‐25
Levy Escalates?
CSA #22 STREET LIGHTS (Wildomar) Minimum $1.76
Lake Elsinore Maximum $75.63
CSA #142 STREET LIGHTS (Wildomar) Minimum $31.50
Wildomar Maximum $872.06
CSA #103 DRAINAGE‐LANDSCAPE (Wildomar) 3/19/91
Drainage
91‐168 Minimum $20.00
7/5/1994
Landscape Maximum $30.00
CSA #103 STREET LIGHTS (Wildomar) Minimum $28.86
Maximum $1,571.24
Please Note: Ranges represent parcels previously levied and may be changed as a result of actual parcels levied. 684644 1,082 $22,600.00 No
684642 11/8/1965 885 $31,728.82 No/Yes
684645 12/18/1973 3,341 $157,066.40 No/Yes
684643 1/31/1985 516 $38,444.86 No/Yes
669
Final Annual Levy Report
Fiscal Year 2024-25
County Service Areas
22, 103, 103 Drainage, 142
670
Table of Contents
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
Sections
1. Executive Summary 1
2. Description of Services 2
3. Estimate of Costs 3
4. Method of Apportionment 7
Tables
Table 1-1 Assessment Summary 1
Table 3-1 CSA 22 Street Lights Estimate of Costs 3
Table 3-2 CSA 103 Street Lights Estimate of Costs 4
Table 3-3 CSA 103 Drainage/Landscaping Estimate of Costs 5 Table 3-4 CSA 142 Street Lights Estimate of Costs 6
Table 4-1 Fiscal Year 2024-25 Assessments vs. Estimated Costs 8 Appendices
Appendix A – Assessment Rolls
Appendix B – County Service Areas Map
671
1. Executive Summary Page | 1
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
WHEREAS, the Board of Supervisors of the County of Riverside, State of California, did, pursuant to the provisions of the County Service Area Law as set forth in Government Code Section 25210.1 et seq., for the levy and collection of charges for extended governmental services provided in county service areas; WHEREAS, Upon incorporation on July 1, 2008, the City of Wildomar (the "City") assumed the responsibility for certain County Service Areas ("CSA") now within the City’s jurisdictional boundaries, and now is responsible for the services and charges provided by CSA 22 Street Lights, CSA 103 Street Lights, CSA 103 Drainage/Landscaping, and CSA 142 Street Lights, (the "Districts"). As a result, the authority to levy assessments within the Districts was transferred from the County of Riverside (the “County”) to the City; WHEREAS, the City Council of the City of Wildomar directed Spicer Consulting Group, LLC. to prepare and file an Annual Levy Report (the “Report”) for Fiscal Year 2024-25 presenting the plans and specifications for the maintenance and operation of authorized services, an assessment diagram, and an assessment of the estimated costs of the maintenance and operation of the authorized services;
WHEREAS, the Fiscal Year 2024-25 assessments are shown in this Report with certain properties within these CSAs permitted to increase by 2.00% as established by an engineer's report prepared by the County at the time of annexation into the CSAs; NOW THEREFORE, the following assessment is made to finance the maintenance and operation of authorized services within the Districts:
Table 1-1
Assessment Summary
Assessment Range
CSA Name
Date
Formed Parcels
2024-25
Projected Levy
Minimum
per Parcel
Maximum
per Parcel
CSA 22 Street Lights 11/08/1965 885 $31,728.82 $1.76 $75.63 CSA 103 Street Lights 12/18/1973 3,341 $157,066.40 $28.86 $1,571.24 CSA 103 Drainage / Landscaping 12/18/1973 1,082 $22,600.00 $20.00 $30.00 CSA 142 Street Lights 01/31/1985 516 $38,444.86 $31.50 $872.06 672
2. Description of Services Page | 2
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
The CSAs were established to provide extended governmental services including street light maintenance, landscape maintenance, and drainage facilities maintenance.
Street Light Maintenance
The street lighting improvements may include but are not limited to electrical energy, lighting fixtures, poles, meters, conduits, electrical cable, and associated appurtenant facilities associated with:
Public street lighting within the residential subdivisions; Public street lighting, traffic signals, and other public lighting facilities on the streets surrounding or adjacent to the development as well as other public areas associated or necessary for development of properties within the subzone.
Landscape Maintenance
The landscape maintenance may include but is not limited to the maintenance and servicing of turf, ground cover, shrubs, trees, plants, irrigation and drainage systems, ornamental lighting structures, masonry walls or other fencing, entryway monuments, and associated appurtenant facilities located within the streetscape (parkway and slope perimeter landscaping) surrounding the development and within public rights-of-way.
Drainage Maintenance
The drainage component of the assessment is for the maintenance, cleaning, repairs and removal of debris and sediment from drainage facilities adjacent to and downstream of the drainage area (outlined in green below).
673
3. Estimate of Costs Page | 3
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
The estimate of costs has been prepared by City staff based upon the plans and specifications for the maintenance and operation of the services, as well as the historical costs of similar services provided throughout the CSAs. The following tables show the estimated costs for Fiscal Year 2024-25.
Table 3-1
CSA 22 Street Lights Estimate of Costs
Description Calendar Year 2023 Actual
FY 2024-25 Budgeted
Through June 30, 2025
Direct Costs
Energy $13,000.00 $14,400.00
Debt Service Repayment1 $27,678.00 $27,935.00
Subtotal Direct Costs $40,678.00 $42,335.00
Indirect Costs
Contract Admin $1,150 $1,173.00
City Admin $2,050.00 $2,050.00
Subtotal Indirect Costs $3,200.00 $3,223,.00
Total Costs $43,878.00 $45,558.00
Adjustments
City Surplus/Deficit ($12,280.32) ($13,829.18)
Total CSA 22 Street Lights Assessment $31,597.68 $31,728.82 Reserve Fund Balances
Beginning Operating Reserve ($113,023.33)
Reserve Collection $0.00
Reserve Contribution ($13,829.18)
Est. Ending Operating Reserve ($126,852.51)
Beginning Capital Replacement Reserve $0.00
Reserve Collection $0.00
Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $0.00
1 The City purchased streetlight poles from SCE and the estimated costs for debt service contribution and acquisitions costs is reflected in the debt service payment for that zone. 674
3. Estimate of Costs Page | 4
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
Table 3-2
CSA 103 Street Lights Estimate of Costs
Description Calendar Year 2023 Actual
FY 2024-25 Budgeted
Through June 30, 2025
Direct Costs
Energy $48,000.00 $57,800.00
Debt Service Repayment1 $110,961.00 $111,991.00
Subtotal Direct Costs $158,961.00 $169,791.00
Indirect Costs
Contract Admin $3,150.00 $3,213.00
City Admin $7,948.05 $8,489.55
Subtotal Indirect Costs $11,098.05 $11,702.55
Total Costs $170,059.05 $181,493.55
Adjustments
City Surplus/Deficit ($15,074.37) ($24,427.15)
Total CSA 103 Street Lights Assessment $154,984.68 $157,066.40 Reserve Fund Balances
Beginning Operating Reserve ($238,124.90)
Reserve Collection $0.00
Reserve Contribution ($24,427.15)
Est. Ending Operating Reserve ($262,552.05)
Beginning Capital Replacement Reserve $0.00
Reserve Collection $0.00
Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $0.00
1 The City purchased streetlight poles from SCE and the estimated costs for debt service contribution and acquisitions costs is reflected in the debt service payment for that zone. 675
3. Estimate of Costs Page | 5
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
Table 3-3
CSA 103 Drainage/Landscaping Estimate of Costs
Description Calendar Year 2023 Actual
FY 2024-25 Budgeted
Through June 30, 2025
Direct Costs
Landscaping $3,426.64 $3,495.17
Drainage $6,958.11 $7,097.27
Water $6,240.96 $6,365.78
Subtotal Direct Costs $16,625.72 $16,958.23
Indirect Costs
Contract Admin $3,150.00 $3,213.00
City Admin $831.29 $847.91
Subtotal Indirect Costs $3,981.29 $4,060.91
Total Costs $20,607.00 $21,019.14
Adjustments
City Surplus/Deficit $1,993.00 $1,580.86
Total CSA 103 Drainage/Landscaping Assessment $22,600.00 $22,600.00
Reserve Fund Balances
Beginning Operating Reserve $0.00
Reserve Collection $1,580.86
Reserve Contribution $0.00
Est. Ending Operating Reserve $1,580.86
Beginning Capital Replacement Reserve $0.00
Reserve Collection $0.00
Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $0.00
676
3. Estimate of Costs Page | 6
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
Table 3-4
CSA 142 Street Lights Estimate of Costs
Description Calendar Year 2023 Actual
FY 2024-25 Budgeted
Through June 30, 2025
Direct Costs
Energy $6,000.00 $6,900.00
Debt Service Repayment1 $22,465.00 $22,674.00
Subtotal Direct Costs $28,465.00 $29,574.00
Indirect Costs
Contract Admin $1,300.00 $1,326.00
City Admin $1,423.25 $1,478.70
Subtotal Indirect Costs $2,723.25 $2,804.70
Total Costs $31,188.25 $32,378.70
Adjustments
City Surplus/Deficit $6,696.12 $6,066.16
Total CSA 142 Street Lights Assessment $37,884.37 $38,444.86 Reserve Fund Balances
Beginning Operating Reserve $16,189.35
Reserve Collection $0.00
Reserve Contribution $0.00
Est. Ending Operating Reserve $16,189.35
Beginning Capital Replacement Reserve $86,665.25
Reserve Collection $6,066.16
Reserve Contribution $0.00
Est. Ending Capital Replacement Reserve $92,731.41
There is a two percent (2.00%) proposed inflationary increase in the assessment per acre or per parcel as applicable in CSA 22 Street Lights, CSA 103 Street Lights, and CSA 142 Street Lights over the assessment levied for Fiscal Year 2023-24, which is consistent with the ballot proposition approved by the qualified electors when establishing these CSAs. 1 The City purchased streetlight poles from SCE and the estimated costs for debt service contribution and acquisitions costs is reflected in the debt service payment for that zone. 677
4. Method of Apportionment Page | 7
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
Method of Apportionment
The maintenance of landscaping, drainage facilities, and street lights provides direct and special benefit to those properties located within each CSA. Landscaping, drainage facilities, and streetlights enhance the properties within the District, improve erosion and water control, provide dust abatement, increase public safety (controls sight distance restrictions and fire hazards), improve neighborhood aesthetics and property protection, increase traffic safety by improving visibility, and provide an enhanced quality of life and sense of well-being for properties within the CSAs.
The landscape, drainage facilities, and streetlight improvements maintained by the District provide no general public benefit in that the properties within each CSA are discrete neighborhoods or communities for which the improvements were installed. The landscape, drainage facilities, and streetlight improvements do not extend beyond the perimeter of the boundary of each of those discrete neighborhoods or communities. It is therefore determined that all properties within the CSAs benefit equally from the financed improvements and the costs and expenses for the landscaping maintenance and services are apportioned on a per parcel or per acre basis.
The Method of Apportionment of the Assessment is based upon the relative special benefit derived from the improvements and conferred upon the real property within each CSA over and above general benefit conferred upon the real property within each CSA or to the public at large. The Assessment for each parcel varies by each development Tract and District as it was set at the time of annexation. At the time of annexations each tract’s assessment was calculated by dividing the total annual costs by the total number of subdivided parcels within the tract to determine the annual assessment per parcel or acre.
Maximum Assessment Formula
The purpose of establishing a maximum assessment formula is to provide for reasonable increases and inflationary adjustment to annual assessments without requiring costly noticing and mailing procedures, which would add to the CSA costs and assessments. At the time of annexation into the CSAs the maximum assessment formula shall be applied to all parcels of land assessed within the CSAs. Within CSA 22 Street Lights, CSA 142 Street Lights, and CSA 103 Street Lights the maximum assessment is subject to an annual inflator of two percent (2.00%) for the following tracts.
CSA 22 Street Lights - TR 27620
CSA 103 Street Lights - PM 11532, PM 9637, TR 22948, TR 28586, TR 29029, TR 29039, TR 29039-1, TR 29039-2, TR 29039-3, TR 29163, TR 29400, TR 29402, TR 29607, TR 30094, TR 30155, TR 30304, TR 30460, TR 30656, TR 30839, TR 30939, TR 31175, TR 31331, TR 31353, TR 31499, and TR 31837 CSA 142 Street Lights - PM 8367, TR 29513, TR 30114, and TR 30297 The maximum assessment is adjusted annually and is calculated independent of the CSAs annual budget and proposed annual assessment. The proposed annual assessment (rate per parcel) applied in any fiscal year is not considered to be an increased assessment if less than or equal to the maximum assessment amount. In no case shall the annual assessment exceed the maximum assessment.
Although the maximum assessment will increase each year, the actual CSA assessments may remain virtually unchanged. The maximum assessment adjustment is designed to establish a reasonable limit on CSA assessments. The maximum assessment calculated each year does not require or facilitate an increase to the annual assessment and neither does it restrict assessments to the adjusted maximum amount. If the budget and assessments for the fiscal year require an increase and the increase is more than the adjusted maximum assessment it is considered an increased assessment.
To impose an increased assessment, the City of Wildomar must comply with the provisions of the Constitution of the State of California, Article XIII D, Section 4c, that requires a public hearing and certain protest procedures including mailed notice of the public hearing and property owner protest balloting. Property owners through the balloting process must approve the proposed assessment increase. If the proposed assessment is approved, then a new maximum assessment is established for the CSA. If the proposed assessment is not approved, the County may not levy an assessment greater than the adjusted maximum assessment previously established for the properties within the CSA.
678
4. Method of Apportionment Page | 8
City of Wildomar
Annual Levy Report CSA 22, 103, 103 (Drainage), and 142 Fiscal Year 2024-25
Fiscal Year 2024-25 Assessments
Each of the developed parcels in the CSAs has been deemed to receive proportional special benefit from the maintenance and operation of the improvements in its service area.
The actual assessment and the amount of the assessment for the Fiscal Year 2024-25 apportioned to each parcel as shown on the latest equalized roll at the County Assessor’s office are listed in Appendix A of this Report. The description of each lot or parcel is part of the records of the County Assessor of the County of Riverside and such records are, by reference, made part of this Report.
The total assessment for the Fiscal Year 2024-25 is $249,840.08.1 Table 4-1
Fiscal Year 2024-25 Assessments vs. Estimated Costs
Assessment Range
CSA Name
Assessable
Parcels
Estimated
Assessment
Estimated
Costs
Surplus /
(Deficit)
Minimum
per Parcel
Maximum
per Parcel
CSA 22 Street Lights 885 $31,728.82 $45,558.00 ($13,829.18) $1.76 $75.63 CSA 103 Street Lights 3,341 $157,066.40 $181,493.55 ($24,427.15) $28.86 $1,571.24 CSA 103 Drainage / Landscaping 1,082 $22,600.00 $21,019.14 $1,580.86 $20.00 $30.00 CSA 142 Street Lights 516 $38,444.86 $32,378.70 $6,066.16 $31.50 $872.06 The maximum levy approved by the qualified electors has been applied to each of these service areas, with a remaining deficit forecasted of $38,256.33 which will need to be offset by City contributions, Reserve Funds and/or other sources available to the CSA’s to reduce the shortfall in CSA 22 and CSA 103 Street Lights. 1 The actual assessment roll amount might have a minimal variance due to rounding. 679
Appendix A:
Assessment Rolls
680
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
366033020 $1.76 366033022 $31.48 366092016 $31.48
366120004 $1.76 366182031 $31.48 366182032 $31.48
366182033 $31.48 366182034 $31.48 366182035 $31.48
366182036 $31.48 366182037 $31.48 366182038 $31.48
366182039 $31.48 366182040 $31.48 366182041 $31.48
366182042 $31.48 366182043 $31.48 366182044 $31.48
366182045 $31.48 366182046 $31.48 366182047 $31.48
366182048 $31.48 366290010 $31.48 366290011 $31.48
366300035 $31.48 366390033 $31.48 366401001 $31.48
366401002 $31.48 366401003 $31.48 366401004 $31.48
366401005 $31.48 366401006 $31.48 366401007 $31.48
366401008 $31.48 366401009 $31.48 366401010 $31.48
366401011 $31.48 366401012 $31.48 366401013 $31.48
366401014 $31.48 366402001 $31.48 366402002 $31.48
366402003 $31.48 366402004 $31.48 366402005 $31.48
366402006 $31.48 366402007 $31.48 366402008 $31.48
366402009 $31.48 366402010 $31.48 366402011 $31.48
366402012 $31.48 366402013 $31.48 366402014 $31.48
366402015 $31.48 366402016 $31.48 366402017 $31.48
366402018 $31.48 366402019 $31.48 366403001 $31.48
366403002 $31.48 366403003 $31.48 366403004 $31.48
366403005 $31.48 366403006 $31.48 366403007 $31.48
366403008 $31.48 366403009 $31.48 366403010 $31.48
366403011 $31.48 366403012 $31.48 366403013 $31.48
366403014 $31.48 366411001 $31.48 366411002 $31.48
366411003 $31.48 366411004 $31.48 366411005 $31.48
366411006 $31.48 366411007 $31.48 366411008 $31.48
366411009 $31.48 366411010 $31.48 366411011 $31.48
366411012 $31.48 366411013 $31.48 366411014 $31.48
366411015 $31.48 366411016 $31.48 366411017 $31.48
366411018 $31.48 366411019 $31.48 366411020 $31.48
366412001 $31.48 366412002 $31.48 366412003 $31.48
366412004 $31.48 366412005 $31.48 366412006 $31.48
366412007 $31.48 366412008 $31.48 366412009 $31.48
366412010 $31.48 366413001 $31.48 366413002 $31.48
366413003 $31.48 366413004 $31.48 366413005 $31.48
366413006 $31.48 366413007 $31.48 366413008 $31.48
366413009 $31.48 366413010 $31.48 366421001 $31.48
366421002 $31.48 366421003 $31.48 366421004 $31.48
366421005 $31.48 366422001 $31.48 366422002 $31.48
366422003 $31.48 366422004 $31.48 366422005 $31.48
366422006 $31.48 366422007 $31.48 366422008 $31.48
366422009 $31.48 366422010 $31.48 366423001 $31.48
366423002 $31.48 366423003 $31.48 366423004 $31.48
366423005 $31.48 366423006 $31.48 366423007 $31.48
366423008 $31.48 366423009 $31.48 366423010 $31.48
Assessment Roll
Engineer's Report 681
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
366423011 $31.48 366423012 $31.48 366423013 $31.48
366423014 $31.48 366423015 $31.48 366423016 $31.48
366423017 $31.48 366423018 $31.48 366423019 $31.48
366423020 $31.48 366423021 $31.48 366423022 $31.48
366423023 $31.48 366423024 $31.48 366423025 $31.48
366423026 $31.48 366423027 $31.48 366423028 $31.48
366423029 $31.48 366423030 $31.48 366423031 $31.48
366423032 $31.48 366423033 $31.48 366423034 $31.48
366423035 $31.48 366423036 $31.48 366423037 $31.48
366423038 $31.48 366423039 $31.48 366423040 $31.48
366423041 $31.48 366423042 $31.48 366423043 $31.48
366423044 $31.48 366424001 $31.48 366424002 $31.48
366424003 $31.48 366424004 $31.48 366424005 $31.48
366424006 $31.48 366424007 $31.48 366424008 $31.48
366424009 $31.48 366424010 $31.48 366424011 $31.48
366424012 $31.48 366424013 $31.48 366431001 $31.48
366431002 $31.48 366431003 $31.48 366431004 $31.48
366431005 $31.48 366431006 $31.48 366431007 $31.48
366431008 $31.48 366431009 $31.48 366431010 $31.48
366431011 $31.48 366431012 $31.48 366432001 $31.48
366432002 $31.48 366432003 $31.48 366432004 $31.48
366432005 $31.48 366432006 $31.48 366432007 $31.48
366432008 $31.48 366432009 $31.48 366432010 $31.48
366432011 $31.48 366432012 $31.48 366432013 $31.48
366432014 $31.48 366432015 $31.48 366432016 $31.48
366432017 $31.48 366432018 $31.48 366432019 $31.48
366432020 $31.48 366432021 $31.48 366432022 $31.48
366432023 $31.48 366432024 $31.48 366432025 $31.48
366432026 $31.48 366432027 $31.48 366432028 $31.48
366432029 $31.48 366433001 $31.48 366433002 $31.48
366433003 $31.48 366433004 $31.48 366433005 $31.48
366433006 $31.48 366433007 $31.48 366433008 $31.48
366434001 $31.48 366434002 $31.48 366434003 $31.48
366434004 $31.48 366434005 $31.48 366434006 $31.48
366434007 $31.48 366434008 $31.48 366434009 $31.48
366434010 $31.48 366434011 $31.48 366434012 $31.48
366434013 $31.48 366434014 $31.48 366434015 $31.48
366434016 $31.48 366434017 $31.48 366434018 $31.48
366435001 $31.48 366435002 $31.48 366435003 $31.48
366435004 $31.48 366435005 $31.48 366435006 $31.48
366435007 $31.48 366435008 $31.48 366435009 $31.48
366435010 $31.48 366435011 $31.48 366435012 $31.48
366435013 $31.48 366435014 $31.48 366435015 $31.48
366435016 $31.48 366435017 $31.48 366435018 $31.48
366435019 $31.48 366435020 $31.48 366435021 $31.48
366435022 $31.48 366435023 $31.48 366435024 $31.48
Engineer's Report 682
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
366435025 $31.48 366435026 $31.48 366435027 $31.48
366435028 $31.48 366435029 $31.48 366435030 $31.48
366436001 $31.48 366436002 $31.48 366436003 $31.48
366436004 $31.48 366436005 $31.48 366436006 $31.48
366436007 $31.48 366436008 $31.48 366436009 $31.48
366436010 $31.48 366436011 $31.48 366436012 $31.48
366436013 $31.48 366436014 $31.48 366436015 $31.48
366441001 $31.48 366441002 $31.48 366441003 $31.48
366441004 $31.48 366441005 $31.48 366441006 $31.48
366441007 $31.48 366441008 $31.48 366441009 $31.48
366441010 $31.48 366441011 $31.48 366441012 $31.48
366442001 $31.48 366442002 $31.48 366442003 $31.48
366442004 $31.48 366442005 $31.48 366442006 $31.48
366442007 $31.48 366442008 $31.48 366442009 $31.48
366442010 $31.48 366442011 $31.48 366442012 $31.48
366442013 $31.48 366442014 $31.48 366442015 $31.48
366442016 $31.48 366442017 $31.48 366442018 $31.48
366442019 $31.48 366442020 $31.48 366442021 $31.48
366442022 $31.48 366442023 $31.48 366442024 $31.48
366442025 $31.48 366442026 $31.48 366443001 $31.48
366443002 $31.48 366443003 $31.48 366443004 $31.48
366443005 $31.48 366443006 $31.48 366443007 $31.48
366443008 $31.48 366443009 $31.48 366443010 $31.48
366443011 $31.48 366443012 $31.48 366443013 $31.48
366443014 $31.48 366443015 $31.48 366443016 $31.48
366443017 $31.48 366443018 $31.48 366443019 $31.48
366443020 $31.48 366443021 $31.48 366443022 $31.48
366443023 $31.48 366443024 $31.48 366443025 $31.48
366443026 $31.48 366443027 $31.48 366443028 $31.48
366443029 $31.48 366443030 $31.48 366443031 $31.48
366444001 $31.48 366444002 $31.48 366444003 $31.48
366444004 $31.48 366444005 $31.48 366444006 $31.48
366444007 $31.48 366444008 $31.48 366444009 $31.48
366444010 $31.48 366451001 $31.48 366451002 $31.48
366451003 $31.48 366451004 $31.48 366451005 $31.48
366451006 $31.48 366451007 $31.48 366451008 $31.48
366451009 $31.48 366451010 $31.48 366451011 $31.48
366451012 $31.48 366451013 $31.48 366452001 $31.48
366452002 $31.48 366452003 $31.48 366452004 $31.48
366452005 $31.48 366452006 $31.48 366452007 $31.48
366452008 $31.48 366452009 $31.48 366452010 $31.48
366452011 $31.48 366452012 $31.48 366452013 $31.48
366452014 $31.48 366452015 $31.48 366452016 $31.48
366452017 $31.48 366452018 $31.48 366452019 $31.48
366452020 $31.48 366452021 $31.48 366452022 $31.48
366453001 $31.48 366453002 $31.48 366453003 $31.48
Engineer's Report 683
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
366453004 $31.48 366453005 $31.48 366453006 $31.48
366453007 $31.48 366454001 $31.48 366454002 $31.48
366454003 $31.48 366454004 $31.48 366454005 $31.48
366454006 $31.48 366454007 $31.48 366454008 $31.48
366454009 $31.48 366454010 $31.48 366454011 $31.48
366454012 $31.48 366454013 $31.48 366454014 $31.48
366454015 $31.48 366454016 $31.48 366454017 $31.48
366454018 $31.48 366454019 $31.48 366454020 $31.48
366454021 $31.48 366454022 $31.48 366454023 $31.48
366454024 $31.48 366454025 $31.48 366454026 $31.48
366454027 $31.48 366454028 $31.48 366454029 $31.48
366454030 $31.48 366454031 $31.48 366454032 $31.48
366454033 $31.48 366454034 $31.48 366454035 $31.48
366454036 $31.48 366454037 $31.48 366454038 $31.48
366454039 $31.48 366454040 $31.48 366454041 $31.48
366454042 $31.48 366454043 $31.48 366454044 $31.48
366454045 $31.48 366461001 $31.48 366461002 $31.48
366461003 $31.48 366461004 $31.48 366461005 $31.48
366461006 $31.48 366461007 $31.48 366461008 $31.48
366461009 $31.48 366461010 $31.48 366461011 $31.48
366461012 $31.48 366461013 $31.48 366461014 $31.48
366461015 $31.48 366461016 $31.48 366461017 $31.48
366461018 $31.48 366461019 $31.48 366461020 $31.48
366461021 $31.48 366461022 $31.48 366461023 $31.48
366461024 $31.48 366461025 $31.48 366462001 $31.48
366462002 $31.48 366462003 $31.48 366462004 $31.48
366463001 $31.48 366463002 $31.48 366463003 $31.48
366463004 $31.48 366463005 $31.48 366463006 $31.48
366463007 $31.48 366463008 $31.48 366463009 $31.48
366463010 $31.48 366463011 $31.48 366463012 $31.48
366463013 $31.48 366463014 $31.48 366463015 $31.48
366463016 $31.48 366463017 $31.48 366463018 $31.48
366463019 $31.48 366463020 $31.48 366463021 $31.48
366463022 $31.48 366463023 $31.48 366463024 $31.48
366463025 $31.48 366463026 $31.48 366463027 $31.48
366463028 $31.48 366463029 $31.48 366463030 $31.48
366463031 $31.48 366463032 $31.48 366463033 $31.48
366463034 $31.48 366471001 $31.48 366471002 $31.48
366471003 $31.48 366471004 $31.48 366471005 $31.48
366471006 $31.48 366471007 $31.48 366471008 $31.48
366471009 $31.48 366471010 $31.48 366471011 $31.48
366471012 $31.48 366471013 $31.48 366471014 $31.48
366471015 $31.48 366471016 $31.48 366472001 $31.48
366472002 $31.48 366472003 $31.48 366472004 $31.48
366472005 $31.48 366472006 $31.48 366472007 $31.48
366472008 $31.48 366472009 $31.48 366472010 $31.48
Engineer's Report 684
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
366472011 $31.48 366472012 $31.48 366472013 $31.48
366472014 $31.48 366472015 $31.48 366472016 $31.48
366473001 $31.48 366473002 $31.48 366473003 $31.48
366473004 $31.48 366480001 $31.48 366480002 $31.48
366480003 $31.48 366480004 $31.48 366480005 $31.48
366480006 $31.48 366480007 $31.48 366480008 $31.48
366480009 $31.48 366480010 $31.48 366480011 $31.48
366480012 $31.48 366480013 $31.48 366480014 $31.48
366480015 $31.48 366480016 $31.48 366480017 $31.48
366480018 $31.48 366480019 $31.48 366480020 $31.48
366480021 $31.48 366480022 $31.48 366480023 $31.48
366480024 $31.48 366480025 $31.48 366480026 $31.48
366480027 $31.48 366480028 $31.48 366480029 $31.48
366480030 $31.48 366480031 $31.48 366480032 $31.48
366480033 $31.48 366480034 $31.48 366480035 $31.48
366480036 $31.48 366480037 $31.48 366480038 $31.48
366480039 $31.48 366480040 $31.48 366480041 $31.48
366480042 $31.48 366480043 $31.48 366480044 $31.48
366480045 $31.48 366480046 $31.48 366480047 $31.48
366480048 $31.48 366480049 $31.48 366480050 $31.48
366480051 $31.48 366480052 $31.48 366480053 $31.48
366480054 $31.48 366480055 $31.48 366491001 $75.62
366491002 $75.62 366491003 $75.62 366491004 $75.62
366491005 $75.62 366491006 $75.62 366491007 $75.62
366492001 $75.62 366492002 $75.62 366492003 $75.62
366492004 $75.62 366492005 $75.62 366492006 $75.62
366492007 $75.62 366492008 $75.62 366492009 $75.62
366492010 $75.62 366492011 $75.62 366492012 $75.62
366492013 $75.62 366492014 $75.62 366492015 $75.62
366492016 $75.62 366492017 $75.62 366492018 $75.62
366492019 $75.62 366492020 $75.62 366492021 $75.62
366492022 $75.62 366492023 $75.62 366492024 $75.62
366493001 $75.62 366493002 $75.62 366493003 $75.62
366493004 $75.62 366493005 $75.62 366493006 $75.62
366493007 $75.62 366493008 $75.62 366493009 $75.62
366493010 $75.62 366493011 $75.62 366501001 $75.62
366501002 $75.62 366501003 $75.62 366501004 $75.62
366501005 $75.62 366501006 $75.62 366501007 $75.62
366501008 $75.62 366501009 $75.62 366501010 $75.62
366501011 $75.62 366501012 $75.62 366501013 $75.62
366501014 $75.62 366501015 $75.62 366501016 $75.62
366501017 $75.62 366502001 $75.62 366502002 $75.62
366502003 $75.62 366502004 $75.62 366502005 $75.62
366502006 $75.62 366502007 $75.62 366502008 $75.62
366502009 $75.62 366502010 $75.62 366502011 $75.62
366502012 $75.62 366502013 $75.62 366502014 $75.62
Engineer's Report 685
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
366502015 $75.62 366502016 $75.62 366502017 $75.62
366502018 $75.62 366503001 $75.62 366503002 $75.62
366503003 $75.62 366503004 $75.62 366503005 $75.62
366503006 $75.62 366503007 $75.62 366503008 $75.62
366503009 $75.62 366503010 $75.62 366503011 $75.62
366503012 $75.62 367431001 $31.48 367431002 $31.48
367431003 $31.48 367431004 $31.48 367431005 $31.48
367431006 $31.48 367431007 $31.48 367431008 $31.48
367431009 $31.48 367431010 $31.48 367431011 $31.48
367431012 $31.48 367431013 $31.48 367431014 $31.48
367431015 $31.48 367431016 $31.48 367431017 $31.48
367431018 $31.48 367431019 $31.48 367431020 $31.48
367431021 $31.48 367431022 $31.48 367431023 $31.48
367431024 $31.48 367431025 $31.48 367431026 $31.48
367431027 $31.48 367431028 $31.48 367431029 $31.48
367431030 $31.48 367432001 $31.48 367432002 $31.48
367432003 $31.48 367432004 $31.48 367432005 $31.48
367432006 $31.48 367432007 $31.48 367432008 $31.48
367432009 $31.48 367432010 $31.48 367432011 $31.48
367432012 $31.48 367432013 $31.48 367433001 $31.48
367433002 $31.48 367433003 $31.48 367433004 $31.48
367433005 $31.48 367433006 $31.48 367433007 $31.48
367433008 $31.48 367433009 $31.48 367433010 $31.48
367433011 $31.48 367433012 $31.48 367433013 $31.48
367433014 $31.48 367433015 $31.48 367441002 $31.48
367441003 $31.48 367441004 $31.48 367441005 $31.48
367441006 $31.48 367441007 $31.48 367441008 $31.48
367441009 $31.48 367441010 $31.48 367441011 $31.48
367441012 $31.48 367441013 $31.48 367442001 $31.48
367442002 $31.48 367442003 $31.48 367442004 $31.48
367442005 $31.48 367442006 $31.48 367442007 $31.48
367442008 $31.48 367442009 $31.48 367442010 $31.48
367442011 $31.48 367442012 $31.48 367442013 $31.48
367442014 $31.48 367442015 $31.48 367442016 $31.48
367442017 $31.48 367442018 $31.48 367442019 $31.48
367442020 $31.48 367442021 $31.48 367442022 $31.48
367442023 $31.48 367442024 $31.48 367442025 $31.48
367443001 $31.48 367443002 $31.48 367443003 $31.48
367450001 $31.48 367450003 $31.48 367450004 $31.48
367450005 $31.48 367450006 $31.48 367450007 $31.48
367450008 $31.48 367450009 $31.48 367450010 $31.48
367450011 $31.48 367450012 $31.48 367450013 $31.48
367450014 $31.48 367460001 $31.48 367460002 $31.48
367460003 $31.48 367460004 $31.48 367460005 $31.48
367460006 $31.48 367460007 $31.48 367460008 $31.48
367460009 $31.48 367460010 $31.48 367460011 $31.48
Engineer's Report 686
68-4642 - CSA 22
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
367460012 $31.48 367460013 $31.48 367460014 $31.48
367460015 $31.48 367460016 $31.48 367460017 $31.48
367460018 $31.48 367460019 $31.48 367460020 $31.48
367460021 $31.48 367460022 $31.48 367460023 $31.48
367460024 $31.48 367460025 $31.48 367460026 $31.48
367460027 $31.48 367460028 $31.48 367471001 $31.48
367471002 $31.48 367471003 $31.48 367471004 $31.48
367471005 $31.48 367471006 $31.48 367471007 $31.48
367471008 $31.48 367471009 $31.48 367471010 $31.48
367471011 $31.48 367471012 $31.48 367471013 $31.48
367471014 $31.48 367471015 $31.48 367471016 $31.48
367471017 $31.48 367471018 $31.48 367471019 $31.48
367471020 $31.48 367471021 $31.48 367472001 $31.48
367472002 $31.48 367472003 $31.48 367472004 $31.48
367472005 $31.48 367472006 $31.48 367472007 $31.48
367472008 $31.48 367472009 $31.48 367472010 $31.48
367472011 $31.48 367472012 $31.48 367472013 $31.48
367472014 $31.48 367472015 $31.48 367472016 $31.48
367472017 $31.48 367472018 $31.48 367472019 $31.48
Totals Parcels 885 Levy $31,728.82
Engineer's Report 687
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
376180006 $20.00 376180007 $20.00 376180008 $20.00
376190002 $20.00 376201001 $20.00 376201002 $20.00
376201003 $20.00 376201004 $20.00 376201005 $20.00
376201006 $20.00 376201007 $20.00 376201008 $20.00
376201009 $20.00 376201010 $20.00 376201011 $20.00
376201012 $20.00 376201013 $20.00 376201014 $20.00
376201015 $20.00 376201016 $20.00 376201017 $20.00
376201018 $20.00 376201019 $20.00 376201020 $20.00
376202001 $20.00 376202002 $20.00 376202003 $20.00
376202004 $20.00 376202005 $20.00 376202006 $20.00
376202007 $20.00 376202008 $20.00 376202009 $20.00
376202010 $20.00 376202011 $20.00 376202012 $20.00
376202013 $20.00 376202014 $20.00 376202015 $20.00
376202016 $20.00 376202017 $20.00 376202018 $20.00
376202019 $20.00 376202020 $20.00 376211001 $20.00
376211002 $20.00 376211003 $20.00 376211004 $20.00
376211005 $20.00 376211006 $20.00 376211007 $20.00
376211008 $20.00 376211009 $20.00 376211010 $20.00
376211011 $20.00 376211012 $20.00 376211013 $20.00
376211014 $20.00 376211015 $20.00 376211016 $20.00
376211017 $20.00 376211018 $20.00 376211019 $20.00
376211020 $20.00 376211021 $20.00 376211022 $20.00
376211023 $20.00 376211024 $20.00 376212001 $20.00
376212002 $20.00 376212003 $20.00 376212004 $20.00
376212005 $20.00 376212006 $20.00 376212007 $20.00
376212008 $20.00 376212009 $20.00 376212010 $20.00
376212011 $20.00 376212012 $20.00 376212013 $20.00
376212014 $20.00 376212015 $20.00 376212016 $20.00
376212017 $20.00 376212018 $20.00 376212019 $20.00
376212020 $20.00 376212021 $20.00 376212022 $20.00
376212023 $20.00 376212024 $20.00 376212025 $20.00
376212026 $20.00 376212027 $20.00 376212028 $20.00
376212029 $20.00 376212030 $20.00 376212031 $20.00
376212032 $20.00 376212033 $20.00 376212034 $20.00
376212035 $20.00 376212036 $20.00 376212037 $20.00
376212038 $20.00 376212039 $20.00 376212040 $20.00
376212041 $20.00 376221001 $20.00 376221002 $20.00
376221003 $20.00 376221004 $20.00 376221005 $20.00
376221006 $20.00 376221007 $20.00 376221008 $20.00
376221009 $20.00 376221010 $20.00 376221011 $20.00
376221012 $20.00 376221013 $20.00 376221014 $20.00
376221015 $20.00 376221016 $20.00 376221017 $20.00
376221018 $20.00 376221019 $20.00 376221020 $20.00
376221021 $20.00 376222001 $20.00 376222002 $20.00
376222003 $20.00 376222004 $20.00 376222005 $20.00
376222006 $20.00 376222007 $20.00 376222008 $20.00
Assessment Roll
Engineer's Report 688
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376222009 $20.00 376222010 $20.00 376223001 $20.00
376223002 $20.00 376223003 $20.00 376223004 $20.00
376223005 $20.00 376223006 $20.00 376223007 $20.00
376223008 $20.00 376223009 $20.00 376223010 $20.00
376223011 $20.00 376223012 $20.00 376223013 $20.00
376223014 $20.00 376223015 $20.00 376223016 $20.00
376223017 $20.00 376223018 $20.00 376224001 $20.00
376224002 $20.00 376224003 $20.00 376224004 $20.00
376224005 $20.00 376224006 $20.00 376224007 $20.00
376224008 $20.00 376224009 $20.00 376224010 $20.00
376224011 $20.00 376224012 $20.00 376224013 $20.00
376224014 $20.00 376224015 $20.00 376224016 $20.00
376224017 $20.00 376224018 $20.00 376231001 $20.00
376231002 $20.00 376231003 $20.00 376231004 $20.00
376231005 $20.00 376231006 $20.00 376231007 $20.00
376231008 $20.00 376231009 $20.00 376231010 $20.00
376231011 $20.00 376231012 $20.00 376231013 $20.00
376231014 $20.00 376231015 $20.00 376231016 $20.00
376232001 $20.00 376232002 $20.00 376232003 $20.00
376232004 $20.00 376232005 $20.00 376232006 $20.00
376232007 $20.00 376232008 $20.00 376232009 $20.00
376232010 $20.00 376232011 $20.00 376232012 $20.00
376232013 $20.00 376232014 $20.00 376232015 $20.00
376232016 $20.00 376232017 $20.00 376232018 $20.00
376232019 $20.00 376232020 $20.00 376232021 $20.00
376233001 $20.00 376233002 $20.00 376233003 $20.00
376233004 $20.00 376233005 $20.00 376233006 $20.00
376233007 $20.00 376233008 $20.00 376233009 $20.00
376233010 $20.00 376233011 $20.00 376233012 $20.00
376233013 $20.00 376233014 $20.00 376241001 $20.00
376241002 $20.00 376241003 $20.00 376241004 $20.00
376241005 $20.00 376242001 $20.00 376242002 $20.00
376242003 $20.00 376242004 $20.00 376242005 $20.00
376242006 $20.00 376242007 $20.00 376242008 $20.00
376242009 $20.00 376242010 $20.00 376242011 $20.00
376242012 $20.00 376242013 $20.00 376242014 $20.00
376242015 $20.00 376242016 $20.00 376242017 $20.00
376242018 $20.00 376242019 $20.00 376242020 $20.00
376243001 $20.00 376243002 $20.00 376243003 $20.00
376244001 $20.00 376244002 $20.00 376244003 $20.00
376244004 $20.00 376244005 $20.00 376244006 $20.00
376244007 $20.00 376244008 $20.00 376244009 $20.00
376244010 $20.00 376244011 $20.00 376244012 $20.00
376244013 $20.00 376244014 $20.00 376244015 $20.00
376244016 $20.00 376244017 $20.00 376244018 $20.00
376244019 $20.00 376244020 $20.00 376244021 $20.00
Engineer's Report 689
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376244022 $20.00 376244023 $20.00 376244024 $20.00
376244025 $20.00 376244026 $20.00 376244027 $20.00
376244028 $20.00 376244029 $20.00 376244030 $20.00
376244031 $20.00 376251001 $20.00 376251002 $20.00
376251003 $20.00 376251004 $20.00 376252001 $20.00
376252002 $20.00 376252003 $20.00 376252004 $20.00
376252005 $20.00 376252006 $20.00 376252007 $20.00
376252008 $20.00 376252009 $20.00 376252010 $20.00
376252011 $20.00 376252012 $20.00 376252013 $20.00
376252014 $20.00 376252015 $20.00 376252016 $20.00
376252017 $20.00 376252018 $20.00 376252019 $20.00
376252020 $20.00 376252021 $20.00 376252022 $20.00
376252023 $20.00 376252024 $20.00 376252025 $20.00
376252026 $20.00 376252027 $20.00 376252028 $20.00
376252029 $20.00 376252030 $20.00 376252031 $20.00
376252032 $20.00 376252033 $20.00 376252034 $20.00
376252035 $20.00 376252036 $20.00 376252037 $20.00
376252038 $20.00 376252039 $20.00 376252040 $20.00
376252041 $20.00 376252042 $20.00 376252043 $20.00
376252044 $20.00 376252045 $20.00 376252046 $20.00
376252047 $20.00 376252048 $20.00 376252049 $20.00
376252050 $20.00 376252051 $20.00 376252052 $20.00
376252053 $20.00 376252054 $20.00 376252055 $20.00
376252056 $20.00 376252057 $20.00 376252058 $20.00
376261003 $20.00 376261004 $20.00 376262001 $20.00
376262002 $20.00 376262003 $20.00 376262004 $20.00
376262005 $20.00 376262006 $20.00 376262007 $20.00
376262008 $20.00 376262009 $20.00 376262010 $20.00
376262011 $20.00 376262012 $20.00 376262013 $20.00
376262014 $20.00 376263001 $20.00 376263002 $20.00
376263003 $20.00 376263004 $20.00 376263005 $20.00
376263006 $20.00 376263007 $20.00 376263008 $20.00
376263009 $20.00 376263010 $20.00 376263011 $20.00
376263012 $20.00 376263013 $20.00 376263014 $20.00
376264001 $20.00 376264002 $20.00 376264003 $20.00
376264004 $20.00 376264005 $20.00 376264006 $20.00
376264007 $20.00 376264008 $20.00 376264009 $20.00
376264010 $20.00 376264011 $20.00 376264012 $20.00
376264013 $20.00 376264014 $20.00 376264015 $20.00
376264016 $20.00 376264017 $20.00 376264018 $20.00
376271001 $20.00 376271002 $20.00 376271003 $20.00
376271004 $20.00 376271005 $20.00 376271006 $20.00
376272001 $20.00 376272002 $20.00 376272003 $20.00
376272004 $20.00 376272005 $20.00 376272006 $20.00
376272007 $20.00 376272008 $20.00 376272009 $20.00
376272010 $20.00 376272011 $20.00 376272012 $20.00
Engineer's Report 690
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376272013 $20.00 376272014 $20.00 376272015 $20.00
376272016 $20.00 376272017 $20.00 376272018 $20.00
376272019 $20.00 376272020 $20.00 376272021 $20.00
376272022 $20.00 376272023 $20.00 376272024 $20.00
376272025 $20.00 376272026 $20.00 376272027 $20.00
376272028 $20.00 376272029 $20.00 376272030 $20.00
376272031 $20.00 376272032 $20.00 376272033 $20.00
376272034 $20.00 376272035 $20.00 376272036 $20.00
376272037 $20.00 376272038 $20.00 376272039 $20.00
376272040 $20.00 376272041 $20.00 376272042 $20.00
376272043 $20.00 376272044 $20.00 376272045 $20.00
376272046 $20.00 376272047 $20.00 376272048 $20.00
376272049 $20.00 376272050 $20.00 376272051 $20.00
376272052 $20.00 376272053 $20.00 376272054 $20.00
376273001 $20.00 376273002 $20.00 376273003 $20.00
376273004 $20.00 376273005 $20.00 376273006 $20.00
376273007 $20.00 376273008 $20.00 376273009 $20.00
376274001 $20.00 376274002 $20.00 376274003 $20.00
376274004 $20.00 376274005 $20.00 376274006 $20.00
376274007 $20.00 376274008 $20.00 376274009 $20.00
376274010 $20.00 376274011 $20.00 376274012 $20.00
376274013 $20.00 376274014 $20.00 376274015 $20.00
376274016 $20.00 376274017 $20.00 376274018 $20.00
376281001 $20.00 376281002 $20.00 376281003 $20.00
376281004 $20.00 376281005 $20.00 376281006 $20.00
376281007 $20.00 376281008 $20.00 376281009 $20.00
376282001 $20.00 376282002 $20.00 376282003 $20.00
376282004 $20.00 376282005 $20.00 376282006 $20.00
376282007 $20.00 376282008 $20.00 376282009 $20.00
376282010 $20.00 376282011 $20.00 376282012 $20.00
376282013 $20.00 376282014 $20.00 376282015 $20.00
376282016 $20.00 376282017 $20.00 376282018 $20.00
376282019 $20.00 376282020 $20.00 376282021 $20.00
376282022 $20.00 376283001 $20.00 376283002 $20.00
376283003 $20.00 376283004 $20.00 376283005 $20.00
376283006 $20.00 376283007 $20.00 376283008 $20.00
376283009 $20.00 376283010 $20.00 376283011 $20.00
376283012 $20.00 376283013 $20.00 376283014 $20.00
376283015 $20.00 376283016 $20.00 376283017 $20.00
376283018 $20.00 376283019 $20.00 376283020 $20.00
376283021 $20.00 376283022 $20.00 376291001 $20.00
376291002 $20.00 376291003 $20.00 376291004 $20.00
376291005 $20.00 376291006 $20.00 376291007 $20.00
376291008 $20.00 376291009 $20.00 376291010 $20.00
376291011 $20.00 376291012 $20.00 376291013 $20.00
376291014 $20.00 376291015 $20.00 376291016 $20.00
Engineer's Report 691
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376291017 $20.00 376291018 $20.00 376291019 $20.00
376291020 $20.00 376291021 $20.00 376291022 $20.00
376291023 $20.00 376291024 $20.00 376291025 $20.00
376291026 $20.00 376291027 $20.00 376291028 $20.00
376291029 $20.00 376291030 $20.00 376292001 $20.00
376292002 $20.00 376292003 $20.00 376292004 $20.00
376292005 $20.00 376292006 $20.00 376292007 $20.00
376292008 $20.00 376292009 $20.00 376292010 $20.00
376292011 $20.00 376292012 $20.00 376292013 $20.00
376292014 $20.00 376292015 $20.00 376292016 $20.00
376292017 $20.00 376292018 $20.00 376292019 $20.00
376292020 $20.00 376293001 $20.00 376293002 $20.00
376293003 $20.00 376293004 $20.00 376293005 $20.00
376294001 $20.00 376294002 $20.00 376294003 $20.00
376294004 $20.00 376301001 $20.00 376301002 $20.00
376301003 $20.00 376301004 $20.00 376301005 $20.00
376301006 $20.00 376301007 $20.00 376302001 $20.00
376302002 $20.00 376302003 $20.00 376302004 $20.00
376302005 $20.00 376302006 $20.00 376302007 $20.00
376302008 $20.00 376302009 $20.00 376302010 $20.00
376302011 $20.00 376302012 $20.00 376302013 $20.00
376302014 $20.00 376302015 $20.00 376302016 $20.00
376302017 $20.00 376302018 $20.00 376302019 $20.00
376302020 $20.00 376302021 $20.00 376302022 $20.00
376302023 $20.00 376302024 $20.00 376302025 $20.00
376302026 $20.00 376302027 $20.00 376302028 $20.00
376302029 $20.00 376302030 $20.00 376302031 $20.00
376302032 $20.00 376302033 $20.00 376302034 $20.00
376302035 $20.00 376302036 $20.00 376302037 $20.00
376302038 $20.00 376302039 $20.00 376302040 $20.00
376302041 $20.00 376302042 $20.00 376302043 $20.00
376302044 $20.00 376302045 $20.00 376302046 $20.00
376302047 $20.00 376302048 $20.00 376302049 $20.00
376311001 $20.00 376311002 $20.00 376311003 $20.00
376311004 $20.00 376311005 $20.00 376311006 $20.00
376311007 $20.00 376311008 $20.00 376311009 $20.00
376311010 $20.00 376311011 $20.00 376311012 $20.00
376311013 $20.00 376311014 $20.00 376311015 $20.00
376311016 $20.00 376312001 $20.00 376312004 $20.00
376312005 $20.00 376312006 $20.00 376312007 $20.00
376312008 $20.00 376312009 $20.00 376312010 $20.00
376312011 $20.00 376312012 $20.00 376312013 $20.00
376312014 $20.00 376312015 $20.00 376312016 $20.00
376312017 $20.00 376312018 $20.00 376312019 $20.00
376312020 $20.00 376312021 $20.00 376312022 $20.00
