23-1328RESOLUTION NO. 23-1328
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MENIFEE ACTING AS THE LEGISLATIVE BODY OF
COMMUNITY FACILITIES DISTRICT NO. 2023-1 (ROCKPORT
RANCH) OF THE CITY OF MENIFEE DETERMINING THE
NECESSITY TO INCUR BONDED INDEBTEDNESS IN AN
AMOUNT NOT TO EXCEED $23,000,000 WITHIN COMMUNITY
FACILITIES DISTRICT NO. 2023-1 (ROCKPORT RANCH) OF
THE CITY OF MENIFEE AND CALLING AN ELECTION
THEREIN
WHEREAS, on May 3, 2023, the City Council of the City of Menifee (the "City Council")
adopted Resolution No. 23-1315 stating its intention to form Community Facilities District No.
2023-1 (Rockport Ranch) of the City of Menifee ("Community Facilities District No. 2023-1" or
the "District") pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the
"Act'); and
WHEREAS, on May 3, 2023, the City Council also adopted Resolution No. 23-1316
stating its intention to incur bonded indebtedness in the amount of up to $23,000,000 within
proposed Community Facilities District No. 2023-1 to finance (1) the purchase, construction,
modification, expansion, improvement or rehabilitation of public facilities identified in Attachment
B to Resolution No. 23-1315, and (2) the incidental expenses to be incurred in financing such
public facilities and services and forming and administering the District, as identified in
Attachment B to Resolution No. 23-1315; and
WHEREAS, notice was published as required by law relative to the intention of the City
Council to form proposed Community Facilities District No. 2023-1 and to incur bonded
indebtedness in the amount of up to $23,000,000 within the boundaries of proposed Community
Facilities District No. 2023-1; and
WHEREAS, on June 7, 2023, this City Council conducted a noticed public hearing to
determine whether it should proceed with the formation of Community Facilities District No.
2023-1, issue bonds to pay for the facilities and incidental expenses described in Resolution
No. 23-1315 and authorize the rate and method of apportionment of a special tax to be levied
within Community Facilities District No. 2023-1 for the purposes described in Resolution No. 23-
1315; and
WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to
the formation of Community Facilities District No. 2023-1, the levy of a special tax and the
issuance of bonds to pay for the cost of the proposed facilities and incidental expenses were
heard and a full and fair hearing was held; and
WHEREAS, the City Council subsequent to such hearing adopted Resolution No.
23-1327 establishing Community Facilities District No. 2023-1 (the "Resolution of Formation")
and authorizing the financing of the public facilities (the "Facilities") and the incidental expenses
(the "Incidental Expenses") described in Attachment B thereto; and
WHEREAS, the City Council desires to make the necessary findings to incur bonded
indebtedness within the District, to declare the purpose for said debt, and to authorize the
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Resolution to Incur Debt for CFD 2023-1 (Rockport Ranch)
submittal of a proposition to issue bonded indebtedness to the voters of the District, being the
landowners within the proposed District, all as authorized and required by law;
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Menifee,
California:
Section 1. It is necessary to incur bonded indebtedness in one or more series in a maximum
aggregate principal amount not to exceed $23,000,000 within Community
Facilities District No. 2023-1.
Section 2. The indebtedness is to be incurred for the purpose of financing the costs of
purchasing, constructing, modifying, expanding, improving, or rehabilitating the
Facilities and financing the Incidental Expenses, as described in the Resolution
of Formation, and carrying out the powers and purposes of Community Facilities
District No. 2023-1, including, but not limited to, financing the costs of selling the
bonds, establishing and replenishing bond reserve funds and paying
remarketing, credit enhancement and liquidity facility fees and other expenses of
the type authorized by Section 53345.3 of the Act.
Section 3. The whole of the property within Community Facilities District No. 2023-1, other
than property exempted from the special tax pursuant to the provisions of the
rate and method of apportionment attached to Resolution No. 23-1315 as
Attachment C, shall pay for the bonded indebtedness pursuant to the levy of the
special tax authorized by the Resolution of Formation.
Section 4. The maximum term of any series of bonds to be issued to finance Facilities shall
in no event exceed thirty-five (35) years from the date of issuance of the bonds,
or such longer term as is then permitted by law.
Section 5. The bonds shall bear interest at the rate or rates not to exceed the maximum
interest rate permitted by law, payable annually or semiannually, or in part
annually and in part semiannually, except the first interest payment may be for a
period of less than six months, with the actual rate or rates and times of payment
to be determined at the time or times of sale thereof.
Section 6. The bonds may bear a variable or fixed interest rate, provided that such variable
rate or fixed rate shall not exceed the maximum rate permitted by Section 53531
of the Act, or any other applicable provision of law limiting the maximum interest
rate on the bonds.
