CFD 2004-3 OPT full version of Mello Roos offering city of Indio

SPECIAL TAX BONDS, SERIES 2005
(IMPROVEMENT AREA NO. 1)
September 15, 2005
This memorandum sets forth the actions taken in connection with the issuance,
sale and delivery of the City of Indio Community Facilities District No. 2004-3 (Terra Lago)
Special Tax Bonds, Series 2005 (Improvement Area No. 1) (the "Bonds") in the aggregate
principal amount of $26,330,000.
Southwest Securities, Inc. (the "Underwriter") has agreed to purchase the Bonds
for $25,824,283.00, which sum equals the principal amount thereof, less an Underwriter's
discount of $434,445.00, and less net original issue discount of 71,272.00. The Underwriter
made a public offering of the Bonds.
The Pre-Closing
A P e-Closing was held commencing at 1:00 p.m. on September 14, 2005 at the
offices of Fulbright & Jaworski L.L.P., 555 South Flower Street, 41st Floor, Los Angeles,
California 90071, at which Pre-Closing all documents listed on the attached Closi g List (the
"Closing Documents") were examined, readied and packaged for the Closing. The Closing
Documents were held in escrow by Fulbright & Jaworski L.L.P. pending the Closing.
The Closing
The actions described herein which were taken as part of the closing (the
"Closing") were taken as a simultaneous transaction, and no delivery of documents, payment of
money or other action was considered to have been completed until all such deliveries, payments
or other actions had been made or taken.
The issuance, sale and delivery of the Bonds took place at the Closing, which
commenced at 8:00 a.m. on September 15, 2005 at the offices ofFulbright & Jaworski L.L.P. At
the Closing, all the Closing Documents were delivered and all payments evidenced by the
Closing Documents were made. Simultaneously, the Bonds were delivered to the Underwriter
through the facilities of The Depository Trust Company.
45655340.1
City of Indio ("City")
City of lndio Community Facilities District No. 2004-3 (Terra Lago) (the "District")
Kotkin & Associates, APLC, City Attorney ("City Attorney")
Harrell & Company Advisors, LLC, Financial Advisor ("FA")
Southwest Securities, Inc. ("Underwriter")
Fulbright & Jaworski L.L.P., Bond Counsel and Disclosure Counsel ("FJ")
Union Bank of California, N.A. ("Fiscal Agent")
Albert A. Webb Associates ("Special Tax Consultant")
First American Commercial Real Estate Services (the "Appraiser")
Market Profiles, Inc. (the "Absorption Consultant")
45655340.1 2
SPECIAL TAX BONDS, SERIES 2005
(IMPROVEMENT AREA NO. 1)
1. Petition (Including Consent and Waiver) Requesting the Establishment o
a Community Facility District. [City]
2. Resolution No. 8956 (Resolution of Intention to Establish Community
Facility District) adopted May 18, 2005. [City]
3. Resolution No. 8957 (Resolution of Intention to Incur Bonded
Indebtedness) adopted May 18, 2005. [City]
4. Resolution No. 9024 (Resolution Approving Joint Community Facilities
Agreements) adopted July 20, 2005. [City]
5. Resolution No. 9025 (Resolution of Formation) adopted July 20, 2005.
[City]
6. Resolution No. 9026 (Resolution C lling a Special Election) adopted July
20, 2005 along with 125 Days Concurrence Certificate. [City]
7. Resolution No. 9027 (Resolution Canvassing Results of Special Election)
adopted July 20, 2005. [City]
8. A Copy of the Notice of Special Tax Lien filed with the County Recorder
Office. [Special Tax Consultant]
9. Ordinance No. 1442 (Ordinance Authorizing the Levy of Special Tax)
adopted August 3, 2005. [City]
BASIC DOCUMENTS
10. Resolution No. 9037 (Approving Resolution) adopted August 3, 2005, as
certified by the City Clerk of the City. [City]
11. Executed copy of the Fiscal Agent Agreement, dated as of September 1,
2005, by and between the District and the Fiscal Agent. [FJ]
45655340.1