376312023 $20.00 376312024 $20.00 376312025 $20.00
Engineer's Report 692
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376312026 $20.00 376312027 $20.00 376312028 $20.00
376312029 $20.00 376313001 $20.00 376313002 $20.00
376313003 $20.00 376313004 $20.00 376313005 $20.00
376314001 $20.00 376314002 $20.00 376314003 $20.00
376314004 $20.00 376314005 $20.00 376314006 $20.00
376314007 $20.00 376314008 $20.00 376314009 $20.00
376314010 $20.00 376361001 $20.00 376361002 $20.00
376361003 $20.00 376361004 $20.00 376361005 $20.00
376361006 $20.00 376361007 $20.00 376361008 $20.00
376361009 $20.00 376361010 $20.00 376361011 $20.00
376361012 $20.00 376361014 $20.00 376361015 $20.00
376361016 $20.00 376361017 $20.00 376361018 $20.00
376361019 $20.00 376361020 $20.00 376361021 $20.00
376361022 $20.00 376361023 $20.00 376361024 $20.00
376361025 $20.00 376361026 $20.00 376361027 $20.00
376362001 $20.00 376362002 $20.00 376362003 $20.00
376362004 $20.00 376362005 $20.00 376362006 $20.00
376362007 $20.00 376362008 $20.00 376362009 $20.00
376362010 $20.00 376362011 $20.00 376362012 $20.00
376362013 $20.00 376362014 $20.00 376362015 $20.00
376362016 $20.00 376362017 $20.00 376362018 $20.00
376362019 $20.00 376362020 $20.00 376362021 $20.00
376362022 $20.00 376362023 $20.00 376363001 $20.00
376363002 $20.00 376363003 $20.00 376363004 $20.00
376363005 $20.00 376363006 $20.00 376363007 $20.00
376363008 $20.00 376363009 $20.00 376363010 $20.00
376363011 $20.00 376363012 $20.00 376363013 $20.00
376363014 $20.00 376363015 $20.00 376363016 $20.00
376363017 $20.00 376363018 $20.00 376363019 $20.00
376363020 $20.00 376363021 $20.00 376364001 $20.00
376364002 $20.00 376364003 $20.00 376364004 $20.00
376364005 $20.00 376364006 $20.00 376365001 $20.00
376365002 $20.00 376365003 $20.00 376365004 $20.00
376365005 $20.00 376365006 $20.00 376365007 $20.00
376365008 $20.00 376371001 $20.00 376371002 $20.00
376371003 $20.00 376371004 $20.00 376371005 $20.00
376371006 $20.00 376371007 $20.00 376371008 $20.00
376371009 $20.00 376371010 $20.00 376371011 $20.00
376371012 $20.00 376371013 $20.00 376371014 $20.00
376372001 $20.00 376372002 $20.00 376372003 $20.00
376372004 $20.00 376372005 $20.00 376372006 $20.00
376372007 $20.00 376372008 $20.00 376372009 $20.00
376372010 $20.00 376372011 $20.00 376372012 $20.00
376372013 $20.00 376372014 $20.00 376373001 $20.00
376373002 $20.00 376373003 $20.00 376373004 $20.00
376373005 $20.00 376373006 $20.00 376373007 $20.00
Engineer's Report 693
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376373008 $20.00 376373009 $20.00 376373010 $20.00
376373011 $20.00 376374001 $20.00 376374002 $20.00
376374003 $20.00 376374004 $20.00 376375001 $20.00
376375002 $20.00 376375003 $20.00 376375004 $20.00
376375005 $20.00 376375006 $20.00 376375007 $20.00
376375008 $20.00 376375009 $20.00 376375010 $20.00
376375011 $20.00 376375012 $20.00 376375013 $20.00
376381001 $20.00 376381002 $20.00 376381003 $20.00
376381004 $20.00 376381005 $20.00 376381006 $20.00
376381007 $20.00 376381008 $20.00 376381009 $20.00
376381010 $20.00 376381011 $20.00 376381012 $20.00
376381013 $20.00 376381014 $20.00 376381015 $20.00
376381016 $20.00 376381017 $20.00 376381018 $20.00
376381019 $20.00 376381020 $20.00 376381021 $20.00
376381022 $20.00 376381023 $20.00 376381024 $20.00
376381025 $20.00 376381026 $20.00 376381027 $20.00
376381028 $20.00 376381029 $20.00 376381030 $20.00
376382001 $20.00 376382002 $20.00 376382003 $20.00
376382004 $20.00 376382005 $20.00 376382006 $20.00
376382007 $20.00 376382008 $20.00 376382009 $20.00
376382010 $20.00 376382011 $20.00 376382012 $20.00
376382013 $20.00 376382014 $20.00 376382015 $20.00
376382016 $20.00 376382017 $20.00 376382018 $20.00
376382019 $20.00 376382020 $20.00 376382021 $20.00
376382022 $20.00 376382023 $20.00 376382024 $20.00
376383001 $20.00 376383002 $20.00 376383003 $20.00
376383004 $20.00 376383005 $20.00 376383006 $20.00
376383007 $20.00 376383008 $20.00 376383009 $20.00
376383010 $20.00 376383011 $20.00 376391001 $20.00
376391002 $20.00 376391003 $20.00 376391004 $20.00
376391005 $20.00 376391006 $20.00 376391007 $20.00
376391008 $20.00 376391009 $20.00 376391010 $20.00
376391011 $20.00 376391012 $20.00 376391013 $20.00
376391014 $20.00 376391015 $20.00 376391016 $20.00
376391017 $20.00 376391018 $20.00 376391019 $20.00
376391020 $20.00 376391021 $20.00 376391022 $20.00
376391023 $20.00 376391024 $20.00 376391025 $20.00
376391026 $20.00 376391027 $20.00 376391028 $20.00
376391029 $20.00 376391030 $20.00 376391031 $20.00
376391032 $20.00 376391033 $20.00 376391034 $20.00
376391035 $20.00 376391036 $20.00 376391037 $20.00
376391038 $20.00 376391039 $20.00 376391040 $20.00
376391041 $20.00 376391042 $20.00 376392001 $20.00
376392002 $20.00 376392003 $20.00 376392004 $20.00
376392005 $20.00 376392006 $20.00 376392007 $20.00
376392008 $20.00 376392009 $20.00 376392010 $20.00
Engineer's Report 694
68-4644 - CSA 103 (Drainage)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376392011 $20.00 376392012 $20.00 376392013 $20.00
376392014 $20.00 376392015 $20.00 376392016 $20.00
376392017 $20.00 376392018 $20.00 376392019 $20.00
376392020 $20.00 376392021 $20.00 376392022 $20.00
376392023 $20.00 376392024 $20.00 376392025 $20.00
376392026 $20.00 376392027 $20.00 376392028 $20.00
376392029 $20.00 376392030 $20.00 376401001 $30.00
376401002 $30.00 376401003 $30.00 376401004 $30.00
376401005 $30.00 376401006 $30.00 376401007 $30.00
376401008 $30.00 376401009 $30.00 376401010 $30.00
376401011 $30.00 376401012 $30.00 376401013 $30.00
376401014 $30.00 376401015 $30.00 376401016 $30.00
376401017 $30.00 376401018 $30.00 376401019 $30.00
376401020 $30.00 376401021 $30.00 376401022 $30.00
376401023 $30.00 376401024 $30.00 376401025 $30.00
376401026 $30.00 376401027 $30.00 376401028 $30.00
376401029 $30.00 376401030 $30.00 376401031 $30.00
376401032 $30.00 376401033 $30.00 376401034 $30.00
376401035 $30.00 376401036 $30.00 376401037 $30.00
376401038 $30.00 376401039 $30.00 376401040 $30.00
376401041 $30.00 376401042 $30.00 376401043 $30.00
376401044 $30.00 376401045 $30.00 376402001 $30.00
376402002 $30.00 376402003 $30.00 376402004 $30.00
376402005 $30.00 376402006 $30.00 376402007 $30.00
376402008 $30.00 376402009 $30.00 376402010 $30.00
376402011 $30.00 376402012 $30.00 376402013 $30.00
376402014 $30.00 376402015 $30.00 376402016 $30.00
376402017 $30.00 376402018 $30.00 376402019 $30.00
376402020 $30.00 376402021 $30.00 376402022 $30.00
376402023 $30.00 376402024 $30.00 376402025 $30.00
376403001 $30.00 376403002 $30.00 376403003 $30.00
376403004 $30.00 376403005 $30.00 376403006 $30.00
376403007 $30.00 376403008 $30.00 376403009 $30.00
376403010 $30.00 376403011 $30.00 376403012 $30.00
376403013 $30.00 376403014 $30.00 376403015 $30.00
376403016 $30.00 376403017 $30.00 376403018 $30.00
376403019 $30.00 376403020 $30.00 376403021 $30.00
376403022 $30.00 376403023 $30.00 376403024 $30.00
376403025 $30.00 376403026 $30.00
Totals Parcels 1,082 Levy $22,600.00
Engineer's Report 695
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
362511001 $34.28 362511002 $34.28 362511003 $34.28
362511004 $34.28 362511005 $34.28 362511006 $34.28
362511007 $34.28 362511008 $34.28 362511009 $34.28
362511010 $34.28 362512001 $34.28 362512002 $34.28
362512003 $34.28 362512004 $34.28 362512005 $34.28
362512006 $34.28 362512007 $34.28 362512008 $34.28
362512009 $34.28 362512010 $34.28 362512011 $34.28
362512012 $34.28 362512013 $34.28 362512014 $34.28
362512015 $34.28 362512016 $34.28 362512017 $34.28
362512018 $34.28 362512019 $34.28 362512020 $34.28
362512021 $34.28 362512022 $34.28 362512023 $34.28
362512024 $34.28 362512025 $34.28 362512026 $34.28
362512027 $34.28 362512028 $34.28 362512029 $34.28
362512030 $34.28 362512031 $34.28 362512032 $34.28
362512033 $34.28 362512034 $34.28 362512035 $34.28
362512036 $34.28 362512037 $34.28 362512038 $34.28
362512039 $34.28 362512040 $34.28 362512041 $34.28
362512042 $34.28 362512043 $34.28 362512044 $34.28
362512045 $34.28 362512046 $34.28 362513001 $34.28
362513002 $34.28 362513003 $34.28 362513004 $34.28
362513005 $34.28 362513006 $34.28 362513007 $34.28
362513008 $34.28 362513009 $34.28 362513010 $34.28
362513011 $34.28 362514001 $34.28 362514002 $34.28
362514003 $34.28 362514004 $34.28 362514005 $34.28
362514006 $34.28 362521001 $34.28 362521002 $34.28
362521003 $34.28 362521004 $34.28 362521005 $34.28
362521006 $34.28 362522001 $34.28 362522002 $34.28
362522003 $34.28 362522004 $34.28 362522005 $34.28
362522006 $34.28 362522007 $34.28 362522008 $34.28
362522009 $34.28 362522010 $34.28 362522011 $34.28
362522012 $34.28 362522013 $34.28 362522014 $34.28
362522015 $34.28 362522016 $34.28 362522017 $34.28
362522018 $34.28 362522019 $34.28 362522020 $34.28
362522021 $34.28 362522022 $34.28 362522023 $34.28
362522024 $34.28 362522025 $34.28 362522026 $34.28
362522027 $34.28 362522028 $34.28 362522029 $34.28
362522030 $34.28 362522031 $34.28 362522032 $34.28
362522033 $34.28 362522034 $34.28 362522035 $34.28
362523001 $34.28 362523002 $34.28 362523003 $34.28
362523004 $34.28 362523005 $34.28 362523006 $34.28
362523007 $34.28 362523008 $34.28 362523009 $34.28
362523010 $34.28 362523011 $34.28 362523012 $34.28
362523013 $34.28 362523014 $34.28 362523015 $34.28
362523016 $34.28 362531001 $34.28 362531002 $34.28
362531003 $34.28 362531004 $34.28 362531005 $34.28
362531006 $34.28 362531007 $34.28 362531008 $34.28
Assessment Roll
Engineer's Report 696
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362531009 $34.28 362531010 $34.28 362531011 $34.28
362531012 $34.28 362531014 $34.28 362531015 $34.28
362531016 $34.28 362531017 $34.28 362531018 $34.28
362531019 $34.28 362531020 $34.28 362531021 $34.28
362531022 $34.28 362531023 $34.28 362531024 $34.28
362531025 $34.28 362531026 $34.28 362531027 $34.28
362531028 $34.28 362531029 $34.28 362531030 $34.28
362531031 $34.28 362532001 $34.28 362532002 $34.28
362532003 $34.28 362532004 $34.28 362532005 $34.28
362532006 $34.28 362532007 $34.28 362532008 $34.28
362533001 $34.28 362533002 $34.28 362533003 $34.28
362533004 $34.28 362533005 $34.28 362533006 $34.28
362533007 $34.28 362533008 $34.28 362533009 $34.28
362533010 $34.28 362533011 $34.28 362533012 $34.28
362533013 $34.28 362533014 $34.28 362533015 $34.28
362533016 $34.28 362533017 $34.28 362533018 $34.28
362533019 $34.28 362533020 $34.28 362533021 $34.28
362533022 $34.28 362533023 $34.28 362533024 $34.28
362533025 $34.28 362533026 $34.28 362533027 $34.28
362533028 $34.28 362533029 $34.28 362533030 $34.28
362533031 $34.28 362541001 $34.28 362541002 $34.28
362541004 $34.28 362541005 $34.28 362541006 $34.28
362541007 $34.28 362542001 $34.28 362542002 $34.28
362542003 $34.28 362542004 $34.28 362542005 $34.28
362542006 $34.28 362542007 $34.28 362542008 $34.28
362542009 $34.28 362542010 $34.28 362542011 $34.28
362542012 $34.28 362542013 $34.28 362542014 $34.28
362542015 $34.28 362542016 $34.28 362542017 $34.28
362542018 $34.28 362542019 $34.28 362542020 $34.28
362542021 $34.28 362542022 $34.28 362542023 $34.28
362542024 $34.28 362542025 $34.28 362543001 $34.28
362543002 $34.28 362543003 $34.28 362543004 $34.28
362543005 $34.28 362543006 $34.28 362543007 $34.28
362543008 $34.28 362543009 $34.28 362543010 $34.28
362543011 $34.28 362550001 $34.28 362550002 $34.28
362550003 $34.28 362550004 $34.28 362550005 $34.28
362550006 $34.28 362550007 $34.28 362550008 $34.28
362550009 $34.28 362550010 $34.28 362550011 $34.28
362550012 $34.28 362550013 $34.28 362550014 $34.28
362550015 $34.28 362550016 $34.28 362550017 $34.28
362550018 $34.28 362550019 $34.28 362550020 $34.28
362550021 $34.28 362550022 $34.28 362550023 $34.28
362550024 $34.28 362550025 $34.28 362550026 $34.28
362550027 $34.28 362550028 $34.28 362550029 $34.28
362550030 $34.28 362550031 $34.28 362550032 $34.28
362550033 $34.28 362550034 $34.28 362550035 $34.28
Engineer's Report 697
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362550036 $34.28 362550037 $34.28 362550038 $34.28
362550039 $34.28 362550040 $34.28 362550041 $34.28
362550042 $34.28 362550043 $34.28 362550044 $34.28
362550045 $34.28 362550046 $34.28 362550047 $34.28
362550048 $34.28 362550049 $34.28 362550050 $34.28
362550051 $34.28 362550052 $34.28 362550053 $34.28
362550054 $34.28 362550055 $34.28 362550056 $34.28
362550057 $34.28 362550058 $34.28 362550059 $34.28
362550060 $34.28 362550061 $34.28 362550062 $34.28
362550063 $34.28 362561001 $66.14 362561002 $66.14
362561003 $66.14 362561004 $66.14 362561005 $66.14
362561006 $66.14 362561007 $66.14 362561008 $66.14
362561009 $66.14 362561010 $66.14 362561011 $66.14
362561012 $66.14 362561013 $66.14 362561014 $66.14
362561015 $66.14 362561016 $66.14 362561017 $66.14
362561018 $66.14 362561019 $66.14 362561020 $66.14
362561021 $66.14 362561022 $66.14 362561023 $66.14
362561024 $66.14 362561025 $66.14 362561026 $66.14
362561027 $66.14 362561028 $66.14 362561029 $66.14
362561030 $66.14 362561031 $66.14 362561032 $66.14
362561033 $66.14 362561034 $66.14 362561035 $66.14
362561036 $66.14 362561037 $66.14 362561038 $66.14
362561039 $66.14 362561040 $66.14 362561041 $66.14
362561042 $66.14 362561043 $66.14 362561044 $66.14
362562001 $66.14 362562002 $66.14 362562003 $66.14
362562004 $66.14 362570001 $66.14 362570002 $66.14
362570003 $66.14 362570004 $66.14 362570005 $66.14
362570006 $66.14 362570007 $66.14 362570008 $66.14
362570009 $66.14 362570010 $66.14 362570011 $66.14
362570012 $66.14 362570013 $66.14 362570014 $66.14
362570015 $66.14 362570016 $66.14 362570017 $66.14
362570018 $66.14 362570019 $66.14 362570020 $66.14
362570021 $66.14 362570022 $66.14 362570023 $66.14
362570024 $66.14 362570025 $66.14 362570026 $66.14
362570027 $66.14 362570028 $66.14 362570029 $66.14
362570030 $66.14 362570031 $66.14 362570032 $66.14
362570033 $66.14 362570034 $66.14 362570035 $66.14
362570036 $66.14 362570037 $66.14 362570038 $66.14
362570039 $66.14 362570040 $66.14 362570041 $66.14
362570042 $66.14 362570043 $66.14 362570044 $66.14
362570045 $66.14 362570046 $66.14 362570047 $66.14
362570048 $66.14 362570049 $66.14 362570050 $66.14
362570051 $66.14 362581001 $66.14 362581002 $66.14
362581003 $66.14 362581004 $66.14 362581005 $66.14
362581006 $66.14 362581007 $66.14 362581008 $66.14
362581009 $66.14 362581010 $66.14 362581011 $66.14
Engineer's Report 698
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362581012 $66.14 362581013 $66.14 362581014 $66.14
362581015 $66.14 362581016 $66.14 362581017 $66.14
362581018 $66.14 362581019 $66.14 362581020 $66.14
362581021 $66.14 362581022 $66.14 362581023 $66.14
362581024 $66.14 362581025 $66.14 362581026 $66.14
362581027 $66.14 362581028 $66.14 362581029 $66.14
362582001 $66.14 362582002 $66.14 362582003 $66.14
362582004 $66.14 362582005 $66.14 362582006 $66.14
362582007 $66.14 362582008 $66.14 362582009 $66.14
362582010 $66.14 362582011 $66.14 362582012 $66.14
362582013 $66.14 362582014 $66.14 362582015 $66.14
362582016 $66.14 362582017 $66.14 362582018 $66.14
362582019 $66.14 362582020 $66.14 362582021 $66.14
362582022 $66.14 362582023 $66.14 362582024 $66.14
362582025 $66.14 362582026 $66.14 362582027 $66.14
362582028 $66.14 362582029 $66.14 362582030 $66.14
362583001 $66.14 362583002 $66.14 362583003 $66.14
362583004 $66.14 362583005 $66.14 362583006 $66.14
362583007 $66.14 362583008 $66.14 362583009 $66.14
362583010 $66.14 362583011 $66.14 362583012 $66.14
362583013 $66.14 362583014 $66.14 362583015 $66.14
362583016 $66.14 362583017 $66.14 362590001 $66.14
362590002 $66.14 362590003 $66.14 362590004 $66.14
362590005 $66.14 362590006 $66.14 362590007 $66.14
362590008 $66.14 362590009 $66.14 362590010 $66.14
362590011 $66.14 362590012 $66.14 362590013 $66.14
362590014 $66.14 362590015 $66.14 362590016 $66.14
362590017 $66.14 362590018 $66.14 362590019 $66.14
362590020 $66.14 362590021 $66.14 362590022 $66.14
362590023 $66.14 362590024 $66.14 362590025 $66.14
362590026 $66.14 362590027 $66.14 362590028 $66.14
362590029 $66.14 362590030 $66.14 362590031 $66.14
362590032 $66.14 362590033 $66.14 362590034 $66.14
362590035 $66.14 362590036 $66.14 362600001 $52.32
362600002 $52.32 362600003 $52.32 362600004 $52.32
362600005 $52.32 362600006 $52.32 362600007 $52.32
362600008 $52.32 362600009 $52.32 362600010 $52.32
362600011 $52.32 362600012 $52.32 362600013 $52.32
362600014 $52.32 362600015 $52.32 362600016 $52.32
362600017 $52.32 362600018 $52.32 362600019 $52.32
362600020 $52.32 362600021 $52.32 362600022 $52.32
362600023 $52.32 362600024 $52.32 362600025 $52.32
362600026 $52.32 362600027 $52.32 362600028 $52.32
362600029 $52.32 362600030 $52.32 362600031 $52.32
362600032 $52.32 362600033 $52.32 362600034 $52.32
362600035 $52.32 362600036 $52.32 362600037 $52.32
Engineer's Report 699
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362600038 $52.32 362600039 $52.32 362600040 $52.32
362600041 $52.32 362600042 $52.32 362600043 $52.32
362600044 $52.32 362600045 $52.32 362600046 $52.32
362600047 $52.32 362600048 $52.32 362600053 $52.32
362600055 $52.32 362610001 $52.32 362610002 $52.32
362610003 $52.32 362610004 $52.32 362610005 $52.32
362610006 $52.32 362610007 $52.32 362610008 $52.32
362610009 $52.32 362610010 $52.32 362610011 $52.32
362610012 $52.32 362610013 $52.32 362610014 $52.32
362610015 $52.32 362610016 $52.32 362610017 $52.32
362610018 $52.32 362610019 $52.32 362610020 $52.32
362610021 $52.32 362610022 $52.32 362610023 $52.32
362610024 $52.32 362610025 $52.32 362610026 $52.32
362611001 $52.32 362611002 $52.32 362611003 $52.32
362611004 $52.32 362611005 $52.32 362611006 $52.32
362611007 $52.32 362611008 $52.32 362611009 $52.32
362611010 $52.32 362611011 $52.32 362611012 $52.32
362611013 $52.32 362611014 $52.32 362611015 $52.32
362611016 $52.32 362611017 $52.32 362611018 $52.32
362611019 $52.32 362611020 $52.32 362611021 $52.32
362611022 $52.32 362611023 $52.32 362611024 $52.32
362611025 $52.32 362611026 $52.32 362611027 $52.32
362611028 $52.32 362611029 $52.32 362611030 $52.32
362611031 $52.32 362611032 $52.32 362611033 $52.32
362611034 $52.32 362611035 $52.32 362611036 $52.32
362611037 $52.32 362611038 $52.32 362611039 $52.32
362611040 $52.32 362611041 $52.32 362611042 $52.32
362620001 $52.32 362620002 $52.32 362620003 $52.32
362620004 $52.32 362620005 $52.32 362620006 $52.32
362620007 $52.32 362620008 $52.32 362620009 $52.32
362620010 $52.32 362620011 $52.32 362620012 $52.32
362620013 $52.32 362620014 $52.32 362620015 $52.32
362620016 $52.32 362620017 $52.32 362620018 $52.32
362620019 $52.32 362620020 $52.32 362620021 $52.32
362621001 $52.32 362621002 $52.32 362621003 $52.32
362621004 $52.32 362621005 $52.32 362621006 $52.32
362621007 $52.32 362670001 $46.36 362670002 $46.36
362670003 $46.36 362670004 $46.36 362671001 $46.36
362671002 $46.36 362671003 $46.36 362671004 $46.36
362671005 $46.36 362671006 $46.36 362671007 $46.36
362671008 $46.36 362671009 $46.36 362671010 $46.36
362671011 $46.36 362671012 $46.36 362671013 $46.36
362671014 $46.36 362671015 $46.36 362671016 $46.36
362671017 $46.36 362671018 $46.36 362671019 $46.36
362671020 $46.36 362671021 $46.36 362671022 $46.36
362671023 $46.36 362671024 $46.36 362671025 $46.36
Engineer's Report 700
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362671026 $46.36 362671027 $46.36 362671028 $46.36
362671029 $46.36 362671030 $46.36 362671031 $46.36
362671032 $46.36 362671033 $46.36 362672001 $46.36
362672002 $46.36 362672003 $46.36 362672004 $46.36
362672005 $46.36 362672006 $46.36 362672007 $46.36
362672008 $46.36 362672009 $46.36 362672010 $46.36
362680001 $46.36 362680002 $46.36 362680003 $46.36
362680004 $46.36 362680005 $46.36 362680006 $46.36
362680007 $46.36 362680008 $46.36 362680009 $46.36
362680010 $46.36 362680011 $46.36 362680012 $46.36
362680013 $46.36 362680014 $46.36 362680015 $46.36
362680016 $46.36 362680017 $46.36 362680018 $46.36
362680019 $46.36 362680020 $46.36 362681001 $46.36
362681002 $46.36 362681003 $46.36 362681004 $46.36
362681005 $46.36 362681006 $46.36 362681007 $46.36
362681008 $46.36 362681009 $46.36 362681010 $46.36
362681012 $46.36 362681013 $46.36 362681014 $46.36
362681015 $46.36 362681016 $46.36 362681017 $46.36
362681018 $46.36 362681019 $46.36 362681020 $46.36
362681021 $46.36 362681022 $46.36 362681023 $46.36
362681024 $46.36 362681025 $46.36 362681026 $46.36
362681027 $46.36 362681028 $46.36 362681029 $46.36
362681030 $46.36 362681031 $46.36 362681032 $46.36
362681033 $46.36 362681034 $46.36 362681035 $46.36
362681036 $46.36 362681037 $46.36 362681038 $46.36
362690001 $67.44 362690002 $67.44 362690003 $67.44
362690004 $67.44 362690005 $67.44 362690006 $67.44
362690007 $67.44 362690008 $67.44 362690009 $67.44
362690010 $67.44 362690011 $67.44 362690012 $67.44
362690013 $67.44 362690014 $67.44 362690015 $67.44
362690016 $67.44 362690017 $67.44 362690018 $67.44
362690019 $67.44 362690020 $67.44 362690021 $67.44
362691001 $67.44 362691002 $67.44 362691003 $67.44
362691004 $67.44 362691005 $67.44 362691006 $67.44
362691007 $67.44 362691008 $67.44 362691009 $67.44
362691010 $67.44 362691011 $67.44 362691012 $67.44
362691013 $67.44 362691014 $67.44 362691015 $67.44
362691016 $67.44 362700001 $67.44 362700002 $67.44
362700003 $67.44 362700004 $67.44 362700005 $67.44
362700006 $67.44 362700007 $67.44 362700008 $67.44
362700009 $67.44 362700010 $67.44 362700011 $67.44
362700012 $67.44 362700013 $67.44 362700014 $67.44
362700015 $67.44 362700016 $67.44 362701001 $67.44
362701002 $67.44 362701003 $67.44 362701004 $67.44
362701005 $67.44 362701006 $67.44 362701007 $67.44
362701008 $67.44 362701009 $67.44 362701010 $67.44
Engineer's Report 701
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362702002 $67.44 362702003 $67.44 362702004 $67.44
362702005 $67.44 362702006 $67.44 362702007 $67.44
362702008 $67.44 362702009 $67.44 362702010 $67.44
362702011 $67.44 362702012 $67.44 362702013 $67.44
362702014 $67.44 362702015 $67.44 362702016 $67.44
362702017 $67.44 362702018 $67.44 362702019 $67.44
362710001 $67.44 362710002 $67.44 362710003 $67.44
362710004 $67.44 362710005 $67.44 362710006 $67.44
362710007 $67.44 362710008 $67.44 362710009 $67.44
362710010 $67.44 362710011 $67.44 362710012 $67.44
362710013 $67.44 362710014 $67.44 362711001 $67.44
362711002 $67.44 362711003 $67.44 362711004 $67.44
362711005 $67.44 362711006 $67.44 362711007 $67.44
362711008 $67.44 362711009 $67.44 362711010 $67.44
362711011 $67.44 362711012 $67.44 362711013 $67.44
362711014 $67.44 362711015 $67.44 362711016 $67.44
362711017 $67.44 362711018 $67.44 362711019 $67.44
362711020 $67.44 362711021 $67.44 362712001 $67.44
362712002 $67.44 362712003 $67.44 362712004 $67.44
362712005 $67.44 362712006 $67.44 362712007 $67.44
362712008 $67.44 362712009 $67.44 362712010 $67.44
362712011 $67.44 362712012 $67.44 362712013 $67.44
362712014 $67.44 362712015 $67.44 362712016 $67.44
362720001 $66.14 362720002 $66.14 362720003 $66.14
362720004 $66.14 362720005 $66.14 362720006 $66.14
362720007 $66.14 362720008 $66.14 362720009 $66.14
362720010 $66.14 362720011 $66.14 362720012 $66.14
362720013 $66.14 362720014 $66.14 362720015 $66.14
362720016 $66.14 362720017 $66.14 362720018 $66.14
362720019 $66.14 362720020 $66.14 362720021 $66.14
362720022 $66.14 362720023 $66.14 362720024 $66.14
362720025 $66.14 362720026 $66.14 362720027 $66.14
362720028 $66.14 362720029 $66.14 362720030 $66.14
362720031 $66.14 362720032 $66.14 362720033 $66.14
362720034 $66.14 362720035 $66.14 362720036 $66.14
362720037 $66.14 362720038 $66.14 362720039 $66.14
362720040 $66.14 362720041 $66.14 362720042 $66.14
362720043 $66.14 362720044 $66.14 362720045 $66.14
362720046 $66.14 362720047 $66.14 362721001 $66.14
362721002 $66.14 362721003 $66.14 362721004 $66.14
362721005 $66.14 362721006 $66.14 362721007 $66.14
362721008 $66.14 362721009 $66.14 362721010 $66.14
362721011 $66.14 362721012 $66.14 362721013 $66.14
362721014 $66.14 362721015 $66.14 362721016 $66.14
362721017 $66.14 362721018 $66.14 362721019 $66.14
362721020 $66.14 362722001 $66.14 362722002 $66.14
Engineer's Report 702
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
362722003 $66.14 362722004 $66.14 362722005 $66.14
362722006 $66.14 362722007 $66.14 362722008 $66.14
362722009 $66.14 362722010 $66.14 362722011 $66.14
362722012 $66.14 362722013 $66.14 362722014 $66.14
362722015 $66.14 362722016 $66.14 367480001 $52.32
367480002 $52.32 367480003 $52.32 367480004 $52.32
367480005 $52.32 367480006 $52.32 367480007 $52.32
367480008 $52.32 367480009 $52.32 367480010 $52.32
367480011 $52.32 367480012 $52.32 367480013 $52.32
367480014 $52.32 367480015 $52.32 367480016 $52.32
367480017 $52.32 368300001 $65.92 368300002 $65.92
368300003 $65.92 368300004 $65.92 368300005 $65.92
368300006 $65.92 368300007 $65.92 368300008 $65.92
368300009 $65.92 368300010 $65.92 368300011 $65.92
368300012 $65.92 368300013 $65.92 368300014 $65.92
368300015 $65.92 368300016 $65.92 368300017 $65.92
368300018 $65.92 376201001 $28.86 376201002 $28.86
376201003 $28.86 376201004 $28.86 376201005 $28.86
376201006 $28.86 376201007 $28.86 376201008 $28.86
376201009 $28.86 376201010 $28.86 376201011 $28.86
376201012 $28.86 376201013 $28.86 376201014 $28.86
376201015 $28.86 376201016 $28.86 376201017 $28.86
376201018 $28.86 376201019 $28.86 376201020 $28.86
376202001 $28.86 376202002 $28.86 376202003 $28.86
376202004 $28.86 376202005 $28.86 376202006 $28.86
376202007 $28.86 376202008 $28.86 376202009 $28.86
376202010 $28.86 376202011 $28.86 376202012 $28.86
376202013 $28.86 376202014 $28.86 376202015 $28.86
376202016 $28.86 376202017 $28.86 376202018 $28.86
376202019 $28.86 376202020 $28.86 376211001 $28.86
376211002 $28.86 376211003 $28.86 376211004 $28.86
376211005 $28.86 376211006 $28.86 376211007 $28.86
376211008 $28.86 376211009 $28.86 376211010 $28.86
376211011 $28.86 376211012 $28.86 376211013 $28.86
376211014 $28.86 376211015 $28.86 376211016 $28.86
376211017 $28.86 376211018 $28.86 376211019 $28.86
376211020 $28.86 376211021 $28.86 376211022 $28.86
376211023 $28.86 376211024 $28.86 376212001 $28.86
376212002 $28.86 376212003 $28.86 376212004 $28.86
376212005 $28.86 376212006 $28.86 376212007 $28.86
376212008 $28.86 376212009 $28.86 376212010 $28.86
376212011 $28.86 376212012 $28.86 376212013 $28.86
376212014 $28.86 376212015 $28.86 376212016 $28.86
376212017 $28.86 376212018 $28.86 376212019 $28.86
376212020 $28.86 376212021 $28.86 376212022 $28.86
376212023 $28.86 376212024 $28.86 376212025 $28.86
Engineer's Report 703
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376212026 $28.86 376212027 $28.86 376212028 $28.86
376212029 $28.86 376212030 $28.86 376212031 $28.86
376212032 $28.86 376212033 $28.86 376212034 $28.86
376212035 $28.86 376212036 $28.86 376212037 $28.86
376212038 $28.86 376212039 $28.86 376212040 $28.86
376212041 $28.86 376221001 $28.86 376221002 $28.86
376221003 $28.86 376221004 $28.86 376221005 $28.86
376221006 $28.86 376221007 $28.86 376221008 $28.86
376221009 $28.86 376221010 $28.86 376221011 $28.86
376221012 $28.86 376221013 $28.86 376221014 $28.86
376221015 $28.86 376221016 $28.86 376221017 $28.86
376221018 $28.86 376221019 $28.86 376221020 $28.86
376221021 $28.86 376222001 $28.86 376222002 $28.86
376222003 $28.86 376222004 $28.86 376222005 $28.86
376222006 $28.86 376222007 $28.86 376222008 $28.86
376222009 $28.86 376222010 $28.86 376223001 $28.86
376223002 $28.86 376223003 $28.86 376223004 $28.86
376223005 $28.86 376223006 $28.86 376223007 $28.86
376223008 $28.86 376223009 $28.86 376223010 $28.86
376223011 $28.86 376223012 $28.86 376223013 $28.86
376223014 $28.86 376223015 $28.86 376223016 $28.86
376223017 $28.86 376223018 $28.86 376224001 $28.86
376224002 $28.86 376224003 $28.86 376224004 $28.86
376224005 $28.86 376224006 $28.86 376224007 $28.86
376224008 $28.86 376224009 $28.86 376224010 $28.86
376224011 $28.86 376224012 $28.86 376224013 $28.86
376224014 $28.86 376224015 $28.86 376224016 $28.86
376224017 $28.86 376224018 $28.86 376231001 $28.86
376231002 $28.86 376231003 $28.86 376231004 $28.86
376231005 $28.86 376231006 $28.86 376231007 $28.86
376231008 $28.86 376231009 $28.86 376231010 $28.86
376231011 $28.86 376231012 $28.86 376231013 $28.86
376231014 $28.86 376231015 $28.86 376231016 $28.86
376232001 $28.86 376232002 $28.86 376232003 $28.86
376232004 $28.86 376232005 $28.86 376232006 $28.86
376232007 $28.86 376232008 $28.86 376232009 $28.86
376232010 $28.86 376232011 $28.86 376232012 $28.86
376232013 $28.86 376232014 $28.86 376232015 $28.86
376232016 $28.86 376232017 $28.86 376232018 $28.86
376232019 $28.86 376232020 $28.86 376232021 $28.86
376233001 $28.86 376233002 $28.86 376233003 $28.86
376233004 $28.86 376233005 $28.86 376233006 $28.86
376233007 $28.86 376233008 $28.86 376233009 $28.86
376233010 $28.86 376233011 $28.86 376233012 $28.86
376233013 $28.86 376233014 $28.86 376241001 $28.86
376241002 $28.86 376241003 $28.86 376241004 $28.86
Engineer's Report 704
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376241005 $28.86 376242001 $28.86 376242002 $28.86
376242003 $28.86 376242004 $28.86 376242005 $28.86
376242006 $28.86 376242007 $28.86 376242008 $28.86
376242009 $28.86 376242010 $28.86 376242011 $28.86
376242012 $28.86 376242013 $28.86 376242014 $28.86
376242015 $28.86 376242016 $28.86 376242017 $28.86
376242018 $28.86 376242019 $28.86 376242020 $28.86
376243001 $28.86 376243002 $28.86 376243003 $28.86
376244001 $28.86 376244002 $28.86 376244003 $28.86
376244004 $28.86 376244005 $28.86 376244006 $28.86
376244007 $28.86 376244008 $28.86 376244009 $28.86
376244010 $28.86 376244011 $28.86 376244012 $28.86
376244013 $28.86 376244014 $28.86 376244015 $28.86
376244016 $28.86 376244017 $28.86 376244018 $28.86
376244019 $28.86 376244020 $28.86 376244021 $28.86
376244022 $28.86 376244023 $28.86 376244024 $28.86
376244025 $28.86 376244026 $28.86 376244027 $28.86
376244028 $28.86 376244029 $28.86 376244030 $28.86
376244031 $28.86 376251001 $28.86 376251002 $28.86
376251003 $28.86 376251004 $28.86 376252001 $28.86
376252002 $28.86 376252003 $28.86 376252004 $28.86
376252005 $28.86 376252006 $28.86 376252007 $28.86
376252008 $28.86 376252009 $28.86 376252010 $28.86
376252011 $28.86 376252012 $28.86 376252013 $28.86
376252014 $28.86 376252015 $28.86 376252016 $28.86
376252017 $28.86 376252018 $28.86 376252019 $28.86
376252020 $28.86 376252021 $28.86 376252022 $28.86
376252023 $28.86 376252024 $28.86 376252025 $28.86
376252026 $28.86 376252027 $28.86 376252028 $28.86
376252029 $28.86 376252030 $28.86 376252031 $28.86
376252032 $28.86 376252033 $28.86 376252034 $28.86
376252035 $28.86 376252036 $28.86 376252037 $28.86
376252038 $28.86 376252039 $28.86 376252040 $28.86
376252041 $28.86 376252042 $28.86 376252043 $28.86
376252044 $28.86 376252045 $28.86 376252046 $28.86
376252047 $28.86 376252048 $28.86 376252049 $28.86
376252050 $28.86 376252051 $28.86 376252052 $28.86
376252053 $28.86 376252054 $28.86 376252055 $28.86
376252056 $28.86 376252057 $28.86 376252058 $28.86
376261003 $28.86 376261004 $28.86 376262001 $28.86
376262002 $28.86 376262003 $28.86 376262004 $28.86
376262005 $28.86 376262006 $28.86 376262007 $28.86
376262008 $28.86 376262009 $28.86 376262010 $28.86
376262011 $28.86 376262012 $28.86 376262013 $28.86
376262014 $28.86 376263001 $28.86 376263002 $28.86
376263003 $28.86 376263004 $28.86 376263005 $28.86
Engineer's Report 705
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376263006 $28.86 376263007 $28.86 376263008 $28.86
376263009 $28.86 376263010 $28.86 376263011 $28.86
376263012 $28.86 376263013 $28.86 376263014 $28.86
376264001 $28.86 376264002 $28.86 376264003 $28.86
376264004 $28.86 376264005 $28.86 376264006 $28.86
376264007 $28.86 376264008 $28.86 376264009 $28.86
376264010 $28.86 376264011 $28.86 376264012 $28.86
376264013 $28.86 376264014 $28.86 376264015 $28.86
376264016 $28.86 376264017 $28.86 376264018 $28.86
376271001 $28.86 376271002 $28.86 376271003 $28.86
376271004 $28.86 376271005 $28.86 376271006 $28.86
376272001 $28.86 376272002 $28.86 376272003 $28.86
376272004 $28.86 376272005 $28.86 376272006 $28.86
376272007 $28.86 376272008 $28.86 376272009 $28.86
376272010 $28.86 376272011 $28.86 376272012 $28.86
376272013 $28.86 376272014 $28.86 376272015 $28.86
376272016 $28.86 376272017 $28.86 376272018 $28.86
376272019 $28.86 376272020 $28.86 376272021 $28.86
376272022 $28.86 376272023 $28.86 376272024 $28.86
376272025 $28.86 376272026 $28.86 376272027 $28.86
376272028 $28.86 376272029 $28.86 376272030 $28.86
376272031 $28.86 376272032 $28.86 376272033 $28.86
376272034 $28.86 376272035 $28.86 376272036 $28.86
376272037 $28.86 376272038 $28.86 376272039 $28.86
376272040 $28.86 376272041 $28.86 376272042 $28.86
376272043 $28.86 376272044 $28.86 376272045 $28.86
376272046 $28.86 376272047 $28.86 376272048 $28.86
376272049 $28.86 376272050 $28.86 376272051 $28.86
376272052 $28.86 376272053 $28.86 376272054 $28.86
376273001 $28.86 376273002 $28.86 376273003 $28.86
376273004 $28.86 376273005 $28.86 376273006 $28.86
376273007 $28.86 376273008 $28.86 376273009 $28.86
376274001 $28.86 376274002 $28.86 376274003 $28.86
376274004 $28.86 376274005 $28.86 376274006 $28.86
376274007 $28.86 376274008 $28.86 376274009 $28.86
376274010 $28.86 376274011 $28.86 376274012 $28.86
376274013 $28.86 376274014 $28.86 376274015 $28.86
376274016 $28.86 376274017 $28.86 376274018 $28.86
376281001 $28.86 376281002 $28.86 376281003 $28.86
376281004 $28.86 376281005 $28.86 376281006 $28.86
376281007 $28.86 376281008 $28.86 376281009 $28.86
376282001 $28.86 376282002 $28.86 376282003 $28.86
376282004 $28.86 376282005 $28.86 376282006 $28.86
376282007 $28.86 376282008 $28.86 376282009 $28.86
376282010 $28.86 376282011 $28.86 376282012 $28.86
376282013 $28.86 376282014 $28.86 376282015 $28.86
Engineer's Report 706
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376282016 $28.86 376282017 $28.86 376282018 $28.86
376282019 $28.86 376282020 $28.86 376282021 $28.86
376282022 $28.86 376283001 $28.86 376283002 $28.86
376283003 $28.86 376283004 $28.86 376283005 $28.86
376283006 $28.86 376283007 $28.86 376283008 $28.86
376283009 $28.86 376283010 $28.86 376283011 $28.86
376283012 $28.86 376283013 $28.86 376283014 $28.86
376283015 $28.86 376283016 $28.86 376283017 $28.86
376283018 $28.86 376283019 $28.86 376283020 $28.86
376283021 $28.86 376283022 $28.86 376291001 $28.86
376291002 $28.86 376291003 $28.86 376291004 $28.86
376291005 $28.86 376291006 $28.86 376291007 $28.86
376291008 $28.86 376291009 $28.86 376291010 $28.86
376291011 $28.86 376291012 $28.86 376291013 $28.86
376291014 $28.86 376291015 $28.86 376291016 $28.86
376291017 $28.86 376291018 $28.86 376291019 $28.86
376291020 $28.86 376291021 $28.86 376291022 $28.86
376291023 $28.86 376291024 $28.86 376291025 $28.86
376291026 $28.86 376291027 $28.86 376291028 $28.86
376291029 $28.86 376291030 $28.86 376292001 $28.86
376292002 $28.86 376292003 $28.86 376292004 $28.86
376292005 $28.86 376292006 $28.86 376292007 $28.86
376292008 $28.86 376292009 $28.86 376292010 $28.86
376292011 $28.86 376292012 $28.86 376292013 $28.86
376292014 $28.86 376292015 $28.86 376292016 $28.86
376292017 $28.86 376292018 $28.86 376292019 $28.86
376292020 $28.86 376293001 $28.86 376293002 $28.86
376293003 $28.86 376293004 $28.86 376293005 $28.86
376294001 $28.86 376294002 $28.86 376294003 $28.86
376294004 $28.86 376301001 $28.86 376301002 $28.86
376301003 $28.86 376301004 $28.86 376301005 $28.86
376301006 $28.86 376301007 $28.86 376302001 $28.86
376302002 $28.86 376302003 $28.86 376302004 $28.86
376302005 $28.86 376302006 $28.86 376302007 $28.86
376302008 $28.86 376302009 $28.86 376302010 $28.86
376302011 $28.86 376302012 $28.86 376302013 $28.86
376302014 $28.86 376302015 $28.86 376302016 $28.86
376302017 $28.86 376302018 $28.86 376302019 $28.86
376302020 $28.86 376302021 $28.86 376302022 $28.86
376302023 $28.86 376302024 $28.86 376302025 $28.86
376302026 $28.86 376302027 $28.86 376302028 $28.86
376302029 $28.86 376302030 $28.86 376302031 $28.86
376302032 $28.86 376302033 $28.86 376302034 $28.86
376302035 $28.86 376302036 $28.86 376302037 $28.86
376302038 $28.86 376302039 $28.86 376302040 $28.86
376302041 $28.86 376302042 $28.86 376302043 $28.86
Engineer's Report 707
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376302044 $28.86 376302045 $28.86 376302046 $28.86
376302047 $28.86 376302048 $28.86 376302049 $28.86
376311001 $28.86 376311002 $28.86 376311003 $28.86
376311004 $28.86 376311005 $28.86 376311006 $28.86
376311007 $28.86 376311008 $28.86 376311009 $28.86
376311010 $28.86 376311011 $28.86 376311012 $28.86
376311013 $28.86 376311014 $28.86 376311015 $28.86
376311016 $28.86 376312001 $28.86 376312004 $28.86
376312005 $28.86 376312006 $28.86 376312007 $28.86
376312008 $28.86 376312009 $28.86 376312010 $28.86
376312011 $28.86 376312012 $28.86 376312013 $28.86
376312014 $28.86 376312015 $28.86 376312016 $28.86
376312017 $28.86 376312018 $28.86 376312019 $28.86
376312020 $28.86 376312021 $28.86 376312022 $28.86
376312023 $28.86 376312024 $28.86 376312025 $28.86
376312026 $28.86 376312027 $28.86 376312028 $28.86
376312029 $28.86 376313001 $28.86 376313002 $28.86
376313003 $28.86 376313004 $28.86 376313005 $28.86
376314001 $28.86 376314002 $28.86 376314003 $28.86
376314004 $28.86 376314005 $28.86 376314006 $28.86
376314007 $28.86 376314008 $28.86 376314009 $28.86
376314010 $28.86 376361001 $28.86 376361002 $28.86
376361003 $28.86 376361004 $28.86 376361005 $28.86
376361006 $28.86 376361007 $28.86 376361008 $28.86
376361009 $28.86 376361010 $28.86 376361011 $28.86
376361012 $28.86 376361014 $28.86 376361015 $28.86
376361016 $28.86 376361017 $28.86 376361018 $28.86
376361019 $28.86 376361020 $28.86 376361021 $28.86
376361022 $28.86 376361023 $28.86 376361024 $28.86
376361025 $28.86 376361026 $28.86 376361027 $28.86
376362001 $28.86 376362002 $28.86 376362003 $28.86
376362004 $28.86 376362005 $28.86 376362006 $28.86
376362007 $28.86 376362008 $28.86 376362009 $28.86
376362010 $28.86 376362011 $28.86 376362012 $28.86
376362013 $28.86 376362014 $28.86 376362015 $28.86
376362016 $28.86 376362017 $28.86 376362018 $28.86
376362019 $28.86 376362020 $28.86 376362021 $28.86
376362022 $28.86 376362023 $28.86 376363001 $28.86
376363002 $28.86 376363003 $28.86 376363004 $28.86
376363005 $28.86 376363006 $28.86 376363007 $28.86
376363008 $28.86 376363009 $28.86 376363010 $28.86
376363011 $28.86 376363012 $28.86 376363013 $28.86
376363014 $28.86 376363015 $28.86 376363016 $28.86
376363017 $28.86 376363018 $28.86 376363019 $28.86
376363020 $28.86 376363021 $28.86 376364001 $28.86
376364002 $28.86 376364003 $28.86 376364004 $28.86
Engineer's Report 708
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376364005 $28.86 376364006 $28.86 376365001 $28.86
376365002 $28.86 376365003 $28.86 376365004 $28.86
376365005 $28.86 376365006 $28.86 376365007 $28.86
376365008 $28.86 376371001 $28.86 376371002 $28.86
376371003 $28.86 376371004 $28.86 376371005 $28.86
376371006 $28.86 376371007 $28.86 376371008 $28.86
376371009 $28.86 376371010 $28.86 376371011 $28.86
376371012 $28.86 376371013 $28.86 376371014 $28.86
376372001 $28.86 376372002 $28.86 376372003 $28.86
376372004 $28.86 376372005 $28.86 376372006 $28.86
376372007 $28.86 376372008 $28.86 376372009 $28.86
376372010 $28.86 376372011 $28.86 376372012 $28.86
376372013 $28.86 376372014 $28.86 376373001 $28.86
376373002 $28.86 376373003 $28.86 376373004 $28.86
376373005 $28.86 376373006 $28.86 376373007 $28.86
376373008 $28.86 376373009 $28.86 376373010 $28.86
376373011 $28.86 376374001 $28.86 376374002 $28.86
376374003 $28.86 376374004 $28.86 376375001 $28.86
376375002 $28.86 376375003 $28.86 376375004 $28.86
376375005 $28.86 376375006 $28.86 376375007 $28.86
376375008 $28.86 376375009 $28.86 376375010 $28.86
376375011 $28.86 376375012 $28.86 376375013 $28.86
376381001 $28.86 376381002 $28.86 376381003 $28.86
376381004 $28.86 376381005 $28.86 376381006 $28.86
376381007 $28.86 376381008 $28.86 376381009 $28.86
376381010 $28.86 376381011 $28.86 376381012 $28.86
376381013 $28.86 376381014 $28.86 376381015 $28.86
376381016 $28.86 376381017 $28.86 376381018 $28.86
376381019 $28.86 376381020 $28.86 376381021 $28.86
376381022 $28.86 376381023 $28.86 376381024 $28.86
376381025 $28.86 376381026 $28.86 376381027 $28.86
376381028 $28.86 376381029 $28.86 376381030 $28.86
376382001 $28.86 376382002 $28.86 376382003 $28.86
376382004 $28.86 376382005 $28.86 376382006 $28.86
376382007 $28.86 376382008 $28.86 376382009 $28.86
376382010 $28.86 376382011 $28.86 376382012 $28.86
376382013 $28.86 376382014 $28.86 376382015 $28.86
376382016 $28.86 376382017 $28.86 376382018 $28.86
376382019 $28.86 376382020 $28.86 376382021 $28.86
376382022 $28.86 376382023 $28.86 376382024 $28.86
376383001 $28.86 376383002 $28.86 376383003 $28.86
376383004 $28.86 376383005 $28.86 376383006 $28.86
376383007 $28.86 376383008 $28.86 376383009 $28.86
376383010 $28.86 376383011 $28.86 376391001 $28.86
376391002 $28.86 376391003 $28.86 376391004 $28.86
376391005 $28.86 376391006 $28.86 376391007 $28.86
Engineer's Report 709
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376391008 $28.86 376391009 $28.86 376391010 $28.86
376391011 $28.86 376391012 $28.86 376391013 $28.86
376391014 $28.86 376391015 $28.86 376391016 $28.86
376391017 $28.86 376391018 $28.86 376391019 $28.86
376391020 $28.86 376391021 $28.86 376391022 $28.86
376391023 $28.86 376391024 $28.86 376391025 $28.86
376391026 $28.86 376391027 $28.86 376391028 $28.86
376391029 $28.86 376391030 $28.86 376391031 $28.86
376391032 $28.86 376391033 $28.86 376391034 $28.86
376391035 $28.86 376391036 $28.86 376391037 $28.86
376391038 $28.86 376391039 $28.86 376391040 $28.86
376391041 $28.86 376391042 $28.86 376392001 $28.86
376392002 $28.86 376392003 $28.86 376392004 $28.86
376392005 $28.86 376392006 $28.86 376392007 $28.86
376392008 $28.86 376392009 $28.86 376392010 $28.86
376392011 $28.86 376392012 $28.86 376392013 $28.86
376392014 $28.86 376392015 $28.86 376392016 $28.86
376392017 $28.86 376392018 $28.86 376392019 $28.86
376392020 $28.86 376392021 $28.86 376392022 $28.86
376392023 $28.86 376392024 $28.86 376392025 $28.86
376392026 $28.86 376392027 $28.86 376392028 $28.86
376392029 $28.86 376392030 $28.86 376401001 $28.86
376401002 $28.86 376401003 $28.86 376401004 $28.86
376401005 $28.86 376401006 $28.86 376401007 $28.86
376401008 $28.86 376401009 $28.86 376401010 $28.86
376401011 $28.86 376401012 $28.86 376401013 $28.86
376401014 $28.86 376401015 $28.86 376401016 $28.86
376401017 $28.86 376401018 $28.86 376401019 $28.86
376401020 $28.86 376401021 $28.86 376401022 $28.86
376401023 $28.86 376401024 $28.86 376401025 $28.86
376401026 $28.86 376401027 $28.86 376401028 $28.86
376401029 $28.86 376401030 $28.86 376401031 $28.86
376401032 $28.86 376401033 $28.86 376401034 $28.86
376401035 $28.86 376401036 $28.86 376401037 $28.86
376401038 $28.86 376401039 $28.86 376401040 $28.86
376401041 $28.86 376401042 $28.86 376401043 $28.86
376401044 $28.86 376401045 $28.86 376402001 $28.86
376402002 $28.86 376402003 $28.86 376402004 $28.86
376402005 $28.86 376402006 $28.86 376402007 $28.86
376402008 $28.86 376402009 $28.86 376402010 $28.86
376402011 $28.86 376402012 $28.86 376402013 $28.86
376402014 $28.86 376402015 $28.86 376402016 $28.86
376402017 $28.86 376402018 $28.86 376402019 $28.86
376402020 $28.86 376402021 $28.86 376402022 $28.86
376402023 $28.86 376402024 $28.86 376402025 $28.86
376403001 $28.86 376403002 $28.86 376403003 $28.86
Engineer's Report 710
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376403004 $28.86 376403005 $28.86 376403006 $28.86
376403007 $28.86 376403008 $28.86 376403009 $28.86
376403010 $28.86 376403011 $28.86 376403012 $28.86
376403013 $28.86 376403014 $28.86 376403015 $28.86
376403016 $28.86 376403017 $28.86 376403018 $28.86
376403019 $28.86 376403020 $28.86 376403021 $28.86
376403022 $28.86 376403023 $28.86 376403024 $28.86
