2019/11/01 Menifee Union School District CFD No 2019-1 Meadow Run JCF agreement, TR 37576 EXECUTION COPY
COMMUNITY FACILITIES DISTRICT NO. 2019-1
OF THE CITY OF MENIFEE (MEADOW RUN)
JOINT COMMUNITY FACILITIES AND
SCHOOL FACILITIES MITIGATION AGREEMENT
THIS JOINT COMMUNITY FACILITIES AND SCHOOL FACILITIES MITIGATION
AGREEMENT ("Agreement") is made and entered into as of the 1ST day of November, 2019, by
and among the CITY OF MENIFEE, a general law city (the "City"), the MENIFEE UNION
SCHOOL DISTRICT, a California public school district organized and operating pursuant to the
applicable provisions of the California Education Code and the California Constitution (the
"School District") and MERITAGE HOMES OF CALIFORNIA, INC., a California corporation
("Property Owner").
RECITALS:
A. Property Owner is the owner of certain real property (the "Property") located
within the boundaries of the City and School District, consisting of approximately sixty-five (65)
lots on approximately seventeen (17) gross acres within Tentative Tract Map 37576 (the
"Project") and as more fully described in Exhibit "A" attached hereto.
B. The Project will require the payment to School District of all or a part of School
Fees (defined below) required to finance School Facilities (defined below). In lieu of the School
Fees, the Mitigation Amount (as defined below) is expected to be paid to School District, in
whole or in part, from Bond Proceeds (defined below) of the hereinafter described Community
Facilities District (the "CFD"). The City Facilities, the Water District Facilities (each as defined
below) and School Facilities are sometimes collectively referred to herein as the "Facilities."
C. Pursuant to Property Owner's request, the City Council of the City, has formed or
is in the process of forming the hereinafter described CFD pursuant to the Act to finance all or a
portion of the Facilities. The City will have responsibility for the formation and administration of
the CFD.
D. The City is authorized by Section 53313.5 of the Act to finance, by means of the
CFD, the School Facilities. This Agreement constitutes a "joint community facilities agreement"
("JCFA") within the meaning of Section 53316.2 of the Act by and among the City, School
District and Property Owner, pursuant to which the CFD will be authorized to finance the School
Facilities. Pursuant to Section 53316.2(b) of the Act, a JCFA may be approved by two or more
public agencies prior to the adoption of a resolution authorizing the issuance of bonds. As
provided by Section 53316.6 of the Act, responsibility for constructing, maintaining and
operating the City Facilities is the City's to the extent set forth herein and responsibility for
constructing, providing and operating the School Facilities is delegated to School District.
E. The provision of the City Facilities, the Water District Facilities and School
Facilities is necessitated by the Project, and the Parties hereto find and determine that the
residents of the City, School District and CFD will be benefited by the financing of the City
Facilities and School Facilities, and that this Agreement is beneficial to the interests of such
residents.
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ARTICLE I
GENERAL PROVISIONS
Section 1.1 Recitals.
The above recitals are true and correct and are hereby incorporated by this reference.
Section 1.2 Definitions.
Unless the context clearly otherwise requires, the terms defined in this Section shall, for
all purposes of this Agreement, have the meanings herein specified.
(a) "Act" means the Mello-Roos Community Facilities Act of 1982, as
amended, commencing with California Government Code Section 53311, et seq.
(b) "Agreement" means this Joint Communities Facilities and School
Facilities Mitigation Agreement.
(c) "Bond Proceeds" shall mean those net funds generated by the sale of the
Bonds.
(d) "Bond Resolution" means that Resolution, Resolution Supplement, Fiscal
Agent Agreement, Indenture of Trust or other equivalent document(s) providing for the issuance
of the Bonds-
(e) "Bonds" shall mean those bonds, or other securities, issued by, or on
behalf of the CFD, as authorized by the qualified electors within the CFD.