12. Executed copy of the Continuing Disclosure Agreement (City of Indio
Community Facility District No. 2004-3 (Terra Lago)), dated as of September 1, 2005, by and
between the Distri t and the Fiscal Agent, as Dissemination Agent. [FJ]
13. Executed copies of the Developer Continuing Disclosure Agreements,
each dated as of September 1, 2005, by and between the respective property owner and the Fiscal
Agent, as Dissemination Agent. [FJ]
14. Certificate of the City as to Signature and Incumbency. [FJ]
15. Officer's Certificate of the City. [FJ]
16. Certificate of the City relating to the Official Statement. FJ]
17. Direction of the City to the Fiscal Agent to Authenticate and Deliver the
Bonds. [FJ]
18. Direction of the City as to Application of Moneys at Closing; Costs of
Issuance Fund Requisition No. 1; an Acquisition and Construction Fund Requisition No. 1.
[FJ]
20. IRS Form 8038-G. [FJ]
21. Certified copy of Specimen Bond. [FJ]
SALE DOCUMENTS
,
of the Preliminary Official Statement. [FJ]
24. Executed copy of the Purchase Contract, dated September 7, 2005, by and
between the District and the Underwriter. [FJ]
25. Executed copy of the Official Statement, dated September 7, 2005. [FA]
FISCAL AGENT DOCUMENTS
27. Certificate of Authorized Representative of the Fiscal Agent. [FJ]
45655340,1 2
29. Receipt for the Bonds. [FJ]
LEGAL OPINIONS
32. Opinion of Disclosure Counsel. [FJ]
33. Opinion of Counsel to the District. [City Attorney]
34. Opinion of Counsel to the Fiscal Agent. [Fiscal Agent]
MISCELLANEOUS DOC
UMENTS
35. Certificate of Appraiser along with copy of the Appraisal Report.
36. Certificate of Absorption Consultant along with copy of Absorption Study.
37. Certificate of Special Tax Consultant.
38. Certificate of Financial Advisor.
39. Certificates of Developers.
41. CDIAC Report of Final Sale. [FJ]
42. Blanket Letter of Representations to the Depository Trust Company. [FJ]
43. Funding, Construction and Acquisition Agreement. [FJ]
44. Joint Community Facilities Agreement (Valley Sanitary District). [City]
45. Joint Community Facilities Agreement (Imperial Irrigation District).
[City]
No. 2004-3. [City]
FROM: INDIO LAND VENTURES, LLC
PETITION (INCLUDING CONSENT AND WAIVER)
REQUESTING THE ESTABLISHMENT OF A
COMMUNITY SERVICES DISTRICT
The undersigned landowner does hereby certify under penalty of perjury that the
following statements are all true and correct:
1. The undersigned is authorized to represent the landowner identified below and is
its designated representative to petition the City Council (the "Council") of the City of Indio (the
"City") and to give the consent and waiver contained herein with respect to a Community
Facilities District to be established over the properties included within this petition (the "CFD")
to be formed under the provisions of the Mello-Roos Community Facilities Act of 1982 (the
"Act"), being Chapter 2.5 of Part 1 of Division 2 of title 5 (commencing with Section 53311) of
the California Government Code.
2. The undersigned hereby certify that as of the date indicated opposite his signature,
the landowner listed herein is the owner of the property within the proposed boundary of the
CFD described in Exhibit "A" hereto (the "Property").
3. The undersigned, pursuant to Section 53318 of the Act, hereby requests that
proceedings be commenced (i) to establish the CFD for the purpose of financing streetscape,
landscape, traffic controls, storm drain, water and sewer facilities, dry utilities, other City fees
and facilities, other Valley Sanitary D strict fees and facilities, ot er Imperial Irrigation District
fees and facilities, and related costs including designs, inspections, professional fees, connection
fees and acquisition costs in connection with a master planned community project known as
"Terra Lago", (ii) to designate improvement areas within the CFD, (iii) to authorize the issu nce
of bo ds for each improvement area of the CFD and (iv) to establish an appropriations limit for
each improvement area of the CFD.
4. In accordance with the provisio s of the Act, and specifically Sections 53326(a)
and 53327(b) thereof allowing certain time and conduct requirements relative to a special
lan owner election to be waived with the unanimous consent of all the landowners to be
included in a community facilities district and concurrence of the election official conducting the
election, the undersigned (i) expressly consents to the conduct of the special election at the
earliest possible time following the adoption by the Council of a Resolution of Formation
Establishing the CFD and (ii) expressly waives any requirement to have the special election
45576535.1

conducted within the time periods specified in Section 53326 of the Act or in the California
Elections Code.
5. The undersigned waives any requirement for the mailing of the ballot for the
special election and expressly agree that said election may be conducted by mailed or hand-
delivered ballot to be returned as quickly as possible to the designated election official, being the
office of the City Clerk and the undersigned request that the results of said election be canvassed
and reported to the Council at the same meeting of the Council as the public hearing o the
formation of the CFD or the next available meeting.
6. The undersigned expressly waives all applicable waiting periods for the election
and waives the req irement for analysis and arguments relating to the special election, as set
forth in Section 53327 of the Act, and consents to not having such materials provided to the
landowner in the ballot packet, and expressly waives any requirements as to the form of the
ballot.
7. The undersigned expressly waives all notice requirements rel ting to hearings and
special elections, whether by posting, publishing or mailing, nd whether such requirements are
found in the Califomia Elections Code, the Cal fornia Government Code or other laws or
procedures, including but limited to any notice provided for by compliance with the provisions
of Section 4101 of the Califomia Elections Code.
IN WITNESS WHEREOF, I hereunto set my hand this _ day of March, 2005.
INDIO LAND VENTURES, LLC,
aar_ C. Williams
Vice President
SunCal Companies
FILED IN THE OFFICE OF THE CITY CLERK OF THE CITY OF INDIO THIS
__ DAY OF , 2005.
45576535.1
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06/13/2085 09:44 7GB342G59
i
RESOLUTION NO. 89::$6
RESOLUTION OF _ON OF THE CITY COUNCIL OF' _ CITY OF INDIO
TO ESTABLISH _ OF. INDIO CO_ _ACIL_S DISTRICT NO. 2004,-3
(,TERRA LAGO); AND DESIGNATIN
COMMUNITY FACH.ITIES ISTRICT
receiv
ed a petition (the "Petition") requesting the institution of proceedings for (i) formation of a
community facilities district (the "C;FD") pursuant to the Mello-Roos Community Facilities Act
of 1982, as amended (the "Act"), (: j) designation of improvement ar_as within the CFD, (iii)
authorization of issuance of bond_ for each improvement area within the CFD, mad (iv)
establishment of an appropriations limit for each improvement area within the CTD; and
WI-IEILEAS, the Council has determined that the Petition compiles with the requirements
of Government Code Section 53318(;) an now intends to initiate such proceedings, and
W[-IEI_AS, it is the intentio:a of the Council to finance the acqui_;ition and construction
of the F_cilitivs (as defined below) or any combination thereof through the formation of the
CFD, subject to the authorization of bonds and the levy of a special tax to pay lease payments,
installment purchase payments or ether payments, or principal and interest on bonds, being
approved at an election to be held within the boundaries of each improvement area within the
CFD; and
wHEREAS, pursuant to Seclion 53350 of the Act, the Council rosy designate a portion
or portions of the C:FD as one or more improvement areas for purposes of financing of, or
contributing to the financing of, specified public fazilities;
NOW, TH:EKEI_O:I_, THE CITY COUNCIL OF THE CITY OF :I:N'DIO DOES
Ir_KEBY KESOLV_, DLS'I_RMI:N_ AND ORDE_ AS FOLLOWS:
Seetio_ L The Council h,._'vby determines to institute proceedings for the formation
of a community facilities district und,_r the terms of the Act. The exterior boundaries oft.he CF
are hereby specified and described to be as shown on that certain map now on file in the office of
the Clerk entitled "Community Facili'ties District No. 2004-3 (
Ter
cates
by a boundary line the extent of the territory included in each improvement area within the CFD
and shall govern for all details as to tile extent of each improveme t area within the C:FD. On the
original and one copy of the map on file in the City. Clerk'
s
office, the City Clerk shall ¢ndorse
the certificate evidencing the date and adoption of this resolution. The City Clerk shall file the
original of such map in her of ice ancL, within fiRevn (15) days aYte
r
the adoption of this
Resolution, the City Clerk shell fil a copy of such map so endorsed in the records of the County
Recorder
n
ia.
$e_ction 2. The name of the proposed _ shall be "City of Indic Community
Paeilities District No. 2004-3 (Terra Laso)."
Po
d