376403025 $28.86 376403026 $28.86 376420001 $66.14
376420002 $66.14 376420003 $66.14 376420004 $66.14
376420005 $66.14 376420006 $66.14 376420007 $66.14
376420008 $66.14 376420009 $66.14 376420010 $66.14
376420011 $66.14 376420012 $66.14 376420013 $66.14
376420014 $66.14 376420015 $66.14 376420016 $66.14
376420017 $66.14 376420018 $66.14 376420019 $66.14
376420020 $66.14 376420021 $66.14 376420022 $66.14
376420023 $66.14 376420024 $66.14 376430001 $67.44
376430002 $67.44 376430003 $67.44 376430004 $67.44
376430005 $67.44 376430006 $67.44 376430007 $67.44
376430008 $67.44 376430009 $67.44 376430010 $67.44
376430011 $67.44 376430012 $67.44 376430013 $67.44
376430014 $67.44 376430015 $67.44 376430016 $67.44
376430017 $67.44 376430018 $67.44 376430019 $67.44
376430020 $67.44 376430021 $67.44 376430022 $67.44
376430023 $67.44 376430024 $67.44 376430025 $67.44
376430026 $67.44 376430027 $67.44 376430028 $67.44
376430029 $67.44 376430030 $67.44 376430031 $67.44
376430032 $67.44 376430033 $67.44 376430034 $67.44
376431001 $67.44 376431002 $67.44 376431003 $67.44
376431004 $67.44 376431005 $67.44 376431006 $67.44
376431007 $67.44 376431008 $67.44 376431009 $67.44
376431010 $67.44 376431011 $67.44 376431012 $67.44
376431013 $67.44 376431014 $67.44 376431015 $67.44
376431016 $67.44 376431017 $67.44 376431018 $67.44
376431019 $67.44 376431020 $67.44 376431021 $67.44
376431022 $67.44 376431023 $67.44 376431024 $67.44
376431025 $67.44 376431026 $67.44 376431027 $67.44
376431028 $67.44 376431029 $67.44 376431030 $67.44
376431031 $67.44 376431032 $67.44 376431033 $67.44
376431034 $67.44 376431035 $67.44 376431036 $67.44
376431037 $67.44 376431038 $67.44 376431039 $67.44
376431040 $67.44 376431041 $67.44 376431042 $67.44
376431043 $67.44 376431044 $67.44 376440001 $67.44
376440002 $67.44 376440003 $67.44 376440004 $67.44
376440005 $67.44 376440006 $67.44 376440007 $67.44
376440008 $67.44 376440009 $67.44 376440010 $67.44
376440011 $67.44 376440012 $67.44 376440013 $67.44
Engineer's Report 711
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376440014 $67.44 376440015 $67.44 376440016 $67.44
376440017 $67.44 376440018 $67.44 376440019 $67.44
376440020 $67.44 376440021 $67.44 376440022 $67.44
376440023 $67.44 376440024 $67.44 376440025 $67.44
376440026 $67.44 376440027 $67.44 376440028 $67.44
376440029 $67.44 376440030 $67.44 376440031 $67.44
376440032 $67.44 376440033 $67.44 376440034 $67.44
376440035 $67.44 376440036 $67.44 376440037 $67.44
376440038 $67.44 376440039 $67.44 376440040 $67.44
376440041 $67.44 376440042 $67.44 376440043 $67.44
376440044 $67.44 376440045 $67.44 376440046 $67.44
376440047 $67.44 376440048 $67.44 376440049 $67.44
376440050 $67.44 376440051 $67.44 376440052 $67.44
376440053 $67.44 376440054 $67.44 376440055 $67.44
376441001 $67.44 376441002 $67.44 376441003 $67.44
376441004 $67.44 376441005 $67.44 376441006 $67.44
376450001 $66.14 376450002 $66.14 376450003 $66.14
376450004 $66.14 376450005 $66.14 376450006 $66.14
376450007 $66.14 376450008 $66.14 376450009 $66.14
376450010 $66.14 376450011 $66.14 376450012 $66.14
376450013 $66.14 376450014 $66.14 376450015 $66.14
376450016 $66.14 376450017 $66.14 376450018 $66.14
376450019 $66.14 376450020 $66.14 376450021 $66.14
376450022 $66.14 376450023 $66.14 376450024 $66.14
376450025 $66.14 376450026 $66.14 376450027 $66.14
376450028 $66.14 376450029 $66.14 376450030 $66.14
376450031 $66.14 376450032 $66.14 376450033 $66.14
376450034 $66.14 376450035 $66.14 376450036 $66.14
376450037 $66.14 376450038 $66.14 376451001 $66.14
376451002 $66.14 376451003 $66.14 376451004 $66.14
376451005 $66.14 376451006 $66.14 376451007 $66.14
376451008 $66.14 376451009 $66.14 376451010 $66.14
376452001 $66.14 376452002 $66.14 376452003 $66.14
376452004 $66.14 376452005 $66.14 376452006 $66.14
376452007 $66.14 376452008 $66.14 376452009 $66.14
376452010 $66.14 376452011 $66.14 376452012 $66.14
376452013 $66.14 376452014 $66.14 376452015 $66.14
376460001 $68.78 376460002 $68.78 376460003 $68.78
376460004 $68.78 376460005 $68.78 376460006 $68.78
376460007 $68.78 376460008 $68.78 376460009 $68.78
376460010 $68.78 376460011 $68.78 376460012 $68.78
376461001 $68.78 376462001 $68.78 376462002 $68.78
376462003 $68.78 376462004 $68.78 376462005 $68.78
376462006 $68.78 376462007 $68.78 376462008 $68.78
376462009 $68.78 376462010 $68.78 376462011 $68.78
376462012 $68.78 376462013 $68.78 376462014 $68.78
Engineer's Report 712
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376462015 $68.78 376462016 $68.78 376462017 $68.78
376462018 $68.78 376462019 $68.78 376462020 $68.78
376462021 $68.78 376462022 $68.78 376462023 $68.78
376462024 $68.78 376462025 $68.78 376462026 $68.78
376462027 $68.78 376462028 $68.78 376462029 $68.78
376462030 $68.78 376462031 $68.78 376462032 $68.78
376462033 $68.78 376462034 $68.78 376470001 $68.78
376470002 $68.78 376470003 $68.78 376470004 $68.78
376470005 $68.78 376470006 $68.78 376470007 $68.78
376470008 $68.78 376470009 $68.78 376471001 $68.78
376471002 $68.78 376471003 $68.78 376471004 $68.78
376471005 $68.78 376471006 $68.78 376471007 $68.78
376471008 $68.78 376480001 $68.78 376480002 $68.78
376480003 $68.78 376480004 $68.78 376480005 $68.78
376480006 $68.78 376480007 $68.78 376480008 $68.78
376480009 $68.78 376480010 $68.78 376481001 $68.78
376481002 $68.78 376481003 $68.78 376481004 $68.78
376481005 $68.78 376481006 $68.78 376481007 $68.78
376481008 $68.78 376481009 $68.78 376481010 $68.78
376481011 $68.78 376481012 $68.78 376481013 $68.78
376481014 $68.78 376482001 $68.78 376482002 $68.78
376482003 $68.78 376482004 $68.78 376482005 $68.78
376482006 $68.78 376482007 $68.78 376482008 $68.78
376482009 $68.78 376482010 $68.78 376482011 $68.78
376483001 $68.78 376483002 $68.78 376483003 $68.78
376483004 $68.78 376483005 $68.78 376483006 $68.78
376483007 $68.78 376483008 $68.78 376483009 $68.78
376490001 $68.78 376490002 $68.78 376490003 $68.78
376490004 $68.78 376490005 $68.78 376490006 $68.78
376490007 $68.78 376491001 $68.78 376491002 $68.78
376491003 $68.78 376491004 $68.78 376491005 $68.78
376491006 $68.78 376491007 $68.78 376491008 $68.78
376491009 $68.78 376491010 $68.78 376491011 $68.78
376491012 $68.78 376491013 $68.78 376491014 $68.78
376491015 $68.78 376491016 $68.78 376491017 $68.78
376491018 $68.78 376491019 $68.78 376491020 $68.78
376491021 $68.78 376491022 $68.78 376491023 $68.78
376491024 $68.78 376491025 $68.78 376491026 $68.78
376492001 $68.78 376492002 $68.78 376492003 $68.78
376492004 $68.78 376492005 $68.78 376492006 $68.78
376492007 $68.78 376492008 $68.78 376492009 $68.78
376492010 $68.78 376492011 $68.78 376492012 $68.78
376492013 $68.78 376492014 $68.78 376492015 $68.78
376492016 $68.78 376492017 $68.78 376492018 $68.78
376492019 $68.78 376492020 $68.78 376492021 $68.78
376492022 $68.78 376492023 $68.78 376492024 $68.78
Engineer's Report 713
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
376492025 $68.78 376492026 $68.78 376492027 $68.78
376492028 $68.78 376492029 $68.78 376492030 $68.78
376492031 $68.78 376492032 $68.78 376492033 $68.78
376492034 $68.78 376492035 $68.78 376492036 $68.78
376492037 $68.78 376492038 $68.78 376492039 $68.78
376500001 $68.78 376500002 $68.78 376500003 $68.78
376500004 $68.78 376500005 $68.78 376500006 $68.78
376500007 $68.78 376500008 $68.78 376500009 $68.78
376500010 $68.78 376501001 $68.78 376501002 $68.78
376501003 $68.78 376501004 $68.78 376501005 $68.78
376501006 $68.78 376501007 $68.78 376501008 $68.78
376501009 $68.78 376501010 $68.78 376501011 $68.78
376501012 $68.78 376501013 $68.78 376501014 $68.78
376501015 $68.78 376501016 $68.78 376501017 $68.78
376501018 $68.78 376501019 $68.78 376501020 $68.78
376501021 $68.78 376501022 $68.78 376501023 $68.78
376501024 $68.78 376501025 $68.78 376501026 $68.78
376501027 $68.78 376501028 $68.78 376501029 $68.78
380021001 $28.86 380021002 $28.86 380021003 $28.86
380021004 $28.86 380021005 $28.86 380021006 $28.86
380021007 $28.86 380021008 $28.86 380021009 $28.86
380021010 $28.86 380021011 $28.86 380021012 $28.86
380021013 $28.86 380021014 $28.86 380021015 $28.86
380021016 $28.86 380021018 $28.86 380021019 $28.86
380021020 $28.86 380021021 $28.86 380021022 $28.86
380021023 $28.86 380021024 $28.86 380021025 $28.86
380021026 $28.86 380021027 $28.86 380021028 $28.86
380021029 $28.86 380021030 $28.86 380021031 $28.86
380021032 $28.86 380021033 $28.86 380021034 $28.86
380022001 $28.86 380022002 $28.86 380022003 $28.86
380022004 $28.86 380022005 $28.86 380022006 $28.86
380022007 $28.86 380022008 $28.86 380022009 $28.86
380022010 $28.86 380022011 $28.86 380022012 $28.86
380022013 $28.86 380022014 $28.86 380022015 $28.86
380022016 $28.86 380022017 $28.86 380023001 $28.86
380023002 $28.86 380023003 $28.86 380023004 $28.86
380023005 $28.86 380023006 $28.86 380023007 $28.86
380023008 $28.86 380023009 $28.86 380023010 $28.86
380023011 $28.86 380023012 $28.86 380023013 $28.86
380023014 $28.86 380023015 $28.86 380023016 $28.86
380023017 $28.86 380023018 $28.86 380023019 $28.86
380023020 $28.86 380023021 $28.86 380023022 $28.86
380031001 $28.86 380031002 $28.86 380031003 $28.86
380031004 $28.86 380031005 $28.86 380031006 $28.86
380031007 $28.86 380031008 $28.86 380031009 $28.86
380031010 $28.86 380031011 $28.86 380031012 $28.86
Engineer's Report 714
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380031013 $28.86 380031014 $28.86 380031015 $28.86
380031016 $28.86 380031017 $28.86 380031018 $28.86
380031019 $28.86 380031020 $28.86 380031021 $28.86
380031022 $28.86 380031023 $28.86 380031024 $28.86
380031025 $28.86 380032001 $28.86 380032002 $28.86
380032003 $28.86 380032004 $28.86 380032005 $28.86
380032006 $28.86 380032007 $28.86 380032008 $28.86
380032009 $28.86 380032010 $28.86 380032011 $28.86
380032012 $28.86 380032013 $28.86 380032014 $28.86
380032015 $28.86 380032016 $28.86 380032017 $28.86
380032018 $28.86 380032019 $28.86 380032020 $28.86
380032021 $28.86 380032022 $28.86 380032023 $28.86
380032024 $28.86 380032025 $28.86 380032026 $28.86
380032027 $28.86 380032028 $28.86 380032029 $28.86
380032030 $28.86 380032031 $28.86 380032032 $28.86
380032033 $28.86 380032034 $28.86 380090016 $67.44
380090017 $67.44 380090018 $67.44 380090019 $67.44
380090020 $67.44 380090021 $67.44 380090022 $67.44
380090023 $67.44 380090024 $67.44 380090025 $67.44
380090026 $67.44 380090027 $67.44 380090028 $67.44
380090029 $67.44 380090030 $67.44 380090031 $67.44
380090032 $67.44 380090033 $67.44 380090034 $67.44
380090035 $67.44 380090036 $67.44 380090037 $67.44
380090038 $67.44 380090039 $67.44 380090040 $67.44
380090041 $67.44 380091001 $67.44 380091002 $67.44
380091003 $67.44 380091004 $67.44 380091005 $67.44
380091006 $67.44 380091007 $67.44 380092001 $67.44
380092002 $67.44 380092003 $67.44 380092004 $67.44
380092005 $67.44 380092006 $67.44 380092007 $67.44
380092008 $67.44 380092009 $67.44 380092010 $67.44
380092011 $67.44 380092012 $67.44 380092013 $67.44
380092014 $67.44 380092015 $67.44 380092016 $67.44
380092017 $67.44 380092018 $67.44 380092019 $67.44
380092020 $67.44 380092021 $67.44 380092022 $67.44
380092023 $67.44 380092024 $67.44 380092025 $67.44
380092026 $67.44 380210006 $28.86 380210014 $28.86
380250016 $28.86 380250018 $1,571.24 380280018 $46.88
380311001 $41.16 380311002 $41.16 380311003 $41.16
380311004 $41.16 380311005 $41.16 380311006 $41.16
380311007 $41.16 380311008 $41.16 380311009 $41.16
380311010 $41.16 380311011 $41.16 380311012 $41.16
380311013 $41.16 380311014 $41.16 380311015 $41.16
380311016 $41.16 380311017 $41.16 380311018 $41.16
380311019 $41.16 380311020 $41.16 380311021 $41.16
380311022 $41.16 380311023 $41.16 380311024 $41.16
380311025 $41.16 380312001 $41.16 380312002 $41.16
Engineer's Report 715
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380312003 $41.16 380312004 $41.16 380312005 $41.16
380312006 $41.16 380312007 $41.16 380312008 $41.16
380312009 $41.16 380312010 $41.16 380312011 $41.16
380312012 $41.16 380312013 $41.16 380312014 $41.16
380312015 $41.16 380312016 $41.16 380312017 $41.16
380312018 $41.16 380312019 $41.16 380312020 $41.16
380312021 $41.16 380312022 $41.16 380312023 $41.16
380312024 $41.16 380312025 $41.16 380312026 $41.16
380312027 $41.16 380312028 $41.16 380312029 $41.16
380312030 $41.16 380312031 $41.16 380312032 $41.16
380312033 $41.16 380312034 $41.16 380312035 $41.16
380312036 $41.16 380312037 $41.16 380312038 $41.16
380313001 $41.16 380313002 $41.16 380313003 $41.16
380321001 $41.16 380321002 $41.16 380321003 $41.16
380321004 $41.16 380321005 $41.16 380321006 $41.16
380321007 $41.16 380321008 $41.16 380321009 $41.16
380321010 $41.16 380321011 $41.16 380322001 $41.16
380322002 $41.16 380322003 $41.16 380322004 $41.16
380322005 $41.16 380322006 $41.16 380322007 $41.16
380322008 $41.16 380322009 $41.16 380322010 $41.16
380322011 $41.16 380322012 $41.16 380322013 $41.16
380322014 $41.16 380322015 $41.16 380322016 $41.16
380322017 $41.16 380322018 $41.16 380322019 $41.16
380322020 $41.16 380322021 $41.16 380322022 $41.16
380322023 $41.16 380322024 $41.16 380322025 $41.16
380322026 $41.16 380322027 $41.16 380322028 $41.16
380322029 $41.16 380322030 $41.16 380322031 $41.16
380322032 $41.16 380322033 $41.16 380322034 $41.16
380322035 $41.16 380322036 $41.16 380322037 $41.16
380322038 $41.16 380322039 $41.16 380322040 $41.16
380322041 $41.16 380322042 $41.16 380322043 $41.16
380322044 $41.16 380322045 $41.16 380322046 $41.16
380322047 $41.16 380322048 $41.16 380322049 $41.16
380322050 $41.16 380322051 $41.16 380322052 $41.16
380322053 $41.16 380322054 $41.16 380322055 $41.16
380322056 $41.16 380322057 $41.16 380322058 $41.16
380322059 $41.16 380330001 $51.30 380330002 $51.30
380330003 $51.30 380330004 $51.30 380330005 $51.30
380330006 $51.30 380330007 $51.30 380330008 $51.30
380330009 $51.30 380330010 $51.30 380330011 $51.30
380330012 $51.30 380330013 $51.30 380330014 $51.30
380330015 $51.30 380330016 $51.30 380330017 $51.30
380330018 $51.30 380330019 $51.30 380330020 $51.30
380330021 $51.30 380330022 $51.30 380330023 $51.30
380330024 $51.30 380330025 $51.30 380330026 $51.30
380330027 $51.30 380330028 $51.30 380330029 $51.30
Engineer's Report 716
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380330030 $51.30 380330031 $51.30 380330032 $51.30
380330033 $51.30 380330034 $51.30 380330035 $51.30
380330036 $51.30 380330037 $51.30 380330038 $51.30
380330039 $51.30 380330040 $51.30 380330041 $51.30
380330042 $51.30 380330043 $51.30 380330044 $51.30
380330045 $51.30 380330046 $51.30 380330047 $51.30
380330048 $51.30 380331001 $51.30 380331002 $51.30
380331003 $51.30 380331004 $51.30 380331005 $51.30
380331006 $51.30 380331007 $51.30 380331008 $51.30
380331009 $51.30 380331010 $51.30 380331011 $51.30
380331012 $51.30 380331013 $51.30 380331014 $51.30
380331015 $51.30 380331016 $51.30 380331017 $51.30
380331018 $51.30 380331019 $51.30 380331020 $51.30
380331021 $51.30 380331022 $51.30 380331023 $51.30
380331024 $51.30 380331025 $51.30 380331026 $51.30
380331027 $51.30 380331028 $51.30 380331029 $51.30
380331030 $51.30 380340001 $52.32 380340002 $52.32
380340003 $52.32 380340004 $52.32 380340005 $52.32
380340006 $52.32 380340007 $52.32 380340008 $52.32
380340009 $52.32 380340010 $52.32 380340011 $52.32
380340012 $52.32 380340013 $52.32 380340014 $52.32
380340015 $52.32 380340016 $52.32 380340017 $52.32
380340018 $52.32 380341001 $52.32 380341002 $52.32
380341003 $52.32 380341004 $52.32 380341005 $52.32
380341006 $52.32 380341007 $52.32 380341008 $52.32
380341009 $52.32 380341010 $52.32 380341011 $52.32
380341012 $52.32 380341013 $52.32 380341014 $52.32
380341015 $52.32 380341016 $52.32 380341017 $52.32
380341018 $52.32 380341019 $52.32 380341020 $52.32
380341021 $52.32 380341022 $52.32 380341023 $52.32
380341024 $52.32 380341025 $52.32 380341026 $52.32
380341027 $52.32 380341028 $52.32 380341029 $52.32
380341030 $52.32 380341031 $52.32 380341032 $52.32
380341033 $52.32 380341034 $52.32 380341035 $52.32
380341036 $52.32 380341037 $52.32 380341038 $52.32
380341039 $52.32 380341040 $52.32 380341041 $52.32
380341042 $52.32 380341043 $52.32 380341044 $52.32
380341045 $52.32 380341046 $52.32 380341047 $52.32
380341048 $52.32 380350001 $52.32 380350002 $52.32
380350003 $52.32 380350004 $52.32 380350005 $52.32
380350006 $52.32 380350007 $52.32 380350008 $52.32
380350009 $52.32 380350010 $52.32 380350011 $52.32
380350012 $52.32 380350013 $52.32 380350014 $52.32
380350015 $52.32 380350016 $52.32 380350017 $52.32
380350018 $52.32 380350019 $52.32 380350020 $52.32
380350021 $52.32 380350022 $52.32 380350023 $52.32
Engineer's Report 717
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380350024 $52.32 380350025 $52.32 380350026 $52.32
380350027 $52.32 380350028 $52.32 380350029 $52.32
380350030 $52.32 380350031 $52.32 380350032 $52.32
380350033 $52.32 380350034 $52.32 380351001 $52.32
380351002 $52.32 380351003 $52.32 380351004 $52.32
380351005 $52.32 380351006 $52.32 380351007 $52.32
380351008 $52.32 380351009 $52.32 380351010 $52.32
380351011 $52.32 380351012 $52.32 380351013 $52.32
380351014 $52.32 380351015 $52.32 380351016 $52.32
380351017 $52.32 380351018 $52.32 380351019 $52.32
380360001 $52.32 380360002 $52.32 380360003 $52.32
380360004 $52.32 380360005 $52.32 380360006 $52.32
380360007 $52.32 380361001 $52.32 380361002 $52.32
380361003 $52.32 380361004 $52.32 380361005 $52.32
380361006 $52.32 380361007 $52.32 380361008 $52.32
380361009 $52.32 380361010 $52.32 380361011 $52.32
380361012 $52.32 380361013 $52.32 380361014 $52.32
380361015 $52.32 380361016 $52.32 380361017 $52.32
380361018 $52.32 380361019 $52.32 380361020 $52.32
380361021 $52.32 380361022 $52.32 380361023 $52.32
380361024 $52.32 380361025 $52.32 380361026 $52.32
380361027 $52.32 380361028 $52.32 380361029 $52.32
380361030 $52.32 380361031 $52.32 380361032 $52.32
380362001 $52.32 380362002 $52.32 380362003 $52.32
380362004 $52.32 380362005 $52.32 380362006 $52.32
380362007 $52.32 380362008 $52.32 380362009 $52.32
380362010 $52.32 380362011 $52.32 380362012 $52.32
380362013 $52.32 380362014 $52.32 380362015 $52.32
380362016 $52.32 380362017 $52.32 380362018 $52.32
380362019 $52.32 380362020 $52.32 380370001 $52.32
380370002 $52.32 380370003 $52.32 380370004 $52.32
380370005 $52.32 380370006 $52.32 380370007 $52.32
380370008 $52.32 380370009 $52.32 380370010 $52.32
380370011 $52.32 380370012 $52.32 380370014 $52.32
380370015 $52.32 380370016 $52.32 380370017 $52.32
380370018 $52.32 380370019 $52.32 380370020 $52.32
380370021 $52.32 380370022 $52.32 380370023 $52.32
380370024 $52.32 380370025 $52.32 380370026 $52.32
380370027 $52.32 380370028 $52.32 380370029 $52.32
380370030 $52.32 380370031 $52.32 380370032 $52.32
380370033 $52.32 380380001 $67.44 380380002 $67.44
380380003 $67.44 380380004 $67.44 380380005 $67.44
380380006 $67.44 380380007 $67.44 380380008 $67.44
380380009 $67.44 380380010 $67.44 380380011 $67.44
380380012 $67.44 380380013 $67.44 380380014 $67.44
380380015 $67.44 380380016 $67.44 380380017 $67.44
Engineer's Report 718
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380380018 $67.44 380380019 $67.44 380380020 $67.44
380380021 $67.44 380380022 $67.44 380380024 $67.44
380380025 $67.44 380380026 $67.44 380380027 $67.44
380380028 $67.44 380380029 $67.44 380380030 $67.44
380380031 $67.44 380380032 $67.44 380380033 $67.44
380380034 $67.44 380380035 $67.44 380380036 $67.44
380380037 $67.44 380381001 $67.44 380381002 $67.44
380381003 $67.44 380381004 $67.44 380381005 $67.44
380381006 $67.44 380381007 $67.44 380381008 $67.44
380381009 $67.44 380381010 $67.44 380381011 $67.44
380381012 $67.44 380381013 $67.44 380381014 $67.44
380381015 $67.44 380381016 $67.44 380381017 $67.44
380381018 $67.44 380390001 $67.44 380390002 $67.44
380390003 $67.44 380390004 $67.44 380390005 $67.44
380390006 $67.44 380390007 $67.44 380390008 $67.44
380390009 $67.44 380390010 $67.44 380390011 $67.44
380390012 $67.44 380390013 $67.44 380390014 $67.44
380390015 $67.44 380390016 $67.44 380390017 $67.44
380390018 $67.44 380390019 $67.44 380390020 $67.44
380390021 $67.44 380390022 $67.44 380390023 $67.44
380390024 $67.44 380390026 $67.44 380390027 $67.44
380390028 $67.44 380390029 $67.44 380390030 $67.44
380390031 $67.44 380390032 $67.44 380390033 $67.44
380390034 $67.44 380390035 $67.44 380390036 $67.44
380390037 $67.44 380390038 $67.44 380390039 $67.44
380390041 $67.44 380391001 $67.44 380391002 $67.44
380391003 $67.44 380391004 $67.44 380391005 $67.44
380400003 $67.44 380400004 $67.44 380400005 $67.44
380400006 $67.44 380400007 $67.44 380400011 $67.44
380400015 $67.44 380400016 $67.44 380400017 $67.44
380400018 $67.44 380400019 $67.44 380400020 $67.44
380400021 $67.44 380400022 $67.44 380400026 $67.44
380400027 $67.44 380400028 $67.44 380400029 $67.44
380400030 $67.44 380400031 $67.44 380400032 $67.44
380400040 $67.44 380400041 $67.44 380401001 $67.44
380401002 $67.44 380401003 $67.44 380401004 $67.44
380401005 $67.44 380401006 $67.44 380401007 $67.44
380401008 $67.44 380401009 $67.44 380401010 $67.44
380401011 $67.44 380401012 $67.44 380401013 $67.44
380401014 $67.44 380401015 $67.44 380401016 $67.44
380401017 $67.44 380401018 $67.44 380401019 $67.44
380410001 $67.44 380410002 $67.44 380410003 $67.44
380410004 $67.44 380410005 $67.44 380410006 $67.44
380410007 $67.44 380410008 $67.44 380410009 $67.44
380410010 $67.44 380410011 $67.44 380410012 $67.44
380410013 $67.44 380410014 $67.44 380410015 $67.44
Engineer's Report 719
68-4645 - CSA 103 (Lighting)
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
380410016 $67.44 380410017 $67.44 380410018 $67.44
380410019 $67.44 380411001 $67.44 380411002 $67.44
380411003 $67.44 380411004 $67.44 380411005 $67.44
380411006 $67.44 380411007 $67.44 380411008 $67.44
380411009 $67.44 380411010 $67.44 380411011 $67.44
380411012 $67.44 380411013 $67.44 380411014 $67.44
380411015 $67.44 380411016 $67.44 380411017 $67.44
380411018 $67.44 380411019 $67.44 380411020 $67.44
380411021 $67.44 380411022 $67.44 380411023 $67.44
380411024 $67.44 380411025 $67.44
Totals Parcels 3,341 Levy $157,066.40
Engineer's Report 720
68-4643 - CSA 142
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
368093037 $74.76 368100067 $31.50 368100068 $31.50
368100069 $31.50 368100070 $31.50 368100071 $31.50
368100072 $31.50 368100073 $31.50 368100074 $31.50
368100075 $31.50 368100076 $31.50 368100077 $31.50
368100078 $31.50 368100079 $31.50 368100080 $31.50
368100081 $31.50 368100082 $31.50 368120009 $108.84
368130022 $108.84 368251012 $31.50 368251013 $31.50
368251014 $31.50 368251015 $31.50 368251016 $31.50
368251017 $31.50 368251018 $31.50 368251019 $31.50
368251020 $31.50 368251021 $31.50 368251022 $31.50
368252001 $31.50 368252002 $31.50 368252003 $31.50
368252004 $31.50 368252005 $31.50 368252006 $31.50
368252007 $31.50 368252008 $31.50 368252009 $31.50
368252010 $31.50 368252011 $31.50 368252012 $31.50
368252013 $31.50 368252014 $31.50 368252015 $31.50
368252016 $31.50 368252017 $31.50 368252018 $31.50
368252019 $31.50 368252020 $31.50 368252021 $31.50
368252022 $31.50 368252023 $31.50 368252024 $31.50
368252025 $31.50 368272016 $74.76 368272017 $74.76
368272018 $74.76 368272019 $74.76 368272020 $74.76
368272021 $74.76 368272022 $74.76 368272023 $74.76
368272024 $74.76 368272025 $74.76 368290001 $31.50
368290002 $31.50 368290003 $31.50 368290004 $31.50
368290005 $31.50 368290006 $31.50 368290007 $31.50
368290008 $31.50 368290009 $31.50 368290010 $31.50
368290011 $31.50 368290012 $31.50 368290013 $31.50
368290014 $31.50 368310001 $75.20 368310002 $75.20
368310003 $75.20 368310004 $75.20 368310005 $75.20
368310006 $75.20 368310007 $75.20 368310008 $75.20
368310009 $75.20 368310010 $75.20 368310011 $75.20
368310012 $75.20 368310013 $75.20 368310014 $75.20
368310015 $75.20 368310016 $75.20 368310017 $75.20
368310018 $75.20 368310019 $75.20 368310020 $75.20
368310021 $75.20 368310022 $75.20 368310023 $75.20
368310024 $75.20 368310025 $75.20 368310026 $75.20
368310027 $75.20 368311001 $75.20 368311002 $75.20
368311003 $75.20 368311004 $75.20 368311005 $75.20
368311006 $75.20 368311007 $75.20 368311008 $75.20
368311009 $75.20 368311010 $75.20 368311011 $75.20
368311012 $75.20 370441001 $31.50 370441002 $31.50
370441003 $31.50 370441004 $31.50 370441005 $31.50
370442001 $31.50 370442002 $31.50 370442003 $31.50
370442004 $31.50 370442005 $31.50 370442006 $31.50
370442007 $31.50 370442008 $31.50 370442009 $31.50
370442010 $31.50 370442011 $31.50 370442012 $31.50
370442013 $31.50 370442014 $31.50 370442015 $31.50
Assessment Roll
Engineer's Report 721
68-4643 - CSA 142
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
370442016 $31.50 370442017 $31.50 370442018 $31.50
370442019 $31.50 370442020 $31.50 370442021 $31.50
370442022 $31.50 370442023 $31.50 370442024 $31.50
370442025 $31.50 370442026 $31.50 370442027 $31.50
370442028 $31.50 370442029 $31.50 370442030 $31.50
370442031 $31.50 370442032 $31.50 370442033 $31.50
370442034 $31.50 370442035 $31.50 370442036 $31.50
370442037 $31.50 370443001 $31.50 370443002 $31.50
370443003 $31.50 370443004 $31.50 370443005 $31.50
370443006 $31.50 370443007 $31.50 370443008 $31.50
370443009 $31.50 370443010 $31.50 370443011 $31.50
370443012 $31.50 370443013 $31.50 370443014 $31.50
370443015 $31.50 370443016 $31.50 370443017 $31.50
370451001 $31.50 370451002 $31.50 370451003 $31.50
370451004 $31.50 370451005 $31.50 370451006 $31.50
370452001 $31.50 370452002 $31.50 370452003 $31.50
370452004 $31.50 370452005 $31.50 370452006 $31.50
370452007 $31.50 370452008 $31.50 370452009 $31.50
370452010 $31.50 370452011 $31.50 370452012 $31.50
370452013 $31.50 370452014 $31.50 370452015 $31.50
370491001 $31.50 370491002 $31.50 370491003 $31.50
370491004 $31.50 370491005 $31.50 370491006 $31.50
370491007 $31.50 370491008 $31.50 370491009 $31.50
370491010 $31.50 370491011 $31.50 370491012 $31.50
370491013 $31.50 370491014 $31.50 370491015 $31.50
370491016 $31.50 370491017 $31.50 370491018 $31.50
370491019 $31.50 370491020 $31.50 370491021 $31.50
370491022 $31.50 370491023 $31.50 370491024 $31.50
370491025 $31.50 370491026 $31.50 370491027 $31.50
370491028 $31.50 370492001 $31.50 370492002 $31.50
370492003 $31.50 370492004 $31.50 370492005 $31.50
370492006 $31.50 370492007 $31.50 370492008 $31.50
370493001 $31.50 370493002 $31.50 370493003 $31.50
370493004 $31.50 370493005 $31.50 370493006 $31.50
370493007 $31.50 370493008 $31.50 370493009 $31.50
370493010 $31.50 370493011 $31.50 370493012 $31.50
370493013 $31.50 370493014 $31.50 370493015 $31.50
370493016 $31.50 370493017 $31.50 370493018 $31.50
370493019 $31.50 370493020 $31.50 370493021 $31.50
370493022 $31.50 370493023 $31.50 370493024 $31.50
370493025 $31.50 370493026 $31.50 370500001 $31.50
370500002 $31.50 370500003 $31.50 370500004 $31.50
370500005 $31.50 370500006 $31.50 370500007 $31.50
370500008 $31.50 370500009 $31.50 370500010 $31.50
370500011 $31.50 370500012 $31.50 370500013 $31.50
370500014 $31.50 370500015 $31.50 370500016 $31.50
Engineer's Report 722
68-4643 - CSA 142
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
370500017 $31.50 376160020 $872.06 376160021 $872.06
380140006 $31.50 380140007 $31.50 382240006 $108.84
382240007 $108.84 382240008 $108.84 382240009 $108.84
382240010 $108.84 382240011 $108.84 382240012 $108.84
382240013 $108.84 382240014 $108.84 382240015 $108.84
382240016 $108.84 382240017 $108.84 382240018 $108.84
382240019 $108.84 382240020 $108.84 382240021 $108.84
382240022 $108.84 382240023 $108.84 382240024 $108.84
382240025 $108.84 382240026 $108.84 382240027 $108.84
382240028 $108.84 382240029 $108.84 382240030 $108.84
382240031 $108.84 382240032 $108.84 382240033 $108.84
382241001 $108.84 382241002 $108.84 382241003 $108.84
382241004 $108.84 382241005 $108.84 382241006 $108.84
382241007 $108.84 382241008 $108.84 382241009 $108.84
382241010 $108.84 382241012 $108.84 382242001 $108.84
382242002 $108.84 382242003 $108.84 382242004 $108.84
382242005 $108.84 382242006 $108.84 382242007 $108.84
382242008 $108.84 382242009 $108.84 382242010 $108.84
382242011 $108.84 382242012 $108.84 382242013 $108.84
382242014 $108.84 382242015 $108.84 382242016 $108.84
382242017 $108.84 382242018 $108.84 382250003 $108.84
382250004 $108.84 382250005 $108.84 382250006 $108.84
382250007 $108.84 382250008 $108.84 382250009 $108.84
382250010 $108.84 382250011 $108.84 382250012 $108.84
382250013 $108.84 382250014 $108.84 382250015 $108.84
382250016 $108.84 382250017 $108.84 382250018 $108.84
382250019 $108.84 382250021 $108.84 382250022 $108.84
382250023 $108.84 382250024 $108.84 382250025 $108.84
382250026 $108.84 382250027 $108.84 382250028 $108.84
382250029 $108.84 382251001 $108.84 382251002 $108.84
382251003 $108.84 382251004 $108.84 382251005 $108.84
382251006 $108.84 382251007 $108.84 382251008 $108.84
382251009 $108.84 382251010 $108.84 382251011 $108.84
382251012 $108.84 382251013 $108.84 382251014 $108.84
382251015 $108.84 382251016 $108.84 382251017 $108.84
382251018 $108.84 382251019 $108.84 382251020 $108.84
382251021 $108.84 382251022 $108.84 382251023 $108.84
382251024 $108.84 382260005 $108.84 382260006 $108.84
382260007 $108.84 382260008 $108.84 382260009 $108.84
382260010 $108.84 382260011 $108.84 382260012 $108.84
382260013 $108.84 382260014 $108.84 382260015 $108.84
382260016 $108.84 382260017 $108.84 382260018 $108.84
382260019 $108.84 382260020 $108.84 382260021 $108.84
382261001 $108.84 382261002 $108.84 382261003 $108.84
382261004 $108.84 382261005 $108.84 382261006 $108.84
382261007 $108.84 382261008 $108.84 382261009 $108.84
Engineer's Report 723
68-4643 - CSA 142
Fiscal Year 2024-25
APN Levy APN Levy APN Levy
Assessment Roll
382261010 $108.84 382261011 $108.84 382261012 $108.84
382261013 $108.84 382261014 $108.84 382261015 $108.84
382261016 $108.84 382261017 $108.84 382261018 $108.84
382261019 $108.84 382410001 $108.84 382410002 $108.84
382410003 $108.84 382410004 $108.84 382410005 $108.84
382411002 $108.84 382411003 $108.84 382411004 $108.84
382411005 $108.84 382411006 $108.84 382411007 $108.84
382411008 $108.84 382411009 $108.84 382411010 $108.84
382411011 $108.84 382411012 $108.84 382411013 $108.84
382411016 $108.84 382411017 $108.84 382411018 $108.84
382411019 $108.84 382411020 $108.84 382411021 $108.84
382411022 $108.84 382411023 $108.84 382411024 $108.84
382411025 $108.84 382420001 $108.84 382420002 $108.84
382420003 $108.84 382420004 $108.84 382420005 $108.84
382420006 $108.84 382420007 $108.84 382420008 $108.84
382420009 $108.84 382420010 $108.84 382420011 $108.84
382420012 $108.84 382420013 $108.84 382421001 $108.84
382421002 $108.84 382421003 $108.84 382421004 $108.84
382421005 $108.84 382421006 $108.84 382421007 $108.84
382421008 $108.84 382421009 $108.84 382421010 $108.84
382421011 $108.84 382421012 $108.84 382421013 $108.84
382421014 $108.84 382430001 $108.84 382430002 $108.84
382430003 $108.84 382430004 $108.84 382430005 $108.84
382430006 $108.84 382430007 $108.84 382430008 $108.84
382430009 $108.84 382430010 $108.84 382431003 $108.84
382431004 $108.84 382431005 $108.84 382431006 $108.84
382431007 $108.84 382431008 $108.84 382431009 $108.84
382431010 $108.84 382431011 $108.84 382431012 $108.84
382431013 $108.84 382431014 $108.84 382431016 $108.84
382431018 $108.84 382440001 $108.84 382440002 $108.84
382440003 $108.84 382440004 $108.84 382440005 $108.84
382440006 $108.84 382440007 $108.84 382440008 $108.84
382440009 $108.84 382440010 $108.84 382440011 $108.84
382440012 $108.84 382440013 $108.84 382440014 $108.84
Totals Parcels 516 Levy $38,444.86
Engineer's Report 724
Appendix B:
County Service Areas Map
725
Palomar St
Clinton Keith Rd
Baxter Rd
Palomar St
Mission Trl
Walnut St
Central St
Grand
Ave
BundyCanyon Rd Orange St
§¨¦215
§¨¦15
0 2,500 5,000 10,000 Feet
COUNTY SERVICE AREAS
CITY OF WILDOMAR
Ê
CSA 103 DRAINAGE CSA 103 LIGHTING CSA 142 CSA 22 CITY BOUNDARY 726
727
CITY OF WILDOMAR
CC - REGULAR MEETING
GENERAL BUSINESS
Agenda Staff Report # 3.1
Meeting Date: June 12, 2024
SUBJECT: Resolution Authorizing Issuance of Special Tax bonds, Series 2024 for Community Facilities District No. 2022-3 (Verano) SUBMITTED BY: Heidi Schrader, Admin Services Director
PREPARED BY: Heidi Schrader, Admin Services Director
ACTION:
1. Adopt a Resolution entitled:
RESOLUTION NO. 2024-____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WILDOMAR, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO) OF THE CITY OF WILDOMAR AUTHORIZING THE ISSUANCE OF ITS SPECIAL TAX BONDS, SERIES 2024 IN A PRINCIPAL AMOUNT NOT TO EXCEED SIX MILLION DOLLARS ($6,000,000) AND APPROVING CERTAIN DOCUMENTS AND TAKING CERTAIN
OTHER ACTIONS IN CONNECTION THEREWITH
2. Authorize the issuance of the Community Facilities District No. 2022-3 (Verano) Special Tax Bonds, Series 2024 in an aggregate principal amount not to exceed $6,000,000
3. Approve the financing team, as identified herein, for this transaction and authorize the City Treasurer or any duly authorized designee, to pay the costs of such firms in connection with this financing from CFD 2022-3 Series 2024 bond proceeds
4. Authorize the City Manager and Administrative Services Director, or designees, to execute all documents related to the issuance of the Special Tax Bonds for Community Facilities District No. 2022-3 (Verano) and the ability to make minor changes to these documents as required to carry out the financing.
SUMMARY:
This item will consider the issuance of the Community Facilities District No. 2022-3 (Verano) Special Tax Bonds, Series 2024 in an aggregate principal amount not to exceed $6,000,000.
BACKGROUND:
On November 9, 2022 the City Council adopted Resolution No. 2022-56 (Resolution of Intention) with respect to the establishment of Community Facilities District No. 2022-3 (Verano). On December 14, 2022 the City held a public hearing and a Special Election of all landowners within the proposed CFD 2022-3 regarding the formation of CFD 2022-3. At the same time, the City adopted a Resolution establishing CFD 2022-3 and a Resolution determining the necessity to incur bonded indebtedness in an aggregate principal amount not to exceed $7,000,000.
728
The Resolution of Formation specified that Special Taxes will be levied on all parcels of taxable value within CFD 2022-3 to pay the principal and interest on any bonds of the District that may be issued and sold. These bonds would be issued to finance City Facilities, Lake Elsinore Unified School District facility costs, Elsinore Valley Municipal Water District facility costs, and to pay the costs of the City and the District to issue the bonds. The District also incurs annual administrative expenses for determining, apportioning, levying and collecting special taxes and reporting on and paying the principal and interest on the Bonds. These costs are funded from the ongoing levy of special taxes within the District.
DISCUSSION:
KB Home, the Developer of CFD 2022-3 requested the City sell bonds to reimburse them related to the formation and facility improvements associated with CFD 2022-3. As of May 31st, 79% of the homes have been constructed and conveyed to individual owners. CFD 2022-3 contains 77 parcels. Such a small ownership pool makes the risk of default due to delinquency higher than in a CFD containing at least 150 parcels. To mitigate this default risk, staff recommends the formation of an Additional Special Reserve Fund. The Rate and Method of Apportionment (RMA), approved at formation, allowed the City to levy a Special Tax on each taxable property within the CFD once a building permit has been issued. The City of Wildomar first levied CFD 2022-3 in Fiscal Year 2024 based on this method. Funds levied prior to bond sale will be used to primarily establish this Additional Special Tax Reserve Fund to offset any risk of shortfall due to delinquent Special Tax payments.
Financing Team
The financing Team for this transaction consists of City staff from the Finance and Public Works Departments; CSG Advisors, Incorporated serving as the Municipal Advisor; Stradling, Yocca, Carlson & Rauth, acting as Bond and Disclosure Counsel; Spicer Consulting Group, acting as Special Tax Consultant; Wilmington Trust, National Association, acting as Trustee; and Stifel Nicolaus & Company, Incorporated serving as Underwriter. Stifel was selected based on their response to a competitive request for proposal. The total cost of bond issuance will be paid from bond financing proceeds.
Stephen G. White, MAI conducted an appraisal dated April 15, 2024 (Attachment 3) of certain land and existing improvements within the District to provide an estimate of the market value of the land and improvements. The Appraisal Report provides an estimate of the approximate market value of the "as-is" condition of the property in the District subject to the levy of Special Taxes, assuming that development of the property as currently planned will consist of 77 single family detached residential units. The Appraiser concluded that the minimum market value of all of the parcels within the District subject to the Special Tax was $38,330,000 as of April 2, 2024(the "Date of Value".) If the Appraisal needs to be updated for investors due to the elapse of time between appraisal and bond sale, a Supplemental Appraisal Report can be prepared, bringing the date of value forward, assuming nothing has occurred that would have resulted in a lower valuation since the prior Date of Value.
Good Faith Estimates
On October 9, 2017, Senate Bill 450 (SB 450) added Section 5852.1 to the California Government Code. SB 450 requires, prior to issuance of bonds, a public agency disclose in a public meeting good faith financing estimates provided by an Underwriter, Municipal Advisor, or private lender. These estimates include: a) the True Interest Cost of the bonds; b) the total finance charge of the bonds equal to the sum of all fees and charges paid to third parties; c) 729
the amount of estimated bond proceeds minus the total finance charge of the bonds, and any reserves funded from proceeds of the bonds; and d) the total payment amount. The total payment amount should be calculated to the final maturity of the bonds. The following Good Faith Estimate was prepared by Municipal Advisor, CSG Advisors, Inc., in consultation with Underwriter Stifel. The following estimates have no bearing on, and should not be misconstrued as, any not to exceed financial parameters authorized under the Resolution:
a. The true interest cost of the Bonds is estimated at 5.26% calculated as provided in Section 5852.1(a)(1)(A) of the Code.
b. The finance charge of the Bonds, including all fees and charges paid to third parties, is estimated at $219,800.
c. The amount of proceeds received by the District to fund the public improvements, less the finance charge of the Bonds described above, and any reserves or capitalized interest paid or funded with proceeds of the Bonds, is $4,668,000. d. The total payment amount calculated as provided in Section 5852.1(a)(1)(D) of the Code is estimated at $11,633,000.
The foregoing estimates and the final costs will depend on market conditions and can be expected to vary from the estimated amounts set forth above.
The table below provides the estimated total finance charge associated with the bond issuance, based on the estimated fees.
Estimated Cost of Issuance Series 2024 Bonds
Bond/Disclosure Counsel (Stradling) $ 75,000
Municipal Advisor (CSG) 30,000
Property Appraiser (White) 15,000
Trustee (Wilmington) 4,500
Underwriter (Stifel) - includes Counsel 55,300
Special Tax Consultant (Spicer) 25,000
Printer 3,500
City Administration 6,500
Contingency 5,000
Total $219,800
FISCAL IMPACT:
There is no fiscal impact to the City of Wildomar. The cost of financing, staff administration, and the debt service on the bonds will be paid through Special Taxes levied within CFD 2022- 3 (Verano). The bonds are not obligations of the City, but are rather secured by the Special Taxes of CFD 2022-3.
ATTACHMENTS:
1 RESOLUTION OF ISSUANCE CFD 2022-3 (VERANO).docx
2 BOND INDENTURE CFD 2022-3 (VERANO).docx
3 PRELIMINARY OFFICIAL STATEMENT CFD 2022-3 (VERANO).docx 4 CONTINUING DISCLOSURE CERTIFICATE CFD 2022-3 (VERANO).docx 5 Bond Purchase Agreement.docx
730
6 Appraisal Report.pdf
Presentation CFD Bond Sale (Verano).pptx
731
RESOLUTION NO. 2024-____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WILDOMAR, CALIFORNIA, ACTING AS THE LEGISLATIVE
BODY OF COMMUNITY FACILITIES DISTRICT NO. 2022-3
(VERANO) OF THE CITY OF WILDOMAR AUTHORIZING
THE ISSUANCE OF ITS SPECIAL TAX BONDS, SERIES
2024 IN A PRINCIPAL AMOUNT NOT TO EXCEED SIX
MILLION DOLLARS ($6,000,000) AND APPROVING
CERTAIN DOCUMENTS AND TAKING CERTAIN OTHER
ACTIONS IN CONNECTION THEREWITH
WHEREAS, the City Council (the “City Council”) of the City of Wildomar (the “City”), has heretofore undertaken proceedings to establish Community Facilities District No. 2022-3 (Verano) of the City of Wildomar (the “District”) and declared the necessity to issue bonds on behalf of 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 (Act); and WHEREAS, pursuant to Resolution Nos. 2022-67 and 2022-68 adopted by the legislative body of the District on December 14, 2022, certain bond propositions were submitted to the qualified electors within the District, and were approved by more than two-thirds of the votes cast at the election held on December 14, 2022; and WHEREAS, the legislative body of the District desires to issue a first series of bonds for the District at this time under the Act to finance certain public facilities which the District is authorized to finance (the “Facilities”); and
WHEREAS, the District desires to accomplish the financing of certain public facilities through the issuance of bonds in an aggregate principal amount not to exceed $6,000,000 designated as the “Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Special Tax Bonds, Series 2024” (the “Bonds”); and WHEREAS, in order to effect the issuance of the Bonds, the District desires to enter into various agreements and approve certain documents in substantially the forms presented herein; and
WHEREAS, based on the appraisal of real property prepared by Stephen G. White, MAI (the “Appraisal”) of property within the District, the value of the real property in the District subject to the special tax to pay debt service on the Bonds is more than three times the sum of the principal amount of the Bonds and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or a special assessment levied on property within the District as calculated in the manner set forth in Section 53345.8(a) of the Act; and
WHEREAS, the City Council has determined in accordance with Section 53360.4 of the Act that a negotiated sale of the Bonds to Stifel, Nicolaus & Company, Incorporated (the “Underwriter”) in accordance with the terms of the Bond Purchase Agreement for the Bonds to be entered into by the District and the Underwriter (the “Bond Purchase 732
Agreement”) approved as to form by this City Council herein will result in a lower overall cost to the District than a public sale; and
WHEREAS, pursuant to Government Code Section 8855, the District is required to adopt a debt management policy; and
WHEREAS, the District has determined to adopt the City’s Debt Management Policy adopted by the City Council of the City on June 14, 2017 as the debt management policy of the District;
NOW, THEREFORE, THE CITY COUNCIL, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO) OF THE CITY OF WILDOMAR, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
SECTION 1. Each of the above recitals is true and correct.
SECTION 2. The issuance of the Bonds is hereby authorized in an aggregate principal amount not to exceed $6,000,000, with the exact principal amount to be determined by the official signing the Bond Purchase Agreement in accordance with Section 5 below.