(f) "Certificates of Compliance" means those certificates issued by School
District pursuant to Education Code Section 17620(b) to Property Owner certifying that Property
Owner has paid the Deposit in order to obtain a building permit.
(g) "CFD" means Community Facilities District No. 2019-1 of the City of
Menifee (Meadow Run).
(h) "Deposits" shall mean all amounts advanced to School District by
Property Owner prior to the issuance and sale of the Bonds, as security for the future payment,
with Bond Proceeds, of the Mitigation Amounts due in connection with Certificates of
Compliance issued by School District for lots within the Project prior to the issuance and sale of
the Bonds and the funding of the School Fee Fund.
(i) "City Facilities" means certain City facilities including, but not limited to
fire and safety facilities, street, storm, drainage and park facilities necessary to serve the
Project.
(j) "Disbursement Request" means a request for payment relating to School
Facilities in the form attached hereto as Exhibit "B."
(k) "Mitigation Amount or Amounts" means for each residential unit within the
Project, 120% of School District's Level 1 or, if adopted by the School District, the Level 2
school mitigation fee (either with a cash payment, pursuant to Section 2.5, or with Bond
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Proceeds) for such residential unit. At the time of this Agreement, the District has adopted the
Level 2 school mitigation fee of $2.73 per square foot of assessable space which results in a
Mitigation Amount per square foot of$3.28.
(1) "Party" or "Parties" shall mean any one or all of the parties to this
Agreement and the CFD.
(m) "Rate and Method" means the individual Rate and Method of
Apportionment of the Special Tax authorizing the levy and collection of special taxes pursuant to
proceedings undertaken for the formation of the CFD pursuant to the Act.
(n) "School Facilities" means those K-8 school sites, preschool facilities,
school facilities, including classrooms, multi-purpose facilities, administration and auxiliary
space at school facilities, athletic fields, playgrounds and recreational facilities and
improvements thereto, landscaping, access roadways, drainage, sidewalks and gutters and
utility lines, furniture, equipment and technology, including technology upgrades and mobile
devices and infrastructure therefore, with a useful life of at least five (5) years needed by School
District in order to serve the student population to be generated as a result of development of
the property within the CFD, and also includes costs associated with the maintenance and
operation of school facilities in accordance with the Act.
(o) "School Fee Fund" means the fund(s), account(s) or sub-account(s) of the
CFD (regardless of its designation within the Bond Resolution) into which a portion of the Bond
Proceeds may be deposited in accordance with the Bond Resolution to finance the School
Facilities.
(p) "School Fees" means those school mitigation fees pursuant to Education
Code Section 17620 and Government Code Sections 65995, 65995.5 and 65995.7 required to
finance School Facilities.
(q) "State" means the State of California.
(r) "Special Taxes" means the special taxes authorized to be levied and
collected pursuant to the Rate and Method.
ARTICLE II
FORMATION OF THE CFD AND ISSUANCE OF BONDS
Section 2.1 Formation of the CFD.
The City, pursuant to the written request of the Property Owner, initiated proceedings
pursuant to the Act for the formation of the CFD, the authorization of the Special Taxes within
the CFD and the authorization of Bonds on behalf of the CFD, with the qualified electors
approving the levy of the Special Taxes and the sale of the Bonds.
Section 2.2 Mitigation Amount Deposits.
Subsequent to the execution of this Agreement and prior to School District's receipt of
Bond Proceeds, Property Owner may obtain Certificates of Compliance for lots within the
Project by posting Deposits equivalent to the Mitigation Amount.
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Deposits posted prior to the issuance of Bonds will be held unexpended by School
District and then released to Property Owner upon the sale of Bonds to the extent the Mitigation
Amounts for such lots have been satisfied by the deposit of Bond Proceeds in the School Fee
Fund. After the issuance of the last series of Bonds (other than Bonds issued for refunding
purposes only), to the extent that all Bond Proceeds deposited into the School Fee Fund are not
sufficient to satisfy the Mitigation Amounts for such lots, the portion of the Deposits not satisfied
with Bond Proceeds shall be retained and used by School District to construct School Facilities.