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NAGER OFFICE PAGE 02/24
S__eafion. The Council hereby designates the portions of the CFD as described in
Exhibit A attached hereto, as Improvement Area 1 and Improvemem Area 2, respectively, of
City of Indic Community Facilities District No. 2004-3 (Terra Lace).
The facilities proposed to be financed by each improvement area of the
CFD are public infrastructure faciliti,s and other governmental fxcilifies with an estimated useful
life of five years or longer, which the CFD is a thorized by law to construct, own or Opiate mad
that are necessary to meet increased demands placed upon the City as a result of development or
rehabilitation occurring within the proposed CFD, including but not limited to streetseape,
landscape, traffic controls, storm dn,fin, water and sewer facilities, dry utilities, other City fees
a_d facilities, other Valley Sanitary District fees and facilities, other Imperial Irrigation District
fees and facilities, and related costs including designs, inspeN_'tiom,professional fees, connection
fees and aCxluisition costs (the "Facil:..ties"). Such Facilities need not be physicaIIy located within
the CFD,
S.e_tion 5_ Except where funds are otherwise available, it is the intention of the
Council to levy annually in accord_._.oe with procedures contained, in the Act a special tax (the
"Special Tax") sufficient to pay for-the cost, o£ financing the acquisition and/or construction, of
the Facilities, including the principal of and interest on the bonds proposed to be issued to
finance the Facilities and other periodic costs, the establishment and replenishment of reserve
funds, the remarketing, credit enhancement and liquidity fees, the costs of administering the levy
and collection o
f
the Special Tax and all other costs of the levy of the Special Tax and issuance
of the bonds, including any foreclosttre proceedings, axchite_-aral, engineering, inspection, legal,
fiscal, and financial consultant fees, .:liscotmt fees, interest on bo ds due and payable prior to the
expiration of one year from the dat,,• of compl.etion of facilities (but not to exceed two years),
election costs and all
c
osts of issuance of the bonds, including, but not limited to, fees for bond
counsel, disclosure counsel, financing consultants and printing costs, and all other administrative
costs of the tax levy and bond issue. "The Special Tax will be secured by recordation of a
continuing lien against all non-exempt real property in the CFD. In the f'trst year in which roacha
Special Tax is levied, the levy shall include a sum 8t_.fficientto repay to the City all amounts, if
any, transferred to the CFD pursua._t to Section 53314 of the Act and interest thereon. T e
schedule of the rate and method of apportionment and manner of collection of the Special Tax is
described in detail in. Exhibit B attached hereto and by this reference incorpormed herein. The
Special Tax is based upon the cost o financing the Facilities in the CFD, the demand that each
parcel will place on the Facilities anti the benefit (dire
ct and
from the Facilities.
The SpecialTax is apportioned to each parcel on the foregoing basis pursuant to Section
5332&3 of the Act. In the event that a portion f the property within an improvementarea f the
CFD shall become for any reason exempt, wholly or partially, from the levy of the Special Tax,
the Council shall, on behalf of the CFD, increase the levy to the extent necessary upon the
remaining property within the same improvement area of the CFD which is not delinque t or
exempt in order to yield the required payments, subject to the maximum tax. Under no
circumstances, however, shall the Special Tax levied agRinst any parcel used for private
residential purposes be increa,w,d as a consequence of delinquency or default by the owner of any
other parcel or parcels within the same improvementarea of the CFD by more than 10 percent.
45595477_2 2
Furthermore,hemaximum specialaxautho_ tobeleviedgainstnyparcelsedforprivate
that
he proposed Facilities are necessary to
meet increased demands put upon "dieCity as a result of the new development or rehabilitation
withinhe proposedFD,
proposedateandmethodofapportionmentftheSpecialaxshalleheldonJuly6,2005,at
6:00 o'clock p.m., or as soon thereafter as practicable, at the chambers of the City Council of the
Ci
_yof Indic, 150 Civic Center MalI, Indic, Californi 92202.
Suction8.. At the time and place .set forth above for the hearing, any interested
person, including all persons owning lands or registered to vote within the proposed CFD, may
appear and be heard.
Each City officer who is or will be responsible for the Facilities to be
financed by the CFD, if it is established, is hereby directed to study the proposed FD and, at or
before the time of the above-mentioned Hearing, file a reportwith the Council, and whioh is to
be made a part of the record of the Hearing, containing a brief desoription of the Facilities by
type which will in his or her opinio_ be required to adequately meet the needs of the CFD and
his or her estimate of the cost of providing the Facilities. The City Manager is directed to
estimate the fair and reasonable cost of all incidental expenses, including the cost of planning
and designing the Fa ilities to b,_ financed pursuant to the Act, including the cost of
environmentaI evaluations of such facilities, all costs associated with the creation of the CFD,
issumace of bonds, detmaination of the amount of any special taxes, collection of any special
taxes, or costs otherwise incurred in order to carry out the authorized purposes of the City with
respect to the CFD, and any othel expenses incidoma] to the construction, completion and
inspection of the authorized work to _e paid through the proposed financing.
Section 10. The City may aocept advances of funds from any sources, including
private pe
z
d to use such funds for any
authorized purpose, including any cost incurr_t by the City in creatia_gthe CFD. The City may
enter into an agreement to repay all of such funds a
s
arc riot expend_ or committed for any
authorized purpose at the time of the-dection on the levy of the Special Tax, if the proposal to
levy such tax should fail, and to rep_tyall of such funds advanced if the levy of the Special Tax
shall be _pproved by th qualified ele
c
tors of the CFD.
Section 11_ The City Clerk is hereby directed to publish a notice ("Notice") of the
Hearing pursuant to Section 6061 of the Government Code in a newspaper of general circulatio
published in the area of the proposed CFD. Such Noti¢¢ shall contain information set forth in
Section 53322 of the Act. Such publication shall be completed at least 7 days prior to the date of
the Hearing
SectionJ.2. The Clerk may send a copy of the Notice by first-class mail, postage
pr
e
paid, to _ach registered voter and to _ach landowner within proposed CtrD as shown on the
4s_?d4v_.2 3
86/13/2805 09:44 7&83426597 CITY MANAGER OFFICE PAGE 84 /24
lastequalizedssessmentoll. Saidmailinghallecompletedotlessthanfix'men15)days
conditionssitmay impose,ndartypplicabler_ayrnentenaltiessprescribednthebond
indemturercompmlbleinstrumentrdocument,otenderotheCFD reasurernfullayment
or part payment of any installmem of the special texes or the interest or pcnaltiea thereon which
may be due or delinquent, but for which a bill hasbeen received, any bond or other obligation
secured thereby, the bond or other obligation to be taken at par and credit to be given for the
accrued.interest shown thereby computed t
o
$_t_On14, Thevotingr,3c..dureithrespectotheestablishmentftheC_D andthe
imposition of the special t_ shall be:by hand delivered or mailed ballot election.
PASSED, APPROVED and ADOPTED this 18" day
o