The City Council hereby determines that it is prudent in the management of the District’s fiscal affairs to issue the Bonds. The Bonds shall mature on the dates and pay interest at the rates set forth in the Bond Purchase Agreement to be executed on behalf of the District in accordance with Section 5 hereof. All other provisions of the Bonds shall be governed by the terms and conditions of the Bond Indenture (the “Indenture”), which Indenture shall be substantially in the form on file with the City Clerk, with such additions thereto and changes therein as the officer or officers executing the same deem necessary to enhance the security for the Bonds, to cure any ambiguity or defect therein, to insert the offering price(s), interest rate(s), selling compensation, principal amount per maturity, redemption dates and prices and such other related terms and provisions as limited by Section 5 hereof or to conform any provisions therein to the Bond Purchase Agreement or the Official Statement delivered to the Underwriter of the Bonds. Approval of such changes shall be conclusively evidenced by the execution and delivery of the Indenture by one of the following: the Mayor, the City Manager, the Administrative Services Director, or their written designees (each, an “Authorized Officer” and collectively, the “Authorized Officers”), each of whom is authorized to execute the Indenture. Capitalized terms used in this Resolution which are not defined herein have the meanings ascribed to them in the Indenture.
SECTION 3. The Bonds shall be executed on behalf of the District by the manual or facsimile signature of the Mayor of the City or his or her written designee and be attested by the manual or facsimile signature of the City Clerk. Wilmington Trust, National Association is hereby appointed to act as trustee, registrar and transfer agent for the Bonds.
SECTION 4. The covenants set forth in the Indenture to be executed in accordance with Section 2 above are hereby approved, shall be deemed to be covenants of the City Council and shall be complied with by the District and its officers. The Indenture shall constitute a contract between the District and the Owners of the Bonds. 733
SECTION 5. The form of the Bond Purchase Agreement presented at this meeting is hereby approved and each of the Authorized Officers is hereby authorized to execute the Bond Purchase Agreement, with such additions thereto and changes therein relating to dates and numbers as are necessary to conform the Bond Purchase Agreement to the dates, amounts and interest rates applicable to the Bonds as of the sale date. Approval of such additions and changes shall be conclusively evidenced by the execution and delivery of the Bond Purchase Agreement by one or more of such Authorized Officers; provided, however, that the Bond Purchase Agreement shall be signed only if the Underwriter’s discount does not exceed 1.20% of the principal amount of the Bonds and only if the true interest cost on the Bonds does not exceed 6.50%. Each of the Authorized Officers is authorized to determine the day on which the Bonds are to be priced in order to attempt to produce the lowest borrowing cost for the District and may reject any terms presented by the Underwriter if determined not to be in the best interest of the District.
SECTION 6. The form of the Continuing Disclosure Certificate presented at this meeting is hereby approved and each of the Authorized Officers is hereby authorized and directed to execute the Continuing Disclosure Certificate in the form hereby approved, with such additions therein and changes thereto as the officer or officers executing the same deem necessary to cure any defect or ambiguity therein, with such approval to be conclusively evidenced by the execution and delivery of such certificate.
SECTION 7. The form of the Preliminary Official Statement presented at this meeting is hereby approved and the Underwriter is hereby authorized to distribute the Preliminary Official Statement to prospective purchasers of the Bonds in the form hereby approved, together with such additions thereto and changes therein as are determined necessary by the Authorized Officers to make such Preliminary Official Statement final as of its date for purposes of Rule 15c2-12 of the Securities and Exchange Commission. Each of the Authorized Officers is hereby authorized to execute a final Official Statement in the form of the Preliminary Official Statement, together with such changes as are determined necessary by the Authorized Officers, to make such Official Statement complete and accurate as of its date. The Underwriter is further authorized to distribute the final Official Statement for the Bonds and any supplement thereto to the purchasers of the Bonds upon the execution of the final Official Statement as described above.
SECTION 8. In accordance with the requirements of Section 53345.8 of the Act, based on the Appraisal, the legislative body of the District hereby determines that the value of the real property in the District subject to the special tax to pay debt service on the Bonds is more than three times the principal amount of the Bonds and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or a special assessment levied on property within the District, all as calculated in the manner provided in Section 53345.8(a) of the Act.
SECTION 9. Each Authorized Officer is authorized to provide for all services necessary to effect the issuance of the Bonds. Such services shall include, but not be limited to, printing the Bonds, obtaining legal services, trustee and paying agent services and any other services deemed appropriate as set forth in a certificate of such Authorized Officer.
Each Authorized Officer is authorized to pay for the cost of such services, together with other costs of issuance, from Bond proceeds deposited pursuant to the Indenture. 734
SECTION 10. The Authorized Officers, the City Clerk and the other officers and staff of the City and the District responsible for the fiscal affairs of the District are hereby authorized and directed to take any actions and execute and deliver any and all documents as are necessary to accomplish the issuance, sale and delivery of the Bonds in accordance with the provisions of this Resolution and the fulfillment of the purposes of the Bonds as described in the Indenture, including, in the discretion of any of the Authorized Officers, the execution of a letter of credit or cash depository agreement with the developer within the District and Wilmington Trust, National Association relating to any security provided by the developer with respect to the special taxes to be levied within the District, and providing certificates to the Underwriter as to the accuracy of any information relating to the District which is included within the Official Statement. Any document authorized herein to be signed by the City Clerk may be signed by a duly appointed deputy clerk.
SECTION 11. The District hereby adopts the City’s Debt Management Policy, as amended, supplemented and restated from time to time, as the debt management policy of the District pursuant to California Government Code Section 8855.
SECTION 12. The City Council acknowledges that the good faith estimates required by Section 5852.1 of the California Government Code are disclosed in the staff report and are available to the public at the meeting at which this Resolution is approved.
SECTION 13. This Resolution shall be effective upon its adoption.
PASSED, APPROVED AND ADOPTED this 12th day of June, 2024:
Bridgette Moore
Mayor
APPROVED AS TO FORM: ATTEST:
Thomas D. Jex Janet Morales
City Attorney City Clerk
735
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF WILDOMAR )
I, Janet Morales, City Clerk of the City of Wildomar, California, do hereby certify that Resolution No. ____________ was adopted by the City Council of the City of Wildomar, California, at the Regular meeting of June 12, 2024 and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
________________________________
Janet Morales
City Clerk
City of Wildomar
736
Stradling Yocca Carlson & Rauth
Draft 05/28/24
4864-7979-0266/200945-0005
BOND INDENTURE
Between
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR
and
WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee
$[PRINCIPAL AMOUNT]
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR
SPECIAL TAX BONDS, SERIES 2024
Dated as of July 1, 2024
737
Table of Contents
Page
i
4864-7979-0266/200945-0005
ARTICLE I
DEFINITIONS
Section 1.1. Definitions..................................................................................................................... 1
ARTICLE II
GENERAL AUTHORIZATION AND BOND TERMS
Section 2.1. Amount, Issuance, Purpose and Nature of Bonds and Parity Bonds .......................... 10 Section 2.2. Type and Nature of Bonds and Parity Bonds.............................................................. 10 Section 2.3. Equality of Bonds and Parity Bonds and Pledge of Net Taxes................................... 11 Section 2.4. Description of Bonds; Interest Rates .......................................................................... 11 Section 2.5. Place and Form of Payment ........................................................................................ 12 Section 2.6. Form of Bonds and Parity Bonds................................................................................ 13 Section 2.7. Execution and Authentication..................................................................................... 13 Section 2.8. Bond Register.............................................................................................................. 14 Section 2.9. Registration of Exchange or Transfer ......................................................................... 14 Section 2.10. Mutilated, Lost, Destroyed or Stolen Bonds or Parity Bonds..................................... 14 Section 2.11. Validity of Bonds and Parity Bonds ........................................................................... 15 Section 2.12. Book-Entry System..................................................................................................... 15 Section 2.13. Representation Letter.................................................................................................. 16 Section 2.14. Transfers Outside Book-Entry System ....................................................................... 16 Section 2.15. Payments to the Nominee ........................................................................................... 16 Section 2.16. Initial Depository and Nominee.................................................................................. 16
ARTICLE III
CREATION OF FUNDS AND APPLICATION OF PROCEEDS
Section 3.1. Creation of Funds; Application of Proceeds............................................................... 16 Section 3.2. Deposits to and Disbursements from Special Tax Fund............................................. 18 Section 3.3. Administrative Expense Fund..................................................................................... 18 Section 3.4. Interest Account and Principal Account of the Special Tax Fund.............................. 18 Section 3.5. Redemption Account of the Special Tax Fund ........................................................... 19 Section 3.6. Reserve Account of the Special Tax Fund.................................................................. 20 Section 3.7. Rebate Fund ................................................................................................................ 21 Section 3.8. Surplus Fund ............................................................................................................... 24 Section 3.9. Acquisition and Construction Fund ............................................................................ 25 Section 3.10. Additional Special Tax Reserve Fund ........................................................................ 25 Section 3.11. Investments ................................................................................................................. 26 738
Table of Contents
(continued)
Page
ii
4864-7979-0266/200945-0005
ARTICLE IV
REDEMPTION OF BONDS AND PARITY BONDS
Section 4.1. Redemption of Bonds ................................................................................................. 28 Section 4.2. Selection of Bonds and Parity Bonds for Redemption ............................................... 30 Section 4.3. Notice of Redemption................................................................................................. 30 Section 4.4. Partial Redemption of Bonds or Parity Bonds............................................................ 31 Section 4.5. Effect of Notice and Availability of Redemption Money........................................... 31
ARTICLE V
COVENANTS AND WARRANTY
Section 5.1. Warranty ..................................................................................................................... 32 Section 5.2. Covenants.................................................................................................................... 32
ARTICLE VI
AMENDMENTS TO INDENTURE
Section 6.1. Supplemental Indentures or Orders Not Requiring Owner Consent........................... 36 Section 6.2. Supplemental Indentures or Orders Requiring Owner Consent.................................. 36 Section 6.3. Notation of Bonds or Parity Bonds; Delivery of Amended Bonds or Parity Bonds .......................................................................................................................... 37
ARTICLE VII
TRUSTEE
Section 7.1. Trustee......................................................................................................................... 38 Section 7.2. Removal of Trustee..................................................................................................... 39 Section 7.3. Resignation of Trustee ................................................................................................ 39 Section 7.4. Liability of Trustee ..................................................................................................... 39 Section 7.5. Merger or Consolidation............................................................................................. 43
ARTICLE VIII
EVENTS OF DEFAULT; REMEDIES
Section 8.1. Events of Default ........................................................................................................ 43 Section 8.2. Remedies of Owners................................................................................................... 44 Section 8.3. Application of Revenues and Other Funds After Default........................................... 44 Section 8.4. Power of Trustee to Control Proceedings ................................................................... 45 Section 8.5. Appointment of Receivers .......................................................................................... 45 Section 8.6. Non-Waiver................................................................................................................. 45 Section 8.7. Limitations on Rights and Remedies of Owners ........................................................ 46 739
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Section 8.8. Termination of Proceedings........................................................................................ 46
ARTICLE IX
DEFEASANCE AND PARITY BONDS
Section 9.1. Defeasance .................................................................................................................. 47 Section 9.2. Conditions for the Issuance of Parity Bonds and Other Additional Indebtedness................................................................................................................ 48
ARTICLE X
MISCELLANEOUS
Section 10.1. Cancellation of Bonds and Parity Bonds .................................................................... 50 Section 10.2. Execution of Documents and Proof of Ownership ..................................................... 50 Section 10.3. Unclaimed Moneys ..................................................................................................... 51 Section 10.4. Provisions Constitute Contract; Governing Law ........................................................ 51 Section 10.5. Future Contracts.......................................................................................................... 51 Section 10.6. Further Assurances...................................................................................................... 51 Section 10.7. Entire Agreement; Severability................................................................................... 51 Section 10.8. Notices ........................................................................................................................ 52 Signatures ................................................................................................................................... S-1 EXHIBIT A FORM OF SPECIAL TAX BOND ..........................................................................A-1 EXHIBIT B REQUISITION FOR DISBURSEMENT OF PROJECT COSTS ........................... B-1 740
4864-7979-0266/200945-0005
BOND INDENTURE
THIS BOND INDENTURE dated as of July 1, 2024, by and between COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO) OF THE CITY OF WILDOMAR (the “District”) and WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (the “Trustee”), governs the terms of the Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Special Tax Bonds, Series 2024 and any Parity Bonds issued in accordance herewith from time to time.
RECITALS :
A. The City Council of the City of Wildomar, located in the County of Riverside, California (the “City Council”), has undertaken proceedings and declared the necessity to issue bonds on behalf of 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”).
B. Based upon Resolution Nos. 2022-67, 2022-68 and 2022-69 adopted by the City Council on December 14, 2022, and elections held on such dates, authorizing the levy of a special tax and the issuance of bonds, the District is authorized to issue bonds in one or more series pursuant to the Act, in an aggregate principal amount not to exceed $7,000,000.
C. Pursuant to Resolution No. 2024- ___ adopted on June 12, 2024, by the City Council, acting as the legislative body of the District, the District is authorized to issue the Bonds (as defined herein) in an aggregate principal amount of $[PRINCIPAL AMOUNT] to finance various Project Costs (as defined herein);
D. The District has determined that all requirements of the Act for the issuance of the Bonds have been satisfied.
NOW, THEREFORE, in order to establish the terms and conditions upon and subject to which the Bonds are to be issued, and in consideration of the premises and of the mutual covenants contained herein and of the purchase and acceptance of the Bonds by the Owners thereof, and for other valuable consideration, the receipt of which is hereby acknowledged, the District does hereby covenant and agree, for the benefit of the Owners of the Bonds and any Parity Bonds (as defined herein) which may be issued hereunder from time to time, as follows:
ARTICLE I
DEFINITIONS
Section 1.1. Definitions. Unless the context otherwise requires, the following terms shall have the following meanings:
Account. The term “Account” means any account created pursuant to this Indenture.
Act. The term “Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Section 53311 et seq. of the California Government Code. 741
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Acquisition and Construction Fund. The term “Acquisition and Construction Fund” means the fund by that name established pursuant to Section 3.1 hereof.
Additional Special Tax Reserve Fund. The term “Additional Special Tax Reserve Fund” means the fund by that name established pursuant to Section 3.1.
Administrative Expense Fund. The term “Administrative Expense Fund” means the fund by that name created and established pursuant to Section 3.1 hereof.
Administrative Expenses. The term “Administrative Expenses” means the administrative costs with respect to the calculation and collection of the Special Taxes, including all attorneys’ fees and other costs related thereto, the fees and expenses of the Trustee, any fees and related costs for credit enhancement for the Bonds or any Parity Bonds which are not otherwise paid as Costs of Issuance, any costs related to the District’s compliance with state and federal laws requiring continuing disclosure of information concerning the Bonds and the District, and any other costs otherwise incurred by City staff on behalf of the District in order to carry out the purposes of the District as set forth in the Resolution of Formation and any obligation of the District hereunder.
Administrative Expenses Cap. The term “Administrative Expenses Cap” means $30,600, which amount shall escalate at 2.00% per Fiscal Year (all as calculated by the District), commencing July 1, 2025.
Alternate Penalty Account. The term “Alternate Penalty Account” means the account by that name created and established in the Rebate Fund pursuant to Section 3.1 hereof.
Annual Debt Service. The term “Annual Debt Service” means the principal amount of any Outstanding Bonds or Parity Bonds payable in a Bond Year either at maturity or pursuant to a Sinking Fund Payment and any interest payable on any Outstanding Bonds or Parity Bonds in such Bond Year, if the Bonds and any Parity Bonds are retired as scheduled.
Authorized Investments. The term “Authorized Investments” means any of the following which at the time of investment are legal investments under the laws of the State for the moneys proposed to be invested therein:
(1) For all purposes, including defeasance investments in refunding escrow accounts:
(a) cash; or
(b) obligations of, or obligations guaranteed as to principal and interest by, the U.S. or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the U.S., including U.S. treasury obligations, all direct or fully guaranteed obligations, Farmers Home Administration, General Services Administration, guaranteed Title XI financing, Government National Mortgage Association (GNMA) and State and Local Government Series; or (c) obligations of government-sponsored agencies that are not backed by the full faith and credit of the U.S. Government: Federal Home Loan Mortgage Corporation (FHLMC) debt obligations, Farm Credit System (formerly: Federal Land Banks, Federal Intermediate Credit Banks and Banks for Cooperatives), Federal Home Loan Banks (FHL Banks), Federal National Mortgage Association (FNMA) debt obligations, Financing Corp. (FICO) debt obligations, Resolution Funding 742
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Corp. (REFCORP) debt obligations and U.S. Agency for International Development (U.S.A.I.D.) guaranteed notes.
(2) For all purposes other than defeasance investments in refunding escrow accounts:
(a) obligations of any of the following federal agencies, which obligations represent the full faith and credit of the United States of America: Export-Import Bank, Rural Economic Community Development Administration, U.S. Maritime Administration, Small Business Administration, U.S. Department of Housing & Urban Development (PHAs), Federal Housing Administration and Federal Financing Bank;
(b) direct obligations of any of the following federal agencies, which obligations are not fully guaranteed by the full faith and credit of the United States of America: senior debt obligations issued by the Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corporation (FHLMC), obligations of the Resolution Funding Corporation (REFCORP) and senior debt obligations of the Federal Home Loan Bank System; (c) U.S. dollar denominated deposit accounts, federal funds and bankers’ acceptances with domestic commercial banks (including those of the Trustee and its affiliates) which have a rating on their short term certificates of deposit on the date of purchase of “A-1” or “A-1+” by S&P and “P-1” by Moody’s and maturing no more than 360 days after the date of purchase (ratings on holding companies are not considered as the rating of the bank); (d) commercial paper which is rated at the time of purchase in the single highest classification “A-1+” by S&P and “P-1” by Moody’s and which matures not more than 270 days after the date of purchase;
(e) investments in a money market fund rated “AAm,” “AAm-G” or better by S&P, including funds for which the Trustee or its affiliates provide investment advisory or other management services;
(f) pre-refunded municipal obligations defined as follows: any bonds or other obligations of any state of the United States of America, or any agency, instrumentality or local governmental unit of any such state, which are not callable at the option of the obligor prior to maturity or as to which irrevocable instructions have been given by the obligor to call on the date specified in the notice, and
(i) which are rated, based on irrevocable escrow account or fund (the “escrow”), in the highest rating category of S&P and Moody’s or any successors thereto; or (ii) (1) which are fully secured as to principal and interest and redemption premium, if any, by an escrow consisting only of cash or obligations described in paragraph (1)(b) above, which escrow may be applied only to the payment of such principal of and interest and redemption premium, if any, on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as appropriate; and (2) which escrow is sufficient, as verified by a nationally recognized independent certified public accountant, to pay principal of and interest and redemption premium, if any, on the bonds or other obligations described in this paragraph on the maturity date or dates specified in the irrevocable instructions referred to above, as appropriate;
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(g) municipal obligations rated “Aaa/AAA” or general obligations of states with a rating of at least “Aa2/AA” or higher by both Moody’s and S&P; (h) Investment Agreements (supported by appropriate opinions of counsel); and (i) the Local Agency Investment Fund of the State, created pursuant to Section 16429.1 of the California Government Code, to the extent the Trustee is authorized to register such investment in its name.
The value of the above investments shall be determined as follows:
(a) for the purpose of determining the amount in any fund, all Authorized Investments credited to such fund shall be valued at market value. The Trustee shall determine the market value based on accepted industry standards, including the Trustee’s internal systems, and from accepted industry providers. Accepted industry providers shall include, but are not limited to, pricing services provided by Financial Times Interactive Data Corporation, Bank of America Merrill Lynch or Salomon Smith Barney. Notwithstanding anything to the contrary herein, in making any valuation of investments hereunder, the Trustee may utilize computerized securities pricing services that may be available to it, including those available through its regular accounting system, and rely thereon; (b) as to certificates of deposit and bankers acceptances: the face amount thereof, plus accrued interest thereon; and
(c) as to any investment not specified above: the value thereof established by prior agreement between the City and the Trustee.
Authorized Representative of the District. The term “Authorized Representative of the District” means the Mayor, City Manager, Assistant City Manager, or City Clerk of the City, or any other officer or employee authorized by the City Council of the City or by an Authorized Representative of the District to undertake the action referenced in this Agreement as required to be undertaken by an Authorized Representative of the District.
Bond Counsel. The term “Bond Counsel” means Stradling Yocca Carlson & Rauth LLP, or another attorney at law or a firm of attorneys selected by the District of nationally recognized standing in matters pertaining to the tax-exempt nature of interest on bonds issued by states and their political subdivisions duly admitted to the practice of law before the highest court of any state of the United States of America or the District of Columbia.
Bond Register. The term “Bond Register” means the books which the Trustee shall keep or cause to be kept on which the registration and transfer of the Bonds and any Parity Bonds shall be recorded.
Bond Year. The term “Bond Year” means the twelve month period commencing on September 2 of each year and ending on September 1 of the following year, except that the first Bond Year for the Bonds or an issue of Parity Bonds shall begin on the Delivery Date and end on the first September 1 which is not more than 12 months after the Delivery Date.
Bonds. The term “Bonds” means the District’s Special Tax Bonds, Series 2024 issued on July __, 2024 in the aggregate principal amount of $[PRINCIPAL AMOUNT]. 744
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Business Day. The term “Business Day” means a day which is not a Saturday or Sunday or a day of the year on which banks or trust companies in New York, New York, Los Angeles, California, or the city where the corporate trust office of the Trustee is located, are not required or authorized by law, regulation or executive order, to close or to remain closed.
Certificate of an Authorized Representative. The term “Certificate of an Authorized Representative” means a written certificate or warrant request executed by an Authorized Representative of the District.
City. The term “City” means the City of Wildomar, County of Riverside, State of California.
City Council. The term “City Council” means the City Council of the City.
City Facilities Account. The term “City Facilities Account” means the account by that name created and established in the Acquisition and Construction Fund pursuant to Section 3.1 hereof.
Code. The term “Code” means the Internal Revenue Code of 1986, as amended, and any Regulations, rulings, judicial decisions, and notices, announcements, and other releases of the United States Treasury Department or Internal Revenue Service interpreting and construing it.
Continuing Disclosure Certificate. The term “Continuing Disclosure Certificate” means that certain Continuing Disclosure Certificate dated as of July 1, 2024, as originally executed by the District and as it may be from time to time amended or supplemented in accordance with its terms.
Costs of Issuance. The term “Costs of Issuance” means the costs and expenses incurred in connection with the formation of the District and the issuance and sale of the Bonds or any Parity Bonds, including the acceptance and initial annual fees and expenses of the Trustee and its counsel, legal fees and expenses, costs of printing the Bonds and Parity Bonds and the preliminary and final official statements for the Bonds and Parity Bonds, fees of financial consultants, costs of the appraisal and all other related fees and expenses, including reimbursement to property owners within the District for design, engineering and legal costs, as set forth in a Certificate of an Authorized Representative of the District.
Costs of Issuance Account. The term “Costs of Issuance Account” means the account by that name created and established in the Acquisition and Construction Fund pursuant to Section 3.1 hereof.
Delivery Date. The term “Delivery Date” means, with respect to the Bonds and each issue of Parity Bonds, the date on which the bonds of such issue were issued and delivered to the initial purchasers thereof.
Depository. The term “Depository” means The Depository Trust Company, New York, New York, and its successors and assigns as securities depository for the Bonds, or any other securities depository acting as Depository under Article II hereof.
District. The term “District” means Community Facilities District No. 2022-3 (Verano) of the City of Wildomar established pursuant to the Act and the Resolution of Formation.
Event of Default. The term “Event of Default” means an event described in Section 8.1 hereof. 745
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Fiscal Year. The term “Fiscal Year” means the period beginning on July 1 of each year and ending on the next following June 30.
Gross Taxes. The term “Gross Taxes” means the amount of all Special Taxes received by the District, together with the proceeds collected from the sale of property pursuant to foreclosure for the delinquency of such Special Taxes remaining after the payment of all costs related to such foreclosure actions.
Indenture. The term “Indenture” means this Bond Indenture, together with any Supplemental Indenture approved pursuant to Article 6 hereof.
Independent Financial Consultant. The term “Independent Financial Consultant” means a financial consultant or firm of such consultants generally recognized to be well qualified in the financial consulting field, appointed and paid by the District, who, or each of whom: (1) is in fact independent and not under the domination of the District or the City; (2) does not have any substantial interest, direct or indirect, in the District or the City; and (3) is not connected with the District or the City as a member, officer or employee of the District or the City, but who may be regularly retained to make annual or other reports to the District or the City.
Interest Account. The term “Interest Account” means the account by that name created and established in the Special Tax Fund pursuant to Section 3.1 hereof.
Interest Payment Date. The term “Interest Payment Date” means September 1, 2024 and each March 1 and September 1 thereafter; provided, however, that, if any such day is not a Business Day, interest up to the Interest Payment Date will be paid on the Business Day next succeeding such date.
Investment Agreement. The term “Investment Agreement” means one or more agreements for the investment of funds of the District complying with the criteria therefor as set forth in subsection (2)(h) of the definition of Authorized Investments herein.
Maximum Annual Debt Service. The term “Maximum Annual Debt Service” means the maximum sum obtained for any Bond Year prior to the final maturity of the Bonds and any Parity Bonds by adding the following for each Bond Year: (1) the principal amount of all Outstanding Bonds and Parity Bonds payable in such Bond Year either at maturity or pursuant to a Sinking Fund Payment; and (2) the interest payable on the aggregate principal amount of all Bonds and Parity Bonds Outstanding in such Bond Year if the Bonds and Parity Bonds are retired as scheduled.
Moody’s. The term “Moody’s” means Moody’s Investors Service, Inc., its successors and assigns.
Net Taxes. The term “Net Taxes” means Gross Taxes minus amounts set aside to pay Administrative Expenses.
Nominee. The term “Nominee” means the nominee of the Depository, which may be the Depository, as determined from time to time pursuant to Section 2.16 hereof.
Ordinance. The term “Ordinance” means Ordinance No. 227 adopted by the City Council on January 18, 2023, providing for the levying of the Special Tax. 746
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Outstanding. The terms “Outstanding” or “Outstanding Bonds and Parity Bonds” means all Bonds and Parity Bonds theretofore issued by the District, except: (i) Bonds and Parity Bonds theretofore cancelled or surrendered for cancellation in accordance with Section 10.1 hereof; (ii) Bonds and Parity Bonds for payment or redemption of which monies shall have been theretofore deposited in trust (whether upon or prior to the maturity or the redemption date of such Bonds or Parity Bonds), provided that, if such Bonds or Parity Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in this Indenture or any applicable Supplemental Indenture for Parity Bonds; and (iii) Bonds and Parity Bonds which have been surrendered to the Trustee for transfer or exchange pursuant to Section 2.9 hereof or for which a replacement has been issued pursuant to Section 2.10 hereof.
Owner. The term “Owner” means the person or persons in whose name or names any Bond or Parity Bond is registered.
Parity Bonds. The term “Parity Bonds” means all bonds, notes or other similar evidences of indebtedness hereafter issued, payable out of the Net Taxes and which, as provided in this Indenture or any Supplemental Indenture, rank on a parity with the Bonds.
Participants. The term “Participants” means those broker-dealers, banks and other financial institutions from time to time for which the Depository holds Bonds or Parity Bonds as securities depository.
Person. The term “Person” means natural persons, firms, corporations, partnerships, associations, trusts, public bodies and other entities.
Prepayments. The term “Prepayments” means any amounts paid by the District to the Trustee and designated by the District as a prepayment of Special Taxes for one or more parcels in the District made in accordance with the RMA.
Principal Account. The term “Principal Account” means the account by that name created and established in the Special Tax Fund pursuant to Section 3.1 hereof.
Principal Office of the Trustee. The term “Principal Office of the Trustee” means the office of the Trustee located in Costa Mesa, California, or such other office or offices as the Trustee may designate from time to time, or the office of any successor Trustee where it principally conducts its business of serving as trustee under indentures pursuant to which municipal or governmental obligations are issued.
Project. The term “Project” means those public facilities described in the Resolution of Formation which are to be acquired or constructed within and outside of the District, including all engineering, planning and design services and other incidental expenses related to such facilities and other facilities, if any, authorized by the qualified electors within the District from time to time.
Project Costs. The term “Project Costs” means the amounts necessary to finance the Project, to create and replenish any necessary reserve funds, to pay the initial and annual costs associated with the Bonds or any Parity Bonds, including, but not limited to, remarketing, credit enhancement, Trustee and other fees and expenses relating to the issuance of the Bonds or any Parity Bonds and the formation of the District, and to pay any other “incidental expenses” of the District, as such term is defined in the Act.
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Rating Agency. The term “Rating Agency” means Moody’s or S&P, or both, as the context requires.
Rebate Account. The term “Rebate Account” means the account by that name created and established in the Rebate Fund pursuant to Section 3.1 hereof.
Rebate Fund. The term “Rebate Fund” means the fund by that name established pursuant to Section 3.1 hereof in which there are established the Accounts described in Section 3.1 hereof.
Rebate Regulations. The term “Rebate Regulations” means any final, temporary or proposed Regulations promulgated under Section 148(f) of the Code.
Record Date. The term “Record Date” means the fifteenth day of the month preceding an Interest Payment Date, regardless of whether such day is a Business Day.
Redemption Account. The term “Redemption Account” means the account by that name created and established in the Special Tax Fund pursuant to Section 3.1 hereof.
Regulations. The term “Regulations” means the regulations adopted or proposed by the Department of Treasury from time to time with respect to obligations issued pursuant to Section 103 of the Code.
Representation Letter. The term “Representation Letter” means the Blanket Letter of Representations from the District to the Depository as described in Section 2.13 hereof.
Reserve Account. The term “Reserve Account” means the account by that name created and established in the Special Tax Fund pursuant to Section 3.1 hereof. “Reserve Policy” means a letter of credit, insurance policy, surety bond or other such funding instrument issued by a municipal bond insurance company rated least “Aa2” or higher by Moody’s or “AA” or higher by S&P, delivered to the Trustee for the purpose of providing all or a portion of the Reserve Requirement for Bonds and Parity Bonds.
Reserve Requirement. The term “Reserve Requirement” means that amount as of any date of calculation equal to the lesser of: (i) 10% of the initial principal amount of the Bonds and Parity Bonds, if any; (ii) Maximum Annual Debt Service on the then Outstanding Bonds and Parity Bonds, if any; and (iii) 125% of average Annual Debt Service on the then Outstanding Bonds and Parity Bonds, if any; provided, however, that the Reserve Requirement shall not exceed $_______ except in connection with the issuance of Parity Bonds.
Resolution of Formation. The term “Resolution of Formation” means Resolution No. 2022-67 adopted by the City Council on December 14, 2022, pursuant to which the City Council formed the District.
RMA. The term “RMA” means the Rate and Method of Apportionment of Special Tax for the District approved by the qualified electors of the District at the December 14, 2022 election.
School Facilities Account. The term “School Facilities Account” means the account by that name created and established in the Acquisition and Construction Fund pursuant to Section 3.1 hereof. 748
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Sinking Fund Payment. The term “Sinking Fund Payment” means the annual payment to be deposited in the Redemption Account to redeem a portion of the Term Bonds in accordance with the schedules set forth in Section 4.1(b) hereof and any annual sinking fund payment schedule to retire any Parity Bonds which are designated as Term Bonds.
Six-Month Period. The term “Six-Month Period” means the period of time beginning on the Delivery Date of each issue of Bonds or Parity Bonds, as applicable, and ending six consecutive months thereafter, and each six-month period thereafter until the latest maturity date of the Bonds and the Parity Bonds (and any obligations that refund an issue of the Bonds or Parity Bonds).
Special Tax Administrator. The term “Special Tax Administrator” means the individual or entity appointed by the City to administer the calculation and collection of the Special Taxes.
Special Tax Fund. The term “Special Tax Fund” means the fund by that name created and established pursuant to Section 3.1 hereof.
Special Taxes. The term “Special Taxes” means the Special Tax (as defined in the RMA) authorized to be levied by the District on property within the District in accordance with the Ordinance, the Resolution of Formation, the Act and the voter approval obtained at the December 14, 2022 election in the District, including any scheduled payments and any Prepayments thereof, the net proceeds of the redemption or sale of property sold as a result of foreclosure of the lien of the Special Taxes to the amount of said lien and penalties and interest thereon; provided that any delinquent Special Tax sold to an independent third-party or to the City for 100% of the delinquent amount shall no longer be pledged hereunder to the payment of the Bonds or Parity Bonds.
S&P. The term “S&P” means S&P Global Ratings, a Standard & Poor’s Financial Services LLC business, its successors and assigns.
Subaccount. The term “Subaccount” means any subaccount created pursuant to this Indenture.
Supplemental Indenture. The term “Supplemental Indenture” means any supplemental indenture amending or supplementing this Indenture.
Surplus Fund. The term “Surplus Fund” means the fund by that name created and established pursuant to Section 3.1 hereof.
Tax Certificate. The term “Tax Certificate” means the certificate by that name to be executed by the District on a Delivery Date to establish certain facts and expectations and which contains certain covenants relevant to compliance with the Code.
Tax-Exempt. The term “Tax-Exempt” means, with reference to an Authorized Investment, an Authorized Investment the interest earnings on which are excludable from gross income for federal income tax purposes pursuant to Section 103(a) of the Code, other than one described in Section 57(a)(5)(C) of the Code.
Taxable Property. The term “Taxable Property” has the meaning ascribed to it in the RMA. 749
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Term Bonds. The term “Term Bonds” means the Bonds maturing on September 1, 20__, and September 1, 20__, and any term maturities of an issue of Parity Bonds as specified in a Supplemental Indenture.
Trustee. The term “Trustee” means Wilmington Trust, National Association, a national banking association duly organized and existing under the laws of the United States, at its principal corporate trust office in Costa Mesa, California, and its successors or assigns, or any other bank or trust company which may at any time be substituted in its place as provided in Sections 7.2 or 7.3, and any successor thereto.
Underwriter. The term “Underwriter” means, with respect to the Bonds, Stifel, Nicolaus & Company, Incorporated, and with respect to each issue of Parity Bonds, the institution or institutions, if any, with whom the District enters into a purchase contract for the sale of such issue.
Water Facilities Account. The term “Water Facilities Account” means the account by that name created and established in the Acquisition and Construction Fund pursuant to Section 3.1 hereof.
ARTICLE II
GENERAL AUTHORIZATION AND BOND TERMS
Section 2.1. Amount, Issuance, Purpose and Nature of Bonds and Parity Bonds. Under and pursuant to the Act, the Bonds in the aggregate principal amount of $[PRINCIPAL AMOUNT], together with any Parity Bonds authorized by the City Council in accordance with Section 9.2 hereof, shall be issued for the purposes of financing and/or refinancing the Project, funding capitalized interest on a portion of the Bonds, paying Costs of Issuance and funding the Reserve Account; provided that the aggregate principal amount of the Bonds and any Parity Bonds shall not exceed the total indebtedness presently authorized or subsequently authorized by the qualified electors within the District in accordance with the Act. The Bonds and any Parity Bonds shall be and are limited obligations of the District and shall be payable as to the principal thereof and interest thereon and any premiums upon the redemption thereof solely from the Net Taxes and the other amounts in the Special Tax Fund.
Section 2.2. Type and Nature of Bonds and Parity Bonds. Neither the faith and credit nor the taxing power of the City, the State of California, or any political subdivision thereof other than the District is pledged to the payment of the Bonds or any Parity Bonds. Except for the Net Taxes, no other taxes are pledged to the payment of the Bonds or any Parity Bonds. The Bonds and any Parity Bonds are not general or special obligations of the City nor general obligations of the District, but are limited obligations of the District payable solely from certain amounts deposited by the District in the Special Tax Fund, as more fully described herein. The District’s limited obligation to pay the principal of, premium, if any, and interest on the Bonds and any Parity Bonds from amounts in the Special Tax Fund is absolute and unconditional, free of deductions and without any abatement, offset, recoupment, diminution or set-off whatsoever. No Owner of the Bonds or any Parity Bonds may compel the exercise of the taxing power by the District (except as pertains to the Special Taxes) or the City or the forfeiture of any of their property. The principal of and interest on the Bonds and any Parity Bonds and premiums upon the redemption thereof, if any, are not a debt of the City, the State of California or any of its political subdivisions within the meaning of any constitutional or statutory limitation or restriction. The Bonds and any Parity Bonds are not a legal or equitable pledge, charge, lien, or encumbrance upon any of the District’s property, or upon any of its income, receipts or revenues, 750
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except the Net Taxes and other amounts in the Special Tax Fund which are, under the terms of this Indenture and the Act, set aside for the payment of the Bonds, any Parity Bonds and interest thereon, and neither the members of the legislative body of the District or the members of the City Council nor any persons executing the Bonds or any Parity Bonds are liable personally on the Bonds or any Parity Bonds, by reason of their issuance.
Notwithstanding anything to the contrary contained in this Indenture, the District shall not be required to advance any money derived from any source of income other than the Net Taxes for the payment of the interest on or the principal of the Bonds or any Parity Bonds, or for the performance of any covenants contained herein. The District may, however, advance funds for any such purpose, provided that such funds are derived from a source legally available for such purpose.
Section 2.3. Equality of Bonds and Parity Bonds and Pledge of Net Taxes. Pursuant to the Act and this Indenture, the Bonds and any Parity Bonds shall be equally payable from and secured by a first pledge of and lien on the Net Taxes and other amounts in the Special Tax Fund, without priority for number, date of the Bonds or Parity Bonds, date of sale, date of execution, or date of delivery, and the payment of the interest on and principal of the Bonds and any Parity Bonds and any premiums upon the redemption thereof, shall be exclusively paid from the Net Taxes and other amounts in the Special Tax Fund which are hereby set aside for the payment of the Bonds and any Parity Bonds; provided that any delinquent Special Tax sold to an independent third-party or to the City for 100% of the delinquent amount shall no longer be pledged hereunder to the payment of the Bonds or Parity Bonds. Amounts in the Special Tax Fund shall constitute a trust fund held for the benefit of the Owners to be applied to the payment of the interest on and principal of the Bonds and any Parity Bonds and, so long as any of the Bonds and any Parity Bonds or interest thereon remain Outstanding, shall not be used for any other purpose, except as permitted by this Indenture or any Supplemental Indenture.
Notwithstanding any provision contained in this Indenture to the contrary, Net Taxes deposited in the Rebate Fund and the Surplus Fund shall no longer be considered to be pledged to the Bonds or any Parity Bonds, and none of the Rebate Fund, the Surplus Fund, the Acquisition and Construction Fund, the Additional Special Tax Reserve Fund or the Administrative Fund shall be construed as a trust fund held for the benefit of the Owners.
Nothing in this Indenture or any Supplemental Indenture shall preclude: (i) subject to the limitations contained hereunder, the redemption prior to maturity of any Bonds or Parity Bonds subject to call and redemption and payment of said Bonds or Parity Bonds from proceeds of refunding bonds issued under the Act as the same now exists or as hereafter amended, or under any other law of the State of California; or (ii) the issuance, subject to the limitations contained herein, of Parity Bonds which shall be payable from Net Taxes.
Section 2.4. Description of Bonds; Interest Rates. The Bonds and any Parity Bonds shall be issued in fully registered form in denominations of $5,000 or any integral multiple thereof. The Bonds and any Parity Bonds of each issue shall be numbered as desired by the Trustee.
The Bonds shall be designated “Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Special Tax Bonds, Series 2024.” The Bonds shall be dated as of their Delivery Date and shall mature and be payable on September 1 in the years and in the aggregate principal amounts and shall be subject to and shall bear interest at the rates set forth in the table below payable on September 1, 2024 and each Interest Payment Date thereafter:
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Maturity Date
September 1
Principal
Amount
Interest
Rate
$ %
T Term Bonds.
Interest shall be payable on each Bond and Parity Bond from the date established in accordance with Section 2.5 below on each Interest Payment Date thereafter until the principal sum of such Bond or Parity Bond has been paid; provided, however, that if at the maturity date of any Bond or Parity Bond (or if the same is redeemable and shall be duly called for redemption, then at the date fixed for redemption) funds are available for the payment or redemption thereof in full, in accordance with the terms of this Indenture, such Bonds and Parity Bonds shall then cease to bear interest. Interest due on the Bonds and Parity Bonds shall be calculated on the basis of a 360-day year comprised of twelve 30-day months.
Section 2.5. Place and Form of Payment. The Bonds and Parity Bonds shall be payable both as to principal and interest, and as to any premiums upon the redemption thereof, in lawful money of the United States of America. The principal of the Bonds and Parity Bonds and any premiums due upon the redemption thereof shall be payable upon presentation and surrender thereof at the Principal Office of the Trustee, or at the designated office of any successor Trustee. If the Nominee of the Bonds or Parity Bonds is registered to Cede & Co., payment of principal and any premiums shall be made without presentment. Interest on any Bond or Parity Bond shall be payable from the Interest Payment Date next preceding the date of authentication of such Bond or Parity Bond, unless: (i) such date of authentication is an Interest Payment Date, in which event interest shall be payable from such date of authentication; (ii) the date of authentication is after a Record Date but prior to the immediately succeeding Interest Payment Date, in which event interest shall be payable from the Interest Payment Date immediately succeeding the date of authentication; or (iii) the date of authentication is prior to the close of business on the first Record Date occurring after the issuance of such Bond or Parity Bond, in which event interest shall be payable from the dated date of such Bond or Parity Bond, as applicable; provided, however, that if at the time of authentication of such Bond or Parity Bond, interest is in default, interest on such Bond or Parity Bond shall be payable from the last Interest Payment Date to which the interest has been paid or made available for payment or, if no interest has been paid or made available for payment on such Bond or Parity Bond, interest on such Bond or Parity Bond shall be payable from its dated date. Interest on any Bond or Parity Bond shall be paid to the person whose 752
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name shall appear in the Bond Register as the Owner of such Bond or Parity Bond as of the close of business on the Record Date. Such interest shall be paid by check of the Trustee mailed by first class mail, postage prepaid, to such Owner at his or her address as it appears on the Bond Register. In addition, upon a request in writing received by the Trustee on or before the applicable Record Date from an Owner of $1,000,000 or more in principal amount of the Bonds or of any issue of Parity Bonds, payment shall be made on the Interest Payment Date by wire transfer in immediately available funds to an account within the United States of America designated by such Owner.
Section 2.6. Form of Bonds and Parity Bonds. The definitive Bonds may be printed from steel engraved or lithographic plates or may be typewritten. The Bonds and the certificate of authentication shall be substantially in the form attached hereto as Exhibit A, which form is hereby approved and adopted as the form of such Bonds and of the certificate of authentication. Each issue of Parity Bonds and the certificate of authentication therefor shall be in the form provided in the Supplemental Indenture for such issue of Parity Bonds.
Until definitive Bonds or Parity Bonds, as applicable, shall be prepared, the District may cause to be executed and delivered in lieu of such definitive Bonds or Parity Bonds temporary bonds in typed, printed, lithographed or engraved form and in fully registered form, subject to the same provisions, limitations and conditions as are applicable in the case of definitive Bonds or Parity Bonds, except that they may be in any denominations authorized by the District. Until exchanged for definitive Bonds or Parity Bonds, as applicable, any temporary bond shall be entitled and subject to the same benefits and provisions of this Indenture as definitive Bonds and Parity Bonds. If the District issues temporary Bonds or Parity Bonds, it shall execute and furnish definitive Bonds or Parity Bonds, as applicable, without unnecessary delay and thereupon any temporary Bond or Parity Bond may be surrendered to the Trustee at its office, without expense to the Owner, in exchange for a definitive Bond or Parity Bond of the same issue, maturity, interest rate and principal amount in any authorized denomination.
All temporary Bonds or Parity Bonds so surrendered shall be cancelled by the Trustee and shall not be reissued.
Section 2.7. Execution and Authentication. The Bonds and Parity Bonds shall be signed on behalf of the District by the manual or facsimile signature of the Mayor of the City and countersigned by the manual or facsimile signature of the City Clerk, or any duly appointed Deputy Clerk, in their capacity as officers of the District, and the seal of the City or the District (or a facsimile thereof) may be impressed, imprinted, engraved or otherwise reproduced thereon, and attested by the signature of the City Clerk. In case any one or more of the officers who shall have signed or sealed any of the Bonds or Parity Bonds shall cease to be such officer before the Bonds or Parity Bonds so signed and sealed have been authenticated and delivered by the Trustee (including new Bonds or Parity Bonds delivered pursuant to the provisions hereof with reference to the transfer and exchange of Bonds or Parity Bonds or lost, stolen, destroyed or mutilated Bonds or Parity Bonds), such Bonds and Parity Bonds shall nevertheless be valid and may be authenticated and delivered as herein provided, and may be issued as if the person who signed or sealed such Bonds or Parity Bonds had not ceased to hold such office.
Only the Bonds as shall bear thereon such certificate of authentication in the form set forth in Exhibit A attached hereto shall be entitled to any right or benefit under this Indenture, and no Bond shall be valid or obligatory for any purpose until such certificate of authentication shall have been duly executed by the Trustee.
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Section 2.8. Bond Register. The Trustee will keep or cause to be kept, at its office, sufficient books for the registration and transfer of the Bonds and any Parity Bonds which shall upon reasonable prior notice be open to inspection by the District during all regular business hours, and, subject to the limitations set forth in Section 2.9 below, upon presentation for such purpose, the Trustee shall, under such reasonable regulations as it may prescribe, register or transfer or cause to be transferred on said Bond Register, Bonds and any Parity Bonds as herein provided.
The District and the Trustee may treat the Owner of any Bond or Parity Bond whose name appears on the Bond Register as the absolute Owner of that Bond or Parity Bond for any and all purposes and the District and the Trustee shall not be affected by any notice to the contrary. The District and the Trustee may rely on the address of the Owner as it appears in the Bond Register for any and all purposes. It shall be the duty of the Owner to give written notice to the Trustee of any change in the Owner’s address so that the Bond Register may be revised accordingly.
Section 2.9. Registration of Exchange or Transfer. Subject to the limitations set forth in the following paragraph, the registration of any Bond or Parity Bond may, in accordance with its terms, be transferred upon the Bond Register by the person in whose name it is registered, in person or by his or her duly authorized attorney, upon surrender of such Bond or Parity Bond for cancellation at the office of the Trustee, accompanied by delivery of written instrument of transfer in a form acceptable to the Trustee and duly executed by the Owner or his or her duly authorized attorney.
Bonds or Parity Bonds may be exchanged at the office of the Trustee for a like aggregate principal amount of Bonds or Parity Bonds for other authorized denominations of the same maturity and issue. The Trustee shall not collect from the Owner any charge for any new Bond or Parity Bond issued upon any exchange or transfer, but shall require the Owner requesting such exchange or transfer to pay any tax or other governmental charge required to be paid with respect to such exchange or transfer. Whenever any Bonds or Parity Bonds shall be surrendered for registration of transfer or exchange, the District shall execute and the Trustee shall authenticate and deliver a new Bond or Bonds or a new Parity Bond or Parity Bonds, as applicable, of the same issue and maturity, for a like aggregate principal amount; provided that the Trustee shall not be required to register transfers or make exchanges of: (i) Bonds or Parity Bonds for a period of 15 days next preceding any selection of the Bonds or Parity Bonds to be redeemed; or (ii) any Bonds or Parity Bonds chosen for redemption.
Section 2.10. Mutilated, Lost, Destroyed or Stolen Bonds or Parity Bonds. If any Bond or Parity Bond shall become mutilated, the District shall execute, and the Trustee shall authenticate and deliver, a new Bond or Parity Bond of like tenor, date, issue and maturity in exchange and substitution for the Bond or Parity Bond so mutilated, but only upon surrender to the Trustee of the Bond or Parity Bond so mutilated. Every mutilated Bond or Parity Bond so surrendered to the Trustee shall be cancelled by the Trustee pursuant to Section 10.1 hereof. If any Bond or Parity Bond shall be lost, destroyed or stolen, evidence of such loss, destruction or theft may be submitted to the Trustee and, if such evidence is satisfactory to the Trustee and, if any indemnity satisfactory to the Trustee shall be given, the District shall execute and the Trustee shall authenticate and deliver a new Bond or Parity Bond, as applicable, of like tenor, maturity and issue, numbered and dated as the Trustee shall determine in lieu of and in substitution for the Bond or Parity Bond so lost, destroyed or stolen. Any Bond or Parity Bond issued in lieu of any Bond or Parity Bond alleged to be mutilated, lost, destroyed or stolen shall be equally and proportionately entitled to the benefits hereof with all other Bonds and Parity Bonds issued hereunder. The Trustee shall not treat both the original Bond or Parity Bond and any replacement Bond or Parity Bond as being Outstanding for the purpose of determining the principal amount of Bonds or Parity Bonds which may be executed, authenticated and delivered hereunder or 754
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for the purpose of determining any percentage of Bonds or Parity Bonds Outstanding hereunder, but both the original and replacement Bond or Parity Bond shall be treated as one and the same.
Notwithstanding any other provision of this Section, in lieu of delivering a new Bond or Parity Bond which has been mutilated, lost, destroyed or stolen, and which has matured, the Trustee may make payment with respect to such Bonds or Parity Bonds.
Section 2.11. Validity of Bonds and Parity Bonds. The validity of the authorization and issuance of the Bonds and any Parity Bonds shall not be affected in any way by any defect in any proceedings taken by the District for the financing of the Project, or by the invalidity, in whole or in part, of any contracts made by the District in connection therewith, and shall not be dependent upon the completion of the financing of the Project or upon the performance by any Person of his obligation with respect to the Project, and the recital contained in the Bonds or any Parity Bonds that the same are issued pursuant to the Act and other applicable laws of the State shall be conclusive evidence of their validity and of the regularity of their issuance.
Section 2.12. Book-Entry System. The Bonds shall be initially delivered in the form of a separate single fully registered Bond (which may be typewritten) for each maturity of the Bonds. Upon initial delivery, the ownership of each such Bond shall be registered in the registration books kept by the Trustee in the name of the Nominee as nominee of the Depository. Except as provided in Section 2.14 hereof, all of the Outstanding Bonds shall be registered in the registration books kept by the Trustee in the name of the Nominee. At the election of the District, any Parity Bonds may also be issued as book-entry bonds registered in the name of the Nominee as provided herein, in which case the references in Sections 2.12 through 2.15 to “Bonds” shall be applicable to such Parity Bonds.
With respect to Bonds registered in the registration books kept by the Trustee in the name of the Nominee, the District and the Trustee shall have no responsibility or obligation to any such Participant or to any Person on behalf of which such a Participant holds an interest in the Bonds.
Without limiting the immediately preceding sentence, the District and the Trustee shall have no responsibility or obligation with respect to: (i) the accuracy of the records of the Depository, the Nominee, or any Participant with respect to any ownership interest in the Bonds; (ii) the delivery to any Participant or any other Person, other than an Owner as shown in the registration books kept by the Trustee, of any notice with respect to the Bonds, including any notice of redemption; (iii) the selection by the Depository and its Participants of the beneficial interests in the Bonds to be redeemed in the event that the Bonds are redeemed in part; or (iv) the payment to any Participant or any other Person, other than an Owner as shown in the registration books kept by the Trustee, of any amount with respect to principal of, premium, if any, or interest due with respect to the Bonds. The District and the Trustee may treat and consider the Person in whose name each Bond is registered in the registration books kept by the Trustee as the holder and absolute owner of such Bond for the purpose of payment of the principal of, premium, if any, and interest on such Bond, for the purpose of giving notices of redemption and other matters with respect to such Bond, for the purpose of registering transfers with respect to such Bond and for all other purposes whatsoever. The Trustee shall pay all principal of, premium, if any, and interest due on the Bonds only to or upon the order of the respective Owner, as shown in the registration books kept by the Trustee, or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to satisfy and discharge fully the District’s obligations with respect to payment of the principal, premium, if any, and interest due on the Bonds to the extent of the sum or sums so paid. No Person other than an Owner, as shown in the registration books kept by the Trustee, shall receive a Bond evidencing the obligation of the District to make payments of principal, premium, if any, and interest pursuant to this Indenture. Upon delivery by the Depository to the Trustee and the District of written notice to the effect that the Depository has 755
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determined to substitute a new nominee in place of the Nominee, and subject to the provisions herein with respect to Record Dates, the word Nominee in this Indenture shall refer to such new nominee of the Depository.