Section 2.3 Issuance and Sale of Bonds.
The City Council of the City, acting as the legislative body of the CFD, may, in its sole
discretion, in accordance with its adopted policies, adopt the Bond Resolution and issue the
Bonds. Prior to the City Council of the City adopting the Bond Resolution, Property Owner shall
notify School District of: i) the estimated issuance date for the Bonds and ii) the estimated
amount of proceeds to be deposited in the School Fee Fund.
Section 2.4 Bond Proceeds.
In the event that the CFD is formed and Bonds are issued, the City, or the CFD (as may
be applicable), and Property Owner shall determine the amount of Bond Proceeds to be
deposited into the School Fee Fund or any applicable accounts or subaccounts thereof. As
Bond Proceeds are transferred to School District and reserved to fund School Facilities,
Property Owner shall receive a credit in the amount transferred against the payment of the
Mitigation Amounts. Nothing herein shall supersede the obligation of an owner of the Property
to make Deposits or pay the Mitigation Amounts to School District when due. The purpose of
this Agreement is to provide a mechanism by which the CFD may levy Special Taxes and issue
Bonds to provide a source of funds to finance School Facilities in lieu of the payment of the
Mitigation Amounts. In the event that Bond Proceeds, including investment earnings thereon,
are not available or sufficient to satisfy the obligation, then Property Owner shall remain
obligated to make Deposits or pay the Mitigation Amounts to School District.
Section 2.5 Mitigation Payment Credit Account.
(a) After being notified by Property Owner that Bond Proceeds have been
deposited into the School Fee Fund, School District will establish a credit account ("Credit
Account") in the amount of assessable square feet for which the Mitigation Amount is deemed
satisfied. Such determination shall be made by dividing the amount deposited in the School Fee
Fund by the then-current Mitigation Amount.
(b) Once established, School District shall deduct from the Credit Account the
square footage of units for which Deposits had been made pursuant to Section 2.2 and return the
corresponding Deposits to Property Owner. If such deduction would result in a negative balance
within the Credit Account, School District shall retain a portion of the Deposits such that when
added to the Bond Proceeds deposited in the School Fee Fund would result in a balance of zero
(0) square feet within the Credit Account. Such retained Deposits may then be used by School
District to fund School Facilities.
(c) Property Owner may obtain Certificates of Compliance for lots within the
Project by requesting that School District deduct from the Credit Account the assessable square
feet of the unit for which the Certificate of Compliance is being sought. In the event that there is an
insufficient balance in the Credit Account to cover a request for a Certificate of Compliance,
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Property Owner may only obtain a Certificate of Compliance by paying the remaining Mitigation
Amount in cash.
Section 2.6 Disbursements for School Facilities.
(a) Bond Proceeds of the CFD designated for the funding of School Facilities
shall be held by the CFD in the School Fee Fund which shall be invested by the City and earn
and accumulate its own interest. In the event that the CFD has deposited Bond Proceeds to the
School Fee Fund, the City shall notify the School District and the Property Owner, in writing, as
to the amount of Bond Proceeds so deposited and the yield on the Bonds. All interest earnings
on amounts in the School Fee Fund shall remain in the School Fee Fund and will be available
for disbursement for the funding of School Facilities as described below.
(b) The City shall make disbursements from the School Fee Fund in
accordance with the terms of this Agreement and neither the City nor the CFD shall be
responsible to the School District for costs incurred by the School District as a result of withheld
or delayed payments.