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X

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EXHIBIT B
4_576477._
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,
A bo.
.... N_plj..eab|e...to ._=h Pm'Qel of Taxabl., Prop_ lo_eit wttNn the _of _u_3r: ...... ' ........
_l_"lll_e__inrl._o, 2121)4-3T_R_A LA(N_). The_(_mt _fSpl_ll] Taxtobel_¢i_uln_
_eme_t Area inear.hFI_I¥_, con_rn_,4.ngi_FiscalYear2005-_6ona_ar_,ll_ll :".
'm mee_tentan_mmam_h_in.l_ovid_k. ;..!... . .-,..':2'..' , : ' .
sonably_,_.o_ _n_lexpm_s.uf .
" the Di_ri_ tl_.t _le oralloeable'tc the al_H_le _eizt As_ to _ ou_
ii
limi_ sll _osts and exp.e_e_arising u"_ Ofor msul_in_f_n _ _rmu_ll_y imd."
.of
,mde¢_kingsof_ I_nt as impo_
,d
':." ' , 2.
"_t_Sm_mr's lFa_'eei lVl[al_meres _u£off_al _aap oftheA_.r.o_th¢ Cou_y.' Of l_ver_te
d_igtmling p_©Is by A.qses_r's Parcel m_mb_r.'.,
. , - . .
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06/13/2005 09
CITY MANAGER OFFICE PAGE 10/24
•or .other in.gta'umtm purm_ ._-,'whi¢i2 Bonds ,m'_ istro_ ts-_diti©d, ammidod ,at_.er
_u_1_d f_
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86/1312005 09:44 7GB342G597 CITY _NAGER OFFICE PAGE 11/24
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_rm,mm _ _ B_Is;':(_ii):A_Imm/m'_e'..K,q_;,').'_._m._._._..,ay.
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06/13/2005 09:44 760342G597 CITY MANAGER OFFICE PAGE 12/24
within_ _ sh_llbe __ _ the ,.q_He.sblem!_'ov_ _ :lind ,....
cl_si.ficds_ l_velupedmp_, _ndewlop_1_m1_aly,ublic'...2ropett_'_liI/_:
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, _om_ Se_cm._._d.Q2AIIbe_T_e._to_ le_'of _pe_, T_ _Jmc_rd_m_W_I_
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08/13/2005 09:_4 7G_B42G597 CITY MANAGER OFFICE PAGE 13/24

A
s
_i
g
n_
Property' pursunt to._'_ provis_ns'_r SecttonE..
City£1_dio Mmy,[O,0(_
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06/1
3
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•w_h_n _tc2_ Imi_ov_r_ A_,e shall be fl,e appUcah|e Undevetoped'_Pr0p_t7
Special Tax rm_ _ A_ in Table 5,
D, b_THOD O_..AFI'ORTIONM_N_, OPT]_ b'q_TAX
. _ . .-- . %" . .
offlee applicable Assigned.q_ T_ ram m_d_,_,m_'y._., Spiel 'J_ax_mt "
_rc lm
hr,rov_nmtAre_L Zon_A andZo,__ tu-_lh_fm_t_i,,'been eam_1,t_,th_'_niat"
Tax _z]I be |twicd. Propta'tiotx_]y on _]_ Par_sl :ofUnd_'vo|oped.:_. vii_
Iraprovem=t Arm 1, Zont Aa_md Zone B at._. m a00% oftht Maximum Sp_al Tax _Mr
Oud_,_to_ Prop_-t_, " ' "
_ Sp_nlala
_ i_
e
ofth_ sppligabl¢ A_.gnod Special'Fax _as ss¢c_l _ stMs'_,_ ,T_ _.q_'
forIm_v_m_ Ar_ 2, Zone A _ ZoneB; : .' _ , :
•
Tax
sa
be
I
twe
_
Improve_mem_¢a 2,Zone A madZo_-Bi_t _p to 1_/, o_e MaximUm'_,_l _k :fur
Und_v_lc_¢_Proptr_;
Third: If _ditionsl money._ .m'e tt_ to satisfy the $1_nm] Tnx _q,_luir_e_reekerhe first
two st_shaw been oomplo_._ _eu _ _-mh Assessor's Ptr_ of IX_.lopedPmp_,
whose Assigned Special T_'i_._a_'B_.k_' 3pe_ial Tax _11 b_ h/m_sm Mm!y
from th_ Assigned Sp_tl Tax up m'100% oftheBae2mpSF¢_i*lTax.as ne_d_dyo satisfy
the_p_i.,I T_ R_.uir_men__
86/13/2805 09:_t4 7G8342G597 CITY MANAGER OFFICE PAGE 17/24
Parcel of ResidenzisJ Property, wRhi= zn Invrovement Ax_ M "inm_tsed by more:_azmn
p_t (10%)per_isceJeara a oomequm[_ o_delinquency ._,defauk by .tbe.owm_._fany
_h_ ParcelithinnLmW_ Areaofth CFD.
.......... "_ Fis=aTY_, _ach'A_s_ssor'smvm.J)fDcv_oI_d 'Prolm_y.clus_q__'I_d_m_] ............
Tax_t
betherm_ perLotcal_Immd ._corclingo_bef_ll_ng
calc_|m_-_l_ follows:
rml
Ma
p ,
A
r