Section 2.13. Representation Letter. In order to qualify the Bonds and any Parity Bonds which the District elects to register in the name of the Nominee for the Depository’s book-entry system, an Authorized Representative of the District is hereby authorized to execute from time to time and deliver to such Depository the Representation Letter. The execution and delivery of the Representation Letter shall not in any way limit the provisions of Section 2.12 or in any other way impose upon the District or the Trustee any obligation whatsoever with respect to persons having interests in the Bonds other than the Owners, as shown on the registration books kept by the Trustee. The District agrees to take all action necessary to continuously comply with all representations made by it in the Representation Letter. In addition to the execution and delivery of the Representation Letter, the Authorized Representatives of the District are hereby authorized to take any other actions, not inconsistent with this Indenture, to qualify the Bonds for the Depository’s book-entry program.
Section 2.14. Transfers Outside Book-Entry System. In the event that: (i) the Depository determines not to continue to act as securities depository for the Bonds; or (ii) the District determines that the Depository shall no longer so act, then the District will discontinue the book-entry system with the Depository. If the District fails to identify another qualified securities depository to replace the Depository then the Bonds so designated shall no longer be restricted to being registered in the registration books kept by the Trustee in the name of the Nominee, but shall be registered in whatever name or names Persons transferring or exchanging Bonds shall designate, in accordance with the provisions of Section 2.9 hereof.
Section 2.15. Payments to the Nominee. Notwithstanding any other provisions of this Indenture to the contrary, so long as any Bond is registered in the name of the Nominee, all payments with respect to principal, premium, if any, and interest due with respect to such Bond and all notices with respect to such Bond shall be made and given, respectively, as provided in the Representation Letter or as otherwise instructed by the Depository.
Section 2.16. Initial Depository and Nominee. The initial Depository under this Indenture shall be The Depository Trust Company, New York, New York. The initial Nominee shall be Cede & Co., as Nominee of The Depository Trust Company, New York, New York.
ARTICLE III
CREATION OF FUNDS AND APPLICATION OF PROCEEDS
Section 3.1. Creation of Funds; Application of Proceeds. (a) There are hereby created and established and shall be maintained by the Trustee the following funds and accounts:
(1) The Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Special Tax Fund (the “Special Tax Fund”) (in which there shall be established and created an Interest Account, a Principal Account, a Redemption Account and a Reserve Account). 756
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(2) The Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Rebate Fund (the “Rebate Fund”) (in which there shall be established a Rebate Account and an Alternate Penalty Account).
(3) The Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Acquisition and Construction Fund (the “Acquisition and Construction Fund”) (in which there shall be established a Costs of Issuance Account, a City Facilities Account, a School Facilities Account and a Water Facilities Account).
(4) The Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Surplus Fund (the “Surplus Fund”).
(5) The Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Additional Special Tax Reserve Fund (the “Additional Special Tax Reserve Fund”).
The amounts on deposit in the foregoing funds, accounts and subaccounts shall be held by the Trustee. The Trustee shall invest and disburse the amounts in such funds, accounts and subaccounts in accordance with the provisions of this Article III and shall disburse investment earnings thereon in accordance with the provisions of Section 3.11 hereof.
In connection with the issuance of any Parity Bonds, which may be issued only for the purpose of refunding the Bonds as described in Section 9.2, the Trustee, at the direction of an Authorized Representative of the District, may create new funds, accounts or subaccounts, or may create additional accounts and subaccounts within any of the foregoing funds and accounts for the purpose of separately accounting for the proceeds of the Bonds and any Parity Bonds. (b) There is hereby established and shall be maintained by the District, the Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Administrative Expense Fund (the “Administrative Expense Fund”).
(c) The proceeds of the sale of the Bonds shall be received by the Trustee on behalf of the District and deposited and transferred as follows:
(1) $_________ shall be transferred to the Costs of Issuance Account of the Acquisition and Construction Fund to pay the Costs of Issuance of the Bonds; (2) $_________ shall be transferred to the Reserve Account of the Special Tax Fund to fund the Reserve Requirement; and
(3) $__________ shall be transferred to the Acquisition and Construction Fund of which $__________ shall be deposited in the City Facilities Account, $______ shall be deposited in the School Facilities Account and $__________ shall be deposited in the Water Facilities Account. (d) On the Delivery Date of the Bonds, the District shall transfer $_______ representing Special Taxes levied in the District and the Trustee shall deposit such amount in the Additional Special Tax Reserve Fund.
The Trustee may, in its discretion, establish temporary funds or accounts in its books and records to facilitate such transfers.
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Section 3.2. Deposits to and Disbursements from Special Tax Fund. (a) Except for Prepayments, which shall be deposited to the Redemption Account of the Special Tax Fund, the Trustee shall, on each date on which the Special Taxes are received from the District, deposit the Special Taxes in the Special Tax Fund to be held in trust for the Owners. The Trustee shall transfer the Special Taxes on deposit in the Special Tax Fund on the dates and in the amounts set forth in the following Sections, in the following order of priority, to:
(1) the Interest Account of the Special Tax Fund;
(2) the Principal Account of the Special Tax Fund;
(3) the Redemption Account of the Special Tax Fund;
(4) the Reserve Account of the Special Tax Fund;
(5) the District, upon a Certificate of an Authorized Representative, for deposit in the Administrative Expense Fund to the extent that Administrative Expenses exceed or are expected to exceed the Administrative Expense Cap;
(6) the Rebate Fund; and
(7) the Surplus Fund.
(b) At maturity of all of the Bonds and Parity Bonds and, after all principal and interest then due on the Bonds and Parity Bonds then Outstanding have been paid or provided for and any amounts owed to the Trustee have been paid in full, moneys in the Special Tax Fund and any accounts therein may be used by the District for any lawful purpose.
Section 3.3. Administrative Expense Fund. Promptly after the receipt of any Special Taxes in a Fiscal Year, the District shall deposit Special Taxes (other than Prepayments, which shall be transferred to the Trustee as set forth in Section 3.2 above) in the Administrative Expense Fund from time to time in the amounts necessary to make timely payment of Administrative Expenses; provided, however, that, except as set forth in the following sentence, the total amount transferred with respect to a Bond Year shall not exceed the Administrative Expenses Cap until such time as there has been deposited to the Interest Account and the Principal Account an amount, together with any amounts already on deposit therein, that is sufficient to pay the interest and principal on all Bonds and Parity Bonds due in such Bond Year and to restore the Reserve Account to the Reserve Requirement.
Notwithstanding the foregoing, amounts in excess of the Administrative Expenses Cap may be transferred to the Administrative Expense Fund to the extent necessary to collect delinquent Special Taxes as set forth in a Certificate of an Authorized Representative of the District. Moneys in the Administrative Expense Fund may be invested in any Authorized Investments.
Section 3.4. Interest Account and Principal Account of the Special Tax Fund. The principal of and interest due on the Bonds and any Parity Bonds until maturity, other than principal due upon redemption, shall be paid by the Trustee from the Principal Account and the Interest Account of the Special Tax Fund, respectively.
For the purpose of assuring that the payment of principal of and interest on the Bonds and any Parity Bonds will be made when due, after making the transfer required by Section 3.3, at least one 758
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Business Day prior to each March 1 and September 1, the Trustee shall make the following transfers from the Special Tax Fund first to the Interest Account and then to the Principal Account; provided, however, that to the extent that deposits have been made in the Interest Account or the Principal Account from the proceeds of the sale of an issue of the Bonds or any Parity Bonds, or otherwise, the transfer from the Special Tax Fund need not be made; and provided, further, that, if amounts in the Special Tax Fund (exclusive of the Reserve Account) are inadequate to make the foregoing transfers, then any deficiency shall be made up by transfers from the Reserve Account:
(a) To the Interest Account, an amount such that the balance in the Interest Account one Business Day prior to each Interest Payment Date shall be equal to the installment of interest due on the Bonds and any Parity Bonds on said Interest Payment Date and any installment of interest due on a previous Interest Payment Date which remains unpaid. Moneys in the Interest Account shall be used for the payment of interest on the Bonds and any Parity Bonds as the same become due. (b) To the Principal Account, an amount such that the balance in the Principal Account one Business Day prior to September 1 of each year, commencing September 1, 2025, shall equal the principal payment due on the Bonds and any Parity Bonds maturing on such September 1 and any principal payment due on a previous September 1 which remains unpaid. Moneys in the Principal Account shall be used for the payment of the principal of such Bonds and any Parity Bonds as the same become due at maturity.
Section 3.5. Redemption Account of the Special Tax Fund. (a) With respect to each September 1 on which a Sinking Fund Payment is due, after the deposits have been made to the Interest Account and the Principal Account of the Special Tax Fund as required by Section 3.4 hereof, the Trustee shall next transfer into the Redemption Account of the Special Tax Fund from the Special Tax Fund the amount needed to make the balance in the Redemption Account one Business Day prior to each September 1 on which a Sinking Fund Payment is due equal to the Sinking Fund Payment due on any Outstanding Bonds and Parity Bonds on such September 1; provided, however, that, if amounts in the Special Tax Fund are inadequate to make the foregoing transfers, then any deficiency shall be made up by an immediate transfer, first from amounts in the Additional Special Tax Reserve Fund, if funded, pursuant to Section 3.10 below, and second, from the Reserve Account, if funded, pursuant to Section 3.6 below. Moneys so deposited in the Redemption Account shall be used and applied by the Trustee to call and redeem Term Bonds in accordance with the Sinking Fund Payment schedules set forth in Section 4.1(b) hereof, and to redeem Parity Bonds in accordance with any Sinking Fund Payment schedule in the Supplemental Indenture for such Parity Bonds.
(b) After making the deposits to the Interest Account and the Principal Account of the Special Tax Fund pursuant to Section 3.4 above and to the Redemption Account for Sinking Fund Payments then due pursuant to subparagraph (a) of this Section, and in accordance with the District’s election to call Bonds for optional redemption as set forth in Section 4.1(a) hereof, or to call Parity Bonds for optional redemption as set forth in any Supplemental Indenture for Parity Bonds, the Trustee shall transfer from the Special Tax Fund and deposit in the Redemption Account moneys available for the purpose and sufficient to pay the principal and the premiums, if any, payable on the Bonds or Parity Bonds called for optional redemption; provided, however, that amounts in the Special Tax Fund may be applied to optionally redeem Bonds and Parity Bonds only if immediately following such redemption the amount in the Reserve Account will equal the Reserve Requirement. 759
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(c) Prepayments deposited to the Redemption Account shall be applied on the redemption date established pursuant to Section 4.1(c) hereof to the payment of the principal of, premium, if any, and interest on the Bonds and Parity Bonds to be redeemed with such Prepayments. (d) Moneys set aside in the Redemption Account shall be used solely for the purpose of redeeming Bonds and Parity Bonds and shall be applied on or after the redemption date to the payment of principal of and premium, if any, on the Bonds or Parity Bonds to be redeemed upon presentation and surrender of such Bonds or Parity Bonds, and, in the case of an optional redemption or a special mandatory redemption from Prepayments, to pay the interest thereon; provided, however, that in lieu or partially in lieu of such call and redemption, moneys deposited in the Redemption Account may be used to purchase Outstanding Bonds or Parity Bonds in the manner hereinafter provided. Purchases of Outstanding Bonds or Parity Bonds may be made by the District at public or private sale as and when and at such prices as the District may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, plus, in the case of moneys set aside for an optional redemption or a special mandatory redemption, the premium applicable at the next following call date according to the premium schedule established pursuant to Section 4.1(a) or
4.1(c) hereof, as applicable, or in the case of Parity Bonds the premium established in any Supplemental Indenture. Any accrued interest payable upon the purchase of Bonds or Parity Bonds may be paid from the amount reserved in the Interest Account of the Special Tax Fund for the payment of interest on the next following Interest Payment Date.
Section 3.6. Reserve Account of the Special Tax Fund. There shall be maintained in the Reserve Account of the Special Tax Fund an amount equal to the Reserve Requirement. The Reserve Requirement may be satisfied in whole or in part by cash, a Reserve Policy, or a combination thereof.
The amounts in the Reserve Account shall be applied as follows:
(a) Moneys in the Reserve Account shall be used solely for the purpose of paying the principal of, including Sinking Fund Payments, and interest on the Bonds and any Parity Bonds when due in the event that, after moneys in the Additional Special Tax Reserve Fund, if any, have been transferred to the Interest Account, the Principal Account and/or the Redemption Account pursuant to Section 3.10, the moneys in the Interest Account, the Principal Account of the Special Tax Fund are insufficient therefor or moneys in the Redemption Account of the Special Tax Fund are insufficient to make a Sinking Fund Payment when due and for the purpose of making any required transfer to the Rebate Fund pursuant to Section 3.7 hereof upon written direction from the District. If after moneys in the Additional Special Tax Reserve Fund, if any, have been transferred to the Interest Account, the Principal Account and/or the Redemption Account pursuant to Section 3.10, the amounts in the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund are insufficient to pay the principal of, including Sinking Fund Payments, or interest on any Parity Bonds when due, or amounts in the Special Tax Fund are insufficient to make transfers to the Rebate Fund when required, the Trustee shall withdraw from the Reserve Account, first from the cash on deposit therein, and second from a draw on the Reserve Policy, if any, for deposit in the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund or the Rebate Fund, as applicable, moneys necessary for such purposes.
(b) Whenever moneys are withdrawn from the Reserve Account, after making the required transfers referred to in Sections 3.4 and 3.5 above, the Trustee shall transfer to the Reserve Account from available moneys in the Special Tax Fund, or from any other legally available funds which the District elects to apply to such purpose, the amount needed to restore the amount of such Reserve Account to the Reserve Requirement by first, repaying any amounts due under the Reserve Policy, and 760
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second to fund the Reserve Account to the Reserve Requirement. Moneys in the Special Tax Fund shall be deemed available for transfer to the Reserve Account only if the Trustee determines that such amounts will not be needed to make the deposits required to be made to the Administrative Expense Fund, the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund on or before the next September 1. If amounts in the Special Tax Fund together with any other amounts transferred to replenish the Reserve Account are inadequate to restore the Reserve Account to the Reserve Requirement, including any amounts necessary to pay costs related to the Reserve Policy, if any, then the District shall include the amount necessary to restore the Reserve Account to the Reserve Requirement, in the next annual Special Tax levy to the extent of the maximum permitted Special Tax rates.
(c) In connection with a redemption of Bonds pursuant to Section 4.1(a) or 4.1(c) or Parity Bonds in accordance with any Supplemental Indenture, or a partial defeasance of Bonds or Parity Bonds in accordance with Section 9.1 hereof, amounts in the Reserve Account may be applied to such redemption or partial defeasance so long as the amount on deposit in the Reserve Account following such redemption or partial defeasance equals the Reserve Requirement. The District shall set forth in a Certificate of an Authorized Representative the amount in the Reserve Account to be transferred to the Redemption Account on a redemption date or to be transferred pursuant to this Indenture to partially defease Bonds or Parity Bonds, and the Trustee shall make such transfer on the applicable redemption or defeasance date, subject to the limitation in the preceding sentence. (d) To the extent that the sum of the amounts on deposit in the Reserve Account and the Additional Special Tax Reserve Fund as of the first day of the penultimate Bond Year equals or exceeds the sum of Annual Debt Service in each of the final two Bond Years, amounts in the Reserve Account may be applied to pay the principal of and interest due on the Bonds and Parity Bonds in such Bond Years, if so provided in a Certificate of an Authorized Representative. (e) To the extent that the amount on deposit in the Reserve Account as of the first day of the final Bond Year for the Bonds or an issue of Parity Bonds equals or exceeds Annual Debt Service for that Bond Year, amounts in the Reserve Account may be applied to pay the principal of and interest due on the Bonds and Parity Bonds, as applicable, in the final Bond Year for such issue, if so provided in a Certificate of an Authorized Representative.
(f) Moneys in the Reserve Account in excess of the Reserve Requirement not transferred in accordance with the preceding provisions of this Section shall be withdrawn from the Reserve Account on the Business Day before each March 1 and September 1 and shall be transferred to the Acquisition and Construction Fund or an Account therein, as directed by an Authorized Representative of the District, until all amounts have been disbursed from the Acquisition and Construction Fund (or such fund is closed) and thereafter to the Interest Account of the Special Tax Fund.
Section 3.7. Rebate Fund.
(a) The Trustee shall establish and maintain a fund separate from any other fund established and maintained hereunder designated as the Rebate Fund and shall establish a separate Rebate Account and Alternate Penalty Account therein. All money at any time deposited in the Rebate Account or the Alternate Penalty Account of the Rebate Fund shall be held by the Trustee in trust, for payment to the United States Treasury. A separate subaccount of the Rebate Account and the Alternate Penalty Account shall be established for the Bonds and each issue of Parity Bonds the interest on which is excluded from gross income for federal income tax purposes. All amounts on deposit in the Rebate 761
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Fund with respect to the Bonds or an issue of Parity Bonds shall be governed by this Section 3.7 and the Tax Certificate for such issue, unless the District obtains an opinion of Bond Counsel that the exclusion from gross income for federal income tax purposes of interest payments on the Bonds and Parity Bonds will not be adversely affected if such requirements are not satisfied. (1) Rebate Account. The following requirements shall be satisfied with respect to each subaccount of the Rebate Account:
(i) Computations. Within 55 days of the end of each fifth Bond Year, the District shall calculate or cause to be calculated the amount of rebatable arbitrage for the Bonds and each issue of Parity Bonds to which this Section 3.7 is applicable, in accordance with Section 148(f)(2) of the Code and Section 1.148-3 of the Rebate Regulations (taking into account any applicable exceptions with respect to the computation of the rebatable arbitrage described in the Tax Certificate for each issue (e.g., the temporary investments exceptions of Section 148(f)(4)(B) and (C) of the Code), and taking into account whether the election pursuant to Section 148(f)(4)(C)(vii) of the Code (the “1½% Penalty”) has been made), for this purpose treating the last day of the applicable Bond Year as a computation date, within the meaning of Section 1.148-1(b) of the Rebate Regulations (the “Rebatable Arbitrage”). The District shall obtain expert advice as to the amount of the Rebatable Arbitrage to comply with this Section.
(ii) Transfers. Within 55 days of the end of each fifth Bond Year for which Rebatable Arbitrage must be calculated as required by the Tax Certificate for each issue, upon the written direction of an Authorized Representative of the District, an amount shall be deposited to each subaccount of the Rebate Account by the Trustee from any funds so designated by the District if and to the extent required, so that the balance in the Rebate Account shall equal the amount of Rebatable Arbitrage so calculated by or on behalf of the District in accordance with clause (i) of this subsection (a)(1) with respect to the Bonds and each issue of Parity Bonds to which this Section 3.7 is applicable. In the event that immediately following any transfer required by the previous sentence, or the date on which the District determines that no transfer is required for such Bond Year, the amount then on deposit to the credit of the applicable subaccount of the Rebate Account exceeds the amount required to be on deposit therein, upon written instructions from an Authorized Representative of the District, the Trustee shall withdraw the excess from the appropriate subaccount of the Rebate Account and then credit the excess to the Special Tax Fund.
(iii) Payment to the Treasury. The Trustee shall pay, as directed in writing by an Authorized Representative of the District, to the United States Treasury, out of amounts in each subaccount of the Rebate Account:
(X) not later than 60 days after the end of: (A) the fifth Bond Year for the Bonds and each issue of Parity Bonds to which this Section 3.7 is applicable; and (B) each applicable fifth Bond Year thereafter, an amount equal to at least 90% of the Rebatable Arbitrage calculated as of the end of such Bond Year for the Bonds and each issue of Parity Bonds, as applicable; and
(Y) not later than 60 days after the payment or redemption of all of the Bonds or an issue of Parity Bonds, as applicable, an amount equal to 100% of the Rebatable Arbitrage calculated as of the end of such applicable Bond Year, and any income attributable to the Rebatable Arbitrage, computed in accordance with Section 148(f) of the Code. 762
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In the event that, prior to the time of any payment required to be made from the Rebate Account, the amount in the Rebate Account is not sufficient to make such payment when such payment is due, the District shall calculate or cause to be calculated the amount of such deficiency and deposit an amount received from any legally available source equal to such deficiency prior to the time such payment is due. Each payment required to be made pursuant to this subsection (a)(1) shall be made to the Internal Revenue Service Center, Ogden, Utah 84201 on or before the date on which such payment is due, and shall be accompanied by Internal Revenue Service Form 8038-T, or shall be made in such other manner as provided under the Code.
(2) Alternate Penalty Account.
(i) Six-Month Computation. If the 1½% Penalty has been elected for the Bonds or an issue of Parity Bonds, within 85 days of each particular Six-Month Period, the District shall determine or cause to be determined whether the 1½% Penalty is payable (and the amount of such penalty) as of the close of the applicable Six-Month Period. The District shall obtain expert advice in making such determinations.
(ii) Six-Month Transfer. Within 85 days of the close of each Six-Month Period, the Trustee, at the written direction of an Authorized Representative of the District, shall deposit an amount in the appropriate subaccounts of the Alternate Penalty Account from any source of funds held by the Trustee pursuant to this Indenture and designated by the District in such written directions or provided to it by the District, if and to the extent required, so that the balance in each subaccount of the Alternate Penalty Account equals the amount of 1½% Penalty due and payable to the United States Treasury determined as provided in subsection (a)(2)(i) above. In the event that immediately following any transfer provided for in the previous sentence, or the date on which the District determines that no transfer is required for such Bond Year, the amount then on deposit in a subaccount of the Alternate Penalty Account exceeds the amount required to be on deposit therein to make the payments required by subsection (iii) below, the Trustee, at the written direction of an Authorized Representative of the District, may withdraw the excess from the applicable subaccount of the Alternate Penalty Account and credit the excess to the Special Tax Fund. (iii) Payment to the Treasury. The Trustee shall pay, as directed in writing by an Authorized Representative of the District, to the United States Treasury, out of amounts in a subaccount of the Alternate Penalty Account, not later than 90 days after the close of each Six-Month Period the 1½% Penalty, if applicable and payable, computed with respect to the Bonds and any issue of Parity Bonds in accordance with Section 148(f)(4) of the Code. In the event that, prior to the time of any payment required to be made from a subaccount of the Alternate Penalty Account, the amount in such subaccount is not sufficient to make such payment when such payment is due, the District shall calculate the amount of such deficiency and direct the Trustee, in writing, to deposit an amount equal to such deficiency into such subaccount of the Alternate Penalty Account from any funds held by the Trustee pursuant to this Indenture and designated by the District in such written directions prior to the time such payment is due. Each payment required to be made pursuant to this subsection (a)(2) shall be made to the Internal Revenue Service, Ogden, Utah 84201 on or before the date on which such payment is due, and shall be accompanied by Internal Revenue Service Form 8038-T or shall be made in such other manner as provided under the Code.
(b) Disposition of Unexpended Funds. Any funds remaining in the Accounts of the Rebate Fund with respect to the Bonds or an issue of Parity Bonds after redemption and payment of such issue and after making the payments described in subsections (a)(1)(iii) or (a)(2)(iii) (whichever is 763
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applicable), may be withdrawn by the Trustee at the written direction of the District and utilized in any manner by the District.
(c) Survival of Defeasance and Final Payment. Notwithstanding anything in this Section or this Indenture to the contrary, the obligation to comply with the requirements of this Section shall survive the defeasance and final payment of the Bonds and any Parity Bonds with respect to which an Account has been created in the Rebate Fund.
(d) Amendment Without Consent of Owners. This Section 3.7 may be deleted or amended in any manner without the consent of the Owners, provided that prior to such event there is delivered to the District an opinion of Bond Counsel to the effect that such deletion or amendment will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds and any issue of Parity Bonds issued on a tax-exempt basis. (e) Trustee. The Trustee shall have no responsibility to monitor or calculate any amounts payable to the U.S. Treasury pursuant to this Section and shall be deemed constructively to have complied with its obligations hereunder if it follows the written instructions of the District given pursuant to this Section.
Section 3.8. Surplus Fund. After making the transfers required by Sections 3.4, 3.5, 3.6 and 3.7 hereof, as soon as practicable after each September 1, the Trustee shall transfer all remaining amounts in the Special Tax Fund to the Surplus Fund, unless on or prior to such date, it has received a Certificate of an Authorized Representative directing that certain amounts be retained in the Special Tax Fund because the District has included such amounts as being available in the Special Tax Fund in calculating the amount of the levy of Special Taxes for such Fiscal Year pursuant to Section 5.2(b) hereof. Moneys deposited in the Surplus Fund will be transferred by the Trustee at the direction of an Authorized Representative of the District: (i) to the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund to pay the principal of, including Sinking Fund Payments, premium, if any, and interest on the Bonds and any Parity Bonds when due in the event that moneys in the Special Tax Fund and the Reserve Account of the Special Tax Fund are insufficient therefor; (ii) to the Reserve Account in order to replenish the Reserve Account to the Reserve Requirement; (iii) to the Administrative Expense Fund to pay Administrative Expenses to the extent that the amounts on deposit in the Administrative Expense Fund are insufficient to pay Administrative Expenses; (iv) to the Acquisition and Construction Fund to pay Project Costs; (v) to the Additional Special Tax Reserve Fund; or (vi) to the District for any other lawful purpose of the District.
The amounts in the Surplus Fund are not pledged to the repayment of the Bonds or the Parity Bonds and may be used by the District for any lawful purpose. In the event that the District reasonably expects to use any portion of the moneys in the Surplus Fund to pay debt service on any Outstanding Bonds or Parity Bonds, the District shall notify the Trustee in a Certificate of an Authorized Representative and the Trustee shall segregate such amount into a separate subaccount and the moneys on deposit in such subaccount of the Surplus Fund shall be invested at the written direction of the District in Authorized Investments the interest on which is excludable from gross income under Section 103 of the Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals under the Code) or in Authorized Investments at a yield not in excess of the yield on the issue of Bonds or Parity Bonds to which such amounts are to be applied, unless, in the opinion of Bond Counsel, investment at a higher yield will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds or any 764
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Parity Bonds which were issued on a tax-exempt basis for federal income tax purposes. Such amounts shall be disbursed as directed by an Authorized Representative of the District.
Section 3.9. Acquisition and Construction Fund.
(a) The moneys in the Costs of Issuance Account shall be disbursed by the Trustee pursuant to a Certificate of an Authorized Representative of the District, and any balance remaining therein after 180 days shall be transferred by the Trustee to an Account within the Acquisition and Construction Fund as directed in writing by an Authorized Representative of the District. Following such transfer to the Acquisition and Construction Fund, the Costs of Issuance Account shall be closed. (b) The moneys in the Acquisition and Construction Fund and the Accounts therein (other than the Costs of Issuance Account) shall be applied exclusively to pay the Project Costs. Amounts for Project Costs shall be disbursed by the Trustee from the Acquisition and Construction Fund or the Accounts therein (other than the Costs of Issuance Account), as specified in a Request for Disbursement of Project Costs, substantially in the form of Exhibit B-1 attached hereto. A properly executed Request for Disbursement of Project Costs must be submitted in connection with each requested disbursement and the Trustee may rely thereon without investigating the accuracy thereof.
Amounts in an Account of the Acquisition and Construction Fund may be transferred to another Account or Accounts therein pursuant to a Certificate of an Authorized Representative of the District. (c) Upon receipt of a Certificate of an Authorized Representative of the District stating that all or a specified portion of the amount remaining in the Acquisition and Construction Fund or the Accounts therein (other than the Costs of Issuance Account) is no longer needed to pay Project Costs, the Trustee shall: (i) transfer all or such specified portion, as applicable, of the moneys remaining on deposit in the Acquisition and Construction Fund or the Accounts therein (other than the Costs of Issuance Account) to the Interest Account, the Principal Account or Redemption Account of the Special Tax Fund, to the Costs of Issuance Account or to the Surplus Fund, as directed in such certificate, provided that in connection with any direction to transfer amounts to the Surplus Fund there shall have been delivered to the Trustee with such certificate an opinion of Bond Counsel to the effect that such transfer to the Surplus Fund will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds or any Parity Bonds which were issued on a tax-exempt basis for federal income tax purposes; and (ii) thereafter, close the Acquisition and Construction Fund.
Section 3.10. Additional Special Tax Reserve Fund. Amounts in the Additional Special Tax Reserve Fund are not pledged to the repayment of the Bonds or Parity Bonds and may be used by the District for any lawful purpose and disbursed by the Trustee in accordance with the written direction of the District, including but limited to as follows:
(a) Moneys in the Additional Special Tax Reserve Fund may be used to pay the principal of, including Sinking Fund Payments, and interest on the Bonds and any Parity Bonds when due or in the event that the balance on deposit in the Interest Account, the Principal Account and/or the Redemption Account, as the case may be, is insufficient for such purpose and for the purpose of making any required transfer to the Rebate Fund pursuant to Section 3.7 upon written direction from the District. If the amounts in the Interest Account, the Principal Account and/or the Redemption Account, as the case may be, are insufficient to pay the principal of, including Sinking Fund Payments, or interest on the Bonds or Parity Bonds when due, or amounts in the Special Tax Fund are insufficient to make transfers to the Rebate Fund when required, the Trustee may withdraw from the Additional Special 765
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Tax Reserve Fund for deposit in the Interest Account, the Principal Account and/or the Redemption Account, as the case may be, or the Rebate Fund, as applicable, moneys necessary for such purposes. (b) To the extent that the sum of the amounts on deposit in the Reserve Account and the Additional Special Tax Reserve Fund as of the first day of the penultimate Bond Year equals or exceeds the sum of Annual Debt Service in each of the final two Bond Years, amounts in the Additional Special Tax Reserve Fund may be applied to pay the principal of and interest due on the Bonds and Parity Bonds in such Bond Years, if so provided in a Certificate of an Authorized Representative. (c) To the extent that the sum of the amounts on deposit in the Reserve Account and the Additional Special Tax Reserve Fund as of the first day of the final Bond Year equals or exceeds Annual Debt Service for the final Bond Year, amounts in the Additional Special Tax Reserve Fund may be applied to pay the principal of and interest due on the Bonds and Parity Bonds in such Bond Year, if so provided in a Certificate of an Authorized Representative.
Section 3.11. Investments. Moneys held in any of the Funds, Accounts and Subaccounts under this Indenture shall be invested at the written direction of the District upon at least two (2) Business Days’ notice in accordance with the limitations set forth below only in Authorized Investments which shall be deemed at all times to be a part of such Funds, Accounts and Subaccounts.
Any loss resulting from such Authorized Investments shall be credited or charged to the Fund, Account or Subaccount from which such investment was made, and any investment earnings on a Fund, Account or Subaccount shall be applied as follows: (i) investment earnings on all amounts deposited in the Acquisition and Construction Fund (including the Accounts therein), the Special Tax Fund, the Surplus Fund and the Rebate Fund and each Account therein (other than the Reserve Account of the Special Tax Fund) shall be deposited in those respective Funds, Accounts and Subaccounts; and (ii) investment earnings on all amounts deposited in the Reserve Account shall be deposited therein to be applied as set forth in Section 3.6. Moneys in the Funds, Accounts and Subaccounts held under this Indenture may be invested by the Trustee as directed in writing by the District, from time to time, in Authorized Investments subject to the following restrictions (provided that the Trustee is not required to verify compliance with such restrictions and may rely on the District’s written instructions as evidence of such compliance):
(a) Moneys in the Acquisition and Construction Fund and the Accounts therein and moneys in the Additional Special Tax Reserve Fund shall be invested in Authorized Investments which will by their terms mature, or in the case of an Investment Agreement are available without penalty, as close as practicable to the date the District estimates the moneys represented by the particular investment will be needed for withdrawal from the Acquisition and Construction Fund or the Accounts therein or from the Additional Special Tax Reserve Fund. Notwithstanding anything herein to the contrary, amounts in the Acquisition and Construction Fund or the Accounts therein three years after the Delivery Date for the Bonds and the proceeds of each issue of Parity Bonds issued on a tax-exempt basis which are remaining on deposit in the Acquisition and Construction Fund on the date which is three years following the date of issuance of such issue of Parity Bonds shall be invested by the District only in Authorized Investments the interest on which is excluded from gross income under Section 103 of the Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals under the Code) or in Authorized Investments at a yield not in excess of the yield on the issue of Bonds or Parity Bonds from which such proceeds were derived, unless in the opinion of Bond Counsel such restriction is not necessary to prevent interest on the Bonds or any Parity Bonds which were issued on a tax-exempt basis for federal income tax purposes from being included in gross income for federal income tax purposes. 766
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(b) Moneys in the Interest Account, the Principal Account, and the Redemption Account of the Special Tax Fund shall be invested only in Authorized Investments which will by their terms mature, or in the case of an Investment Agreement are available for withdrawal without penalty, on such dates so as to ensure the payment of principal of, premium, if any, and interest on the Bonds and any Parity Bonds as the same become due.
(c) Moneys in the Reserve Account of the Special Tax Fund may be invested only in Authorized Investments (other than the Authorized Investment described in clause (2)(i) of the definition thereof) which, taken together, have a weighted average maturity not in excess of five years; provided that such amounts may be invested in an Investment Agreement to the later of the final maturity of the Bonds or any Parity Bonds so long as such amounts may be withdrawn at any time, without penalty, for application in accordance with Section 3.6 hereof; and provided that no such Authorized Investment of amounts in the Reserve Account allocable to the Bonds or an issue of Parity Bonds shall mature later than the respective final maturity date of the Bonds or the issue of Parity Bonds, as applicable.
(d) Moneys in the Rebate Fund shall be invested only in Authorized Investments of the type described in clause (1) of the definition thereof which by their terms will mature, as nearly as practicable, on the dates such amounts are needed to be paid to the United States Government pursuant to Section 3.7 hereof or in Authorized Investments of the type described in clause (2)(e) of the definition thereof.
(e) In the absence of written investment directions from the District, the Trustee shall hold the funds uninvested.
The Trustee shall sell, or present for redemption, any Authorized Investment whenever it may be necessary to do so in order to provide moneys to meet any payment or transfer to such funds and accounts or from such funds and accounts. Notwithstanding anything in this Indenture to the contrary, the Trustee shall not be responsible for any loss from investments, sales or transfers undertaken in accordance with the provisions of this Indenture. Any Authorized Investments that are registrable securities shall be registered in the name of the Trustee.
The Trustee may act as principal or agent in the making or disposing of any investment and shall be entitled to its customary fee for making such investment. The Trustee may sell at the best market price obtainable, or present for redemption, any Authorized Investment so purchased whenever it shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or disbursement from the fund or account to which such Authorized Investment is credited, and, subject to the provisions of Section 7.4, the Trustee shall not be liable or responsible for any loss resulting from such investment. For investment purposes, the Trustee may commingle the funds and accounts established hereunder, but shall account for each separately. The Trustee is hereby authorized, in making or disposing of any investment permitted by this Section, to deal with itself (in its individual capacity) or which any one or more of its affiliates, whether it or such affiliate is acting as an agent of the Trustee or for any third person or dealing as principal for its own account. The parties acknowledge that the Trustee is not providing investment supervision, recommendations, or advice.
The District acknowledges that, to the extent that regulations of the Comptroller of the Currency or other applicable regulatory entity grant the District the right to receive brokerage confirmations of security transactions as they occur, the District specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the District periodic cash 767
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transaction statements which include detail for all investment transactions made by the Trustee hereunder.
ARTICLE IV
REDEMPTION OF BONDS AND PARITY BONDS
Section 4.1. Redemption of Bonds.
(a) Optional Redemption. The Bonds may be redeemed at the option of the District from any source of funds on any Interest Payment Date on or after September 1, 20__, in whole or in part, from such maturities as are selected by the District and by lot within a maturity, at the following redemption prices, expressed as a percentage of the principal amount to be redeemed, together with accrued interest to the date of redemption:
Redemption Date Redemption Price
September 1, 20__ and March 1, 20__ 103%
September 1, 20__ and March 1, 20__ 102
September 1, 20__ and March 1, 20__ 101
September 1, 20__ and any Interest Payment Date thereafter 100 In the event that the District elects to redeem Bonds as provided above, the District shall give written notice to the Trustee of its election to so redeem, the redemption date and the principal amount of the Bonds of each maturity to be redeemed. The notice to the Trustee shall be given at least 45 but no more than 60 calendar days prior to the redemption date, or by such later date as is acceptable to the Trustee.
(b) Mandatory Sinking Fund Redemption. The Bonds maturing on September 1, 20__ (the “20__ Term Bonds”) shall be called before maturity and redeemed, from the Sinking Fund Payments that have been deposited into the Redemption Account established hereunder, on September 1, 20__ and on each September 1 thereafter prior to maturity in accordance with the schedule of Sinking Fund Payments set forth below. The 20__ Term Bonds so called for redemption shall be selected by the Trustee by lot and shall be redeemed at a redemption price for each redeemed 20__ Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:
Term Bonds Maturing September 1, 20__
Sinking Fund Redemption Date
(_________ 1) Sinking Fund Payments
*
_____________
* Maturity.
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The Bonds maturing on September 1, 20__ (the “20__ Term Bonds”) shall be called before maturity and redeemed, from the Sinking Fund Payments that have been deposited into the Redemption Account established hereunder, on September 1, 20__ and on each September 1 thereafter prior to maturity in accordance with the schedule of Sinking Fund Payments set forth below. The 20__ Term Bonds so called for redemption shall be selected by the Trustee by lot and shall be redeemed at a redemption price for each redeemed 20__ Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:
Term Bonds Maturing September 1, 20__
Sinking Fund Redemption Date
(_________ 1) Sinking Fund Payments
*
_____________
* Maturity.
If the District purchases Term Bonds during the Fiscal Year immediately preceding one of the sinking fund redemption dates specified above, the District shall notify the Trustee at least 45 days prior to the redemption date as to the principal amount purchased, and the amount purchased shall be credited at the time of purchase to the next Sinking Fund Payment for the Term Bond so purchased, to the extent of the full principal amount of the purchase. All Bonds purchased pursuant to this subsection shall be cancelled pursuant to Section 10.1 hereof.
In the event of a partial optional redemption or special mandatory redemption of the Term Bonds, each of the remaining Sinking Fund Payments for such Term Bonds shall be reduced, as nearly as practicable, on a pro rata basis.
(c) Special Mandatory Redemption. The Bonds are subject to special mandatory redemption as a whole or in part on a pro rata basis among maturities and by lot within a maturity, on any Interest Payment Date on or after March 1, 2025, and shall be redeemed by the Trustee, from Prepayments deposited to the Redemption Account pursuant to Section 3.2, plus amounts transferred from the Reserve Account pursuant to Section 3.6(c), at the following redemption prices, expressed as a percentage of the principal amount to be redeemed, together with accrued interest to the redemption date:
Redemption Date Redemption Price
Any Interest Payment Date from March 1, 2025 through March 1, 20__ 103% September 1, 20__ and March 1, 20__ 102
September 1, 20__ and March 1, 20__ 101
September 1, 20__ and any Interest Payment Date thereafter 100 Prepayments and amounts released from the Reserve Account in connection with Prepayments will be allocated to the payment at maturity and redemption of Bonds and any Parity Bonds as nearly as practicable on a proportionate basis based on the outstanding principal amount of the Bonds and any Parity Bonds and such amounts shall be applied to redeem Bonds and Parity Bonds as nearly as 769
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practicable on a pro rata basis among maturities in increments of $5,000; provided, however, that, for Prepayments of less than $50,000, the District may specify in a Certificate of an Authorized Representative that Prepayments be applied to one or more maturities of the Bonds or Parity Bonds so long as there is delivered to the Trustee a Certificate of the Independent Financial Consultant that, following such application of the Prepayments, the maximum Special Taxes that may be levied in each Fiscal Year on Taxable Property is not less than 110% of Annual Debt Service in the Bond Year that begins in such Fiscal Year.
(d) The redemption provisions for Parity Bonds shall be set forth in a Supplemental Indenture.
Section 4.2. Selection of Bonds and Parity Bonds for Redemption. If less than all of the Bonds or Parity Bonds Outstanding are to be redeemed, the portion of any Bond or Parity Bond of a denomination of more than $5,000 to be redeemed shall be in the principal amount of $5,000 or an integral multiple thereof. In selecting portions of such Bonds or Parity Bonds for redemption, the Trustee shall treat such Bonds or Parity Bonds, as applicable, as representing that number of Bonds or Parity Bonds of $5,000 denominations which is obtained by dividing the principal amount of such Bonds or Parity Bonds to be redeemed in part by $5,000. The procedure for the selection of Parity Bonds for redemption may be modified as set forth in the Supplemental Indenture for such Parity Bonds. The Trustee shall promptly notify the District in writing of the Bonds or Parity Bonds, or portions thereof, selected for redemption.
Section 4.3. Notice of Redemption. When Bonds or Parity Bonds are due for redemption under Section 4.1 above or under another redemption provision set forth in a Supplemental Indenture relating to any Parity Bonds, the Trustee shall give notice, in the name of the District, of the redemption of such Bonds or Parity Bonds. Such notice of redemption shall: (i) specify the CUSIP numbers (if any), the bond numbers and the maturity date or dates of the Bonds or Parity Bonds selected for redemption, except that where all of the Bonds or all of an issue of Parity Bonds are subject to redemption, or all of the Bonds or Parity Bonds of one maturity are to be redeemed, the bond numbers of such issue need not be specified; (ii) state the date fixed for redemption and surrender of the Bonds or Parity Bonds to be redeemed; (iii) state the redemption price; (iv) state the place or places where the Bonds or Parity Bonds are to be redeemed; (v) in the case of Bonds or Parity Bonds to be redeemed only in part, state the portion of such Bond or Parity Bond which is to be redeemed; (vi) state the date of issue of the Bonds or Parity Bonds as originally issued; (vii) state the rate of interest borne by each Bond or Parity Bond being redeemed; and (viii) state any other descriptive information needed to identify accurately the Bonds or Parity Bonds being redeemed as shall be specified by the Trustee.
Such notice shall further state that on the date fixed for redemption, there shall become due and payable on each Bond, Parity Bond or portion thereof called for redemption, the principal thereof, together with any premium, and interest accrued to the redemption date, and that from and after such date, interest thereon shall cease to accrue and be payable. At least 30 days but no more than 45 days prior to the redemption date, the Trustee shall mail a copy of such notice of redemption, by first class mail, postage prepaid, to the respective Owners thereof at their addresses appearing on the Bond Register, and to the original purchaser of any Bonds or Parity Bonds; provided, however, so long as the Bonds and Parity Bonds are registered in the name of the Nominee, such notice shall be given in such manner as complies with the requirements of the Depository. The actual receipt by the Owner of any Bond or Parity Bond of notice of such redemption shall not be a condition precedent to redemption, and neither the failure to receive nor any defect in such notice shall affect the validity of the proceedings for the redemption of such Bonds or Parity Bonds, or the cessation of interest on the redemption date. A certificate by the Trustee that notice of such redemption has been given as herein provided shall be conclusive as against 770
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all parties and the Owner shall not be entitled to show that he or she failed to receive notice of such redemption.
In addition to the foregoing notice, further notice shall be given by the Trustee as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed.
Each further notice of redemption shall be sent not later than the date that notice of redemption is given to the Owners pursuant to the first paragraph of this Section by first class mail or facsimile to the Depository and to any other registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds and Parity Bonds as determined by the Trustee and to one or more of the national information services that the Trustee determines are in the business of disseminating notice of redemption of obligations such as the Bonds and Parity Bonds.
Upon the payment of the redemption price of any Bonds and Parity Bonds being redeemed, each check or other transfer of funds issued for such purpose shall to the extent practicable bear the CUSIP number identifying, by issue and maturity, the Bonds and Parity Bonds being redeemed with the proceeds of such check or other transfer.
With respect to any notice of optional redemption of Bonds or Parity Bonds, such notice may state that such redemption shall be conditional upon the receipt by the Trustee on or prior to the date fixed for such redemption of moneys sufficient to pay the principal of, premium, if any, and interest on such Bonds or Parity Bonds to be redeemed and that, if the District determines that such moneys will not be received on the redemption date, said notice shall be of no force and effect and the Trustee shall not be required to redeem such Bonds or Parity Bonds. In the event that such notice of redemption contains such a condition and the District determines that such moneys will not be received, the redemption shall not be made, and the Trustee shall within a reasonable time thereafter give notice, in the manner in which the notice of redemption was given, that such moneys were not so received.
Section 4.4. Partial Redemption of Bonds or Parity Bonds. Upon surrender of any Bond or Parity Bond to be redeemed in part only, the District shall execute and the Trustee shall authenticate and deliver to the Owner, at the expense of the District, a new Bond or Bonds or a new Parity Bond or Parity Bonds of authorized denominations equal in aggregate principal amount to the unredeemed portion of the Bonds surrendered, with the same interest rate and the same maturity or, in the case of surrender of a Parity Bond, a new Parity Bond or Parity Bonds subject to the foregoing limitations.
Section 4.5. Effect of Notice and Availability of Redemption Money. Notice of redemption having been duly given, as provided in Section 4.3 hereof, and the amount necessary for the redemption having been made available for that purpose and being available therefor on the date fixed for such redemption:
(a) the Bonds and Parity Bonds, or portions thereof, designated for redemption shall, on the date fixed for redemption, become due and payable at the redemption price thereof as provided in this Indenture or in any Supplemental Indenture with respect to any Parity Bonds, anything in this Indenture or in the Bonds or the Parity Bonds to the contrary notwithstanding; 771
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(b) upon presentation and surrender thereof at the office of the Trustee (except as provided in Section 4.1(b)), the redemption price of such Bonds and Parity Bonds shall be paid to the Owners thereof;
(c) as of the redemption date the Bonds or the Parity Bonds, or portions thereof so designated for redemption shall be deemed to be no longer Outstanding and such Bonds or Parity Bonds, or portions thereof, shall cease to bear further interest; and (d) as of the date fixed for redemption no Owner of any of the Bonds, Parity Bonds or portions thereof so designated for redemption shall be entitled to any of the benefits of this Indenture or any Supplemental Indenture, or to any other rights, except with respect to payment of the redemption price and interest accrued to the redemption date from the amounts so made available.
ARTICLE V
COVENANTS AND WARRANTY
Section 5.1. Warranty. The District shall preserve and protect the security pledged hereunder to the Bonds and any Parity Bonds against all claims and demands of all persons.
Section 5.2. Covenants. So long as any of the Bonds or Parity Bonds issued hereunder are Outstanding and unpaid, the District makes the following covenants with the Owners under the provisions of the Act and this Indenture (to be performed by the District or its proper officers, agents or employees), which covenants are necessary and desirable to secure the Bonds and Parity Bonds and tend to make them more marketable; provided, however, that said covenants do not require the District to expend any funds or moneys other than the Special Taxes and other amounts deposited to the Special Tax Fund:
(a) Punctual Payment; Against Encumbrances. The District covenants that it will receive all Special Taxes in trust for the Owners and will, other than with respect to amounts to be deposited into the Administrative Expense Fund in accordance with Section 3.3 hereof, deposit all Special Taxes with the Trustee immediately upon their apportionment to the District, and the District shall have no beneficial right or interest in the amounts so deposited except as provided by this Indenture. All such Special Taxes shall be disbursed, allocated and applied solely to the uses and purposes set forth herein, and shall be accounted for separately and apart from all other money, funds, accounts or other resources of the District.
The District covenants that it will duly and punctually pay or cause to be paid the principal of and interest on every Bond and Parity Bond issued hereunder, together with the premium, if any, thereon on the date, at the place and in the manner set forth in the Bonds and the Parity Bonds and in accordance with this Indenture to the extent that Net Taxes and other amounts pledged hereunder are available therefor, and that the payments into the Funds and Accounts created hereunder will be made, all in strict conformity with the terms of the Bonds, any Parity Bonds, and this Indenture, and that it will faithfully observe and perform all of the conditions, covenants and requirements of this Indenture and all Supplemental Indentures and of the Bonds and any Parity Bonds issued hereunder.
The District will not mortgage or otherwise encumber, pledge or place any charge upon any of the Net Taxes except as provided in this Indenture, and will not issue any obligation or security having a lien or charge upon the Net Taxes superior to or on a parity with the Bonds, other than Parity Bonds. 772
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Nothing herein shall prevent the District from issuing or incurring indebtedness which is payable from a pledge of Net Taxes which is subordinate in all respects to the pledge of Net Taxes to repay the Bonds and the Parity Bonds, subject to compliance with the District’s bonded indebtedness limit. (b) Levy of Special Tax. Beginning in Fiscal Year 2024-25 and so long as any Bonds or Parity Bonds issued under this Indenture are Outstanding, the District covenants to levy the Special Tax in an amount sufficient, together with other amounts on deposit in the Special Tax Fund, to pay:
(1) the principal of and interest on the Bonds and any Parity Bonds when due; (2) the Administrative Expenses; and (3) any amounts required to replenish the Reserve Account of the Special Tax Fund to the Reserve Requirement, including any amounts to pay costs related to the Reserve Policy, if any.
The District further covenants that it will take no actions that would discontinue or cause the discontinuance of the Special Tax levy or the District’s authority to levy the Special Tax for so long as the Bonds and any Parity Bonds are Outstanding.
(c) Commence Foreclosure Proceedings. The District covenants for the benefit of the Owners of the Bonds and any Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of $7,500 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due; and (ii) commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. The District may, but shall not be obligated to, advance funds from any source of legally available funds in order to maintain the Reserve Account. The District may treat any delinquent Special Tax sold to an independent third-party or to the City for at least 100% of the delinquent amount as having been paid. Proceeds of any such sale up to 100% of the delinquent amount will be deposited in the Special Tax Fund.
The District covenants that it will deposit the net proceeds of any foreclosure in the Special Tax Fund and will apply such proceeds remaining after the payment of Administrative Expenses to make current payments of principal and interest on the Bonds and any Parity Bonds, to bring the amount on deposit in the Reserve Account up to the Reserve Requirement and to pay any delinquent installments of principal or interest due on the Bonds and any Parity Bonds. (d) Payment of Claims. The District will pay and discharge any and all lawful claims for labor, materials or supplies which, if unpaid, might become a lien or charge upon the Net Taxes or other funds in the Special Tax Fund, or which might impair the security of the Bonds or any Parity Bonds then Outstanding; provided, however, that nothing herein contained shall require the District to make any such payments so long as the District in good faith shall contest the validity of any such claims.
(e) Books and Accounts. The District will keep proper books of records and accounts, separate from all other records and accounts of the District, in which complete and correct entries shall be made of all transactions relating to the Project, the levy of the Special Tax and the deposits to the Special Tax Fund. Such books of records and accounts shall at all times during business hours be subject to the inspection of the Trustee or of the Owners or the Owners of any issue of Parity Bonds then Outstanding or their representatives authorized in writing. 773
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(f) Federal Tax Covenants. Notwithstanding any other provision of this Indenture, absent an opinion of Bond Counsel that the exclusion from gross income of interest on the Bonds and any Parity Bonds issued on a tax-exempt basis for federal income tax purposes will not be adversely affected for federal income tax purposes, the District covenants to comply with all applicable requirements of the Code necessary to preserve such exclusion from gross income and specifically covenants, without limiting the generality of the foregoing, as follows:
(1) Private Activity. The District will take no action or refrain from taking any action or make any use of the proceeds of the Bonds or any Parity Bonds or of any other monies or property which would cause the Bonds or any Parity Bonds issued on a tax-exempt basis for federal income tax purposes to be “private activity bonds” within the meaning of Section 141 of the Code. (2) Arbitrage. The District will make no use of the proceeds of the Bonds or any Parity Bonds or of any other amounts or property, regardless of the source, or take any action or refrain from taking any action which will cause the Bonds or any Parity Bonds issued on a tax-exempt basis for federal income tax purposes to be “arbitrage bonds” within the meaning of Section 148 of the Code. (3) Federal Guaranty. The District will make no use of the proceeds of the Bonds or any Parity Bonds or take or omit to take any action that would cause the Bonds or any Parity Bonds issued on a tax-exempt basis for federal income tax purposes to be “federally guaranteed” within the meaning of Section 149(b) of the Code.