(c) The School District agrees that it will request a disbursement of Bond
Proceeds only for costs related to the School Facilities that are eligible for financing under the
Act. The School District agrees that prior to requesting payment from the CFD it shall review
and approve all costs included in its request and will have already paid such costs of School
Facilities from its own funds or will disburse such amounts to pay the costs of the School
Facilities within five banking days of receipt of funds from the CFD. In the event that the School
District does not disburse any Bond Proceeds received for disbursement to third parties within
five banking days of receipt, it will trace and remit to the CFD from which such Bond Proceeds
were received all earnings, if any, earned by the School District in excess of the yield on the
Bonds, from the date of receipt of such Bond Proceeds by the School District to the date of
expenditure by the School District of such Bond Proceeds for capital costs of the School
Facilities. Such remittance, if any, shall occur on the earlier of the date of expenditure of such
Bond Proceeds or each anniversary date of the transfer of such Bond Proceeds from the CFD
to the School District. The School District agrees that in processing the above disbursements it
will comply with all legal requirements for the expenditure of Bond Proceeds under the Act and
the Internal Revenue Code of 1986 and any amendments thereto. As a condition to receiving
any proceeds of the Bonds, the School District agrees that it shall provide to the CFD, a
certificate confirming the representations contained in this Section 2.6 and such other matters
as the CFD may reasonably request upon which the CFD and its bond counsel may rely in
connection with the issuance of such Bonds and their conclusion that interest on such Bonds is
not included in gross income for federal income tax purposes.
(d) The School District agrees to maintain adequate internal controls over its
payment function and to maintain accounting records in accordance with generally accepted
accounting procedures. The School District will, upon request, provide to the CFD and the City
its annual financial report certified by an independent certified public accountant and any other
documents deemed necessary by the CFD and the City for purposes of calculating the CFD's
arbitrage rebate obligations. The CFD and the City shall have the right to conduct their own
audit of the School District's records related to the expenditure of the Bond proceeds disbursed
to the School District at reasonable times during normal business hours.
(e) From time to time, upon written request from the Property Owner, the
School District shall submit a Disbursement Request along with adequate supporting
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documentation to the CFD, for the exact amount of Bond Proceeds to be disbursed to the
School District. Upon receipt of an approved Disbursement Request completed in accordance
with the terms of this Agreement, the City shall wire transfer (other otherwise pay) such portion
of requested funds as are then available for release in the School Fee Fund pursuant to the
documents pursuant to which the Bonds are issued to the School District's bank account, as
directed by the School District.
(f) If five (5) years following the issuance of the Bonds, 85% or more of the
amount deposited into the School Fee Fund from proceeds of such Bonds have not been
expended for federal tax law purposes, the CFD may in its sole discretion transfer such funds to
such other account in the sole discreation of the CFD to be used to pay for the costs of eligible
public facilities or to the redemption fund to redeem Bonds, provided, however that such funds
may be retained in the School Fee Fund beyond such five year period upon the written request
of the School District, and delivery by the School District of an opinion of bond counsel that such
extension will not affect the exclusion from gross income of interest on such Bonds issued on a
tax-exempt basis.
Section 2.7 Responsibility for Mitigation Amounts.
(a) The Parties hereto acknowledge and agree that the final responsibility for
the payment of the Mitigation Amounts lies with Property Owner.
(b) If the amounts derived from Bond Proceeds for School Facilities
deposited in the School Fee Fund, including investment earnings thereon, if any, are not
sufficient to fund the total cost of the Mitigation Amounts, the Parties hereto agree that all
responsibility and liability for the amount of such shortfall shall be and remain with Property
Owner, and shall not lie with the CFD, School District, or the City.
(c) School District agrees to utilize or apply funds provided to it by the CFD,
in accordance with the Act, the Local Agency Special Tax and Bond Accountability Act
(described in Section 4.1 hereof), the requirements of federal tax law compliance with which is
necessary in order for interest on the Bonds to be excluded from the gross income of the
recipients for federal income tax purposes and other applicable law, and as set forth herein.
