24-1471RESOLUTION NO. 24-1471
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE
ACTING AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES
DISTRICT NO. 2024-1 (BANNER PARK II) OF THE CITY OF MENIFEE
DETERMINING THE NECESSITY TO INCUR BONDED
INDEBTEDNESS IN AN AMOUNT NOT TO EXCEED $15,000,000
WITHIN COMMUNITY FACILITIES DISTRICT NO. 2024-1 (BANNER
PARK II) OF THE CITY OF MENIFEE AND CALLING AN ELECTION
THEREIN
WHEREAS, on June 19, 2024, the City Council of the City of Menifee (the "City Council")
adopted Resolution No. 24-1447 stating its intention to form Community Facilities District No. 2024-1
(Banner Park II) of the City of Menifee ("Community Facilities District No. 2024-1" or the "District")
pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the "Act"); and
WHEREAS, on June 19, 2024, the City Council also adopted Resolution No. 24-1448 stating its
intention to incur bonded indebtedness in the amount of up to $15,000,000 within proposed Community
Facilities District No. 2024-1 to finance (1) the purchase, construction, modification, expansion,
improvement or rehabilitation of public facilities identified in Exhibit B to Resolution No. 24-1447, and
(2) the incidental expenses to be incurred in financing such public facilities and forming and
administering the District, as identified in Exhibit B to Resolution No. 24-1447; and
WHEREAS, notice was published as required by law relative to the intention of the City Council
to form proposed Community Facilities District No. 2024-1 and to incur bonded indebtedness in the
amount of up to $15,000,000 within the boundaries of proposed Community Facilities District No. 2024-
1; and
WHEREAS, on August 7, 2024, this City Council conducted a noticed public hearing to
determine whether it should proceed with the formation of Community Facilities District No. 2024-1,
issue bonds to pay for the facilities and incidental expenses described in Resolution No. 24-1447 and
authorize the rate and method of apportionment of a special tax to be levied within Community Facilities
District No. 2024-1 for the purposes described in Resolution No. 24-1447; and
WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the
formation of Community Facilities District No. 2024-1, 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.
24-1470 establishing Community Facilities District No. 2024-1 (the "Resolution of Formation") and
authorizing the financing of the public facilities (the "Facilities") and the incidental expenses (the
"Incidental Expenses") described in Exhibit A 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 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, THE CITY COUNCIL OF THE CITY OF MENIFEE HEREBY FINDS,
DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS:
Section 1. It is necessary to incur bonded indebtedness in a maximum aggregate principal amount
4859-2731-8733v3/200299-0023
Resolution Determining Necessity to Incur Debt for CFD No. 2024-1 (Banner Park II)
not to exceed $15,000,000 within Community Facilities District No. 2024-1.
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. 2024-1,
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. 2024-1, other than
property exempted from the special tax pursuant to the provisions of the rate and
method of apportionment attached to Resolution No. 24-1447 as Exhibit 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 the bonds to be issued 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
Government Code, 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. 2024-1 on the proposition of incurring the bonded indebtedness.
The proposition relative to incurring bonded indebtedness in the maximum aggregate
principal amount of $15,000,000 shall be in the form of Proposition A set forth in Exhibit
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 Exhibit 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 Exhibit A.
Section 8. The date of the special election for Community Facilities District No. 2024-1 on the
propositions of incurring the bonded indebtedness, authorizing the levy of the special tax
and setting an appropriations limit shall be August 7, 2024, or such later date as is
consented to by the City Clerk, or a Deputy 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
August 7, 2024, 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 August 7, 2024. 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
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Resolution Determining Necessity to Incur Debt for CFD No. 2024-1 (Banner Park II)
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. 2024-1.
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 June 12,
2024. Accordingly, since there were fewer than 12 registered voters within the District
for each of the 90 days preceding August 7, 2024, 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. 2024-1, 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 August 7,
2024, which waivers are on file with the City Clerk.
Section 9. This Resolution shall be effective upon its adoption
PASSED, APPROVED AND ADOPTED this the 71h day of August, 2024.
....................
UU
Bill Zimmerman, Mayor
Attest:
I
Stephanie Roseen, Acting City Clerk
Approved as to form:
Jeff iy T. Melching, City Attney
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4859-2731-8733v3/200299-0023
EXHIBIT A
BALLOT PROPOSITIONS
COMMUNITY FACILITIES DISTRICT NO. 2024-1 (BANNER PARK II)
OF THE CITY OF MENIFEE
SPECIAL TAX AND SPECIAL BOND ELECTION
PROPOSITION A: Shall Community Facilities District
No. 2024-1 (Banner Park II) of the City of Menifee (the
"District") incur an indebtedness and issue bonds in the
maximum principal amount of $15,000,000, 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. 24-
1447 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.
24-1447 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. 24-1447,
including the payment of the principal of and interest on
bonds issued to finance the Facilities and Incidental
Expenses?
YES
061
YES
10101
PROPOSITION C: For each year commencing with
Fiscal Year 2024-25, shall the appropriations limit, as YES
defined by subdivision (h) of Section 8 of Article XIII B of
the California Constitution, for the District be an amount NO_
equal to $4,000,000?
4859-2731-8733v3/200299-0023
G�TY Op
MENIFEE
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. 24-1471 was duly adopted by the City Council of the City
of Menifee at a meeting thereof held on the 7th Day of August 2024 by the following vote:
Ayes:
Estrada, Deines, Karwin, Sobek, Zimmerman
Noes:
None
Absent:
None
Abstain:
None
Stephanie Roseen, Acting City Clerk