(4) Information Reporting. The District will take or cause to be taken all necessary action to comply with the informational reporting requirement of Section 149(e) of the Code. (5) Hedge Bonds. The District will make no use of the proceeds of the Bonds or any Parity Bonds or any other amounts or property, regardless of the source, or take any action or refrain from taking any action that would cause the Bonds or any Parity Bonds issued on a tax-exempt basis for federal income tax purposes to be considered “hedge bonds” within the meaning of Section 149(g) of the Code unless the District takes all necessary action to assure compliance with the requirements of Section 149(g) of the Code to maintain the exclusion from gross income for federal income tax purposes of interest on the Bonds and any applicable Parity Bonds. (6) Miscellaneous. The District will take no action or refrain from taking any action inconsistent with its expectations stated in the Tax Certificate executed on the Delivery Date by the District in connection with the Bonds and any issue of Parity Bonds and will comply with the covenants and requirements stated therein and incorporated by reference herein. (7) Other Tax-Exempt Issues. The District will not use proceeds of other tax-exempt securities to redeem any Bonds or Parity Bonds without first obtaining the written opinion of Bond Counsel that doing so will not impair the exclusion from gross income for federal income tax purposes of interest on the Bonds and any Parity Bonds issued on a tax-exempt basis. (8) Subsequent Opinions. If the District obtains a subsequent opinion of Bond Counsel other than Stradling Yocca Carlson & Rauth LLP, where such opinion is required in connection with a change or amendment to this Indenture or the procedures set forth in the Tax Certificate, it will obtain an opinion substantially to the effect originally delivered by Stradling Yocca Carlson & Rauth LLP, that interest on the Bonds is excluded from gross income for federal income tax purposes.
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(g) Reduction of Maximum Special Taxes. The District hereby finds and determines that, historically, delinquencies in the payment of special taxes authorized pursuant to the Act in community facilities districts in Southern California have from time to time been at levels requiring the levy of special taxes at the maximum authorized rates in order to make timely payment of principal of and interest on the outstanding indebtedness of such community facilities districts. For this reason, the District hereby determines that a reduction in the maximum Special Tax rates authorized to be levied on parcels in the District below the levels provided in this Section 5.2(g) would interfere with the timely retirement of the Bonds and Parity Bonds. The District determines it to be necessary in order to preserve the security for the Bonds and Parity Bonds to covenant, and, to the maximum extent that the law permits it to do so, the District hereby does covenant, that it shall not initiate proceedings to reduce the maximum Special Tax rates for the District, unless, in connection therewith, the District receives a certificate from one or more Independent Financial Consultants which, when taken together, certify that: (i) such changes do not reduce the maximum Special Taxes that may be levied in each year on property within the District to an amount which is less than the Administrative Expense Cap plus 110% of the Annual Debt Service due in each corresponding future Bond Year with respect to the Bonds and Parity Bonds Outstanding as of the date of such proposed reduction; and (ii) the District is not delinquent in the payment of the principal of or interest on the Bonds or any Parity Bonds. (h) Covenants to Defend. The District covenants that, in the event that any initiative is adopted by the qualified electors in the District which purports to reduce the maximum Special Tax below the levels specified in Section 5.2(g) above or to limit the power of the District to levy the Special Taxes for the purposes set forth in Section 5.2(b) above, it will commence and pursue legal action in order to preserve its ability to comply with such covenants. (i) Limitation on Right to Tender Bonds. The District hereby covenants that it will not adopt any policy pursuant to Section 53344.1 of the Act permitting the tender of Bonds or Parity Bonds in full payment or partial payment of any Special Taxes unless the District shall have first received a certificate from an Independent Financial Consultant that the acceptance of such a tender will not result in the District having insufficient Net Taxes to pay the principal of and interest on the Bonds and Parity Bonds when due.
(j) Continuing Disclosure. The District covenants to comply with the terms of the Continuing Disclosure Certificate and with the terms of any agreement executed by the District with respect to any Parity Bonds to assist the Underwriter in complying with Rule 15c2-12 adopted by the Securities and Exchange Commission; provided, however, that a failure to comply shall not be considered an event of default hereunder and the Owners shall be limited to enforcing the terms thereof in accordance with the terms of the Continuing Disclosure Certificate. (k) Further Assurances. The District shall make, execute and deliver any and all such further agreements, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of this Indenture and for the better assuring and confirming unto the Owners of the Bonds and any Parity Bonds of the rights and benefits provided in this Indenture.
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ARTICLE VI
AMENDMENTS TO INDENTURE
Section 6.1. Supplemental Indentures or Orders Not Requiring Owner Consent. The District may from time to time, and at any time, without notice to or consent of any of the Owners, adopt Supplemental Indentures for any of the following purposes:
(a) to cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with any other provision herein, or to make any other provision with respect to matters or questions arising under this Indenture or in any additional resolution or order, provided that such action is not materially adverse to the interests of the Owners; (b) to add to the covenants and agreements of and the limitations and the restrictions upon the District contained in this Indenture other covenants, agreements, limitations and restrictions to be observed by the District which are not contrary to or inconsistent with this Indenture as theretofore in effect or which further secure Bond or Parity Bond payments; (c) to provide for the issuance of any Parity Bonds, and to provide the terms and conditions under which such Parity Bonds may be issued, subject to and in accordance with the provisions of this Indenture;
(d) to modify, amend or supplement this Indenture in such manner as to permit the qualification hereof under the Trust Indenture Act of 1939, as amended, or any similar federal statute hereafter in effect, or to comply with the Code or regulations issued thereunder, and to add such other terms, conditions and provisions as may be permitted by said act or similar federal statute, and which shall not materially adversely affect the interests of the Owners of the Bonds or any Parity Bonds then Outstanding;
(e) to modify, alter or amend the RMA in any manner, so long as the Trustee receives a certificate of an Independent Financial Consultant stating that: (i) such changes do not reduce the maximum Special Taxes that may be levied in each year on property within the District to an amount which is less than the Administrative Expense Cap plus 110% of the Annual Debt Service due in each corresponding future Bond Year with respect to the Bonds and Parity Bonds Outstanding as of the date of such amendment; and (ii) based on the current development plan for parcels within the District, do not reduce the maximum Special Taxes which could be levied upon Taxable Property within the District to an amount which is less than the Administrative Expense Cap plus 110% of the Annual Debt Service due in each corresponding future Bond Year with respect to the Bonds and Parity Bonds Outstanding as of the date of such amendment;
(f) to modify, alter, amend or supplement this Indenture in any other respect which is not materially adverse to the Owners; or
(g) to modify, alter, amend or supplement this Indenture in any other respect, as may be required to fund all or a portion of the Reserve Requirement with a Reserve Policy.
Section 6.2. Supplemental Indentures or Orders Requiring Owner Consent. Exclusive of the Supplemental Indentures described in Section 6.1, the Owners of not less than a majority in aggregate principal amount of the Bonds and Parity Bonds Outstanding shall have the right to consent 776
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to and approve the adoption by the District of such Supplemental Indentures as shall be deemed necessary or desirable by the District for the purpose of waiving, modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in this Indenture; provided, however, that nothing herein shall permit, or be construed as permitting: (a) an extension of the maturity date of the principal, or the payment date of interest on, any Bond or Parity Bond; (b) a reduction in the principal amount of, or redemption premium on, any Bond or Parity Bond or the rate of interest thereon; (c) a preference or priority of any Bond or Parity Bond over any other Bond or Parity Bond; or (d) a reduction in the aggregate principal amount of the Bonds and Parity Bonds the Owners of which are required to consent to such Supplemental Indenture, without the consent of the Owners of all Bonds and Parity Bonds then Outstanding.
If at any time the District shall desire to adopt a Supplemental Indenture, which pursuant to the terms of this Section shall require the consent of the Owners, the District shall so notify the Trustee and shall deliver to the Trustee a copy of the proposed Supplemental Indenture. The Trustee shall, at the expense of the District, cause notice of the proposed Supplemental Indenture to be mailed, by first class mail, postage prepaid, to all Owners at their addresses as they appear in the Bond Register. Such notice shall briefly set forth the nature of the proposed Supplemental Indenture and shall state that a copy thereof is on file at the office of the Trustee for inspection by all Owners. The failure of any Owners to receive such notice shall not affect the validity of such Supplemental Indenture when consented to and approved by the Owners of not less than a majority in aggregate principal amount of the Bonds and Parity Bonds Outstanding as required by this Section. Whenever at any time within one year after the date of the first mailing of such notice, the Trustee shall receive an instrument or instruments purporting to be executed by the Owners of not less than a majority in aggregate principal amount of the Bonds and Parity Bonds Outstanding, which instrument or instruments shall refer to the proposed Supplemental Indenture described in such notice, and shall specifically consent to and approve the adoption thereof by the District substantially in the form of the copy referred to in such notice as on file with the Trustee, such proposed Supplemental Indenture, when duly adopted by the District, shall thereafter become a part of the proceedings for the issuance of the Bonds and any Parity Bonds. In determining whether the Owners of a majority of the aggregate principal amount of the Bonds and Parity Bonds have consented to the adoption of any Supplemental Indenture, Bonds or Parity Bonds which are owned by the District or by any person directly or indirectly controlling or controlled by or under the direct or indirect common control with the District, shall be disregarded and shall be treated as though they were not Outstanding for the purpose of any such determination.
Upon the adoption of any Supplemental Indenture and the receipt of consent to any such Supplemental Indenture from the Owners of not less than a majority in aggregate principal amount of the Outstanding Bonds and Parity Bonds in instances where such consent is required pursuant to the provisions of this Section, this Indenture shall be, and shall be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under this Indenture of the District and all Owners of Outstanding Bonds and Parity Bonds shall thereafter be determined, exercised and enforced hereunder, subject in all respects to such modifications and amendments.
Section 6.3. Notation of Bonds or Parity Bonds; Delivery of Amended Bonds or Parity Bonds. After the effective date of any action taken as hereinabove provided, the District may determine that the Bonds or any Parity Bonds may bear a notation, by endorsement in form approved by the District, as to such action, and in that case upon demand of the Owner of any Outstanding Bond or Parity Bond at such effective date and presentation of such Owner’s Bond or Parity Bond for the purpose at the office of the Trustee or at such additional offices as the Trustee may select and designate for that purpose, a suitable notation as to such action shall be made on such Bonds or Parity Bonds. If 777
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the District shall so determine, new Bonds or Parity Bonds so modified as, in the opinion of the District, shall be necessary to conform to such action shall be prepared and executed, and in that case upon demand of the Owner of any Outstanding Bond or Parity Bond at such effective date such new Bonds or Parity Bonds shall be exchanged at the office of the Trustee or at such additional offices as the Trustee may select and designate for that purpose, without cost to each Owner of Outstanding Bonds or Parity Bonds, upon surrender of such Outstanding Bonds or Parity Bonds.
The Trustee shall have the right to require such opinions of counsel as it deems necessary concerning: (i) the lack of material adverse effect of the amendment on Owners; and (ii) the fact that the amendment will not affect the tax status of interest with respect to the Bonds.
ARTICLE VII
TRUSTEE
Section 7.1. Trustee. Wilmington Trust, National Association shall be the Trustee for the Bonds and any Parity Bonds unless and until another Trustee is appointed by the District hereunder.
The Trustee represents that it has (or is a member of a bank holding company system whose bank holding company has) a combined capital (exclusive of borrowed capital) and surplus of at least $100,000,000. The District may, at any time, appoint a successor Trustee satisfying the requirements of Section 7.2 below for the purpose of receiving all money which the District is required to deposit with the Trustee hereunder and to allocate, use and apply the same as provided in this Indenture.
The Trustee is hereby authorized to and shall mail by first class mail, postage prepaid, or wire transfer in accordance with Section 2.5 above, interest payments to the Owners, to select Bonds and Parity Bonds for redemption, and to maintain the Bond Register. The Trustee is hereby authorized to pay the principal of and premium, if any, on the Bonds and Parity Bonds when the same are duly presented to it for payment at maturity or on call and redemption, to provide for the registration of transfer and exchange of Bonds and Parity Bonds presented to it for such purposes, to provide for the cancellation of Bonds and Parity Bonds all as provided in this Indenture, and to provide for the authentication of Bonds and Parity Bonds, and shall perform all other duties assigned to or imposed on it as provided in this Indenture. The Trustee shall keep accurate records of all funds administered by it and all Bonds and Parity Bonds paid, discharged and cancelled by it.
The Trustee is hereby authorized to pay and redeem the Bonds and Parity Bonds when duly presented for payment at maturity, or on redemption prior to maturity. The Trustee shall cancel all Bonds and Parity Bonds upon payment thereof in accordance with the provisions of Section 10.1 hereof.
The District shall from time to time, subject to any agreement between the District and the Trustee then in force, timely pay to the Trustee following demand therefor compensation for its services, reimburse the Trustee for all its advances and expenditures, including, but not limited to, advances to and fees, costs and expenses of independent accountants or counsel employed by it in the exercise and performance of its powers and duties hereunder, and indemnify and save the Trustee, its officers, directors, employees and agents, harmless against costs, claims, expenses and liabilities, including, without limitation, fees, costs and expenses of its attorneys (not arising from its own gross negligence or willful misconduct) which it may incur in the exercise and performance of its powers and duties hereunder. The foregoing obligation of the District to indemnify the Trustee shall survive the removal or resignation of the Trustee or the discharge of the Bonds and Parity Bonds. 778
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Section 7.2. Removal of Trustee. The District may at any time at its sole discretion, upon 30 days’ notice, remove the Trustee initially appointed, and any successor thereto, by delivering to the Trustee a written notice of its decision to remove the Trustee and may appoint a successor or successors thereto; provided that any such successor shall be a bank or trust company having (or whose parent bank holding company has) a combined capital (exclusive of borrowed capital) and surplus of at least $100,000,000, and subject to supervision or examination by federal or state authority. Any removal shall become effective only upon acceptance of appointment by the successor Trustee. If any bank or trust company appointed as a successor publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Any removal of the Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee and notice of the successor Trustee’s identity and address being sent by the successor Trustee to the Owners.
Section 7.3. Resignation of Trustee. The Trustee may at any time resign and be discharged from its duties and obligations hereunder by giving written notice to the District. Upon receiving such notice of resignation, the District shall promptly appoint a successor Trustee satisfying the criteria in Section 7.2 above by an instrument in writing. Any resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee. If no successor Trustee shall have been appointed by the District within thirty (30) days of giving such notice or removal or resignation, then the Trustee, or any Owner may petition, at the sole expense of the District, a court of competent jurisdiction for the appointment of a successor Trustee and other appropriate relief, and such court may thereupon, after such notice (if any) as it may deem proper, appoint a successor Trustee under this Indenture.
Section 7.4. Liability of Trustee. The recitals of fact and all promises, covenants and agreements contained herein and in the Bonds and any Parity Bonds shall be taken as statements, promises, covenants and agreements of the District, and the Trustee assumes no responsibility or liability for the correctness of the same and makes no representations whatsoever as to the validity or sufficiency of this Indenture, the Bonds or any Parity Bonds, and shall incur no responsibility or liability in respect thereof, other than in connection with its express duties or obligations specifically set forth herein, in the Bonds and any Parity Bonds, or in the certificate of authentication assigned to or imposed upon the Trustee. The Trustee shall not have nor be under any responsibility or duty with respect to the issuance of the Bonds or any Parity Bonds for value. The Trustee shall not be liable in connection with the performance of its duties hereunder, except for its own gross negligence or willful misconduct. The Trustee shall not be liable for any action taken or omitted by it or any of its officers, employees or agents in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. The Trustee shall not be liable for any actions taken or omitted to be taken, or any error of judgment made in good faith by a responsible officer, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts.
The Trustee shall be entitled to request and receive written instructions from the District and/or Owners and shall have no responsibility or liability for any losses or damages of any nature that may arise from any action taken or not taken by the Trustee in accordance with the written direction of any such party. The Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the written direction of the Owners of not less than a majority in aggregate principal amount of the Bonds and Parity Bonds at the time Outstanding relating to the time, method and place 779
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of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture.
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of an Owner and/or the District, pursuant to the provisions of this Indenture, unless such party shall have offered to the Trustee security or indemnity (satisfactory to the Trustee in its sole and absolute discretion) against the costs, expenses and liabilities which may be incurred by it in compliance with such request or direction.
Neither the Trustee nor any of its directors, officers, employees, agents or affiliates shall be responsible for nor have any duty to monitor the performance or any action of the District or any of its directors, members, officers, agents, affiliates or employees, nor shall it have any liability in connection with the malfeasance or nonfeasance by such party. The Trustee may assume performance by all such persons of their respective obligations. The Trustee shall have no enforcement or notification obligations relating to breaches of representations or warranties of any other person. The Trustee shall be conclusively protected in acting upon any notice, resolution, request, consent, order, judgement, decree, certificate, report, Bond, Parity Bond or other paper or document signed or presented by the proper party or parties as provided hereunder, not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained therein. The Trustee may, at the expense of the District, request, rely on and act in accordance with officer’s certificates and/or opinions of counsel, and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such officer’s certificates and opinions of counsel.
The Trustee shall not be bound to recognize any person as the Owner of a Bond or Parity Bond unless and until such Bond or Parity Bond is submitted for inspection, if required, and his title thereto is satisfactorily established to the Trustee, if disputed.
Whenever in the administration of its express obligations under this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action hereunder, the Trustee may, at the expense of the District, request, rely on and act in accordance with officer’s certificates and/or opinions of counsel (unless other evidence in respect thereof be herein specifically prescribed), and shall incur no liability and shall be fully protected in acting or refraining from acting in accordance with such officer’s certificates and opinions of counsel, but in its discretion the Trustee may but shall not be obligated to accept other evidence of such matter or may require such additional evidence as to it may seem reasonable. It is understood and agreed that no such act shall broaden or imply the Trustee’s acceptance of a broadening of the scope of the Trustee’s duties and obligations hereunder unless the Trustee shall provide written acceptance thereof.
The Trustee shall have no duty or obligation whatsoever to enforce the collection of Special Taxes or other funds to be deposited with it hereunder, or as to the correctness of any amounts received, but its liability shall be limited to the proper accounting for such funds as it actually receives. No provision in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of its rights or powers.
The Trustee shall not be deemed to have knowledge of any default or event of default under this Indenture until an officer at the Trustee’s corporate trust office responsible for the administration of its duties hereunder shall have actual knowledge thereof or the Trustee shall have received written notice thereof at its corporate trust office.
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The Trustee shall have no responsibility with respect to any information, statement, or recital in any official statement, offering memorandum or any other disclosure material prepared or distributed with respect to the Bonds and any Parity Bonds.
Before taking any action under Article VIII hereof the Trustee may require that indemnity and security satisfactory to the Trustee in its sole and exclusive discretion be furnished to it for and from any expenses and liabilities and to protect it against any liability it may incur hereunder.
The immunities extended to the Trustee also extend to its directors, officers, employees and agents (including its counsel).
The Trustee shall not be liable for any action taken or not taken by it in accordance with the direction of the Owners of 25% (or other percentage provided for herein) in aggregate principal amount of Bonds and Parity Bonds Outstanding relating to the exercise of any right, power or remedy available to the Trustee. In the event of conflicting instructions hereunder, the Trustee shall have the right to decide the appropriate course of action and will be protected in so doing.
The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty or in any way expand or impliedly expand the scope of the Trustee’s duties hereunder, and, with respect to such permissive rights, the Trustee shall not be answerable for other than its gross negligence or willful misconduct.
The Trustee may execute any of the trusts or powers hereof and perform any of its duties through attorneys, agents and receivers and shall not be answerable for the conduct of the same if appointed by it with reasonable care. The Trustee shall be entitled to rely on and shall not be liable for any action taken or omitted to be taken by the Trustee in accordance with the advice of counsel or other professionals retained or consulted by the Trustee.
The Trustee may become the Owner or pledgee of the Bonds and Parity Bonds with the same rights it would have if it were not Trustee.
The Trustee shall perform such duties and only such duties as are specifically set forth in this Indenture and no implied duties or obligations shall be read into this Indenture against the Trustee.
These duties shall be deemed purely ministerial in nature, and the Trustee shall not be liable except for the performance of such duties.
If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person.
The District shall, to the extent permitted by law, indemnify and save the Trustee and its officers, directors, agents, and employees harmless from and against (whether or not litigated) all claims, losses, costs, expenses, liability and damages, including legal fees and expenses, arising out of:
(i) the use, maintenance, condition or management of, or from any work or thing done on, the Project; (ii) any breach or default on the part of the District in the performance of any of its obligations under this Indenture and any other agreement made and entered into for purposes of the Bonds and Parity Bonds; (iii) any act of the City, the District or of any of its agents, contractors, servants, employees or licensees with respect to the Project; (iv) any act of any assignee of, or purchaser from, the City, the District or of any of its or their agents, contractors, servants, employees or licensees with respect to the 781
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Project; (v) the construction or acquisition of the Project or the expenditure of Project Costs; (vi) the exercise and performance by the Trustee of its powers and duties hereunder or any related document; (vii) the sale of the Bonds and Parity Bonds and the carrying out of any of the transactions contemplated by the Bonds and Parity Bonds or this Indenture; or (viii) any untrue statement or alleged untrue statement of any material fact or omission or alleged omission to state a material fact necessary to make the statements made in light of the circumstances in which they were made, not misleading in any official statement or other disclosure document utilized in connection with the sale or marketing of the Bonds and Parity Bonds. The indemnification set forth in this Section shall extend to the Trustee’s officers, agents, employees, successors and assigns. No indemnification will be made under this Section or elsewhere in this Indenture or other agreements for willful misconduct or negligence by the Trustee, its officers, agents, employees, successors or assigns. The District’s obligations hereunder shall remain valid and binding notwithstanding maturity and payment of the Bonds and Parity Bonds, or the resignation or removal of the Trustee.
In accepting the trust hereby created, the Trustee acts solely as Trustee for the Owners and not in its individual capacity, and all persons, including, without limitation, the Owners, the District and the City, having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment, except as otherwise provided herein. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Bonds and any Parity Bonds.
THE TRUSTEE MAKES NO WARRANTY OR REPRESENTATION, EITHER EXPRESS
OR IMPLIED, AS TO THE VALUE, DESIGN, CONDITION, MERCHANTABILITY OR FITNESS
FOR ANY PARTICULAR PURPOSE OR FITNESS FOR THE USE CONTEMPLATED BY THE DISTRICT OF THE PROJECT, OR ANY PORTION THEREOF. In no event shall the Trustee be liable for incidental, indirect, punitive, special or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), in connection with or arising out of the Project or this Indenture for the existence, furnishing, functioning or use and possession of the Project, irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
The Trustee shall not be liable to the parties hereto or deemed in breach or default hereunder if and to the extent its performance hereunder is prevented by reason of force majeure. The term “force majeure” means an occurrence that is beyond the control of the Trustee and could not have been avoided by exercising due care. Force majeure shall include, but not limited to, any act or provision of any present or future law or regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; quarantine restrictions; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or other similar occurrences.
The Trustee shall be entitled to request and receive written instructions from the District or other parties and shall have no responsibility or liability for any losses or damages of any nature that may arise from any action taken or not taken by the Trustee in accordance with the written direction of the District or such other parties. The Trustee shall have the right to accept and act upon directions given pursuant to this Indenture and delivered using electronic notice; provided, however, that the District shall provide to the Trustee an incumbency certificate listing each Authorized Representative of the District with the authority to provide such directions and containing specimen signatures of such 782
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authorized officers, which incumbency certificate shall be amended whenever a person is to be added or deleted from the listing. If the District elects to give the Trustee directions using electronic notice and the Trustee in its discretion elects to act upon such directions, the Trustee’s understanding of such directions shall be deemed controlling. The District understands and agrees that the Trustee cannot determine the identity of the actual sender of such directions and that the Trustee shall conclusively presume that directions that purport to have been sent by an authorized officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Representative of the District.
The District shall be responsible for ensuring that only an Authorized Representative of the District shall transmit such directions to the Trustee and that each Authorized Representative of the District treat applicable user and authorization codes, passwords and/or authentication keys with extreme care.
The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and a compliance with such directions, notwithstanding such directions conflict or are inconsistent with a subsequent written direction. The District agrees (i) to assume all risks arising out of the use of electronic notice to submit directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized directions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting directions to the Trustee and that there may be more secure methods of transmitting directions than the method(s) selected by the District; and (iii) that the security procedures (if any) to be followed in connection with its transmission of directions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances.
Section 7.5. Merger or Consolidation. Any company into which the Trustee may be merged or converted or with which it may be consolidated or any company resulting from any merger, conversion or consolidation to which it shall be a party or any company to which the Trustee may sell or transfer all or substantially all of its corporate trust business, shall be the successor to the Trustee without the execution or filing of any paper or further act, anything herein to the contrary notwithstanding.
ARTICLE VIII
EVENTS OF DEFAULT; REMEDIES
Section 8.1. Events of Default. Any one or more of the following events shall constitute an “Event of Default”:
(a) default in the due and punctual payment of the principal of or redemption premium, if any, on any Bond or Parity Bond when and as the same shall become due and payable, whether at maturity as therein expressed, by declaration or otherwise; (b) default in the due and punctual payment of the interest on any Bond or Parity Bond when and as the same shall become due and payable; or
(c) except as described in subsections (a) or (b), default by the District in the observance of any of the agreements, conditions or covenants on its part contained in this Indenture, the Bonds or any Parity Bonds, which default continues for a period of 30 days after the District has been given notice in writing of such default by the Trustee or the Owners of twenty-five percent (25%) in aggregate principal amount of the Outstanding Bonds and Parity Bonds. 783
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The Trustee agrees to give notice to the Owners as soon as practicable upon the occurrence of an Event of Default under subsections (a) or (b) above and within 30 days of the Trustee’s actual knowledge of an Event of Default under subsection (c) above.
Section 8.2. Remedies of Owners. Upon the occurrence of an Event of Default, any Owner may pursue any available remedy at law or in equity to enforce the payment of the principal of, premium, if any, and interest on the Outstanding Bonds and Parity Bonds, and to enforce any rights of the Trustee under or with respect to this Indenture, including:
(a) by mandamus or other suit or proceeding at law or in equity to enforce his rights against the District and any of the members, officers and employees of the District, and to compel the District or any such members, officers or employees to perform and carry out their duties under the Act and their agreements with the Owners as provided in this Indenture; (b) by suit in equity to enjoin any actions or things which are unlawful or violate the rights of the Owners; or
(c) by a suit in equity to require the District and its members, officers and employees to account as the trustee of an express trust.
If an Event of Default shall have occurred and be continuing and if requested and directed so to do by the Owners of at least twenty-five percent (25%) in aggregate principal amount of Outstanding Bonds and Parity Bonds and if indemnified to its satisfaction, the Trustee shall be obligated to exercise such one or more of the rights and powers conferred by this Article VIII, as the Trustee, being advised by counsel, shall deem most expedient in the interests of the Owners of the Bonds and Parity Bonds.
No remedy herein conferred upon or reserved to the Owners is intended to be exclusive of any other remedy. Every such remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing, at law or in equity or by statute or otherwise, and may be exercised without exhausting and without regard to any other remedy conferred by the Act or any other law.
Section 8.3. Application of Revenues and Other Funds After Default. All amounts received by the Trustee pursuant to any right given or action taken by the Owners under the provisions of this Indenture relating to the Bonds and Parity Bonds shall be applied by the Trustee in the following order upon presentation of the several Bonds and Parity Bonds:
First, to the payment of the costs, fees and expenses of the Trustee in declaring such Event of Default and in performing its duties and obligations hereunder, including reasonable compensation to its agents, attorneys and counsel;
Second, to the payment of the fees, costs and expenses of the Owners in declaring such Event of Default and in carrying out the provisions of this Article VIII, including reasonable compensation to its agents, attorneys and counsel, and to the payment of all other outstanding fees and expenses of the Trustee; and
Third, to the payment of the whole amount of interest on and principal of the Bonds and Parity Bonds then due and unpaid, with interest on overdue installments of principal and interest to the extent permitted by law at the net effective rate of interest then borne by the Outstanding Bonds and Parity 784
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Bonds; provided, however, that in the event that such amounts shall be insufficient to pay the full amount of such interest and principal, then such amounts shall be applied in the following order of priority:
(a) first to the payment of all installments of interest on the Bonds and Parity Bonds then due and unpaid on a pro rata basis based on the total amount then due and owing; (b) second, to the payment of all installments of principal, including Sinking Fund Payments, of the Bonds and Parity Bonds then due and unpaid on a pro rata basis based on the total amount then due and owing; and
(c) third, to the payment of interest on overdue installments of principal and interest on the Bonds and Parity Bonds on a pro rata basis based on the total amount then due and owing.
Section 8.4. Power of Trustee to Control Proceedings. In the event that the Trustee, upon the happening of an Event of Default, shall have taken any action, by judicial proceedings or otherwise, pursuant to its obligations hereunder, whether upon its own discretion or upon the request of the Owners of twenty-five percent (25%) in aggregate principal amount of the Bonds and Parity Bonds then Outstanding, it shall have full power, in the exercise of its discretion for the best interests of the Owners of the Bonds and Parity Bonds, with respect to the continuance, discontinuance, withdrawal, compromise, settlement or other disposal of such action; provided, however, that the Trustee shall not, unless there no longer continues an Event of Default, discontinue, withdraw, compromise or settle, or otherwise dispose of any litigation pending at law or in equity, if at the time there has been filed with it a written request signed by the Owners of a majority in aggregate principal amount of the Outstanding Bonds and Parity Bonds hereunder opposing such discontinuance, withdrawal, compromise, settlement or other such litigation. Any suit, action or proceeding which any Owner of Bonds or Parity Bonds shall have the right to bring to enforce any right or remedy hereunder may be brought by the Trustee for the equal benefit and protection of all Owners of Bonds and Parity Bonds similarly situated and the Trustee is hereby appointed (and the successive respective Owners of the Bonds and Parity Bonds issued hereunder, by taking and holding the same, shall be conclusively deemed so to have appointed it) the true and lawful attorney in fact of the respective Owners of the Bonds and Parity Bonds for the purposes of bringing any such suit, action or proceeding and to do and perform any and all acts and things for and on behalf of the respective Owners of the Bonds and Parity Bonds as a class or classes, as may be necessary or advisable in the opinion of the Trustee as such attorney-in-fact.
Section 8.5. Appointment of Receivers. Upon the occurrence of an Event of Default hereunder, and upon the filing of a suit or other commencement of judicial proceedings to enforce the rights and of the Owners of the Bonds and Parity Bonds under this Indenture, the Trustee shall be entitled, as a matter of right to which the District expressly agrees, to the appointment of a receiver or receivers of the Net Taxes and other amounts pledged hereunder, pending such proceedings, with such powers as the court making such appointment shall confer.
Section 8.6. Non-Waiver. Nothing in this Article VIII or in any other provision of this Indenture, or in the Bonds or the Parity Bonds, shall affect or impair the obligation of the District, which is absolute and unconditional, to pay the interest on and principal of the Bonds and Parity Bonds to the respective Owners of the Bonds and Parity Bonds at the respective dates of maturity, as herein provided, or to pay the Trustee its fees and expenses as provided in Section 8.3 hereof, out of the Net Taxes and other moneys herein pledged for such payment. 785
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A waiver of any default or breach of duty or contract by the Trustee or any Owners shall not affect any subsequent default or breach of duty or contract, or impair any rights or remedies on any such subsequent default or breach. No delay or omission of the Trustee or any Owner of any of the Bonds or Parity Bonds to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein; and every power and remedy conferred upon the Trustee or the Owners by the Act or by this Article VIII may be enforced and exercised from time to time and as often as shall be deemed expedient by the Trustee or the Owners, as the case may be.
Section 8.7. Limitations on Rights and Remedies of Owners. No Owner of any Bond or Parity Bond issued hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for any remedy under or upon this Indenture, unless: (a) such Owner shall have previously given to the Trustee written notice of the occurrence of an Event of Default; (b) the Owners of a majority in aggregate principal amount of all the Bonds and Parity Bonds then Outstanding shall have made written request upon the Trustee to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name; (c) said Owners shall have tendered to the Trustee indemnity and security reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; and (d) the Trustee shall have refused or omitted to comply with such request for a period of sixty (60) days after such written request shall have been received by, and said tender of indemnity and security shall have been made to, the Trustee.
Such notification, request, tender of indemnity and security and refusal or omission are hereby declared, in every case, to be conditions precedent to the exercise by any Owner of Bonds and Parity Bonds of any remedy hereunder; it being understood and intended that no one or more Owners of Bonds and Parity Bonds shall have any right in any manner whatever by his or their action to enforce any right under this Indenture, except in the manner herein provided, and that all proceedings at law or in equity to enforce any provision of this Indenture shall be instituted, had and maintained in the manner herein provided and for the equal benefit of all Owners of the Outstanding Bonds and Parity Bonds.
The right of any Owner of any Bond and Parity Bond to receive payment of the principal of and interest and premium (if any) on such Bond and Parity Bond as herein provided or to institute suit for the enforcement of any such payment, shall not be impaired or affected without the written consent of such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this Indenture.
Section 8.8. Termination of Proceedings. In case any Owner shall have proceeded to enforce any right under this Indenture by the appointment of a receiver or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely, then and in every such case, the District, the Trustee and the Owners shall be restored to their former positions and rights hereunder, respectively, with regard to the property subject to this Indenture, and all rights, remedies and powers of the Owners shall continue as if no such proceedings had been taken.
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ARTICLE IX
DEFEASANCE AND PARITY BONDS
Section 9.1. Defeasance. If the District shall pay or cause to be paid, or there shall otherwise be paid, to the Owner of an Outstanding Bond or Parity Bond the interest due thereon and the principal thereof, at the times and in the manner stipulated in this Indenture or any Supplemental Indenture, then the Owner of such Bond or Parity Bond shall cease to be entitled to the pledge of Net Taxes, and, other than as set forth below, all covenants, agreements and other obligations of the District to the Owner of such Bond or Parity Bond under this Indenture and any Supplemental Indenture relating to such Parity Bond shall thereupon cease, terminate and become void and be discharged and satisfied. In the event of a defeasance of all Outstanding Bonds and Parity Bonds pursuant to this Section, the Trustee shall execute and deliver to the District all such instruments as may be desirable to evidence such discharge and satisfaction, and the Trustee shall pay over or deliver to the District’s general fund all money or securities held by it pursuant to this Indenture which are not required for the payment of the principal of, premium, if any, and interest due on such Bonds and Parity Bonds.
Any Outstanding Bond or Parity Bond shall be deemed to have been paid within the meaning expressed in the first paragraph of this Section if such Bond or Parity Bond is paid in any one or more of the following ways:
(a) by paying or causing to be paid the principal of, premium, if any, and interest on such Bond or Parity Bond, as and when the same become due and payable; (b) by depositing with the Trustee, in trust, at or before maturity, money which, together with the amounts then on deposit in the Special Tax Fund and available for such purpose, is fully sufficient to pay the principal of, premium, if any, and interest on such Bond or Parity Bond, as and when the same shall become due and payable; or
(c) by depositing with the Trustee or another escrow bank appointed by the District, in trust, federal securities described in subparagraph (1) of the definition of Authorized Investments, in which the District may lawfully invest its money, in such amount as will be sufficient, together with the interest to accrue thereon and moneys then on deposit in the Special Tax Fund and available for such purpose, together with the interest to accrue thereon, to pay and discharge the principal of, premium, if any, and interest on such Bond or Parity Bond, as and when the same shall become due and payable.
If paid as provided above, then, at the election of the District, and notwithstanding that any Outstanding Bonds and Parity Bonds shall not have been surrendered for payment, all obligations of the District under this Indenture and any Supplemental Indenture with respect to such Bond or Parity Bond shall cease and terminate, except for the obligation of the Trustee to pay or cause to be paid to the Owners of any such Bond or Parity Bond not so surrendered and paid all sums due thereon, and except for the covenants of the District contained in Section 5.2(f) or any covenants in a Supplemental Indenture relating to compliance with the Code. Notice of such election shall be filed with the Trustee not less than ten days prior to the proposed defeasance date, or such shorter period of time as may be acceptable to the Trustee. In connection with a defeasance under (c) above, there shall be provided to the District a verification report from an independent nationally recognized certified public accountant stating its opinion as to the sufficiency of the moneys or securities deposited with the Trustee or the escrow bank to pay and discharge the principal of, premium, if any, and interest on all Outstanding 787
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Bonds and Parity Bonds to be defeased in accordance with this Section, as and when the same shall become due and payable, and an opinion of Bond Counsel (which may rely upon the opinion of the certified public accountant) to the effect that the Bonds or Parity Bonds being defeased have been legally defeased in accordance with this Indenture and any applicable Supplemental Indenture.
Upon a defeasance, the Trustee, upon request of the District, shall release the rights of the Owners of such Bonds and Parity Bonds which have been defeased under this Indenture and any Supplemental Indenture and execute and deliver to the District all such instruments as may be desirable to evidence such release, discharge and satisfaction. In the case of a defeasance hereunder of all Outstanding Bonds and Parity Bonds, the Trustee shall pay over or deliver to the District any funds held by the Trustee at the time of a defeasance, which are not required for the purpose of paying and discharging the principal of or interest on the Bonds and Parity Bonds when due. The Trustee shall, at the written direction of the District, mail, first class, postage prepaid, a notice to the Owners whose Bonds or Parity Bonds have been defeased, in the form directed by the District, stating that the defeasance has occurred.
Section 9.2. Conditions for the Issuance of Parity Bonds and Other Additional Indebtedness. The District may at any time after the issuance and delivery of the Bonds hereunder issue Parity Bonds payable from the Net Taxes and other amounts deposited in the Special Tax Fund and secured by a lien and charge upon such amounts equal to the lien and charge securing the Outstanding Bonds and any other Parity Bonds theretofore issued hereunder or under any Supplemental Indenture; provided, however, that Parity Bonds may only be issued for the purpose of refunding all or a portion of the Bonds or Parity Bonds then Outstanding subject to the following specific conditions, which are hereby made conditions precedent to the issuance of any such Parity Bonds:
(a) The District shall be in compliance with all covenants set forth in this Indenture and any Supplemental Indenture then in effect and a certificate of the District to that effect shall have been filed with the Trustee; provided, however, that Parity Bonds may be issued notwithstanding that the District is not in compliance with all such covenants so long as immediately following the issuance of such Parity Bonds the District will be in compliance with all such covenants. (b) The issuance of such Parity Bonds shall have been duly authorized pursuant to the Act and all applicable laws, and the issuance of such Parity Bonds shall have been provided for by a Supplemental Indenture duly adopted by the District which shall specify the following:
(1) the purpose for which such Parity Bonds are to be issued and the fund or funds into which the proceeds thereof are to be deposited;
(2) the authorized principal amount of such Parity Bonds; (3) the date and the maturity date or dates of such Parity Bonds; provided that:
(i) each maturity date shall fall on a September 1; (ii) all such Parity Bonds of like maturity shall be identical in all respects, except as to number; (iii) fixed serial maturities or Sinking Fund Payments, or any combination thereof, shall be established to provide for the retirement of all such Parity Bonds on or before their respective maturity dates; and (iv) the maturity of such Parity Bonds shall not exceed the maturity of the Bonds being refunded;
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(4) the description of the Parity Bonds, the place of payment thereof and the procedure for execution and authentication;
(5) the denominations and method of numbering of such Parity Bonds; (6) the amount and due date of each mandatory Sinking Fund Payment, if any, for such Parity Bonds;
(7) the amount, if any, to be deposited from the proceeds of such Parity Bonds in the Reserve Account of the Special Tax Fund to increase the amount therein to the Reserve Requirement;
(8) the form of such Parity Bonds; and
(9) such other provisions as are necessary or appropriate and not inconsistent with this Indenture.
(c) The District shall have received the following documents or money or securities, all of such documents dated or certified, as the case may be, as of the date of delivery of such Parity Bonds by the Trustee (unless the Trustee shall be directed by the District to accept any of such documents bearing a prior date):
(1) a certified resolution of the City Council, acting as the legislative body of the District, authorizing the issuance of such Parity Bonds; (2) a written request of the District as to the delivery of such Parity Bonds; (3) an opinion of Bond Counsel and/or general counsel to the District to the effect that: (i) the District has the right and power under the Act to execute and deliver the Supplemental Indenture relating to such Parity Bonds, and such Supplemental Indenture has been duly and lawfully executed by the District, and the Indenture and such Supplemental Indenture are in full force and effect and are valid and binding upon the District and enforceable in accordance with their terms (except as enforcement may be limited by bankruptcy, insolvency, reorganization and other similar laws relating to the enforcement of creditors’ rights); (ii) this Indenture creates the valid pledge which it purports to create of the Net Taxes and other amounts as provided in this Indenture, subject to the application thereof to the purposes and on the conditions permitted by this Indenture; and (iii) such Parity Bonds are valid and binding limited obligations of the District, enforceable in accordance with their terms (except as enforcement may be limited by bankruptcy, insolvency, reorganization and other similar laws relating to the enforcement of creditors’ rights) and the terms of this Indenture and the Supplemental Indenture executed and delivered in connection with such Parity Bonds and are entitled to the benefits of this Indenture and such Supplemental Indenture, and such Parity Bonds have been duly and validly authorized and issued in accordance with the Act (or other applicable laws) and this Indenture and such Supplemental Indenture;
(4) a certificate of the District containing such statements as may be reasonably necessary to show compliance with the requirements of this Indenture; (5) a certificate of an Independent Financial Consultant certifying that in each Bond Year the Annual Debt Service on the Bonds and Parity Bonds to remain Outstanding following 789
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the issuance of the Parity Bonds proposed to be issued is less than the Annual Debt Service on the Bonds and Parity Bonds Outstanding prior to the issuance of such Parity Bonds; and (6) such further documents, money and securities as are required by the provisions of this Indenture and the Supplemental Indenture providing for the issuance of such Parity Bonds.
ARTICLE X
MISCELLANEOUS
Section 10.1. Cancellation of Bonds and Parity Bonds. All Bonds and Parity Bonds surrendered to the Trustee for payment upon maturity or for redemption shall be upon payment therefor, and any Bond or Parity Bond purchased by the District as authorized herein and delivered to the Trustee for such purpose shall be, cancelled forthwith and shall not be reissued. The Trustee shall destroy such Bonds and Parity Bonds, as provided by law, and, upon request of the District, furnish to the District a certificate of such destruction.
Section 10.2. Execution of Documents and Proof of Ownership. Any request, direction, consent, revocation of consent, or other instrument in writing required or permitted by this Indenture to be signed or executed by Owners may be in any number of concurrent instruments of similar tenor and may be signed or executed by such Owners in person or by their attorneys appointed by an instrument in writing for that purpose, or by the bank, trust company or other depository for such Bonds. Proof of the execution of any such instrument, or of any instrument appointing any such attorney, and of the ownership of Bonds or Parity Bonds shall be sufficient for the purposes of this Indenture (except as otherwise herein provided), if made in the following manner:
(a) The fact and date of the execution by any Owner or his or her attorney of any such instrument, and of any instrument appointing any such attorney, may be proved by a signature guarantee of any bank or trust company located within the United States of America. Where any such instrument is executed by an officer of a corporation or association or a member of a partnership on behalf of such corporation, association or partnership, such signature guarantee shall also constitute sufficient proof of his authority.
(b) As to any Bond or Parity Bond, the person in whose name the same shall be registered in the Bond Register shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal of any such Bond or Parity Bond, and the interest thereon, shall be made only to or upon the order of the registered Owner thereof or his or her legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond or Parity Bond and the interest thereon to the extent of the sum or sums to be paid.
Neither the District nor the Trustee shall be affected by any notice to the contrary.
Nothing contained in this Indenture shall be construed as limiting the Trustee or the District to such proof, it being intended that the Trustee or the District may accept any other evidence of the matters herein stated which the Trustee or the District may deem sufficient. Any request or consent of the Owner of any Bond or Parity Bond shall bind every future Owner of the same Bond or Parity Bond in respect of anything done or suffered to be done by the Trustee or the District in pursuance of such request or consent.
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Section 10.3. Unclaimed Moneys. Anything in this Indenture to the contrary notwithstanding, any money held by the Trustee in trust for the payment and discharge of any of the Outstanding Bonds and Parity Bonds which remain unclaimed for two years after the date when such Outstanding Bonds or Parity Bonds have become due and payable, if such money was held by the Trustee at such date, or for two years after the date of deposit of such money if deposited with the Trustee after the date when such Outstanding Bonds or Parity Bonds become due and payable, shall be repaid by the Trustee to the District, as its absolute property and free from trust, and the Trustee shall thereupon be released and discharged with respect thereto and the Owners shall look only to the District for the payment of such Outstanding Bonds or Parity Bonds; provided, however, that, before being required to make any such payment to the District, the Trustee, at the expense of the District, shall cause to be mailed by first-class mail, postage prepaid, to the registered Owners of such Outstanding Bonds or Parity Bonds at their addresses as they appear on the registration books of the Trustee a notice that said money remains unclaimed and that, after a date named in said notice, which date shall not be less than 30 days after the date of the mailing of such notice, the balance of such money then unclaimed will be returned to the District.
Section 10.4. Provisions Constitute Contract; Governing Law. The provisions of this Indenture shall constitute a contract between the District and the Owners and the provisions hereof shall be governed by and construed in accordance with the laws of the State of California.
In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and, should said suit, action or proceeding be abandoned, or be determined adversely to the Owners or the Trustee, then the District, the Trustee and the Owners shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken.
After the issuance and delivery of the Bonds, this Indenture shall be irrepealable, but shall be subject to modifications to the extent and in the manner provided in this Indenture, but to no greater extent and in no other manner.
Section 10.5. Future Contracts. Nothing herein contained shall be deemed to restrict or prohibit the District from making contracts or creating bonded or other indebtedness payable from a pledge of the Net Taxes which is subordinate to the pledge hereunder, or which is payable from the general fund of the District or from taxes or any source other than the Net Taxes and other amounts pledged hereunder.
Section 10.6. Further Assurances. The District will adopt, make, execute and deliver any and all such further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of this Indenture, and for the better assuring and confirming unto the Owners of the Bonds or any Parity Bonds the rights and benefits provided in this Indenture.
Section 10.7. Entire Agreement; Severability. This Indenture and the exhibits hereto set forth the entire agreement and understanding of the parties related to this transaction and supersedes all prior agreements and understandings, oral or written. If any covenant, agreement or provision, or any portion thereof, contained in this Indenture, or the application thereof to any person or circumstance, is held to be unconstitutional, invalid or unenforceable, the remainder of this Indenture and the application of any such covenant, agreement or provision, or portion thereof, to other persons or circumstances, shall be deemed severable and shall not be affected thereby, and this Indenture, the 791
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Bonds and any Parity Bonds issued pursuant hereto shall remain valid and the Owners shall retain all valid rights and benefits accorded to them under the laws of the State of California.
Section 10.8. Notices. Any notices required to be given to the District with respect to the Bonds or this Indenture shall be mailed, first class, postage prepaid, or personally delivered to the City Manager of the City of Wildomar, 23873 Clinton Keith Road, Suite 110, Wildomar California 92595, all notices to the Trustee in its capacity as Trustee shall be mailed, first class, postage prepaid, or personally delivered to the Trustee, Wilmington Trust, National Association, 650 Town Center Drive, Suite 800, Costa Mesa, California 92626.
792
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IN WITNESS WHEREOF, COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO) OF THE CITY OF WILDOMAR has caused this Indenture to be signed by an Authorized Representative of the District and Wilmington Trust, National Association in token of its acceptance of the trust created hereunder, has caused this Indenture to be signed in its corporate name by its officers identified below, all as of the day and year first above written.
COMMUNITY FACILITIES DISTRICT NO. 2022-3
(VERANO) OF THE CITY OF WILDOMAR
By:
City Manager of the City of Wildomar, acting on
behalf of Community Facilities District No.
2022-3 (Verano) of the City of Wildomar
ATTEST:
City Clerk of the City of Wildomar, acting
on behalf of Community Facilities District
No. 2022-3 (Verano) of the City of
Wildomar
WILMINGTON TRUST, NATIONAL
ASSOCIATION, as Trustee
By:
Authorized Signatory
793
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EXHIBIT A
FORM OF SPECIAL TAX BOND
UNLESS THIS BOND IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE DISTRICT OR TRUSTEE FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY BOND ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
R-____ $___________
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTY OF RIVERSIDE
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR
SPECIAL TAX BOND, SERIES 2024
INTEREST RATE: MATURITY DATE: DATED DATE: CUSIP:
% September 1, 20__ July __, 2024
REGISTERED OWNER: CEDE & CO.
PRINCIPAL AMOUNT: __________________ DOLLARS
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO) OF THE CITY OF WILDOMAR (the “District”) which was formed by the City of Wildomar (the “City”) and is situated in the County of Riverside, State of California, FOR VALUE RECEIVED, hereby promises to pay, solely from certain amounts held under the Indenture (as hereinafter defined), to the Owner named above, or registered assigns, on the Maturity Date set forth above, unless redeemed prior thereto as hereinafter provided, the Principal Amount set forth above, and to pay interest on such Principal Amount from the Interest Payment Date (as hereinafter defined) next preceding the date of authentication hereof, unless: (i) the date of authentication is an Interest Payment Date, in which event interest shall be payable from such date of authentication; (ii) the date of authentication is after a Record Date (as hereinafter defined) but prior to the immediately succeeding Interest Payment Date, in which event interest shall be payable from the Interest Payment Date immediately succeeding the date of authentication; or (iii) the date of authentication is prior to the close of business on the first Record Date, in which event interest shall be payable from the Dated Date set forth above.
Notwithstanding the foregoing, if at the time of authentication of this Bond interest is in default, interest on this Bond shall be payable from the last Interest Payment Date to which the interest has been paid 794
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or made available for payment or, if no interest has been paid or made available for payment, interest on this Bond shall be payable from the Dated Date set forth above. Interest will be paid semiannually on September 1, 2024 and each March 1 and September 1 thereafter (each an “Interest Payment Date”), at the Interest Rate set forth above, until the Principal Amount hereof is paid or made available for payment.
The principal of and premium, if any, on this Bond are payable to the Owner hereof in lawful money of the United States of America upon presentation and surrender of this Bond at the Principal Office of the Trustee (as such term is defined in the Indenture), initially Wilmington Trust, National Association (the “Trustee”). Interest on this Bond shall be paid by check of the Trustee mailed, by first class mail, postage prepaid, or in certain circumstances described in the Indenture by wire transfer to an account within the United States of America, to the Owner hereof as of the close of business on the fifteenth day of the month preceding the month in which the Interest Payment Date occurs (the “Record Date”) at such Owner’s address as it appears on the registration books maintained by the Trustee.