The Co
O
wner's
Aasoeiatio_
.Property or G0ff Cours_ Prope._ within _h Impmvcmen_ .Arm cr Pdwrs'iae Coxm_
.Assessor Pardi Nu
a2
............. so ion: xrp or ............................................................................. =-
,
n
'
Valorempropczty _zxesand shall be mzbje_to the same penalties, the-same procedure, sale
and li_ priodly in the case of &:'Iinqu_oy; provid.ed,hqw_ver, that the Administrator may
dire_dy bill the Sp
e_fle_ Specie Taxes _ a diE=eat time.'or i_ a different
maaa_ ff necessary _ ml_'_its _aandal obligafiom, sad,may co_e_mlt._ f_.cl_se "_admay
acmally fore
p
_'t
U
f
Admh_mtor, prt_defl _t the_c]l_nt iS c_'_, _ i_ymm_,_,o_fS'_Pe-ciaiaxes.
- .During -,nc_cy of an._ _alI _l:_Ci_ Tax_-pre_io_ly levi_l must'.b_paidon:or.berate .
•. tb_ paym_t &=s est_blish_ wh_0._e 1_...was m_,.:,Th_ _,nmst specify th_ rmsons . •
Wh
y
-aP_ meetwiththe _11_: if. the.A_r .,Cle_m nev.e_ary, m_l.ad_sc::',_
appenant of its d_t=miu_om,. If th_ .Aam_sa'ator agees w ith_ae i_Llang.,._
Administrator shall grant .a zzex_, to ,.dim
:mareor mdaw
a,pp_llanfs Pmm_l(s_);"o.r_funds :ofi_r_ao_sly
taxpayer who.z1_e.als,s_h_xcinpeeifi_tL
"Outstanding Bon_Ls"means all previously issucd b_nds bsue.d-and se_are,d by th_]eW.of
Special Taxes, which w_ll r
w
',
m
,
I. . Prepayme_tin tall - -
The/vl_imtt_ Special Tax obligation may only be prspaid and permanently sa_sfied by a
Parcel of DevelopedProperty,n[i
b_m issued,udPublicrop.srtynd/o_r_rpsrrywnsr'sAsso_imdcrnh'op_rtyhatsn_
Ci;yfI_dJo May!0, 200_

86/13/2005 09:44 7G03426597 CITY M
A
y if
thcrs _rcnode]i=cFi¢_ 5p_cia/TLxe_ wi_ r_spB_ro such Par_ =the time o_pmpaym_.
o
w
n
]
?rovid¢ the A_1=¢ _ w_cm not_e ofiut_t to propay,_d _ S bm_ea_ d=ys
ot roodp_ of sttoh o6c_ the Admini_mi_r sludi z_oti_ _achovnm"of the amotmt of tha
aov-ref'undabt= d=po=t_d=mm_ t_ ¢,)v=_ _e _= to b,=imp-red by d=_ C_ in
......... c_caleting t_ prop= mmmt of a pr=p_tt. W'__tn l J d_B of mo=ipt of _ noa-" ..........
_mdab}e dc'lx_it . t_e Adadnimzmor shag nmi_ su_ own=" of the _='a limoum af
s_h Pmv=t. Pr_paymeal mtk_tbe _ _ot I_ tt_m 60 day_Ffior m =v md=zaptitm._iats
for any Bo_tis to be red,tacit wi_ the proc=d_ of such prvpmd Spe_al Tax=s,
(.czp'mli=derm== dofi_.4elow):.
l
es
_ Re
am
As _ "El= plx_os_:_[ite 0f'_"_. ' ¢_.1;:_,.._e_i_2m¢= ' A.t_rgat {deOa_ _ ow_i.-_%_Ll%¢
¢s
_=ul_
d
_. be prepaid.. For P_d_ Of Und_.-v_lc_d :':_=op(:_J -(x)_=.'imq_i_,, =(mtpi_i',i_e
M=ximam S' p_l Tax _-tl_ .'1==r_l m "_o',,II_ it ._._.:al_ _==ilmld_' =s
_or",hffitaw.eL.Forl'ar_ o_Publk !_p=tY _or'Pmpm'y Osvnsr'sA_,_
Pzop=-_to_,l)__p=id,o_,_t=theN.t=xir=_:_T== _/tl_,P_. " "
, , ' .
4.
comput
_
_. Mu[_p|y _ Bon_I Ked_mptt¢_ ._.c_: computed pumm_._ _]i_.Ph 4 bY the
spp
l
i
c=
bic
oflnd_o May _0,2005