(d) School District shall indemnify, defend, and hold harmless, the City, CFD
and Property Owner, their respective officers, employees and agents, and each and every one
of them from and against all actions, damages, claims, losses or expenses of every type and
description to which they may be subjected or put, by reason of or resulting from the violation by
School District of any of the terms of this Agreement of the design, engineering, and
construction of the School Facilities and any other facilities constructed with the proceeds of the
Mitigation Amounts.
Section 2.8 Mitigation of School Fee Obligations of Project.
Property Owner and School District agree that payment of the Mitigation Amount to
School District with respect to any lot within the Project, whether with CFD Bond Proceeds or
otherwise, shall constitute full mitigation of the obligations due School District in connection with
the issuance of a Certificate of Compliance with respect to such lot.
School District shall have no obligation, responsibility, or authority with respect to the
issuance and sale of the Bonds, the Bond Proceeds available to finance the construction of
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School Facilities, the payment of the principal and interest on the Bonds, or for the levy of the
Special Taxes to provide for the payment of principal and interest thereon. The City shall have
the sole authority and responsibility for all such matters.
The Parties hereto specifically agree that, except as otherwise provided for in Section
2.4, the liabilities of the CFD, including liabilities, if any, of the CFD pursuant to the documents
providing for the issuance of Bonds, including the Bond Resolution, shall not be or become
liabilities of School District.
Section 2.9 Waiver of State and Local Funding Credits and Right to Protest
In consideration of School District's agreement with respect to the Project to accept the
Mitigation Amounts as full mitigation of the impact of the students generated by the Project upon
the School Facilities, and provided School District does not breach such agreement, Property
Owner agrees to waive all past, present and future credit against, or fair share reduction in,
Mitigation Amounts based upon State matching funding provided to School District or the
proceeds from a District-wide special tax or general obligation bond authorization, or School
Facilities Improvement District ("SFID") bond authorization for school facilities. In addition,
Property Owner knowingly waives its right of protest as may be afforded by Government Code
Section 66020 or any other provision of law, so long as School District is not in breach of this
Agreement.
Section 2.10 Property Owner Advance.
Property Owner has deposited with School District the amount of Fifteen Thousand
Dollars ($15,000.00) to be used to advance fund School District's costs in entering into and
administering the terms of this Agreement. Such advance by Property Owner may be
reimbursed, subject to the approval of the City, from the proceeds of the sale of the Bonds, but
under no circumstances shall School District be obligated to pay Property Owner from any other
source of funds. Should this Agreement not be approved for any reason, any remaining
balance of the amounts advanced by Property Owner pursuant to this Section shall be refunded
to Property Owner within ten (10) business days after School District is notified that this
Agreement will not be approved.
Section 2.11 Administration of the CFD.
The City shall have the power and duty to provide for the administration of the CFD,
subject to the terms hereof and the Bond Resolution, including employing and compensating all
consultants and providing for the various other administration duties set forth in this Agreement.
It is understood and agreed by Parties hereto that School District was not or will not be
considered a participant in the proceedings relative to formation of the CFD or the issuance of
the Bonds, other than as set forth in this Agreement.
ARTICLE III
TERM AND TERMINATION
Section 3.1 Effective Date.
This Agreement shall become effective and of full force and effect as of the date
("Effective Date") it is approved and executed by the Governing Board of School District, by
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Property Owner and the City Council of the City, to be confirmed by the execution hereof by the
authorized representatives of the Parties hereto.
Section 3.2 Termination.
If the CFD is unable to complete the sale of the first series of Bonds prior to January 1,
2040, any obligation of the Parties, if any, to finance all or any portion of the Mitigation Amounts
with CFD Bond Proceeds pursuant to this Agreement shall automatically terminate and be of no
further force or effect unless amended by the Parties. In such event, School District shall retain
all Deposits in full satisfaction of the Mitigation Amount obligations related to the lots within the
Project for which Certificates of Compliance were issued based upon the posting of such
Deposits and thereafter, in order to obtain an additional Certificate of Compliance for a unit
within the Project, Property Owner shall be required to pay School District the Mitigation Amount
for such unit.