Section 7. Pursuant to Section 53351 of the Act, a special election is hereby called for
Community Facilities District No. 2023-1 on the proposition of incurring the
bonded indebtedness. The proposition relative to incurring bonded indebtedness
in the maximum aggregate principal amount of $23,000,000 shall be in the form
of Proposition A set forth in Attachment A hereto. In accordance with
Sections 53351(h) and 53353.5 of the Act, the election shall be consolidated with
the special election called on the proposition of levying a special tax within the
District as described in the Resolution of Formation, which proposition shall be in
the form of Proposition B set forth in Attachment A, and on the proposition of
establishing an appropriations limit for the District, which proposition shall be in
the form of Proposition C set forth in Attachment A.
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Resolution to Incur Debt for CFD 2023-1 (Rockport Ranch)
Section 8. The date of the special election for Community Facilities District No. 2023-1 on
the propositions of incurring the bonded indebtedness, authorizing the levy of the
special tax and setting an appropriations limit shall be June 7, 2023, or such later
date as is consented to by the City Clerk, or a Acting City Clerk of the City
(referred to herein as the "City Clerk"); provided that, if the election is to take
place sooner than 90 days after June 7, 2023, then the unanimous written
consent of each qualified elector within the District to such election date must be
obtained. The polls shall be open for said election immediately following the
public hearing on June 7, 2023. The election shall be conducted by the City
Clerk. Except as otherwise provided by the Act, the election shall be conducted
in accordance with the provisions of law regulating elections of the City of
Menifee insofar as such provisions are determined by the City Clerk to be
applicable. The City Clerk is authorized to conduct the election following the
adoption of the Resolution of Formation and this resolution, and all ballots shall
be received by and the City Clerk shall close the election by 11:00 p.m. on the
election day; provided the election shall be closed at such earlier time as all
qualified electors have voted as provided in Section 53326(d) of the Act.
Pursuant to Section 53326 of the Act, the ballots for the special election shall be
distributed in person, or by mail with return postage prepaid, to the qualified
electors within Community Facilities District No. 2023-1. The City Clerk has
secured a certificate of the Registrar of Voters of the County of Riverside
certifying that there were no registered voters within the District as of April 18,
2023. Accordingly, since there were fewer than 12 registered voters within the
District for each of the 90 days preceding June 7, 2023, the qualified electors
shall be the landowners within the District and each landowner, or the authorized
representative thereof, shall have one vote for each acre or portion thereof that
such landowner owns within Community Facilities District No. 2023-1, as
provided in Section 53326 of the Act. The landowners within the District have
each executed and delivered a waiver of certain election law requirements and
consenting to the holding of the election on June 7, 2023, which waivers are on
file with the City Clerk.
Section 9. This Resolution shall be effective upon its adoption.
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Resolution to Incur Debt for CFD 2023-1 (Rockport Ranch)
PASSED, APPROVED AND ADOPTED this 7th day of June, 2023.
Bill Zimmerma , Mayor
Attest:
Stephanie Roseen, Acting City Clerk
Appr vyd as to form:
44y T. Melching City orney
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ATTACHMENT A
BALLOT PROPOSITIONS
COMMUNITY FACILITIES DISTRICT NO. 2023-1
(ROCKPORT RANCH) OF THE CITY OF MENIFEE
SPECIAL TAX AND SPECIAL BOND ELECTION
June 7, 2023
PROPOSITION A: Shall Community Facilities District
No. 2023-1 (Rockport Ranch) of the City of Menifee (the
"District") incur an indebtedness and issue bonds in the
maximum principal amount of $23,000,000, with interest
at a rate or rates not to exceed the maximum interest
rate permitted by law, to finance the Facilities and the
Incidental Expenses described in Resolution No. 23-
1315 of the City Council of the City of Menifee?
PROPOSITION B: Shall a special tax with a rate and
method of apportionment as provided in Resolution No.
23-1315 of the City Council of the City of Menifee be
levied to pay for the Facilities, Incidental Expenses and
other purposes described in Resolution No. 23-1315,
including the payment of the principal of and interest on
bonds issued to finance the Facilities and Incidental
Expenses?
YES
M
YES
f6Le7
PROPOSITION C: For each year commencing with
Fiscal Year 2023-24, shall the appropriations limit, as YES
defined by subdivision (h) of Section 8 of Article XIII B of
the California Constitution, for Community Facilities NO_
District No. 2023-1 be an amount equal to $10,000,000?
A-1
4861-4399-4963v4/200299-0015
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF MENIFEE )
I, Stephanie Roseen, Acting City Clerk of the City of Menifee, do hereby certify that the
foregoing City Council Resolution No. 23-1328 was duly adopted by the City Council of the City
of Menifee at a meeting thereof held on the 7tn Day of June 2023 by the following vote:
Ayes:
Deines, Estrada, Karwin, Sobek, Zimmerman
Noes:
None
Absent:
None
Abstain:
None
ep anie Roseen, Acting City Clerk