This Bond is one of a duly authorized issue of “Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Special Tax Bonds, Series 2024” (the “Bonds”) issued in the aggregate principal amount of $[PRINCIPAL AMOUNT] pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being Section 53311 et seq. of the California Government Code (the “Act”) for the purpose of financing public improvements, funding a reserve account, funding capitalized interest on a portion of the Bonds and paying certain costs related to the issuance of the Bonds. The issuance of the Bonds and the terms and conditions thereof are provided for by a resolution adopted by the City Council of the City, acting in its capacity as the legislative body of the District (the “Legislative Body”), on June 12, 2024, and a Bond Indenture executed in connection therewith dated as of July 1, 2024 (the “Indenture”), by and between the District and the Trustee, and this reference incorporates the Indenture herein, and by acceptance hereof the Owner of this Bond assents to said terms and conditions. The Indenture is adopted under and this Bond is issued under, and both are to be construed in accordance with, the laws of the State of California.
Pursuant to the Act and the Indenture, the principal of, premium, if any, and interest on this Bond are payable solely from the portion of the annual special taxes authorized under the Act to be levied and collected within the District (the “Special Taxes”) and certain other amounts pledged to the repayment of the Bonds as set forth in the Indenture. Any amounts for the payment hereof shall be limited to the Net Taxes pledged and collected or foreclosure proceeds received following a default in payment of the Special Taxes and other amounts deposited to the Special Tax Fund established under the Indenture, except to the extent that other provision for payment has been made by the Legislative Body, as may be permitted by law. The District has covenanted for the benefit of the owners of the Bonds that under certain circumstances described in the Indenture it will commence and diligently pursue to completion appropriate foreclosure proceedings in the event of delinquencies of Special Tax installments levied for payment of principal and interest on the Bonds.
The Bonds may be redeemed at the option of the District from any source of funds on any Interest Payment Date on and after September 1, 20__, in whole or in part, from such maturities as are selected by the District and by lot within a maturity, at the following redemption prices, expressed as a percentage of the principal amount to be redeemed, together with accrued interest to the date of redemption:
Redemption Date Redemption Price
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September 1, 20__ and March 1, 20__ 103%
September 1, 20__ and March 1, 20__ 102
September 1, 20__ and March 1, 20__ 101
September 1, 20__ and any Interest Payment Date thereafter 100 The Bonds maturing on September 1, 20__ (the “20__ Term Bonds”) shall be called before maturity and redeemed, from the Sinking Fund Payments that have been deposited into the Redemption Account established under the Indenture, on September 1, 20__ and on each September 1 thereafter prior to maturity in accordance with the schedule of Sinking Fund Payments set forth below. The 20__ Term Bonds so called for redemption shall be selected by the Trustee by lot and shall be redeemed at a redemption price for each redeemed 20__ Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:
Term Bonds Maturing September 1, 20__
Sinking Fund Redemption Date
(September 1) Sinking Fund Payments
*
_____________
* Maturity.
The Bonds maturing on September 1, 20__ (the “20__ Term Bonds”) shall be called before maturity and redeemed, from the Sinking Fund Payments that have been deposited into the Redemption Account established under the Indenture, on September 1, 20__ and on each September 1 thereafter prior to maturity in accordance with the schedule of Sinking Fund Payments set forth below. The 20__ Term Bonds so called for redemption shall be selected by the Trustee by lot and shall be redeemed at a redemption price for each redeemed 20__ Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:
Term Bonds Maturing September 1, 20__
Sinking Fund Redemption Date
(September 1) Sinking Fund Payments
*
_____________
* Maturity.
The Bonds are subject to special mandatory redemption as a whole, or in part on a pro rata basis among maturities and by lot within a maturity, on any Interest Payment Date on and after March 1, 2025, and shall be redeemed by the Trustee, from Prepayments deposited to the Redemption Account plus amounts transferred from the Reserve Account in connection with such transfers, at the following 796
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redemption prices, expressed as a percentage of the principal amount to be redeemed, together with accrued interest to the redemption date:
Redemption Date Redemption Price
Any Interest Payment Date from March 1, 2025 through March 1, 20__ 103% September 1, 20__ and March 1, 20__ 102
September 1, 20__ and March 1, 20__ 101
September 1, 20__ and any Interest Payment Date thereafter 100 Notice of redemption with respect to the Bonds to be redeemed shall be mailed to the registered owners thereof not less than 30 nor more than 45 days prior to the redemption date by first class mail, postage prepaid, to the addresses set forth in the registration books; provided, however, so long as the Bonds are registered in the name of the Nominee, such notice shall be given in such manner as complies with the requirements of the Depository. Neither a failure of the Owner hereof to receive such notice nor any defect therein will affect the validity of the proceedings for redemption. All Bonds or portions thereof so called for redemption will cease to accrue interest on the specified redemption date, provided that funds for the redemption are on deposit with the Trustee on the redemption date. Thereafter, the registered owners of such Bonds shall have no rights except to receive payment of the redemption price upon the surrender of the Bonds.
This Bond shall be registered in the name of the Owner hereof, as to both principal and interest, and the District and the Trustee may treat the Owner hereof as the absolute owner for all purposes and shall not be affected by any notice to the contrary.
The Bonds are issuable only in fully registered form in the denomination of $5,000 or any integral multiple thereof and may be exchanged for a like aggregate principal amount of Bonds of other authorized denominations of the same issue and maturity, all as more fully set forth in the Indenture.
This Bond is transferable by the Owner hereof, in person or by his attorney duly authorized in writing, at the Principal Office of the Trustee, but only in the manner, subject to the limitations and upon payment of the charges provided in the Indenture, upon surrender and cancellation of this Bond. Upon such transfer, a new registered Bond of authorized denomination or denominations for the same aggregate principal amount of the same issue and maturity will be issued to the transferee in exchange therefor.
The Trustee shall not be required to register transfers or make exchanges of: (i) any Bonds for a period of 15 days next preceding any selection of the Bonds to be redeemed; or (ii) any Bonds chosen for redemption.
The rights and obligations of the District and of the registered owners of the Bonds may be amended at any time, and in certain cases without notice to or the consent of the registered owners, to the extent and upon the terms provided in the Indenture.
THE BONDS DO NOT CONSTITUTE GENERAL OBLIGATIONS OF THE CITY OR OF THE DISTRICT. NEITHER THE CITY NOR THE DISTRICT IS OBLIGATED TO LEVY OR
PLEDGE, OR HAS LEVIED OR PLEDGED, GENERAL OR SPECIAL TAXES, OTHER THAN THE SPECIAL TAXES REFERENCED HEREIN. THE BONDS ARE LIMITED OBLIGATIONS
OF THE DISTRICT PAYABLE FROM THE PORTION OF THE SPECIAL TAXES AND OTHER
AMOUNTS PLEDGED UNDER THE INDENTURE BUT ARE NOT A DEBT OF THE CITY, THE 797
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STATE OF CALIFORNIA OR ANY OF ITS POLITICAL SUBDIVISIONS WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY LIMITATION OR RESTRICTION.
This Bond shall not become valid or obligatory for any purpose until the certificate of authentication and registration hereon endorsed shall have been dated and signed by the Trustee.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by law to exist, happen and be performed precedent to and in the issuance of this Bond do exist, have happened and have been performed in due time, form and manner as required by law, and that the amount of this Bond, together with all other indebtedness of the District, does not exceed any debt limit prescribed by the laws or Constitution of the State of California.
IN WITNESS WHEREOF, Community Facilities District No. 2022-3 (Verano) of the City of Wildomar has caused this Bond to be dated the Dated Date, to be signed on behalf of the District by the Mayor of the City by her facsimile signature and attested by the facsimile signature of the City Clerk of the City.
Mayor of the City of Wildomar, acting as the legislative body of Community Facilities District No. 2022-3
(Verano) of the City of Wildomar
ATTEST:
City Clerk of the City of Wildomar, acting as
the legislative body of Community Facilities
District No. 2022-3 (Verano) of the City of
Wildomar
[FORM OF TRUSTEE’S CERTIFICATE
OF AUTHENTICATION AND REGISTRATION]
This is one of the Bonds described in the within-defined Indenture.
Dated: July __, 2024 WILMINGTON TRUST, NATIONAL
ASSOCIATION as Trustee
By:
Authorized Signatory
798
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[FORM OF LEGAL OPINION]
The following is a true copy of the opinion rendered by Stradling Yocca Carlson & Rauth LLP, in connection with the issuance of, and dated as of the date of the original delivery of, the Bonds. A signed copy is on file in my office.
City Clerk of the City of Wildomar
[FORM OF ASSIGNMENT]
For value received the undersigned do(es) hereby sell, assign and transfer unto whose tax identification number is ,
the within-mentioned registered Bond and hereby irrevocably constitute(s) and appoint(s) attorney to transfer the same on the books of the Trustee with full power of substitution in the premises.
Dated:
Signature guaranteed:
NOTE: Signature(s) must be guaranteed by an
eligible guarantor institution.
NOTE: The signatures(s) on this Assignment
must correspond with the name(s) as written on
the face of the within Bond in every particular
without alteration or enlargement or any change
whatsoever.
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EXHIBIT B-1
FORM OF REQUISITION FOR DISBURSEMENT OF PROJECT COSTS
$[PRINCIPAL AMOUNT]
SPECIAL TAX BONDS, SERIES 2024
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR)
Wilmington Trust, National Association (the “Trustee”), is hereby requested to pay from the [City Facilities][Water Facilities][School Facilities] Account of the Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Acquisition and Construction Fund, established by the Bond Indenture, dated as of July 1, 2024, by and between the Trustee and Community Facilities District No. 2022-3 (Verano) of the City of Wildomar (the “District”), the amount specified to the payee named below for payment of the Project Costs set forth in Attachment No. 1 hereto.
Payee:
Address:
Purpose:
Amount: $
The amount is due and payable under purchase order, contract or other authorization and has not formed the basis of any prior request for payment. The conditions for the release of this amount from the [City Facilities][Water Facilities][School Facilities] Account, including those conditions in Section 3.9(b) of the Indenture have been satisfied.
There has not been filed with nor served upon the District notice of any lien, right to lien or attachment upon, or stop notice or claim affecting the right to receive payment of the amount specified above which has not been released or will not be released simultaneously with the payment of such amount, other than materialmen’s or mechanic’s liens accruing by mere operation of law.
Dated: COMMUNITY FACILITIES DISTRICT NO. 2022-3
(VERANO) OF THE CITY OF WILDOMAR
By:
Name:
Title: _____________________________________
800
Stradling Yocca Carlson & Rauth
Draft of 05/28/24
4880-5219-7562v5/200945-0005
PRELIMINARY OFFICIAL STATEMENT, DATED JUNE__, 2024
NEW ISSUE—BOOK-ENTRY ONLY NO RATING
In the opinion of Stradling Yocca Carlson & Rauth LLP, Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds described herein is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals. In the further opinion of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. See the caption “TAX EXEMPTION” with respect to tax consequences relating to the Bonds, including with respect to the alternative minimum tax imposed on certain large corporations. $5,440,000*
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR
SPECIAL TAX BONDS, SERIES 2024
Dated: Delivery Date Due: September 1, as shown on inside cover page The Community Facilities District No. 2022-3 (Verano) of the City of Wildomar Special Tax Bonds, Series 2024 (the “Bonds”) are being issued by Community Facilities District No. 2022-3 (Verano) of the City of Wildomar (the “District”) to: (i) finance certain public improvements needed with respect to the development of property located within the District, including public improvements to be owned by the City, water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District and school facilities to be owned and operated by the Lake Elsinore Unified School District; (ii) fund a reserve account for the Bonds; (iii) fund capitalized interest on the Bonds through September 1, 2024; and (iv) pay costs of issuance for the Bonds. The Bonds are authorized to be issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the Government Code of the State of California) (the “Act”), and pursuant to that certain Bond Indenture, dated as of July 1, 2024 (the “Indenture”), by and between the District and Wilmington Trust, National Association, as trustee (the “Trustee”).
The Bonds are secured by a pledge of and lien upon from Net Taxes (as defined herein) derived from a certain annual Special Tax (as defined herein) to be levied on taxable parcels within the District and from certain other funds pledged under the Indenture, all as further described herein. The Special Tax is to be levied according to the rate and method of apportionment approved by the City Council of the City and the qualified electors within the District. See the caption “SOURCES OF PAYMENT FOR THE BONDS — Special Taxes” and Appendix A — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.” The Bonds will be issued in fully registered form and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of the Bonds may be made in principal amounts of $5,000 and integral multiples thereof and will be in book-entry form only. Purchasers of the Bonds will not receive certificates representing their beneficial ownership of the Bonds but will receive credit balances on the books of their respective nominees. The Bonds will not be transferable or exchangeable except for transfer to another nominee of DTC or as otherwise described herein. Interest on the Bonds will be payable on each March 1 and September 1, commencing September 1, 2024. Principal of and interest on the Bonds will be paid by the Trustee to DTC for subsequent disbursement to DTC Participants, who will remit such payments to the Beneficial Owners of the Bonds.
NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY, THE COUNTY OF RIVERSIDE, THE STATE OF CALIFORNIA OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE NET TAXES, NO OTHER REVENUES OR TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT GENERAL OR SPECIAL
OBLIGATIONS OF THE CITY OR GENERAL OBLIGATIONS OF THE DISTRICT BUT ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM NET TAXES AND OTHER AMOUNTS HELD UNDER THE INDENTURE AS MORE FULLY DESCRIBED HEREIN.
The Bonds are subject to optional redemption, special mandatory redemption and mandatory sinking fund redemption prior to maturity as set forth herein. See the caption “THE BONDS — Redemption.”
Investment in the Bonds involves risks that are not appropriate for certain investors. Certain events could affect the ability of the District to pay the principal of and interest on the Bonds when due. See the caption “SPECIAL RISK FACTORS” for a discussion of certain risk factors that should be considered, in addition to the other matters set forth herein, in evaluating the investment quality of the Bonds, including but not limited to “SPECIAL RISK FACTORS—Ballot Initiatives; Initiative 1935” for a discussion of an initiative that has qualified for the November 2024 Statewide general election.
THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR GENERAL REFERENCE ONLY. IT IS NOT INTENDED TO BE A SUMMARY OF THE SECURITY OR TERMS OF THIS ISSUE. INVESTORS ARE ADVISED TO READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.
MATURITY SCHEDULE
(See Inside Cover Page)
The Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Bond Counsel, and subject to certain other conditions. Certain legal matters will be passed on for the City and the District by Burke, Williams & Sorensen, LLP, Riverside, California, City Attorney, and for the District by Stradling Yocca Carlson & Rauth LLP, Disclosure Counsel, for
* Preliminary, subject to change.
This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold, nor may offers to buy them be accepted, prior tothe time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall therebe any sale of, these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 801
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the Underwriter by Anzel Galvan LLP, San Francisco, California, and for the Trustee by its counsel. It is anticipated that the Bonds in book-entry form will be available for delivery on or about July __, 2024.
[STIFEL LOGO]
Dated June __, 2024
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$5,440,000*
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR
SPECIAL TAX BONDS, SERIES 2024
MATURITY SCHEDULE
BASE CUSIP®† _________
$________ Serial Bonds
Maturity Date
(September 1)
Principal
Amount Interest Rate Yield Price CUSIP No.†
$ % %
$_________ ___% Term Bonds due September 1, 20__ Yield: ____% Price: ______ CUSIP No.† ___ $_________ ___% Term Bonds due September 1, 20__ Yield: ____% Price: ______ CUSIP No.† ___ * Preliminary, subject to change.
† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by FactSet Research Systems Inc. Copyright© 2024 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only.
None of the District, the City, the Underwriter or their agents or counsel assume responsibility for the accuracy of such numbers.
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CITY OF WILDOMAR
COUNTY OF RIVERSIDE, CALIFORNIA
CITY COUNCIL
Bridgette Moore, Mayor
Ashlee DePhillippo, Mayor Pro-Tem
Carlos Marquez, Councilmember
Dustin Nigg, Councilmember
Joseph Morabito, Councilmember
CITY ADMINISTRATORS
Dan York, City Manager
Heidi Schrader, Administrative Services Director
Adam Jantz, Finance Manager
CITY ATTORNEY
Burke, Williams & Sorensen, LLP
Riverside, California
BOND AND DISCLOSURE COUNSEL
Stradling Yocca Carlson & Rauth LLP
Newport Beach, California
MUNICIPAL ADVISOR
CSG Advisors Incorporated
San Francisco, California
SPECIAL TAX CONSULTANT
Spicer Consulting Group, LLC
Murrieta, California
APPRAISER
Stephen G. White, MAI
Fullerton, California
TRUSTEE
Wilmington Trust, National Association
Costa Mesa, California
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Except where otherwise indicated, all information contained in this Official Statement has been provided by the City and the District. No dealer, broker, salesperson or other person has been authorized by the City, the District, the Trustee or the Underwriter to give any information or to make any representations in connection with the offer or sale of the Bonds other than those contained herein and, if given or made, such other information or representations must not be relied upon as having been authorized by the City, the District, the Trustee or the Underwriter. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale.
This Official Statement is not to be construed as a contract with the purchasers or Owners of the Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact.
The Underwriter has provided the following sentence for inclusion in this Official Statement:
The Underwriter has reviewed the information in this Official Statement in accordance with, and as a part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.
The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City, the District or any other parties described herein since the date hereof. All summaries of the Indenture or other documents are made subject to the provisions of such documents respectively and do not purport to be complete statements of any or all of such provisions. Reference is hereby made to such documents on file with the City for further information in connection therewith.
THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IN RELIANCE UPON AN EXEMPTION CONTAINED IN SUCH ACT. THE BONDS HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.
Certain statements included or incorporated by reference in this Official Statement constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used such as a “plan,” “expect,” “estimate,” “project,” “budget,” or similar words. Such forward-looking statements include, but are not limited to certain statements contained in the information under the captions “THE DISTRICT” and “PROPERTY OWNERSHIP AND THE DEVELOPMENT.”
THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH
FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND
OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS
DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE
DISTRICT DOES NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THE FORWARD-LOOKING STATEMENTS SET FORTH IN THIS OFFICIAL STATEMENT. IN EVALUATING SUCH STATEMENTS,
POTENTIAL INVESTORS SHOULD SPECIFICALLY CONSIDER THE VARIOUS FACTORS WHICH COULD
CAUSE ACTUAL EVENTS OR RESULTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS.
The City maintains a website. However, the information presented on such website is not part of this Official Statement and should not be relied upon in making an investment decision with respect to the Bonds. 805
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TABLE OF CONTENTS
Page
INTRODUCTION ................................................................................................................................................1 The District .......................................................................................................................................................1 Sources of Payment for the Bonds....................................................................................................................2 Appraisal Report...............................................................................................................................................3 Description of the Bonds ..................................................................................................................................3 Tax Exemption..................................................................................................................................................4 Professionals Involved in the Offering .............................................................................................................4 Continuing Disclosure ......................................................................................................................................4 Parity Bonds for Refunding Purposes Only......................................................................................................5 Bond Owners’ Risks.........................................................................................................................................5 Other Information .............................................................................................................................................5 FINANCING PLAN.............................................................................................................................................6 Estimated Sources and Uses of Funds ..............................................................................................................6 THE BONDS........................................................................................................................................................6 General Provisions............................................................................................................................................6 Debt Service Schedule......................................................................................................................................8 Redemption.......................................................................................................................................................8 Registration, Transfer and Exchange..............................................................................................................12 SOURCES OF PAYMENT FOR THE BONDS ................................................................................................12 Limited Obligations........................................................................................................................................12 Special Taxes..................................................................................................................................................13 Reserve Account of the Special Tax Fund......................................................................................................19 No Teeter Plan ................................................................................................................................................19 Parity Bonds for Refunding Purposes Only....................................................................................................20 Additional Special Tax Reserve Fund ............................................................................................................20 THE DISTRICT..................................................................................................................................................20 General Description of the District.................................................................................................................20 Authorized Uses of Bond Proceeds ................................................................................................................21 Appraisal Report.............................................................................................................................................21 Estimated Appraised Value-to-Lien Ratios ....................................................................................................22 Direct and Overlapping Debt..........................................................................................................................25 Delinquency History.......................................................................................................................................26 PROPERTY OWNERSHIP AND THE DEVELOPMENT...............................................................................26 General............................................................................................................................................................27 KB Home........................................................................................................................................................28 SPECIAL RISK FACTORS ...............................................................................................................................29 Risks of Real Estate Secured Investments Generally .....................................................................................29 Insufficiency of Special Tax Revenues...........................................................................................................30 Impact of Economic Conditions on the Development in the District .............................................................31 Increasing Mortgage Interest Rates ................................................................................................................31 Concentration of Ownership...........................................................................................................................32 Property Values ..............................................................................................................................................32 Natural Disasters.............................................................................................................................................32 Hazardous Substances ....................................................................................................................................33 Enforcement Delays – Bankruptcy.................................................................................................................33 Special Tax Delinquencies..............................................................................................................................34 FDIC/Federal Government Interests in Parcels ..............................................................................................34 806
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Direct and Overlapping Indebtedness.............................................................................................................35 Payment of Special Taxes is not a Personal Obligation of the Property Owners ...........................................35 No Acceleration Provision..............................................................................................................................36 Limited Obligations........................................................................................................................................36 Proposition 218...............................................................................................................................................36 Ballot Initiatives; Initiative 1935 ....................................................................................................................37 Litigation with Respect to Community Facilities Districts.............................................................................38 Loss of Tax Exemption...................................................................................................................................39 No Ratings – Limited Secondary Market .......................................................................................................39 Limitations on Remedies ................................................................................................................................39 Potential Early Redemption of Bonds from Prepayments or Community Facilities District Bond Proceeds...................................................................................................................................................40 Cybersecurity..................................................................................................................................................40 CONTINUING DISCLOSURE..........................................................................................................................40 TAX EXEMPTION............................................................................................................................................40 LEGAL OPINION..............................................................................................................................................42 ABSENCE OF LITIGATION ............................................................................................................................42 NO RATING ......................................................................................................................................................42 UNDERWRITING .............................................................................................................................................42 FINANCIAL INTERESTS.................................................................................................................................43 MUNICIPAL ADVISOR ...................................................................................................................................43 MISCELLANEOUS ...........................................................................................................................................43 APPENDIX A RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.............................A-1 APPENDIX B CERTAIN ECONOMIC AND DEMOGRAPHIC INFORMATION................................ B-1 APPENDIX C FORM OF OPINION OF BOND COUNSEL ................................................................... C-1 APPENDIX D APPRAISAL REPORT......................................................................................................D-1 APPENDIX E SUMMARY OF THE INDENTURE ................................................................................ E-1 APPENDIX F FORM OF DISTRICT CONTINUING DISCLOSURE CERTIFICATE ..........................F-1 APPENDIX G BOOK-ENTRY ONLY SYSTEM.....................................................................................G-1 807
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$5,440,000*
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
OF THE CITY OF WILDOMAR
SPECIAL TAX BONDS, SERIES 2024
INTRODUCTION
The purpose of this Official Statement, which includes the cover page, the table of contents and the attached appendices (collectively, the “Official Statement”), is to provide certain information concerning the issuance by Community Facilities District No. 2022-3 (Verano) of the City of Wildomar (the “District”) of its Special Tax Bonds, Series 2024 in the aggregate principal amount of $5,440,000* (the “Bonds”). The proceeds of the Bonds will be used to: (i) finance certain public improvements needed with respect to the development of property located within the District, including public improvements to be owned by the City of Wildomar (the “City”), water and sewer facilities to be owned and operated by the Elsinore Valley Municipal Water District and school facilities to be owned and operated by the Lake Elsinore Unified School District; (ii) fund a reserve account for the Bonds; (iii) fund capitalized interest on the Bonds through September 1, 2024; and (iv) pay costs of issuance for the Bonds.
The Bonds are authorized to be issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (Section 53311 et seq. of the Government Code of the State of California) (the “Act”), a resolution adopted on June 12, 2024, by the City Council of the City, acting as the legislative body of the District, and a Bond Indenture, dated as of July 1, 2024 (the “Indenture”), by and between the District and Wilmington Trust, National Association, as trustee (the “Trustee”). The Bonds are secured under the Indenture by a pledge of and lien upon Net Taxes (as such term is defined herein) and all moneys in the Special Tax Fund as described in the Indenture.
This Introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement and the documents summarized or described herein. A full review should be made of the entire Official Statement.
The sale and delivery of Bonds to potential investors is made only by means of the entire Official Statement.
All capitalized terms used in this Official Statement and not defined have the meanings set forth in Appendix E.
The District
General. The City is located in the western portion of the County of Riverside (the “County”), California (the “State”). The District contains approximately 15 gross acres and approximately 13 net taxable acres. The District is located to the east of Monte Vista Drive, at Summer Sage Way.
The property within the District is being developed by KB HOME Coastal Inc., a California corporation (“KB Home”) into 77 single-family detached homes in a project being marketed as “Verano.” As of April 2, 2024 (the date of value of the Appraisal Report (as defined below)), KB Home had completed and conveyed 45 homes within the District to individual homeowners. As of such date KB Home owned two model homes, six completed production homes, 16 homes under construction and eight finished lots (23 of which were in escrow).
Development in the District has progressed since April 2, 2024. As of June 1, 2024, KB Home had completed and conveyed [62] homes within the District to individual homeowners. KB Home has obtained building permits for all 77 planned homes in the District and expects to complete and convey all remaining homes to be constructed in the District to individual homeowners by fourth quarter 2024.
The backbone infrastructure (sewer, water, storm drains, utilities, and arterial roads) necessary to develop the property within the District has been completed. KB Home expects to complete the remaining intract improvements, including landscaping, walls, and other related lot finishing costs commensurate with the
* Preliminary, subject to change.
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timing of sales and construction of the related homes. See the captions “THE DISTRICT” and “PROPERTY OWNERSHIP AND THE DEVELOPMENT” for further information with respect to the District, KB Home and development within the District.
Formation Proceedings. The District was formed on November 9, 2022 pursuant to the Act. The Act was enacted to provide an alternative method of financing certain public capital facilities and services, especially in developing areas of the State. Any local agency (as defined in the Act) may establish a community facilities district to provide for and finance the cost of eligible public facilities and services. Generally, the legislative body of the local agency which forms a community facilities district acts on behalf of such district as its legislative body. Subject to approval by two-thirds of the votes cast at an election and compliance with the other provisions of the Act, a legislative body of a local agency may issue bonds for a community facilities district and may levy and collect a special tax within such district to repay such indebtedness.
Pursuant to the Act, on November 9, 2022, the City Council adopted Resolution No. 2022-57 (the “Resolution of Intention”), stating its intention to form the District and to authorize the levy of a special tax on the taxable property within the District, and Resolution No. 2022-57, stating its intention to incur bonded indebtedness in an aggregate principal amount not to exceed $7,000,000 for the purpose of financing the purchase, construction, expansion or rehabilitation of certain public facilities to serve the area within the District.
Subsequent to a noticed public hearing on December 14, 2022, the City Council adopted Resolution Nos. 2022-67 and 2022-68 (collectively the “Resolution of Formation”). The Resolution of Formation:
(i) established the District; (ii) authorized the levy of a special tax (the “Special Tax”) within the District; (iii) determined the necessity to incur bonded indebtedness in an amount not to exceed $7,000,000 within the District; and (iv) called an election within the District on the proposition of incurring bonded indebtedness, levying the Special Tax and setting an appropriations limit.
On December 14, 2022, an election was held within the District in which the property owner within the District approved the proposition authorizing the issuance of bonds in an amount not to exceed $7,000,000. A Notice of Special Tax Lien for the District was recorded in the office of the County Recorder on December 22, 2022, as Document No. 2022-0510584. On January 18, 2023, the City Council adopted Ordinance No. 227 (the “Ordinance”) which authorizes the levy of a special tax pursuant to the Rate and Method of Apportionment approved at the December 14, 2022 election (the “Rate and Method”), a copy of which is attached hereto as Appendix A.
See “SPECIAL RISK FACTORS—Ballot Initiatives; Initiative 1935” for a discussion of an initiative that has qualified for the November 2024 Statewide general election, which has retroactive provisions for certain elections which occurred after January 1, 2022. KB Home was the sole property owner that voted at the December 14, 2022 election and signed an affirmation of waiver in June __, 2024, in which KB Home acknowledged, confirmed and agreed that, among other matters, KB Home had waived the Initiative 1935 Ballot Label Requirements (as defined herein) that would be required if the foregoing initiative is passed by the State voters.
Sources of Payment for the Bonds
Special Taxes. As used in this Official Statement, the term “Special Tax” means the annual Special Tax which has been authorized pursuant to the Act and the Rate and Method to be levied upon taxable property within the District. See the caption “SOURCES OF PAYMENT FOR THE BONDS — Special Taxes” and Appendix A — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.” See the caption “THE DISTRICT.”
Under the Indenture, the District has pledged to repay the Bonds and any Parity Bonds (as defined herein) from the Special Tax revenues remaining after the payment of certain annual Administrative Expenses of the District (the “Net Taxes”) and from other amounts in the Special Tax Fund established under the Indenture. 811
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The Special Taxes are the primary source of security for the repayment of the Bonds and any Parity Bonds. In the event that the Special Taxes are not paid when due, the only sources of funds available to pay the debt service on the Bonds and any Parity Bonds are amounts held by the Trustee in the Special Tax Fund, including amounts held in the Reserve Account therein, to the limited extent described in the Indenture. See the caption “SOURCES OF PAYMENT FOR THE BONDS — Reserve Account of the Special Tax Fund.” Also see “SOURCES OF PAYMENT FOR THE BONDS — Additional Special Tax Reserve Fund” for discussion regarding the Additional Special Tax Reserve Fund, which fund is not pledged as security for the Bonds or Parity Bonds.
Foreclosure Proceeds. The District will covenant in the Indenture for the benefit of the owners of the Bonds and Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of $7,500 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due; and (ii) commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. See the caption “SOURCES OF PAYMENT FOR THE BONDS — Special Taxes — Proceeds of Foreclosure Sales.” There is no assurance that the property within the District can be sold for the appraised or assessed values described herein, or for a price sufficient to pay the principal of and interest on the Bonds in the event of a default in payment of Special Taxes by the current or future landowners within the District. See the caption “SPECIAL RISK FACTORS — Property Values.”
EXCEPT FOR THE NET TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT GENERAL OR SPECIAL OBLIGATIONS OF THE CITY
OR GENERAL OBLIGATIONS OF THE DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE
DISTRICT PAYABLE SOLELY FROM NET TAXES AND AMOUNTS HELD UNDER THE INDENTURE, AS MORE FULLY DESCRIBED HEREIN.
Appraisal Report
An appraisal of the taxable land and existing improvements within the District was prepared by Stephen G. White, MAI, Fullerton, California (the “Appraiser”). The appraisal report is dated April 12, 2024 and entitled “Appraisal Report Covering Community Facilities District No. 2022-3 (Verano) of the City of Wildomar” (the “Appraisal Report”). The Appraisal Report provides an estimate of the approximate market value of the “asis” condition of the property in the District subject to the levy of Special Taxes, assuming that development of the property as currently planned will consist of 77 residential units. Based on the extraordinary assumptions, assumptions and limiting conditions in the Appraisal Report, the Appraiser concluded that the market value of all of the taxable parcels within the District subject to the Special Tax was $38,330,000 as of April 2, 2024 (the “Date of Value”).
The Appraisal Report is based upon a variety of assumptions and limiting conditions that are described in Appendix D. The District makes no representation as to the accuracy of the Appraisal Report. See “THE DISTRICT — Appraisal Report” and “— Estimated Appraised Value-to-Lien Ratios.” There is no assurance that property within the District can be sold for the prices set forth in the Appraisal Report or that any parcel can be sold for a price sufficient to pay the Special Tax for that parcel in the event of a default in payment of Special Taxes by a property owner. See “THE DISTRICT,” “SPECIAL RISK FACTORS — Property Values” herein and Appendix D.
Description of the Bonds
The Bonds will be issued and delivered as fully registered Bonds, registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), and will be available to actual purchasers of the Bonds (the “Beneficial Owners”) in the denominations of $5,000 or any integral multiple 812
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thereof, under the book-entry system maintained by DTC, only through brokers and dealers who are or act through DTC Participants as described herein. Beneficial Owners will not be entitled to receive physical delivery of the Bonds. In the event that the book-entry only system described herein is no longer used with respect to the Bonds, the Bonds will be registered and transferred in accordance with the Indenture. See Appendix G — “BOOK-ENTRY ONLY SYSTEM.”
Principal of, premium, if any, and interest on the Bonds is payable by the Trustee to DTC. Disbursement of such payments to DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of DTC Participants. See Appendix G — “BOOK-ENTRY ONLY SYSTEM.”
The Bonds are subject to optional redemption, special mandatory redemption and mandatory sinking fund redemption prior to maturity as described herein. See the caption “THE BONDS — Redemption.” For a more complete description of the Bonds and the basic documentation pursuant to which they are being sold and delivered, see the caption “THE BONDS” and Appendix E — “SUMMARY OF THE INDENTURE.” Tax Exemption
In the opinion of Stradling Yocca Carlson & Rauth LLP, Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds described herein is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals. In the further opinion of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. See the caption “TAX EXEMPTION” with respect to tax consequences relating to the Bonds, including with respect to the alternative minimum tax imposed on certain large corporations.
Set forth in Appendix C is the form of opinion of Bond Counsel expected to be delivered in connection with the issuance of the Bonds. For a more complete discussion of such opinion and certain tax consequences incident to the ownership of the Bonds, see the caption “TAX EXEMPTION.” Professionals Involved in the Offering
Wilmington Trust, National Association, Costa Mesa, California, will act as Trustee under the Indenture. Stifel, Nicolaus & Company, Incorporated (the “Underwriter”) is the Underwriter of the Bonds.
Certain proceedings in connection with the issuance and delivery of the Bonds are subject to the approval of Stradling Yocca Carlson & Rauth LLP, Newport Beach, California, Bond Counsel and Disclosure Counsel to the District in connection with the issuance of the Bonds. Certain legal matters will be passed on for the City and the District by Burke, Williams & Sorensen, LLP, Riverside, California, City Attorney, for the Underwriter by Anzel Galvan LLP, San Francisco, California, and for the Trustee by its counsel. Other professional services have been performed by Spicer Consulting Group, LLC, Murrieta, California, as Special Tax Consultant (the “Special Tax Consultant”), CSG Advisors Incorporated, San Francisco, California, as Municipal Advisor, and by Stephen G. White, MAI, Fullerton, California, as Appraiser.
For information concerning circumstances in which certain of the above-mentioned professionals, advisors, counsel and consultants may have a financial or other interest in the offering of the Bonds, see the caption “FINANCIAL INTERESTS.”
Continuing Disclosure
Pursuant to a Continuing Disclosure Certificate to be executed by the District (the “District Continuing Disclosure Certificate”), the District will agree to provide, or cause to be provided, to the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access system (“EMMA”), maintained on the Internet at 813
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http://emma.msrb.org, certain annual financial information and operating data and notices of certain enumerated events. These covenants are being made in order to assist the Underwriter in complying with subsection (b)(5) of Rule 15c2-12 adopted by the Securities and Exchange Commission (“Rule 15c2-12”). See “CONTINUING DISCLOSURE,” Appendix F — “FORM OF DISTRICT CONTINUING DISCLOSURE CERTIFICATE.” Parity Bonds for Refunding Purposes Only
The District will covenant in the Indenture not to issue additional indebtedness secured by the Net Taxes on a parity with the Bonds (“Parity Bonds”) other than for refunding all or a portion of the Bonds or Parity Bonds. See the caption “SOURCES OF PAYMENT FOR THE BONDS — Parity Bonds for Refunding Purposes Only.” Other taxes and/or special assessments with liens equal in priority to the continuing lien of the Special Taxes may also be levied in the future on the property within the District, which could adversely affect the willingness of the landowners to pay the Special Taxes when due. See the captions “THE DISTRICT — Direct and Overlapping Debt” and “SPECIAL RISK FACTORS — Direct and Overlapping Indebtedness.” Bond Owners’ Risks
Certain events could affect the ability of the District to pay the principal of and interest on the Bonds when due. See the caption “SPECIAL RISK FACTORS” for a discussion of certain factors which should be considered, in addition to other matters set forth herein, in evaluating an investment in the Bonds. The purchase of the Bonds involves risks, and the Bonds may not be appropriate investments for some types of investors.
Other Information
This Official Statement speaks only as of its date, and the information contained herein is subject to change.
Brief descriptions of the Bonds and the Indenture are included in this Official Statement. Such descriptions and information do not purport to be comprehensive or definitive. All references herein to the Indenture, the Bonds and the Constitution and laws of the State, as well as the proceedings of the City Council, acting as the legislative body of the District, are qualified in their entirety by references to such documents, laws and proceedings, and with respect to the Bonds, by reference to the Indenture. Capitalized terms not otherwise defined in this Official Statement have the meanings set forth in Appendix E.
Copies of the Indenture and other documents and information are available for inspection and copies may be obtained from the City, 23873 Clinton Keith Road, Suite 110, Wildomar California 92595, Attention:
City Clerk.
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FINANCING PLAN
Estimated Sources and Uses of Funds
The following table sets forth the expected sources and uses of Bond proceeds.
Sources of Funds
Principal Amount of Bonds $
Plus/less Original Issue Premium/Discount
Total Sources $
Uses of Funds:
Acquisition and Construction Fund $
Interest Account(1)
Reserve Account
Cost of Issuance(2)
Total Uses $
(1) Amount represents capitalized interest on the Bonds through September 1, 2024. (2) To pay costs of issuance of the Bonds, including legal fees, underwriter’s discount, printing costs, Appraiser, Special Tax Consultant and Trustee fees.
THE BONDS
General Provisions
The Bonds will be dated their date of delivery and will bear interest at the rates per annum set forth on the inside cover page hereof, payable semiannually on each March 1 and September 1, commencing September 1, 2024 (each, an “Interest Payment Date”), and will mature in the amounts and on the dates set forth on the inside cover page of this Official Statement. Interest will be calculated on the basis of a 360-day year comprised of twelve 30-day months. The Bonds will be issued in fully registered form in denominations of $5,000 or any integral multiple thereof.
Interest on any Bond will be payable from the Interest Payment Date next preceding the date of authentication of such Bond, unless: (i) such date of authentication is an Interest Payment Date, in which event interest will be payable from such date of authentication; (ii) the date of authentication is after the fifteenth day of the month preceding an Interest Payment Date, regardless of whether such day is a Business Day (each, a “Record Date”) but prior to the immediately succeeding Interest Payment Date, in which event interest will be payable from the Interest Payment Date immediately succeeding the date of authentication; or (iii) the date of authentication is prior to the close of business on the first Record Date occurring after the issuance of such Bond, in which event interest will be payable from the dated date of such Bond, as applicable; provided, however, that if at the time of authentication of such Bond, interest is in default, interest on such Bond will be payable from the last Interest Payment Date to which the interest has been paid or made available for payment or, if no interest has been paid or made available for payment on such Bond, interest on such Bond will be payable from its dated date. Interest on the Bonds through September 1, 2024, will be paid from capitalized interest.
Interest on any Bond will be paid to the person whose name appears as its owner in the registration books held by the Trustee on the close of business on the Record Date. Principal of, premium, if any, due upon redemption is payable upon presentation and surrender of the Bonds at the principal corporate trust office of the Trustee in Costa Mesa, California.
The Bonds will be issued as fully registered bonds and will be registered in the name of Cede & Co., as nominee of DTC. DTC will act as securities depository of the Bonds. Ownership interests in the Bonds may be purchased in book-entry form only in denominations of $5,000 and any integral multiple thereof. So long as 815
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DTC is the securities depository all payments of principal and interest on the Bonds will be made to DTC and will be paid to the Beneficial Owners in accordance with DTC’s procedures and the procedures of DTC’s Participants. See APPENDIX G — “BOOK-ENTRY-ONLY SYSTEM.” In the event the Bonds are not held in book-entry form, interest will be paid by check of the Trustee mailed by first class mail, postage prepaid, to the Bondowner at its address on the registration books kept by the Trustee. Pursuant to a written request prior to the Record Date of a Bondowner of at least $1,000,000 in aggregate principal amount of Bonds or of any issue of Parity Bonds, payment will be made by wire transfer in immediately available funds to a designated account in the United States. [Remainder of Page Intentionally Left Blank]
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Debt Service Schedule
The following table presents the annual debt service on the Bonds (including sinking fund redemptions), assuming that there are no optional or special mandatory redemptions. See the caption “—Redemption” below.
Interest on the Bonds through September 1, 2024, will be paid from capitalized interest.
Year Ending
September 1 Principal Interest Total Debt Service
Total $5,440,000
Redemption
Optional Redemption.
*
The Bonds may be redeemed at the option of the District from any source of funds on any Interest Payment Date on or after September 1, 2031, in whole or in part, from such maturities as are selected by the District and by lot within a maturity, at the following redemption prices, expressed as a percentage of the principal amount to be redeemed, together with accrued interest to the date of redemption:
* Preliminary, subject to change.
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Redemption Date Redemption Price
September 1, 2031 and March 1, 2032 103%
September 1, 2032 and March 1, 2033 102
September 1, 2033 and March 1, 2034 101
September 1, 2034 and any Interest Payment Date thereafter 100 In the event that the District elects to redeem Bonds as provided above, the District will give written notice to the Trustee of its election to so redeem, the redemption date and the principal amount of the Bonds of each maturity to be redeemed. The notice to the Trustee will be given at least 45 but no more than 60 calendar days prior to the redemption date, or by such later date as is acceptable to the Trustee.
Mandatory Sinking Fund Redemption.* The Bonds maturing on September 1, 20__ (the “20__ Term Bonds”) will be called before maturity and redeemed, from the Sinking Fund Payments that have been deposited into the Redemption Account established under the Indenture, on September 1, 20__, and on each September 1 thereafter prior to maturity, in accordance with the schedule of Sinking Fund Payments set forth below. The 20__ Term Bonds so called for redemption will be selected by the Trustee by lot and will be redeemed at a redemption price for each redeemed 20__ Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:
Term Bonds Maturing September 1, 20__
Sinking Fund Redemption Date
(September 1) Sinking Fund Payments
$
*
* Maturity.
Bonds maturing on September 1, 20__ (the “20__ Term Bonds”) will be called before maturity and redeemed, from the Sinking Fund Payments that have been deposited into the Redemption Account established under the Indenture, on September 1, 20__, and on each September 1 thereafter prior to maturity, in accordance with the schedule of Sinking Fund Payments set forth below. The 20__ Term Bonds so called for redemption will be selected by the Trustee by lot and will be redeemed at a redemption price for each redeemed 20__ Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:
Term Bonds Maturing September 1, 20__
Sinking Fund Redemption Date
(September 1) Sinking Fund Payments
$
*
* Maturity.
* Preliminary, subject to change.
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If the District purchases Term Bonds during the Fiscal Year immediately preceding one of the sinking fund redemption dates specified above, the District will notify the Trustee at least 45 days prior to the redemption date as to the principal amount purchased, and the amount purchased will be credited at the time of purchase to the next Sinking Fund Payment for the Term Bond so purchased, to the extent of the full principal amount of the purchase. All Term Bonds purchased will be cancelled pursuant to the Indenture.
In the event of a partial optional redemption or special mandatory redemption of the Term Bonds, each of the remaining Sinking Fund Payments for such Term Bonds will be reduced, as nearly as practicable, on a pro rata basis.
Special Mandatory Redemption from Special Tax Prepayments. *
The Bonds are subject to special
mandatory redemption as a whole or in part on a pro rata basis among maturities and by lot within a maturity, on any Interest Payment Date on or after March 1, 2025, and will be redeemed by the Trustee, from any amounts paid by the District to the Trustee and designated by the District as a prepayment of Special Taxes for one or more parcels in the District made in accordance with the Rate and Method (the “Prepayments”) deposited to the Redemption Account pursuant to the Indenture, plus amounts transferred from the Reserve Account pursuant to the Indenture, at the following redemption prices, expressed as a percentage of the principal amount to be redeemed, together with accrued interest to the redemption date:
Redemption Date Redemption Price
Any Interest Payment Date from March 1, 2025 through March 1, 2032 103% September 1, 2032 and March 1, 2033 102
September 1, 2033 and March 1, 2034 101
September 1, 2034 and any Interest Payment Date thereafter 100 Prepayments and amounts released from the Reserve Account in connection with Prepayments will be allocated to the payment at maturity and redemption of Bonds and any Parity Bonds as nearly as practicable on a proportionate basis based on the outstanding principal amount of the Bonds and any Parity Bonds and such amounts shall be applied to redeem Bonds and Parity Bonds as nearly as practicable on a pro rata basis among maturities in increments of $5,000; provided, however, that, for Prepayments of less than $50,000, the District may specify in a Certificate of an Authorized Representative that Prepayments be applied to one or more maturities of the Bonds or Parity Bonds so long as there is delivered to the Trustee a Certificate of the Independent Financial Consultant that, following such application of the Prepayments, the maximum Special Taxes that may be levied in each Fiscal Year on Taxable Property is not less than 110% of Annual Debt Service in the Bond Year that begins in such Fiscal Year.
See the caption “SPECIAL RISK FACTORS — Potential Early Redemption of Bonds from Prepayments or Community Facilities District Bond Proceeds” for a discussion of the potential for a lower than expected yield on the Bonds as a result of a special mandatory redemption from prepayment of Special Taxes or proceeds of bonds of other community facilities districts.
Notice of Redemption. So long as the Bonds are held in book-entry form, notice of redemption will be sent by the Trustee to DTC and not to the Beneficial Owners of the Bonds under the DTC book-entry only system. Neither the District nor the Trustee is responsible for notifying the Beneficial Owners, who are to be notified in accordance with the procedures in effect for the DTC book-entry system. See Appendix G — “BOOK-ENTRY ONLY SYSTEM.”
The Trustee will give notice, in the name of the District, of the redemption of Bonds. Such notice of redemption will: (i) specify the CUSIP numbers (if any), the bond numbers and the maturity date or dates of the Bonds selected for redemption, except that where all of the Bonds are subject to redemption, or all of the Bonds of one maturity are to be redeemed, the bond numbers of such issue need not be specified; (ii) state the date fixed
* Preliminary, subject to change.
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for redemption and surrender of the Bonds to be redeemed; (iii) state the redemption price; (iv) state the place or places where the Bonds are to be redeemed; (v) in the case of Bonds to be redeemed only in part, state the portion of such Bond which is to be redeemed; (vi) state the date of issue of the Bonds as originally issued; (vii) state the rate of interest borne by each Bond being redeemed; and (viii) state any other descriptive information needed to identify accurately the Bonds being redeemed as specified by the Trustee. Such notice will further state that on the date fixed for redemption, there will become due and payable on each Bond, or portion thereof called for redemption, the principal thereof, together with any premium, and interest accrued to the redemption date, and that from and after such date, interest thereon will cease to accrue and be payable. At least 30 days but no more than 45 days prior to the redemption date, the Trustee will mail a copy of such notice of redemption, by first class mail, postage prepaid, to the respective Owners thereof at their addresses appearing on the Bond Register, and to the original purchaser of any Bonds; provided, however, so long as the Bonds are registered in the name of the Nominee, such notice shall be given in such manner as complies with the requirements of the Depository. The actual receipt by the Owner of any Bond of notice of such redemption is not a condition precedent to redemption, and neither the failure to receive nor any defect in such notice will affect the validity of the proceedings for the redemption of such Bonds, or the cessation of interest on the redemption date. A certificate by the Trustee that notice of such redemption has been given as provided in the Indenture will be conclusive as against all parties and the Owner is not entitled to show that he or she failed to receive notice of such redemption.
In addition to the foregoing notice, further notice will be given by the Trustee as set out below, but no defect in said further notice nor any failure to give all or any portion of such further notice will in any manner defeat the effectiveness of a call for redemption if notice thereof is given as above prescribed.
Each further notice of redemption will be sent not later than the date that notice of redemption is given to the Owners pursuant to the Indenture by first class mail or facsimile to the Depository and to any other registered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds as determined by the Trustee and to one or more of the national information services that the Trustee determines are in the business of disseminating notice of redemption of obligations such as the Bonds.
Upon the payment of the redemption price of any Bonds being redeemed, each check or other transfer of funds issued for such purpose will to the extent practicable bear the CUSIP number identifying, by issue and maturity, the Bonds being redeemed with the proceeds of such check or other transfer.
With respect to any notice of optional redemption of Bonds, such notice may state that such redemption is conditional upon the receipt by the Trustee on or prior to the date fixed for such redemption of moneys sufficient to pay the principal of, premium, if any, and interest on such Bonds to be redeemed and that, if the District determines that such moneys will not be received on the redemption date, said notice will be of no force and effect and the Trustee will not be required to redeem such Bonds. In the event that such notice of redemption contains such a condition and the District determines that such moneys are not so received, the redemption will not be made, and the Trustee will within a reasonable time thereafter give notice, in the manner in which the notice of redemption was given, that such moneys were not so received.
Selection of Bonds for Redemption. If less than all of the Bonds Outstanding are to be redeemed, the portion of any Bond of a denomination of more than $5,000 to be redeemed will be in the principal amount of $5,000 or an integral multiple thereof. In selecting portions of such Bonds for redemption, the Trustee will treat such Bonds, as applicable, as representing that number of Bonds of $5,000 denominations which is obtained by dividing the principal amount of such Bonds to be redeemed in part by $5,000. The procedure for the selection of Parity Bonds for redemption may be modified as set forth in the Supplemental Indenture for such Parity Bonds. The Trustee will promptly notify the District in writing of the Bonds, or portions thereof, selected for redemption.
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Partial Redemption of Bonds. Upon surrender of any Bond to be redeemed in part only, the District will execute and the Trustee will authenticate and deliver to the Owner, at the expense of the District, a new Bond or Bonds of authorized denominations equal in aggregate principal amount to the unredeemed portion of the Bonds surrendered, with the same interest rate and the same maturity.
Effect of Notice and Availability of Redemption Money. Notice of redemption having been duly given, as provided in the Indenture, and the amount necessary for the redemption having been made available for that purpose and being available therefor on the date fixed for such redemption: (i) the Bonds, or portions thereof, designated for redemption will, on the date fixed for redemption, become due and payable at the redemption price thereof as provided in the Indenture, anything in the Indenture or in the Bonds to the contrary notwithstanding; (ii) upon presentation and surrender thereof at the office of the Trustee, the redemption price of such Bonds will be paid to the Owners thereof; (iii) as of the redemption date the Bonds, or portions thereof so designated for redemption will be deemed to be no longer Outstanding and such Bonds, or portions thereof, will cease to bear further interest; and (iv) as of the date fixed for redemption no Owner of any of the Bonds, or portions thereof so designated for redemption will be entitled to any of the benefits of the Indenture, or to any other rights, except with respect to payment of the redemption price and interest accrued to the redemption date from the amounts so made available.
Registration, Transfer and Exchange
Registration. The Trustee will keep sufficient books for the registration and transfer of the Bonds. The ownership of the Bonds will be established by the Bond registration books held by the Trustee.
Transfer or Exchange. Subject to the limitations set forth in the following paragraph, the registration of any Bond may, in accordance with its terms, be transferred upon the Bond Register by the person in whose name it is registered, in person or by his or her duly authorized attorney, upon surrender of such Bond for cancellation at the office of the Trustee, accompanied by delivery of written instrument of transfer in a form acceptable to the Trustee and duly executed by the Owner or his or her duly authorized attorney.
Bonds may be exchanged at the office of the Trustee for a like aggregate principal amount of Bonds for other authorized denominations of the same maturity and issue. The Trustee may not collect from the Owner any charge for any new Bond issued upon any exchange or transfer, but will require the Owner requesting such exchange or transfer to pay any tax or other governmental charge required to be paid with respect to such exchange or transfer. Whenever any Bonds are surrendered for registration of transfer or exchange, the District will execute and the Trustee will authenticate and deliver a new Bond or Bonds, as applicable, of the same issue and maturity, for a like aggregate principal amount; provided that the Trustee is not required to register transfers or make exchanges of: (i) Bonds for a period of 15 days next preceding any selection of the Bonds to be redeemed; or (ii) any Bonds chosen for redemption.