ARTICLE IV
ADDITIONAL GENERAL PROVISIONS
Section 4.1 Recordkeepina; Inspection of Records.
School District hereby agrees to keep and maintain full and accurate records of all
amounts, if any, paid to School District for Mitigation Amounts and investment earnings thereon
and the City or the CFD, or the Fiscal Agent on their behalf, hereby agrees to keep and maintain
full and accurate records of all amounts, and investment earnings, if any, disbursed to School
District from the School Fee Fund. Each Party further agrees to make such records available to
any other Party hereto, including Property Owner, during normal business hours upon
reasonable prior notice. All such records shall be kept and maintained by the appropriate Party
as provided by applicable law and their respective policies. School District and Property Owner
agree that they will cooperate with the CFD and the City in providing documentation, reports or
other data reasonably required and requested by the City or the CFD in meeting the reporting
requirements of the CFD under Sections 50075.1, 50075.3, and 50075.5 and Article 1.5
(commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of, the
Government Code (collectively, the "Local Agency Special Tax and Bond Accountability Act").
School District's reporting obligations pursuant to this Section shall be limited to providing
reports or other data detailing the following: (A) the amount of CFD funds received by School
District to fund School Facilities, (B) the amount of such CFD funds deposited in separate funds
or accounts of School District reflecting Mitigation Amounts and the number of dwelling units for
which such Mitigation Amounts apply, and (C) School Facilities that have been acquired or
constructed, in whole or in part, with CFD funds. School District's reporting obligation shall
terminate when all CFD funds have been disbursed from the School Fee Fund, or from any
account or subaccount thereof that has been allocated Bond Proceeds to finance Mitigation
Amounts, and School District has provided to the City a report for the last disbursement
received by School District. If no CFD funds have been received by School District or used to
finance School Facilities since the previous report, no report shall be required and the City may
rely upon the previous reports.
Section 4.2 Partial Invalidity.
If any part of this Agreement is held to be illegal or unenforceable by a court of
competent jurisdiction, the remainder of this Agreement shall be given effect to the fullest extent
reasonably possible.
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Section 4.3 Successors and Assigns.
Property Owner may assign its rights pursuant to this Agreement to a purchaser of the
Property, or any portion thereof, and such purchaser and assignee shall assume the obligations
of Property Owner pursuant to this Agreement and to be bound thereby. This Agreement shall
be binding upon and inure to the benefit of the successors and assigns of the Parties hereto.
Section 4.4 Notice.
Any notice, payment or instrument required or permitted by this Agreement to be given
or delivered to any Party or other person shall be deemed to have been received when
personally delivered or upon deposit of the same in the United States Post Office registered or
certified, postage prepaid, addressed as follows:
City: City of Menifee
29844 Haun Road
Menifee. CA 92530
Attention: Deputy City Manager
With a copy to: Stradling Yocca Carlson & Rauth
660 Newport Center Drive, Suite 1600
Newport Beach, CA 92660
Attn: Brian Forbath, Esq.
School District: Menifee Union School District
29775 Haun Road
Menifee, CA 92586
Attention: Assistant Superintendent, Business Services
With a copy to: Friedman & Fulfrost LLP
1525 Faraday Avenue, Suite 300
Carlsbad, CA 92008
Attention: Kelley Owens, Esq.
Property Owner: Meritage Homes of California, Inc.
5 Peters Canyon Road, Suite 310
Irvine, CA 92606
Attention: Lester Tucker
Each Party can change its address for delivery of notice by delivering written notice of
such change or address to the other Parties within ten (10) calendar days prior to such change.
Section 4.5 Captions.
The captions to Sections used herein are for convenience purposes only and are not
part of this Agreement.
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Section 4.6 Governing Law.
This Agreement shall be governed by, and construed in accordance with, the laws of the
State of California applicable to contracts made and performed in said State.
Section 4.7 Entire Agreement.