Received06/13/200509:44AMin 08:56on line [5]for DK09720* PQ 20/24
06/13/2005 09:44 7GO342G597 CITY MANAGER OFFICE PAGE 20/94
the first bond interest toddor print'pal Imymctrt dam foUowing the tam'trot Fiscal Ymr
uatii the Barlitm redemption dam for the Omst_ding Bonds.
7.. DBtel'ordnethe S_¢ial Tcxes ,].evitd tm thePt¢OCl_11_t.mzrrm_ Fm¢lO Yem',_ctie,_
Mve _o
ne000v_Jtm0enif f.be Pmptymem Amuotatt I¢_ _s A_ TJm$ lind rr,xpmses ' -
. fizun tb_ dam of lm_aymm_t mn dm mtm_io_ date for the Ommmdiag Bor_ to
bc*adeemcd wi_h thcp_ertL.
9. Add the m'Dotttatst:oraput_d pummant '_olmmlp-ap_ 6 sand 7 tmfl s_ _ _aoum
compmed purs_nt to ptuagr_h S (the "L_#_ts.c,,Cmo_ne'). .
1O. Vcdf-ythesdminimm_v= ftm _ cxpmses, including the oosm ot compmatio¢ oftt_
:_ the emr_ to invest tlm l_paymmt prooetds, 1he oosts of redeeming ¢b_
Oud_lmctmg Bon_ and'the corn of recording atty. _otic_ to cvidamm ._=
prc
lmYro
ent
ma
d'd
in
rt
ds
_ a
r
m
ult
of
ti
_ p
r
_ymm
t,
:_' or _o) _ mount derivedby s1/o1_ S _encw rcscz'v_ rmluirmamt (ea d_Metl k'x
tiae Iode_tur¢) in _Fmct.a_r ti_ md tion of Oummading"Bonds _. a result of lira
p
rtl
mYmm :_
o
m
md
be
re
S
_I000_:oi'
Bonds2 Ln su_ m_m, the incremmtt a.bow: $5,000 oe_ atttln'ple thereof wiB.be'
"retainedin the appropriatt fund e_tablished mad= the I_dmttl_.t0 be used wi_ the Oex_
pr_a_e
_,. : ..... .
. :_
As a nmilt of_e paym_mt ofti_ oirt_ Fisctd Year's Special Tax levy as _b_e.fl und_
pzrsg_ph 7
(ahoy,), "the
,a,_ni__-m_rhall r_'n
T
a
x
•evy for such Pin-=elfrom the County lax roils, W.itbnmpectm m'tyPaw,el that il pmpai6,.tl_
Board dmU em_s_ a smitsbl¢ notic_ to be recor_ in _Limc_"wltb _e Act, to iadictm tee
.Ft_aymcnt of Special T.axm tma the re_¢_._e,_fl_epecial T Ii_ on_ucb:parce4 truffle
obIiga_o_ of' _uchPa_l to pay flae SFm_i_1ax sh_l] omsc,
- ,
86/13/2085 89:44 7603426597 CITY MANA
G
W
m_
a/_the lm_poseat preps_r_ is st h_m_ 1,l limm _le m_mm_ minus] debt sm'vlue o_ _11
I_,ras an_
_,. the
u
s
e .
of
.............. =" _aa tende_ ._bm__!y b_ allowed'_ _ ms_by_ b_s _s s_=_c_y _reWd by ths -, ................ . ....... ..........
Bo_ .....
2
.. Pr_
p
Tb_Ms:dramm SpeehtlTax m_'aPlu_ off'_m,elol_l orUn_ve.lop_.Pra_rt'y._r " '" '
whichs b_tinE mi s bc issu_lmay b_ pm i y ' d in r r s sf _2.,0_.
Th_ amoum of t_ Im=paTm_t _all be =ai_atat_ as m Se=dcm _1; _cc_t ¢h_ S _1.
_r_ymc_t sb_lb_ cal_ulsmda_,,4_R_ _ rh,. fol]owJ_ fix-mula: ..
• ' 1_-
' Mmx_m.umSpe_ gm_. ,. .. • ' ,.. • 'ii.. . . : .
: Cn')the _o_m of _ tnpm
re_ vf_eh noti
_ by _ CFD in
_lculmqrt_ the propex smou_ era pm_l prcp_ynm_ .W'r_in 15 tnmi_ss _ ef rme_
st_ nmn-rcfimdablel_x)s_ the ._hn_nl_r r.h_llotify Sucll owner of .the
pr_ymmt _moumof mmhp_c_l.Pm_ t_pm/m_ _ be=_lenot Ires_m 60.d_
.priorzoeny.reden_tio_ d_e for any Bonds
_,
:
[
W_ ms_t *om_yI_oeIth_is:mial]y;_& theAaminim_rsh_/ll(i)km'butce
funds r_mlI_d ,,o i t _c.ording to P_h I3 of R_tion H,I, and (_)'indlcat¢ in the re_mrds
dth_ CFD thin th_'_ has bc_n a _'l_al _p_ of the _ $_ Tax and th_ t
portio
l_d_
e
r_
e levi_4cm s-nchiXarc_]
86/13/2085 89:44 7GB3426597 CITY MANAGER OFFICE PAGE 22/24
._
a
_ h'ne
oll
la:
g
_I
pr
i
or
t
o
or '
af_ aIl Boo_ are retired, _h¢Sp_ia/Tax m_ty bm]¢vi_ to the _ n_.gsa_ to .rmmburse
th
e
C