SOURCES OF PAYMENT FOR THE BONDS
Limited Obligations
The Bonds are special, limited obligations of the District payable only from amounts pledged under the Indenture and from no other sources.
The Special Taxes are the primary source of repayment of the Bonds. Under the Indenture, the District has pledged to repay the Bonds from the Net Taxes (which are Special Tax revenues remaining after the payment of the annual Administrative Expenses in an amount not to exceed the Administrative Expenses Cap (as defined in the Indenture)) and from amounts held in the Special Tax Fund. Special Tax revenues include the proceeds of the annual Special Tax levy received by the District, including any scheduled payments and Prepayments thereof, and the net proceeds of the redemption of delinquent Special Taxes or sale of property sold as a result of foreclosure of the lien of delinquent Special Taxes to the amount of said lien, and penalties and interest thereon; 821
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provided that any delinquent Special Tax sold to an independent third-party or to the City for 100% of the delinquent amount will no longer be pledged under the Indenture to the payment of the Bonds or Parity Bonds.
In the event that the Special Tax revenues are not received when due, the only sources of funds available to pay the debt service on the Bonds are amounts held by the Trustee in the Special Tax Fund, including amounts held in the Reserve Account therein, for the exclusive benefit of the Owners of the Bonds. See, however “— Additional Special Tax Reserve Fund” below.
NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE CITY, THE COUNTY,
THE STATE OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE BONDS. EXCEPT FOR THE NET TAXES, NO OTHER TAXES ARE PLEDGED TO THE PAYMENT OF THE BONDS. THE BONDS ARE NOT GENERAL OR SPECIAL OBLIGATIONS OF THE CITY BUT ARE
LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM THE NET TAXES AND OTHER AMOUNTS PLEDGED UNDER THE INDENTURE AS MORE FULLY DESCRIBED HEREIN.
Special Taxes
Authorization and Pledge. In accordance with the provisions of the Act, the City established the District on December 14, 2022 for the purpose of financing of various public improvements required in connection with the proposed development within the District. At a special election held on December 14, 2022, the qualified elector within the District authorized the District to incur indebtedness in an amount not to exceed $7,000,000 for the District and the levy of the Special Taxes on property within the District to repay such bonds and to finance the Facilities (as defined below). The qualified elector within the District also voted to approve the Rate and Method which authorized the Special Tax to be levied to repay indebtedness of the District, including the Bonds.
See “SPECIAL RISK FACTORS—Ballot Initiatives; Initiative 1935” for a discussion of an initiative that has qualified for the November 2024 Statewide general election, which has retroactive provisions for certain elections which occurred after January 1, 2022. KB Home was the sole property owner that voted at the December 14, 2022 election and signed an affirmation of waiver in June __, 2024, in which KB Home acknowledged, confirmed and agreed that, among other matters, KB Home had waived the Initiative 1935 Ballot Label Requirements (as defined herein) that would be required if the foregoing initiative is passed by the State voters.
The Bonds will be repaid only from annual Net Taxes derived from the levy and collection of Special Taxes pursuant to the Rate and Method. The Rate and Method permits the prepayment of Special Taxes for an Assessor’s Parcel (as defined in the Rate and Method), and any such Prepayments will be applied to redeem Bonds and Parity Bonds, if any. The Net Taxes collected from the annual Special Tax levy and the proceeds of any Prepayment have been pledged under the Indenture to the repayment of the Bonds and Parity Bonds.
The Special Taxes levied in any Fiscal Year may not exceed the maximum rates authorized pursuant to the Rate and Method. See “— Rate and Method of Apportionment of Special Tax” and Appendix A — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.” There is no assurance that the Net Taxes will, in all circumstances, be adequate to pay the principal of and interest on the Bonds and Parity Bonds when due.
See the caption “SPECIAL RISK FACTORS — Insufficiency of Special Tax Revenues.” See also “SPECIAL RISK FACTORS—Ballot Initiatives; Initiative 1935” for a discussion of an initiative that has qualified for the November 2024 Statewide general election.
Rate and Method of Apportionment of Special Tax. The Rate and Method applicable to the District is contained in Appendix A — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.” The meaning of the defined terms used in this section are as set forth in Appendix A. 822
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In general, the Rate and Method imposes a different Maximum Special Tax on Taxable Property within the District depending upon whether such Taxable Property is classified as: (i) “Developed Property” (in general, all Assessor’s Parcels which is included in a Final Map recorded prior to the January 1 preceding the Fiscal Year in which the Special Tax is being levied and a building permit for new construction has been issued before May 1 preceding such Fiscal Year), (ii) “Approved Property” (in general, parcels of Taxable Property included in a Final Map recorded prior to the January 1 preceding the Fiscal Year in which the Special Tax is being levied but for which no building permit was issued before May 1 preceding such Fiscal Year), (iii) “Undeveloped Property” (in general, Taxable Property that is not “Developed Property,” “Approved Property” or “Provisional Undeveloped Property”) or (iv) “Provisional Undeveloped Property” (in general, Taxable Property that would otherwise be classified as Exempt Property but cannot be classified as Exempt Property because to do so would reduce the Acreage of all Taxable Property below the required minimum Acreage set forth in the Rate and Method). Different Maximum Special Tax rates are also applicable to Developed Property depending upon:
(a) its status as either “Residential Property” or “Non-Residential Property,” (b) in the case of Residential Property, its status as “Single Family Residential Property” or “Multifamily Property” or (c) in the case of Single Family Residential Property, the Building Square Footage of the structure.
Pursuant to the Rate and Method, the District is required to determine the “Special Tax Requirement” for each Fiscal Year. The Special Tax Requirement for the District is the amount required in any Fiscal Year to pay: (i) the debt service or the periodic costs on all outstanding Bonds and Parity Bonds due in the calendar year that commences in such Fiscal Year, (ii) Administrative Expenses, (iii) the costs associated with the release of funds from an escrow account, (iv) any amount required to replenish any reserve funds established in association with the Bonds and Parity Bonds, (v) an amount equal to any anticipated shortfall due to Special Tax delinquencies, and (vi) for the collection or accumulation of funds for the acquisition or construction of facilities authorized by the District or the payment of debt service on Bonds and Parity Bonds anticipated to be issued, provided that the inclusion of such amount does not cause an increase in the levy of Special Tax on Approved Property or Undeveloped Property, and less (vii) any amounts available to pay debt service or other periodic costs on the Bonds and Parity Bonds pursuant to the Indenture.
The Special Tax Requirement for the District is to be satisfied first by levying the Special Tax Proportionately on each Assessor’s Parcel of Developed Property at up to 100% of the applicable Assigned Special Tax. If additional moneys are needed to satisfy the Special Tax Requirement, the Special Tax will be levied Proportionately on each Assessor’s Parcel of Approved Property at up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel. If additional moneys are still needed to satisfy the Special Tax Requirement, the Special Tax will be levied Proportionately on each Assessor’s Parcel of Undeveloped Property up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel. If additional moneys are needed to satisfy the Special Tax Requirement, the Special Tax on each Assessor’s Parcel of Developed Property for which the Maximum Special Tax is the Backup Special Tax will be increased Proportionately from the Assigned Special Tax up to 100% of the Backup Special Tax. Finally, if additional moneys are needed to satisfy the Special Tax Requirement, the Special Tax will be levied Proportionately on each Assessor’s Parcel of Provisional Undeveloped Property at up to 100% of the Maximum Special Tax applicable to each such Assessor’s Parcel. Notwithstanding the above, under no circumstances will the Special Tax levied against any Assessor’s Parcel of Residential Property as a result of a delinquency in the payment of the Special Tax applicable to any other Assessor’s Parcel be increased by more than 10% above the amount that would have been levied in that Fiscal Year had there never been any such delinquency or default.
Within the District, all 77 parcels will be classified as Developed Property for the Fiscal Year 2024-25 Special Tax levy. There is no Approved Property or Undeveloped Property within the District.
For Fiscal Year 2024-25, the Assigned Special Tax rates for Developed Property that is classified as Single Family Residential Property range from $4,278.90 per taxable unit with a Building Square Footage of less than 1,500 square feet to $4,771.56 per taxable unit with a Building Square Footage of greater than 1,900 square feet. For Fiscal Year 2024-25 the Assigned Special Tax rate for Approved Property, Non-Residential Property which is Developed Property and Provisional Undeveloped Property is $23,604.84 per acre. 823
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On each July 1 the Assigned Special Tax rates for Developed Property and for Approved Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.
Annual Debt Service for the Bonds has been structured so that Developed Property at buildout levied at the Assigned Special Tax rates, assuming no delinquencies, will generate in each Fiscal Year not less than the Administrative Expenses Cap plus 110% of debt service payable with respect to the Bonds in the calendar year that begins in that Fiscal Year, assuming that Special Taxes are levied and collected on such Developed Property pursuant to the Rate and Method.
Table 1 below sets forth the Assigned Special Tax rates for Developed Property, Approved Property and Non-Residential Property, the Fiscal Year 2024-25 Special Tax levy and the percent of such levy based on land use category. In Fiscal Year 2023-24, the District levied Special Taxes on 57 parcels of Developed Property in the amount of $251,280.
TABLE 1
CITY OF WILDOMAR
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
ASSIGNED SPECIAL TAX RATES FOR FISCAL YEAR 2024-25
Land Use Category
Residential
Floor Area
(sq. ft.)
Assigned
Special Tax
Rates
Fiscal Year
2024-25(1)
Special Tax
Levy Rates
Fiscal Year
2024-25
Percent of
Maximum/
Assigned
Rate
No. of
Units
Aggregate
Estimated
Special Taxes
Fiscal Year
2024-25 (2)
Percent
of Total
Residential Property < 1,500 $4,278.90 $ 0.00 0.0% 0 $ 0.00 0.0% Residential Property 1,500-1,700 4,339.08 3,921.91 90.4 39 152,954.32 48.8 Residential Property 1,701-1,900 4,565.52 4,126.57 90.4 17 70,151.77 22.4 Residential Property > 1,900 4,771.56 4,312.81 90.4 21 90,568.91 28.9 Total 77 $313,675.00 100.0%
(1) With respect to Residential Property, reflects the Assigned Special Tax rates for Developed Property. (2) Includes the Fiscal Year 2024-25 Administrative Expenses Cap of $30,600. The Administrative Expenses Cap escalates at 2% per Fiscal Year.
Source: Spicer Consulting Group, LLC.
Backup Special Tax Rates. The Backup Special Tax for an Assessor’s Parcel within a Final Map classified as Single Family Residential Property shall be $4,637 per Residential Unit. Notwithstanding the foregoing, if all or any portion of the applicable Final Maps and/or condominium plan contained within the boundaries of the District is subsequently changed or modified, then the Backup Special Tax for Single Family Residential Property or Approved Property in such Final Map or condominium plan area that is changed or modified shall be recalculated as follows: (1) determine the total Backup Special Taxes anticipated to apply to the changed or modified Final Map or condominium plan area prior to the change or modification; (2) the result of step 1 shall be divided by the total number of Residential Units constructed and/or anticipated to be constructed within such changed or modified Final Map or condominium plan area, as reasonably determined by the CFD Administrator. The result of step (2) is the Backup Special Tax per Residential Unit which shall be applicable to Assessor’s Parcels of Single Family Residential Property or Approved Property in such changed or modified Final Map or condominium plan area. Notwithstanding the foregoing, the Backup Special Tax for an Assessor’s Parcel of Developed Property for which a certificate of occupancy has been granted may not be revised.
On each July 1, commencing July 1, 2024, the Backup Special Tax rate shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year. 824
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Prepayment of Special Taxes. The Special Tax obligation may be fully prepaid and permanently satisfied for (i) Assessor’s Parcels of Developed Property, (ii) Assessor’s Parcels of Approved Property or Undeveloped Property for which a Building Permit has been issued, (iii) Approved Property or Undeveloped Property for which a Building Permit has not been issued and (iv) Assessor’s Parcels of Provisional Undeveloped Property that are not Exempt Property. The Special Tax obligation may be partially prepaid for Developed Property, Approved Property, Undeveloped Property or Provisional Undeveloped Property.
The Prepayment amount is calculated based on the sum of the Bond Redemption Amount, the Redemption Premium, the Future Facilities Amount, the Defeasance Amount, the Administrative Fees and Expenses and less a credit for the resulting reduction in the Reserve Requirement for the Bonds (if any), all as specified in Section G of the Rate and Method attached as Appendix A. Prepayments of Special Taxes will be applied to effect an extraordinary redemption of Bonds and Parity Bonds. See “THE BONDS — Redemption — Special Mandatory Redemption from Special Tax Prepayments.” Estimated Debt Service Coverage. All 77 taxable parcels within the District will be classified as Developed Property for the Fiscal Year 2024-25 Special Tax levy. Annual Debt Service for the Bonds in each Fiscal Year has been structured so that Special Taxes levied on 77 parcels of Developed Property at the Assigned Special Tax rates, assuming no delinquencies, will generate in each Fiscal Year not less than 110% of debt service payable with respect to the Bonds in the calendar year that begins in that Fiscal Year, plus the Administrative Expenses Cap. Actual collections of the Special Tax will depend on the amount of Special Tax delinquencies. The Assigned Special Tax rates for Developed Property shall be increased by two percent (2.00%) of the amount in effect in the prior Fiscal Year.
In connection with the issuance of the Bonds, the Special Tax Consultant will certify that the Maximum Special Tax that may be levied in each Fiscal Year on Assessor’s Parcels within the District classified as Taxable Property will be at least equal to the sum of: (i) 110% of Maximum Annual Debt Service on the Bonds; plus (ii) the Administrative Expenses Cap.
Limitation on Special Tax Levy and Potential Impact on Coverage. Pursuant to Section 53321(d) of the Government Code, the special tax levied against any Assessor’s Parcel for which an occupancy permit for private residential use has been issued will not be increased as a consequence of delinquency or default by the owner of any other Assessor’s parcel within the District by more than 10% above the amount that would have been levied in that fiscal year had there never been any such delinquencies or defaults. As a result, in the event the Special Tax is levied at less than the Assigned Special Tax rate, it is possible that the District may not be able to increase the tax levy to the Assigned Special Tax in all years.
Levy, Collection and Application of Special Taxes. The Special Taxes are levied and collected by the Treasurer-Tax Collector of the County in the same manner and at the same time as ad valorem property taxes, although it is possible that the District could elect to provide handbills to property owners within the District.
The District will covenant in the Indenture that each year it will levy Special Taxes up to the maximum rates permitted under the Rate and Method in an amount sufficient, together with other amounts on deposit in the Special Tax Fund, to pay the principal of and interest on any Outstanding Bonds and Parity Bonds, to replenish the Reserve Account to the Reserve Requirement and to pay Administrative Expenses.
The District will make certain covenants in the Indenture which are intended to ensure that the current maximum Special Tax rates and method of collection of the Special Taxes are not altered in a manner that would impair the District’s ability to collect sufficient Special Taxes to pay debt service on the Bonds, Parity Bonds and Administrative Expenses when due.
First, the District will covenant in the Indenture that it will take no actions that would discontinue or cause the discontinuance of the Special Tax levy or the District’s authority to levy the Special Tax for so long as the Bonds and any Parity Bonds are Outstanding.
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Second, the District will covenant in the Indenture, to the maximum extent that the law permits it to do so, not to initiate proceedings to reduce the maximum Special Tax rates for the District, unless, in connection therewith, the District receives a certificate from one or more Independent Financial Consultants which, when taken together, certify that: (i) such changes do not reduce the maximum Special Taxes that may be levied in each year on property within the District to an amount which is less than the Administrative Expenses Cap plus 110% of the Annual Debt Service due in each corresponding future Bond Year with respect to the Bonds and Parity Bonds Outstanding as of the date of such proposed reduction; and (ii) the District is not delinquent in the payment of the principal of or interest on the Bonds or any Parity Bonds.
Third, the District will covenant in the Indenture that, in the event that any initiative is adopted by the qualified electors within the District which purports to reduce the maximum Special Tax below the levels specified in the preceding paragraph or to limit the power of the District to levy the Special Taxes for the purposes set forth in the Indenture, it will commence and pursue legal action in order to preserve its ability to comply with such covenants. The District can provide no assurance that any such legal action will be successful. See the caption “SPECIAL RISK FACTORS — Proposition 218.”
Fourth, the District will covenant in the Indenture that it will not adopt any policy pursuant to the Act permitting the tender of Bonds or Parity Bonds in full payment or partial payment of any Special Taxes unless the District has first received a certificate from an Independent Financial Consultant that the acceptance of such a tender will not result in the District having insufficient Net Taxes to pay the principal of and interest on the Bonds and Parity Bonds when due.
See Appendix E under the caption “COVENANTS AND WARRANTY.” Although the Special Taxes constitute liens on taxed parcels within the District, they do not constitute a personal indebtedness of the owners of property within the District. Moreover, other liens for taxes and assessments already exist on the property located within the District and others could come into existence in the future in certain situations without the consent or knowledge of the City or the landowners in the District. See the captions “THE DISTRICT — Direct and Overlapping Debt” and “SPECIAL RISK FACTORS — Direct and Overlapping Indebtedness.” There is no assurance that property owners will be financially able to pay the annual Special Taxes or that they will pay such taxes even if financially able to do so, all as more fully described under the caption “SPECIAL RISK FACTORS.”
Proceeds of Foreclosure Sales. The net proceeds received following a judicial foreclosure sale of property within the District resulting from a property owner’s failure to pay the Special Taxes when due are included within the Net Taxes pledged to the payment of principal of and interest on the Bonds and any Parity Bonds under the Indenture.
Pursuant to Section 53356.1 of the Act, in the event of any delinquency in the payment of any Special Tax or receipt by the District of Special Taxes in an amount which is less than the Special Taxes levied, the City Council, as the legislative body of the District, may order that Special Taxes be collected by a Superior Court action to foreclose the lien within specified time limits. In such an action, the real property subject to the unpaid amount may be sold at a judicial foreclosure sale. Under the Act, the commencement of judicial foreclosure following the nonpayment of a Special Tax is not mandatory. However, the District will covenant in the Indenture for the benefit of the owners of the Bonds and any Parity Bonds that it will: (i) commence judicial foreclosure proceedings against parcels with delinquent Special Taxes in excess of $7,500 by the October 1 following the close of each Fiscal Year in which such Special Taxes were due; and (ii) commence judicial foreclosure proceedings against all parcels with delinquent Special Taxes by the October 1 following the close of each Fiscal Year in which it receives Special Taxes in an amount which is less than 95% of the total Special Tax levied; and (iii) diligently pursue such foreclosure proceedings until the delinquent Special Taxes are paid; provided that, notwithstanding the foregoing, the District may elect to defer foreclosure proceedings on any parcel so long as the amount in the Reserve Account is at least equal to the Reserve Requirement. 826
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The District will covenant in the Indenture that it will deposit the net proceeds of any foreclosure in the Special Tax Fund and will apply such proceeds remaining after the payment of Administrative Expenses to make current payments of principal and interest on the Bonds and any Parity Bonds, to bring the amount on deposit in the Reserve Account up to the Reserve Requirement and to pay any delinquent installments of principal or interest due on the Bonds and any Parity Bonds. See APPENDIX E — “SUMMARY OF THE INDENTURE — COVENANTS AND WARRANTY — Covenants” herein.
If foreclosure is necessary and other funds (including amounts in the Reserve Account) have been exhausted, debt service payments on the Bonds could be delayed unless the foreclosure proceedings produce sufficient net foreclosure sale proceeds. Judicial foreclosure actions are subject to the normal delays associated with court cases and may be further slowed by bankruptcy actions, involvement by agencies of the federal government and other factors beyond the control of the City and the District. See the caption “SPECIAL RISK FACTORS — Enforcement Delays – Bankruptcy.” Moreover, no assurances can be given that the real property subject to foreclosure and sale at a judicial foreclosure sale will be sold or, if sold, that the net proceeds of such sale will be sufficient to pay any delinquent Special Tax installment. See the caption “SPECIAL RISK FACTORS — Property Values.” Although the Act authorizes the District to cause such an action to be commenced and diligently pursued to completion, the Act does not impose on the District or the City any obligation to purchase or acquire any lot or parcel of property sold at a foreclosure sale if there is no other purchaser at such sale. The Act provides that, in the case of a delinquency, the Special Tax will have the same lien priority as is provided for ad valorem taxes.
Collection of Special Taxes and Flow of Funds. The Special Taxes will be levied and collected by the Treasurer-Tax Collector of the County in the same manner and at the same time as ad valorem property taxes, although it is possible that the District could elect to provide handbills to property owners within the District.
When the County apportions Special Taxes to the District each Fiscal Year, the District will deposit an amount not to exceed the Administrative Expenses Cap into the Administrative Expense Fund (however, amounts in excess of the Administrative Expenses Cap may be transferred to the Administrative Expense Fund to the extent necessary to collect delinquent Special Taxes) and the District will transmit the balance of the Special Taxes to the Trustee for deposit in the Special Tax Fund established by the Indenture.
Except for Prepayments, which will be deposited to the Redemption Account of the Special Tax Fund, the Trustee will, on each date on which the Special Taxes are received from the District, deposit the Special Taxes in the Special Tax Fund to be held in trust for the Owners. The Trustee will transfer the Special Taxes on deposit in the Special Tax Fund on the dates, in the amounts and in the following order of priority, to:
First: To the Interest Account, an amount such that the balance in the Interest Account one Business Day prior to each Interest Payment Date is equal to the installment of interest due on the Bonds and any Parity Bonds on said Interest Payment Date and any installment of interest due on a previous Interest Payment Date which remains unpaid. Moneys in the Interest Account will be used for the payment of interest on the Bonds and any Parity Bonds as the same become due.
Second: To the Principal Account, an amount such that the balance in the Principal Account one Business Day prior to September 1 of each year, commencing September 1, 2025, is equal the principal payment due on the Bonds and any Parity Bonds maturing on such September 1 and any principal payment due on a previous September 1 which remains unpaid. Moneys in the Principal Account shall be used for the payment of the principal of such Bonds and any Parity Bonds as the same become due at maturity.
Third: To the Redemption Account, the amount needed to make the balance in the Redemption Account one Business Day prior to each September 1 on which a Sinking Fund Payment is due equal to the Sinking Fund Payment due on any Outstanding Bonds and Parity Bonds on such September 1; provided, however, that, if amounts in the Special Tax Fund are 827
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inadequate to make the foregoing transfers, then any deficiency will be made up by an immediate transfer, first from amounts in the Additional Special Tax Reserve Fund, if funded, and second from the Reserve Account, if funded, pursuant to the Indenture; and thereafter, to pay the principal and premium, if any, due in connection with an optional redemption of Bonds or Parity Bonds.
Fourth: To the Reserve Account of the Special Tax Fund to the extent necessary to replenish the Reserve Account to the Reserve Requirement.
Fifth: To the District, upon the request of the District, for deposit in the Administrative Expense Fund the amount of any Administrative Expenses for the current Bond Year in excess of the Administrative Expenses Cap as directed by the City.
Sixth: To the Rebate Fund established by the Indenture to the extent directed by the City pursuant to the Indenture.
Seventh: To the Surplus Fund established by the Indenture such remaining amounts in the Special Tax Fund after making the foregoing transfers on September 1.
Reserve Account of the Special Tax Fund
In order to secure further the payment of principal of and interest on the Bonds, the District is required, upon delivery of the Bonds, to deposit in the Reserve Account and thereafter to maintain in the Reserve Account an amount equal to the Reserve Requirement. The term “Reserve Requirement” is defined in the Indenture to mean, that amount as of any date of calculation, equal to the lesser of: (i) 10% of the initial principal amount of the Bonds and Parity Bonds, if any; (ii) Maximum Annual Debt Service on the then Outstanding Bonds and Parity Bonds, if any; and (iii) 125% of average Annual Debt Service on the then Outstanding Bonds and Parity Bonds, if any; provided, however, that the Reserve Requirement shall not exceed $________ except in connection with the issuance of Parity Bonds. The Reserve Requirement may be satisfied in whole or in part by cash, a Reserve Policy (as defined in the Indenture), or a combination thereof. On the date of issuance of the Bonds, the Reserve Requirement will be satisfied from a deposit of $_______ into the Reserve Account from proceeds of the Bonds.
Subject to the limits on the maximum annual Special Tax levy set forth in the Rate and Method and in the Indenture, the District will covenant in the Indenture to levy Special Taxes in an amount sufficient, in light of the other intended uses of the Special Tax proceeds, to maintain the balance in the Reserve Account at the Reserve Requirement. Amounts in the Reserve Account are to be applied: (i) to pay debt service on the Bonds, or any Parity Bonds, including Sinking Fund Payments, to the extent that, after moneys in the Additional Special Tax Reserve Fund, if any, have been transferred to the Interest Account, the Principal Account and/or the Redemption Account in accordance with the Indenture, other monies are not available therefor; (ii) to redeem Bonds or Parity Bonds in the event of prepayment of Special Taxes, to optionally redeem Bonds or Parity Bonds or in connection with a partial defeasance of Bonds or Parity Bonds, in accordance with the Indenture; and (iii) to pay any rebate requirements. See Appendix E under the caption “CREATION OF FUNDS AND APPLICATION OF PROCEEDS — Reserve Account of the Special Tax Fund.” No Teeter Plan
Although the Riverside County Board of Supervisors has adopted the Alternative Method of Distribution of Tax Levies and Collections and of Tax Sale Proceeds (the “Teeter Plan”) which allows each entity levying secured property taxes in the County to draw on the amount of property taxes levied rather than the amount actually collected, as provided for in Section 4701 et seq. of the California Revenue and Taxation Code, the District is not included in the County Teeter Plan. Consequently, the District may not draw on the County Tax Loss Reserve Fund in the event of delinquencies in Special Tax payments within the District. 828
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Parity Bonds for Refunding Purposes Only
The District will covenant in the Indenture not to issue Parity Bonds except as provided in the Indenture and only for the purposes of refunding all or a portion of the Bonds and any Parity Bonds. See Appendix E under the caption “DEFEASANCE AND PARITY BONDS.”
Additional Special Tax Reserve Fund
The Additional Special Tax Reserve Fund is established under the Indenture. On the date of issuance of the Bonds, the District will deposit $221,280 from Special Taxes collected in Fiscal Year 2023-24 into the Additional Special Tax Reserve Fund. The District expects to transfer additional amounts from the Surplus fund into the Additional Special Tax Reserve Fund in future Fiscal Years, to the extent amounts are available for such purpose, until the balance in the Additional Special Tax Reserve Fund is equal to $_________.
Notwithstanding the foregoing, the District has no obligation to deposit any additional amounts into the Additional Special Tax Reserve Fund.
Amounts in the Additional Special Tax Reserve Fund are not pledged to the repayment of the Bonds or Parity Bonds and may be used by the District for any lawful purpose and disbursed by the Trustee in accordance with the written direction of the District. Amounts in the Additional Special Tax Reserve Fund may be used by the District for, among other purposes, paying the principal of, including Sinking Fund Payments, and interest on the Bonds and any Parity Bonds when due or in the event that the balance on deposit in the Interest Account, the Principal Account and/or the Redemption Account, as the case may be, is insufficient for such purpose and for the purpose of making any required transfer to the Rebate Fund. See Appendix E under the caption “CREATION OF FUNDS AND APPLICATION OF PROCEEDS — Additional Special Reserve Fund.”
THE DISTRICT
General Description of the District
The City is located in the western portion of the County. The District contains approximately 15 gross acres and approximately 13 net taxable acres. The District is located to the east of Monte Vista Drive, at Summer Sage Way, within the City of Wildomar, California.
The property within the District is being developed by KB Home into 77 single-family detached homes in a project being marketed as “Verano.” As of the Date of Value, KB Home had completed and conveyed 45 homes within the District to individual homeowners. As of such date KB Home owned two model homes, six completed production homes, 16 homes under construction and eight finished lots (23 of which were in escrow).
Development in the District has progressed since April 2, 2024. As of June 1, 2024, KB Home had completed and conveyed [62] homes within the District to individual homeowners. KB Home has obtained building permits for all 77 planned homes in the District and expects to complete and convey all remaining homes to be constructed in the District to individual homeowners by fourth quarter 2024.
The backbone infrastructure (sewer, water, storm drains, utilities, and arterial roads) necessary to develop the property within the District has been completed. KB Home expects to complete the remaining intract improvements, including landscaping, walls, and other related lot finishing costs commensurate with the timing of sales and construction of the related homes.
Water and sewer service to the property within the District is currently supplied by the Elsinore Valley Municipal Water District. Electricity is currently supplied by Southern California Edison and gas by Southern California Gas Company. Public education instruction is provided by the Lake Elsinore Unified School District. 829
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The property within the District is not located in an Alquist-Priolo Earthquake Study Zone, with the nearest active fault being the Elsinore/Temecula fault located approximately 2.2 miles to the southwest.
Additionally, the District is not located in a flood plain area. Based on maps adopted by the Department of Forestry and Fire Protection of the State of California, the District is located in an area designated as a very high fire hazard severity zone. The property in the District may be subject to unpredictable seismic activity, fires, flood, or other natural disasters. See “SPECIAL RISK FACTORS — Natural Disasters.” A map showing the location of the District and an aerial photograph thereof appear following the Table of Contents.
Authorized Uses of Bond Proceeds
Proceeds of the Bonds are authorized to be used to pay for the costs of construction of City facilities, including, but not limited to, certain storm drain and street improvements and other public facilities as well as the costs of certain water and sewer system improvements to be owned and operated by the Elsinore Valley Municipal Water District and school facilities to be owned and operated by the Lake Elsinore Unified School District. See the caption “FINANCING PLAN.”
Appraisal Report
The estimated assessed value of the property within the District, as shown on the County’s assessment roll for Fiscal Year 2023-24 is approximately $2,968,298, which as a result of timing of the County’s determination of the assessed values for Fiscal Year 2023-24, does not reflect the development activity and home closings that have taken place since such value was determined.
A property’s assessed value is not necessarily indicative of its market value. In order to provide information with respect to the value of the taxable property within the District, the City engaged the Appraiser to prepare the Appraisal Report. The Appraiser has an “MAI” designation from the Appraisal Institute and has prepared numerous appraisals for the sale of land-secured municipal bonds. The Appraiser was selected by the City and has no material relationships with the City or the owners of the land within the District other than the relationship represented by the engagement to prepare the Appraisal Report. The City instructed the Appraiser to prepare its analysis and report in conformity with City-approved guidelines and the Appraisal Standards for Land Secured Financings published in 1994 and revised in 2004 by the California Debt and Investment Advisory Commission. A copy of the Appraisal Report is included as Appendix D — “APPRAISAL REPORT” to this Official Statement.
Subject to the assumptions and limiting conditions set forth in the Appraisal Report, the Appraiser concluded that, as of April 2, 2024, the market value of the Taxable Property within the District was $38,330,000.
Reference is made to Appendix D for a complete list of the extraordinary assumptions, assumptions and limiting conditions and a full discussion of the appraisal methodology and the basis for the Appraiser’s opinions.
The Appraisal Report indicates the Appraiser’s opinion as to the market value of the property referred to therein as of the date and under the conditions specified therein. The Appraiser’s opinion reflects conditions prevailing in the applicable market as of the Date of Value. The Appraiser’s opinion does not predict the future value of the subject property, and there can be no assurance that market conditions will not change in the future.
In the event that any of the extraordinary assumptions, assumptions and limiting conditions are not actually realized, the value of the property within the District may be less than the amount reported in the Appraisal Report. The City, the Underwriter and the District make no representation as to the accuracy of the Appraisal Report. There is no assurance that the property within the District can be sold for the prices set forth in the Appraisal Report or that any parcel can be sold for a price sufficient to pay the Special Tax for that parcel in the event of a default in payment of Special Taxes by the landowner. See “SPECIAL RISK FACTORS — Property Values” and Appendix D — “APPRAISAL REPORT.”
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Estimated Appraised Value-to-Lien Ratios
The aggregate appraised value of property within the District is $38,330,000. Dividing the aggregate estimate of value by the principal amount of the Bonds results in value to lien ratio of 7.05-to-1* for the District.
There is currently no other direct or overlapping special tax or assessment debt on the property within the District.
Including the overlapping general obligation debt in the District and the Bonds, the estimated appraised value to lien ratio for the District is approximately 6.82-to-1* . See “SPECIAL RISK FACTORS — Direct and
Overlapping Indebtedness.”
Based on ownership status as of April 2, 2024 (and assuming no additional transfers of property), individual homeowners and KB Home are expected to be responsible for approximately 58.35% and 41.65%, respectively, of the estimated Fiscal Year 2024-25 Special Tax levy.
Table 2 below sets forth the appraised value-to-lien ratio of the Taxable Property within the District based on the appraised values set forth in the Appraisal Report, the principal amount of the Bonds and overlapping general obligation debt. Table 3 below sets forth the estimated appraised value-to-lien ratios for Taxable Property within the District by various ranges based upon the principal amount of the Bonds and overlapping general obligation debt. Other than the Bonds, there is currently no overlapping land-secured special tax and assessment debt on the property within the District. [Remainder of Page Intentionally Left Blank]
* Preliminary, subject to change.
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TABLE 2
CITY OF WILDOMAR
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
ESTIMATED APPRAISED VALUE-TO-LIEN RATIOS
Property Owner(1)
No. of
Parcels
Appraised
Property
Value(2)
% of
Appraised
Value
Maximum
Special
Tax(3)
Percentage
of Maximum
Special Tax
Estimated
Fiscal Year
2024-25
Special Tax
Levy (4)
% of
Estimated
Fiscal Year
2024-25
Special Tax
Levy
CFD 2022-3
Bonds (5)*
All Other
Overlapping
Debt Issued (6)
Appraised
Value-to-Lien
Ratio*
Developed - Individually Owned 45 $ 27,450,000 71.61% $ 213,298 58.43% $ 183,037 58.35% $ 3,174,373 $ 106,624 8.37:1 Developed - KB Home Owned 32 10,880,000 28.39 151,770 41.57 130,638 41.65 2,265,627 76,100 4.65:1 Total 77 $ 38,330,000 100.00% $ 365,068 100.00% $ 313,675 100.00% $ 5,440,000 $ 182,724 6.82:1 * Preliminary, subject to change. (1) Property ownership status as of April 2, 2024. See “PROPERTY OWNERSHIP AND THE DEVELOPMENT” below. As of June 1, 2024, KB Home had completed and conveyed [62] homes to individual homeowners.
(2) Based on the appraised value set forth in the Appraisal Report as of April 2, 2024. (3) Based on the greater of the Assigned Special Tax rate or the Backup Special Tax rate on Developed Property depending on the Land Use Category (as defined in the Rate and Method).
See “SOURCES OF PAYMENT FOR THE BONDS — Special Taxes — Rate and Method of Apportionment of Special Tax.” (4) Estimated Fiscal Year 2024-25 Special Tax Levy based on all 77 parcels of Taxable Property taxed as Developed Property and an Administrative Expense Cap for Fiscal Year 2024-25 of $30,600. The estimated levy on Developed Property shown is equal to 90.4% of the Assigned Special Tax rates on Developed Property. See “SOURCES OF PAYMENT FOR THE BONDS — Special Taxes — Rate and Method of Apportionment of Special Tax.” (5) Allocated based on the estimated Fiscal Year 2024-25 Special Tax levy. (6) Includes overlapping debt set forth in Table 4 below.
Source: County of Riverside Assessor’s Office; Spicer Consulting Group, LLC. 832
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TABLE 3
CITY OF WILDOMAR
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
VALUE-TO-LIEN STRATIFICATION*
Value-to-Lien Category
No. of
Parcels
Taxable
Property
% of
Taxable
Property
Appraised
Value(1)
% of
Appraised
Value
Estimated
Fiscal Year
2024-25
Special Tax
Levy
Percent Share
of Estimated
Fiscal Year
2024-25
Special Tax
Levy
CFD 2022-3
Bonds (2)
Percent Share
of 2022-3
Bonds
All Other
Overlapping
Debt(3)
Aggregate
Value-to-Lien
Less than 3.00:1(4) 8 10.39% $ 1,600,000 4.17% $ 33,162 10.57% $ 575,121 10.57% $ 19,318 2.69:1
3.01:1 to 5.00:1 11 14.29 3,560,000 9.29 45,319 14.45 785,950 14.45 26,399 4.38:1
5.01:1 to 7.00:1 13 16.88 5,720,000 14.92 52,157 16.63 904,556 16.63 30,383 6.12:1 Greater than 7.00:1(4) 45 58.44 27,450,000 71.61 183,037 58.35 3,174,373 58.35 106,624 8.37:1 Totals 77 100.00% $38,330,000 100.00% $313,675 100.00% $5,440,000 100.00% $ 182,724 6.82:1 * Preliminary, subject to change. (1) Based on the appraised value set forth in the Appraisal Report as of April 2, 2024, the Date of Value. (2) Allocated based on the estimated Fiscal Year 2024-25 Special Tax levy. (3) Includes overlapping debt set forth in Table 4 below. (4) The minimum value to lien in the District is 2.67:1*. The maximum value to lien in the Greater than 7.00:1 category is 8.94:1* .
Source: County of Riverside Assessor’s Office; Spicer Consulting Group, LLC. 833
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Direct and Overlapping Debt
The District is included within the boundaries of overlapping local agencies providing governmental services. Some of these local agencies have outstanding bonds, and/or the authority to issue bonds, payable from taxes or assessments. The existing and authorized overlapping indebtedness payable from taxes and assessments that may be levied upon the property within the District as of April 2, 2024 is shown in Table 4 below. In addition to current debt, new community facilities districts and/or special assessment districts could be formed in the future encompassing all or a portion of the property within the District; and such districts or the agencies that formed them could issue more bonds and levy additional special taxes or assessments.
TABLE 4
CITY OF WILDOMAR
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
DIRECT AND OVERLAPPING DEBT
I. Appraisal Value (1) $38,330,000
II. Land Secured Bond Indebtedness
Outstanding Direct and Overlapping Bonded Debt Type Issued Amount
Outstanding % Applicable
Parcels in
CFD No.
2022-3 Applicable
City of Wildomar CFD No. 2022-3, Series 2024 CFD $5,440,000* $ 5,440,000* 100.000% 77 $ 5,440,000* TOTAL LAND SECURED BONDED DEBT $ 5,440,000*
Authorized but Unissued Direct and
Overlapping Indebtedness Type Authorized
Amount
Unissued % Applicable
Parcels in
CFD No.
2022-3 Applicable
City of Wildomar CFD No. 2022-3, Series 2024(2) CFD $1,560,000 $ 0 100.000% 77 $ 1,560,000* TOTAL UNISSUED LAND SECURED INDEBTEDNESS (2) $ 1,560,000* TOTAL OUTSTANDING AND UNISSUED LAND SECURED INDEBTEDNESS $ 7,000,000 III. General Obligation Bond Indebtedness
Outstanding Direct and Overlapping Bonded Debt Type Issued Amount
Outstanding % Applicable
Parcels in
CFD No.
2022-3 Applicable
Metropolitan Water Debt Service GO $850,000,000 $ 17,970,000 0.027% 77 $ 4,849 Mt. San Jacinto Jr. College Debt Service GO 295,000,000 242,210,000 0.030 77 73,633 Lake Elsinore Unified School Debt Service GO 53,915,000 47,005,000 0.222 77 104,241 TOTAL OUTSTANDING GENERAL OBLIGATION BONDED DEBT $ 182,724 Authorized but Unissued Direct and
Overlapping Indebtedness Type Authorized
Amount
Unissued % Applicable
Parcels in
CFD No.
2022-3 Applicable
Metropolitan Water Debt Service GO $850,000,000 $ 0 0.027% 77 $ 0 Mt. San Jacinto Jr. College Debt Service GO 295,000,000 0 0.030 77 0 Lake Elsinore Unified School Debt Service GO 105,000,000 51,085,000 0.222 77 113,289 TOTAL UNISSUED GENERAL OBLIGATION INDEBTEDNESS (2) $ 113,289 TOTAL OUTSTANDING AND UNISSUED GENERAL OBLIGATION INDEBTEDNESS $ 296,013 TOTAL OF ALL OUTSTANDING DIRECT AND OVERLAPPING BONDED DEBT $ 5,622,724* TOTAL OF ALL OUTSTANDING DIRECT AND UNISSUED DIRECT OVERLAPPING INDEBTEDNESS $ 7,296,013 IV. Ratios to Appraisal Value
Outstanding Land Secured Bonded Debt 7.05:1*
Total Outstanding Bonded Debt 6.82:1*
* Preliminary, subject to change.
(1) Based on the appraised value set forth in the Appraisal Report as of April 2, 2024, the Date of Value. (2) Parity Bonds may be issued for refunding purposes only.
Source: County of Riverside Assessor’s Office; Spicer Consulting Group, LLC. 834
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Table 5 below describes the estimated Fiscal Year 2024-25 effective tax burden for KB Home’s development in the District based on base sales prices as provided by KB Home, the estimated Fiscal Year 2024- 25 Special Tax levy and Fiscal Year 2023-24 actual levies for all other overlapping taxing jurisdictions. Based on the foregoing and the projected debt service on the Bonds, the Administrative Expenses Cap of $30,600 (which amount shall escalate at 2.00% per Fiscal Year), in Fiscal Year 2024-25, the projected effective tax rates to be levied on Developed Property in the District will range from approximately 1.93% to 1.95%.
TABLE 5
CITY OF WILDOMAR
COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
ESTIMATED FISCAL YEAR 2024-25 TAX OBLIGATION
FOR A SAMPLE OF DEVELOPED PROPERTY
VERANO
Plan Type 1508 1586 1860 2238
CFD Tax Category 1,500 to 1,500 to 1,701 to Over
1,700 S.F. 1,700 S.F. 1,900 S.F. 1,900 S.F.
Home Size(1) 1,508 1,586 2,860 2,238
Home Price (2) $578,990 $585,990 $609,990 $636,990
Ad Valorem Property Taxes:
Ad-Valorem Tax Rate (1.00%) $ 5,790 $ 5,860 $ 6,100 $ 6,370 Lake Elsinore Unified School (0.01900%) 359 363 378 395 Mt. San Jacinto Jr. College (0.01320%) 76 77 81 84
Metro Water West (0.00350%) 20 21 21 22
Total General Property Taxes $ 6,246 $ 6,321 $ 6,580 $ 6,871 Assessment, Special Taxes & Parcel Charges:
Flood Control Stormwater / Cleanwater / Santa Ana $ 4 $ 4 $ 4 $ 4 MWD Standby charge 9 9 9 9
CFD No. 2022-2 - Maintenance Services Tax A 622 622 622 622 CFD No. 2022-2 - Safety Services Tax B 474 474 474 474
CFD No. 2022-3 - Special Tax(3) 3,922 3,922 4,127 4,313 Total Assessments & Special Taxes $ 5,031 $ 5,031 $ 5,236 $ 5,422 Projected Total Property Tax $ 11,277 $ 11,352 $ 11,816 $ 12,293 Projected Effective Tax Rate 1.95% 1.94% 1.94% 1.93%
(1) Reflects the estimated home size of each plan type within the District. (2) Based on the base sales prices as provided by KB Home. (3) Reflects Fiscal Year 2024-25 Special Tax levy based on development as of December 8, 2023 and includes the Fiscal Year 2024-25 Administrative Expenses Cap of $31,212.
Source: County of Riverside Assessor’s Office; Spicer Consulting Group, LLC; KB Home.
Delinquency History
The first installment of the Special Tax levy becomes delinquent on December 10 and the second installment becomes delinquent on April 10 of each year. Fiscal Year 2023-24 was the first year of the Special Tax levy. In Fiscal Year 2023-24, the District levied the Special Tax on 57 parcels of Developed Property in the amount of $251,280 and there were no delinquencies.
PROPERTY OWNERSHIP AND THE DEVELOPMENT
The information about the property in the District under this caption has been provided by representatives of KB Home, and has not been independently confirmed or verified by the Underwriter, the City or the District. The Underwriter, the City, and the District make no representation as to the accuracy or 835
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adequacy of the information contained in this caption. There may be material adverse changes in this information after the date of this Official Statement. Neither the Bonds nor the Net Taxes securing the Bonds and any Parity Bonds are personal obligations of KB Home or any affiliate thereof or any other property owner and, in the event that any property owner defaults in the payment of its Special Taxes, the District may proceed with judicial foreclosure but has no direct recourse to the assets of any property owner or any affiliate thereof.
See the caption “SPECIAL RISK FACTORS.”
Notwithstanding the belief of KB Home that it will have sufficient funds to complete its planned development in the District, no assurance can be given that amounts necessary to fund the remaining planned development by KB Home in the District will be available when needed. None of KB Home, or any other entity or person is under any legal obligation of any kind to expend funds for the development of the property as planned by KB Home in the District. Any contributions by KB Home or any other entity or person to fund the costs of its development are entirely voluntary. If and to the extent the aforementioned sources are inadequate to pay the costs to complete the planned development by KB Home within the District, the remaining portions of such development may not be completed. KB Home has no legal obligation to Bondholders to make any such funds available for construction or development, or the payment of ad valorem property taxes or the Special Taxes. See the caption “SPECIAL RISK FACTORS.”
General
The District contains approximately 15 gross acres and approximately 13 net taxable acres. The District is located to the east of Monte Vista Drive, at Summer Sage Way. The backbone infrastructure (sewer, water, storm drains, utilities, and arterial roads) necessary to develop the property within the District has been completed. KB Home expects to complete the remaining in-tract improvements, including landscaping, walls, and other related lot finishing costs commensurate with the timing of sales and construction of the related homes.
The property within the District is being developed by KB Home into 77 single-family detached homes in a project being marketed as “Verano.” As of April 2, 2024 (the date of value of the Appraisal Report), KB Home had completed and conveyed 45 homes within the District to individual homeowners. As of such date KB Home owned two model homes, six completed production homes, 16 homes under construction and eight finished lots (23 of which were in escrow). KB Home has obtained building permits for all 77 planned homes in the District and expects to complete and convey all remaining homes to be constructed in the District to individual homeowners by fourth quarter 2024.
With respect to the 45 homes which have been conveyed to individual homeowners as of April 2, 2024, net home sale prices (reflecting base price plus options and lot premiums less incentives) ranged between $514,724 and $705,050, with an average of $600,780. The table below shows the planned product mix of homes in the District as of April 2, 2024. Development in the District has progressed since April 2, 2024. As of June 1, 2024, KB Home had completed and conveyed [62] homes within the District to individual homeowners. [Remainder of Page Intentionally Left Blank]
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COMMUNITY FACILITIES DISTRICT NO. 2022-3 (VERANO)
(As of April 2, 2024)
Owned by KB Home
Plan
Total
Units
Planned
Estimated
Home
Square
Footage Closings(3)
Completed
Homes/Homes
Under
Construction(1)
Finished
Lots
Base Home
Prices(2)
1 17 1,508 11 6 0 $578,990
2 22 1,586 12 8 2 585,990
3 17 1,860 11 3 3 609,990
4 21 2,238 11 7 3 636,990
Total 77 45 24 8
(1) Completed Homes/Homes Under Construction consist of two model homes, six completed production homes, 16 homes under construction.
(2) Base home prices shown exclude lot premiums, options and extras and any incentives or price reductions. Base sales prices are subject to change.
(3) As of June 1, 2024, [62] homes had closed escrow to individual homeowners.
No assurance can be given that KB Home’s home construction and sales will be carried out on the schedule and according to the plans outlined herein, or that the home construction and sale plans or base prices set forth above will not change after the date of this Official Statement. Additionally, homes sold may not result in closed escrows as sales contracts are subject to cancellation. In changing market conditions, builders will often revise the product lines and prices and the rate of sales can fluctuate. KB Home continuously evaluates its product lines and prices in light of the then current market conditions. See “SPECIAL RISK FACTORS” herein for a discussion of risk factors.
KB Home
General. As previously defined in this Official Statement as “KB Home” is KB HOME Coastal Inc., a California corporation. KB Home is a wholly-owned subsidiary of KB Home, a Delaware corporation (“KB Home Parent”), whose principal executive offices are located in Los Angeles, California. KB Home Parent is a publicly traded company listed on the New York Stock Exchange under the ticker symbol “KBH.” Founded in 1957, KB Home Parent constructs and sells homes through its operating divisions under the name KB Home. KB Home Parent’s ongoing principal operations are in nine states, including California, Arizona, Nevada, Colorado, Texas, Florida, North Carolina, Idaho and Washington within 47 major markets.
KB Home Parent first developed homes in California in 1963. KB Home Parent’s homebuilding operations offer a variety of homes designed primarily for first-time, move-up and active adult homebuyers, including attached and detached single-family homes, townhomes and condominiums.
KB Home Parent is subject to the informational reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and in accordance therewith is obligated to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (the “SEC”). Such filings set forth, among other things, certain data relative to the consolidated results of operations and financial position of KB Home Parent and its subsidiaries. KB Home Parent’s SEC filings are available to the public over the Internet at the SEC’s website at www.sec.gov, and at KB Home’s website at www.kbhome.com.
The foregoing websites and references to filings with the SEC are given for reference and convenience only, and the information on such websites and on file with the SEC does not form a part of this Official Statement and is not incorporated by reference herein. No representation is made in this Official Statement as to the accuracy or adequacy of the information contained on such websites. KB Home and KB Home Parent are not 837
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obligated to advance funds for construction or development or to pay ad valorem property taxes or the Special Taxes and investors should not rely on the information and financial statements contained on such websites in evaluating whether to buy, hold or sell the Bonds. The information contained on such websites may be incomplete or inaccurate and has not been reviewed by the City, the District or the Underwriter.
Financing Plan. To date, KB Home has financed its land acquisition and various site development and homebuilding costs related to its property in the District through internally generated funds, (which may include home sales revenue and funding from KB Home Parent). As of May 1, 2024, KB Home has expended approximately $37.9 million on its development in the District, including land acquisition costs, site development costs, permits and fees, direct and indirect home construction costs, and marketing and sales costs and expenses (exclusive of corporate overhead and other carry costs). KB Home expects to incur approximately $1.7 million on remaining land development costs and approximately $2.7 million on remaining permits and fees, direct and indirect home construction costs, and marketing and sales costs and expenses (exclusive of corporate overhead and other carry costs) related to its project in the District. KB Home expects to use internal funding (which may include home sales revenue and funding from KB Home Parent) to complete its development within the District, and believes that it will have sufficient funds available to complete its planned development as described in this Official Statement.
Notwithstanding the belief of KB Home that it will have sufficient funds to complete its planned development in the District, no assurance can be given that amounts necessary to fund the remaining planned development by KB Home in the District will be available when needed. None of KB Home or any other entity or person is under any legal obligation of any kind to expend funds for the development of the property owned by KB Home in the District. Any contributions by KB Home or any other entity or person to fund the costs of such development are entirely voluntary. If and to the extent the aforementioned sources are inadequate to pay the costs to complete the planned development by KB Home within the District, the remaining portions of such development may not be completed. There is no legal obligation to Bondholders to make any such funds available for construction or development, or the payment of ad valorem property taxes or the Special Taxes.
SPECIAL RISK FACTORS
The Bonds have not been rated by any rating agency, and the purchase of the Bonds involves significant risks that are not appropriate for certain investors. The following is a discussion of certain risk factors which should be considered, in addition to other matters set forth herein, in evaluating the investment quality of the Bonds. This discussion does not purport to be comprehensive or definitive and does not purport to be a complete statement of all factors which may be considered as risks in evaluating the credit quality of the Bonds. The occurrence of one or more of the events discussed herein could adversely affect the ability or willingness of property owners in the District to pay their Special Taxes when due. Such failures to pay Special Taxes could result in the inability of the District to make full and punctual payments of debt service on the Bonds. In addition, the occurrence of one or more of the events discussed herein could adversely affect the value of the property in the District. See “— Property Values” below.