This Agreement contains the entire agreement between the Parties with respect to the
matters provided for herein and supersedes all prior agreements and negotiations between the
Parties with respect to the subject matter of this Agreement.
Section 4.8 Amendments.
This Agreement may be amended or modified only in writing executed by the authorized
representative(s) of each of the Parties hereto.
Section 4.9 Waiver.
The failure of any Party hereto to insist on compliance within any of the terms, covenants
or conditions of this Agreement by any other Party hereto, shall not be deemed a waiver of such
terms, covenants or conditions of this Agreement by such other Party, nor shall any waiver
constitute a relinquishment of any other right or power for all or any other times.
Section 4.10 Cooperation and Execution of Documents.
The Parties hereto agree to complete and execute any further or additional documents
which may be necessary to complete or further the terms of this Agreement.
Section 4.11 Attorneys' Fees.
In the event of the bringing of any action or suit by any Party against any other Party
arising out of this Agreement, the Party in whose favor final judgment shall be entered shall be
entitled to recover from the losing Party all costs and expenses of suit, including reasonable
attorneys' fees.
Section 4.12 Exhibits.
The following exhibits attached hereto are incorporated into this Agreement by
reference.
Exhibit Description
"A" Property Description
"B" Disbursement Request Form
Section 4.13 Signatories.
The signatories hereto represent that they have been appropriately authorized to enter
into this Agreement on behalf of the Party for whom they sign.
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Section 4.14 Execution in Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an
original.
[Signatures on following page]
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IN WITNESS WHEREOF, the Parties hereto have executed this Joint Community
Facilities and School Facilities Mitigation Agreement as of the day and year written above.
CITY OF MENIFEE, a political subdivision of the
State of California
By: r"+A,
City Manager
ATTEST: ARMANDO G. VILLA
CITY MANAGER
By: CITY OF MENIFEE
ar h Manwaring, City Clerk
APPROVED AS TO FORM:
CITY ATTORNEY OF THE CITY OF MENIFEE
By:
Jet',=y T ,elching, C�', Attc ney
Property Owner: MERITAGE HOMES OF CALIFORNIA, INC., a
California corporation
By:
Its: Lester Tucker, Vice President of Forward
Planning
MENIFEE UNION SCHOOL DISTRICT
By
President of the Board of Education
of the Menifee Union School District
ATTEST:
By
Clerk of the Board of Education of
the Menifee Union School District
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EXHIBIT "A"
PROPERTY DESCRIPTION
Real property in the City of Menifee, County of Riverside, State of California, described as
follows:
Assessor Parcel No. (as set forth in the County of Riverside Assessor's Fiscal Year
2018-19 Roll): 360-210-001-1.
4826-9128-5417v3/200299-0002
EXHIBIT "B"
DISBURSEMENT REQUEST FORM
1. Community Facilities District No. 2019-1 of the City of Menifee (Meadow Run)
("CFD No. 2019-1") is hereby requested to pay from the School Fee Fund, or any applicable
account or subaccount thereof, established by CFD No. 2019-1 in connection with its Special
Tax Bonds (the "Bonds") to Menifee Union School District ("MUSD"), as payee, the sum set
forth below:
$ (the "Requested Amount")
2. The Requested Amount is due and payable, has not formed the basis of any
prior request or disbursement and is being made with respect to the obligation of the Property to
pay Mitigation Amounts to MUSD.
3. The Requested Amount is authorized and payable pursuant to the terms of that
certain Joint Community Facilities Agreement, dated as of , 2019, by and among
the City of Menifee, Menifee Union School District, Meritage Homes of California, Inc., a
California corporation, (the "JCFA").
4. Capitalized undefined terms used herein shall have the meanings ascribed to
them in the JCFA.
Date: MERITAGE HOMES OF CALIFORNIA, INC., a
California corporation
By:
Its: Authorized Signatory
Date: MENIFEE UNION SCHOOL DISTRICT
By:
B-1
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