¢

Received 06/13/2005 09:44AM in 08:56 on Line [5] for DK09720 * Pg 23/24
05/13/2005 09"44 7G_342G5g7 CITY MANAGER OFFICE PAGE 23 24
RESOLUTION NO. 8957
PJ_SOLUTION OF E_TTENTION OF TH_ CITY COUNCIL OF THE CITY OF INDIO
TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED
$30,000,000 AND $30,000,000 WITHIN IMI_OVEM]gNT AREA NO. 1 AND
IM]PROVEM_NT AREA NO. 2, R]_PE_LY, OF THE PROPOSED CITY OF
INDIO COMMUNITY FACILITIES DISTRICT NO. 2004-3 CJ_RRA LA GO)
WI-_F, EAS, the City Council (the "Council") of the City of Indio (the "Ci_") has
heretofore adopted Resolution No. 8956, stating the Council's intention to form Community
Facilities District No. 2004-3 (Terra Lago) (the "CFD")
,
ommunity
Facilities Act of 1982, as amended, (the "Act"), to finance the purchase
, construction, expansion
or rehabilitation of"certain real and other tangible property with an estimated useful life of five
years or Ionger, including public infi-ast_ctt_e £acilities and other govenm_ental facilities, which
arenecessaryto meet increasedmTtaudspla edupon theCityas a resultfdevelopmentor
rehabilitationccurringithinthepteposedCTD (the"Facilities_);nd
WHEREAS, the Councilhas heretoforeadoptedResolutionNo. 8957 designating
portionsof the CFD as Improvement Area No. I and ImprovementArea No. 2 (eachan
"ImprovementArea"andcollectively,he"ImprovementAreas"),nd
intheamountsnotto ¢x_e_ $30,090,000and $30,000,000orImprovementArea]No.I and
Improvement Area No. 2, respez_ive'.!y, the repayment of which is to be sec
u
.
Improvement Areas, other than those properties exempted from taxation as provided in the
respe_dverat andmethodofapportionmentttachedsExhibit to]Resolutiono. B956.
NOW, THEREFORE, TIlE CITY COUNCIL OF THE CITY OF INDIO DOES
HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
Sectioni. The abovereci':alsretrueandcorrect.
AreaN . 1 andImprovcrnemAreal';b.oftheCFD intheamountsnottoexc._:_i30_000,000
purposesoftheCFD, including,utrotlimitedo,thefinancingfthecostsassociatediththe
S.e_tton_4.__. Each_Impzov.em e,nt Are,a_shaJLp__for__its_bnded i a ebt__ess,
4_5765]9.2 1
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05/13/2005 8 :44 76_3426597 CITY MANAGER OFFICE PAGE 24/24
Seotion5_, It i s the inten_:of the Council to authorizethe sale of bonds in one or ore
series,in themaximumaggregateprincipalamountnot to exceed$30,000,000and$30,000,000
for Improvement Area No. 1 and Ir,aprovement Area No. 2, respectively, at a maximum i_¢rest
rate not in excess of 12 percent p_ annm'a or such r_te not in excess of the maximum rate
permitted by la_ at the time the bonds are issued
. The _rm of the onds shall be determirted
pursuant to a resolution of the Council authorizing the issuance of the bonds, but such term shall
in no event exceed 40 years or such longer term as is then permittedby law.
Section_& A public hearing (the "Hearing") on the proposed debt issue shall be held
on July 6_2005 at 6:00 o'clock p.m., or as soon thereafter as practicable, at the ehambors of the
City Cou_dl of the City of Indic, 150 Civic Cemer Mail, Indic, California 92202.
• Section 7. At the Heari:.lg at the time and place set forth above, any interested
persons, including all persons owning land within the proposed CFD, may appear and be heard it
the Hearing.
_.ection 8
The proposition to incur bonded indebtedness in the maximum, aggregate
principal amount not to exceed $30,000.000 and $30,000,000 for Improvemvnt Area No. I and
Improvement Area No. 2, respectively, shall be submitted to the qualified eleoto_ of the
respective Improvement Area. A special community facilities district eleztion shall be
conducted on July 6, 2005. The spo_iaI election sh
al
onductedby hand delivered or mailed
ballot election. The ballots shall be returned tothe eft"ice of the election officer.no liner than
11: 0 o'clock p.m. on July 6, 2005
Section 9. The Clerk is hereby directed to publish a copy of this resolution, which
shall serve as notice ("Notice") of the Hearing andthe special bond election, pursuant m Section
,
Section 10. The Clerk may send a copy of the Notice of the Hearing by first-class
mail, postage prepaid, to each regist,_'redvoter a d to each landowner within the proposed CFD
as shown on the last equalized assessment roll.
PASSED, APPROVED and ADOPTED this 18th day of May, 2005 by the following
vote:
RESOLUTION OFTHE C TY COUNCIL OF THE CITY OF INDIO,
CALIFORNIA, APPROVING JOINT COMMUNITY FACILITIES
AGREEMENTS
WHEREAS, the City Council (the "Council") of the City of Indio (the "City") has
heretofore adopted Resolution No. 8956 ("Resolution of Intention") stating its intention to form
City of Indio Community Faciliti
e
s District No. 2004-3 (Terra Lago) (the "CFD") pursuant to the
Mello-Roos Community Facilities Act of 1982, as amended (the "Act"); and
WHEREAS, Section 53316.2 of the Act states that a community facilities district may
finance facilities to be own d or operated by an entity other than the agency that created the
district only pursuant to a joint community facilities agreement or a joint exercise of powers
agreement; and
WHEREAS, certain facilities and capital fees to be financed by the CFD include those
facilities and capital fees to be owned or operated by the Valley Sanitary District and Imperial
Irrigation District.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF INDIO DOES
Section 1. The City Council hereby approves the Joint Community Facilities
Agreements in substantially the forms presented to the City Council at this meeting.
T
he Mayor,
the City Manager and the Finance Director are hereby authorized to execute the Joint
Community Facilities Agreements with such revisions, amendm nts and completions as shall be
approved by the officer executing the same, such approval to be conclusively evidenced by the
execution and delivery thereof.
Section 2. This Resolution shall ta e effect from and aider the date of its passage and
adoption.
PASSED, APPROVED and ADOPTED this 20th day of July, 2005 by the following
vote:
NOES: None
RESOLUTION NO. 9025
RESOLUTION OF FO MATION OF THE CITY COUNCIL OF THE CITY OF INDIO
DETERMINING THE VALIDITY OF PRIOR PROCEEDINGS AND ESTABLISHING
CITY OF INDIO COMMUNITY FACILITIES DISTRICT NO. 2004-3 (TERRA LAGO)
heretofore adopted Resolution No. 8956 ("Resolution of Intention") stating its intention to form
City of Indio Community Facilities District No. 2004-3 (Terra Lago) (the "CFD") pursuantto the
Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), and designating portions
of the CFD as Improvement Area No. 1and Improvement Area No. 2; and
WHEREAS, a copy of the Resolution of Intention is on file with the City Clerk and
incorporated herein by reference; and
WHEREAS, pursuant to the Act and in accordance with applicable laws, this Council
held a public hearing on the formation of the CFD, the proposed rate and method of
apportionment of the spe
ial taxes (the "Special Taxes") and the incurring of bonded
indebtedness by the CFD for Improvement Area No. 1and Improvement Area No. 2; and
WHEREAS, at said hearing all persons not exempt from the Special Tax desiring to be
heard on all matters pertaining to the formation of the CFD, the proposed rate and method of
apportionment of the Special Taxes and the incurring of bonded indebtedness by the CFD for
Improvement Area No. 1 and Improvement Area No. 2 were heard and a full and fair heating
was held; and
WHEREAS, at said hearing evidence was presented to the Council on said matters before
it, and this Council at the con
c
lusion of said hearing is fully advised in the premises.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NDIO DOES
Section 1. Pursuant to Section 53325. l(b) of the Government Code, the Council finds
and determines that the proceedings prior hereto were valid and in conformity with the
requirements of the Act.
Section 2. A community facilities district to be designated "City of Indio Community
Facilities District No. 2004-3 (Terra Lago)" is hereby established pursuant to th Act.
Section 3. The description and map of the boundaries of the CFD on file in the
Clerk's office and as described in the Resolution of Intention and incorporated herein by
reference, as amended to exclude a portion thereof as identified at the public hearing, shall be the
boundaries of the CFD. The map of the proposed boundaries of the CFD has been recorded in
the Office of the County Recorder of Riverside County, California (Book 62 of Maps of
Assessment and Community Facilities District at page 88 and as Instrument No. 2005-0437055).
45625228.1

Section 4. The facilities proposed to be financed by each improvement area of the
CFD are public infrastructure facilities and other governmental faci ities with an estimated useful
life of five years or longer, which the CFD is authorized by law to construct, own, operate or
finance and that are ecessary to meet increased demands placed upon the City as a resul of
development or rehabilitation occurring within the proposed CFD, including but not limited to
site preparation, construction, purchase, modification, expansion, improvement or rehabilitation
of roadway improvements, dry utilities, storm drain improvements, landscape improvements,
traffic control devices, fire station, and water and sewer facilities including the acquisition of
capacity in the City's water system and sewer capacity in the Valley Sanitation District s wer
system, and related costs including designs, inspections, professional fees, annexation fees,
connection fees and acquisition costs (the "Facilities"). Such Faci ities need not be physically
located within the CFD.
Section 5. Except where funds are otherwise available, it is the intention of the
Council to levy annually in accordance with procedures contained in the Act a special tax (th
"Special Tax") sufficient to pay for the costs of financing the acquisition and/or construction of
the Facilities, including the principal of and interest on the bonds proposed to be issued to
finance the Facilities and other periodic costs, the establishment and replenishment of reserve
funds, the remarketing, credit enhancement and liquidity fees, the costs of administering the levy
and collection of the Special Tax and all other costs of the levy of the Special Tax and issuance
of the bonds, including any foreclosure proc dings, architectural, enginee ng, inspection, legal
fiscal, and financial consultant fees, discount fees, interest on bonds due and payable prior to the
expiration of one year from the date of completion of facilities (but not to exceed two years),
election costs and all costs of issuance of the bonds, incl ding, but not limited to, fees for bond
counsel, disclosure counsel, financing consultants and printing costs, and all other administrative
costs of the tax levy and bond issue. The Special Tax will be secured by recordation of a
continuing lien against all non-exempt real property in the CFD. In the first year in which such a
Special
T
ax is levied, the levy shall include a sum sufficient to repay to the City all amounts, if
any
,
transfer ed to the CFD pursuant to Section 53314 of the Act and interest thereon. The
schedule of the rate and method of apportionment and manner of collection of the Special Tax is
described in detail in Exhibit A attached hereto and by this reference incorporated herein. The
Special Tax is based upon the cost of fi ancing the Facilities in the CFD, the demand that each
parcel will place on the Facilities and the benefit (direct and/or indirect) received by each parcel
from the Facilities.
The Special Tax is apportioned to each parcel on the foregoing basis pursuant to Section
53325.3 of the Act. In the event that a portion of the property within an improvement area of the
CFD shal become for any reason exempt, wholly or partially, from the levy of the Special Tax,
the Council shal
,
on behalf of the CFD, increase the levy to the extent necessary upon the
remaining property within the same improvement area of the CFD which is not delinquent or
exempt in order to yield the required payments, subject to the maximum tax. Under no
circumstances, however, shall the Special Tax levied against any parcel used for private
residential purposes be increased as a consequence of delinquency or default by the owner of any
other parcel or parcels within the same improvement area of the CFD by more than 10 percent.
Furthermore, the maximum special tax authorized to be levied against any parcel used for private
residential purposes shall not be increased over time in excess of 2 percent per year.
45625228.1

Section 6. Upon recordation of a Notice of Special Tax Lien pursuant to Section
3114.5 of th Streets and Highways Code, a continuing lien to secure each levy of the Special
Tax shall attach to all nonexempt real pro erty in the CFD, and this lien shall cominue in force
and ffect until the Special Tax obligation is prepaid or otherwise permanently satisfied and the
lien canceled in accordance with law or until collection of the Special Tax by the CFD ceases.
Section 7. The proposed Special Tax to be levied in each improvement area of the
CFD has not been precluded by protests by owners of one-half or more of the land in the territory
included in the same improvement area of the CFD pursuant to Government Code Section
53324.
Section 8. Pursuant to and in compliance with the provisions of Government Code
Section 50075.1, the Council hereby establishes the following accountability measures pertaining
to the levy by the CFD of the Special Tax:
A. Such Special Tax shall be levied for the specific purposes set forth herein.
B. The proceeds of the levy of such Special Tax shall be applied only to the specific
purposes set forth herein.
C. The CFD shall establish an account or accounts into which the proceeds of such
Special Tax shall be deposited.
D. The City Manager, or his or here designee, acting for and on behal of the CFD,
shall annually file a report with the Council as required pursuant to Government Code Section
50075.3.
Section 9. The City Manager, or his designee, is designated to be respons ble for
preparing or causing to be prepared annually a current roll of Special Tax levy obligations by
assessor's parcel number and for estimating future Special Tax levies pursuant to Section
53340.1 of the Government Code.
Section 10. The voting procedure with respect to the imposition of the Special Tax,
incurring bonded indebtedness and establishing an appropriations limit with respect to each
improvement area of the CFD shall be by hand delivered or mailed ballot election.
Section 11. The City Clerk is directed to certify and att st to this Resolution and to
take any and all necessary acts to call, hold, canvass and certify an election or elections on the
incurring bonded indebtedness, the levy of the Special Tax, and the establishment of the
appropriation limit.

vote:
NOES: None _ ,S__//_e_--_-_,
MELANIE FESMIRE, MAYOR
RESOLUTION NO. 9026
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIO TO INCUR
BONDED INDEBTEDNESS IN THE AMOUNTS NOT TO EXCEED $30,000,000 AND
$30,000,000 WlTHIN IMPROVEMENT AREA NO. 1 AND IMPROVEMENT AREA NO.
2, RESPECTIVELY, OF THE CITY OF INDIO COMM
U
NO. 2004-3 (TERRA LAGO) A D CALLING A SPECIAL ELECTION
heretofore adopted Resolution No. 9023 (the "Resolution of Formation"), which formed the City
of Indio Community Facilities District No. 2004-3 (Terra Lago) (the "CF "), pursuant o the
Mello-Roos Community Facilities Act of 1982, as amended, (the "Act"), to finance the purchase,
construction, expansion or ehabilitation of certain real and other tangible property with an
estimated useful life of five years or longer, including public infrastructure facilities and other
governmental facilities, hich the City is authorized by law to construct, own or operate (the
"Facilities"); and
WHEREAS, a copy of the Resolution of Formation is on file with the City Clerk and
incorporated herein by reference; and
WHEREAS, the Council has heretofore designated portions of the CFD as Improvement
Area No. 1 and Improvement Area No. 2 (each an "Improvement Area," and collectively, the
"Improvement Areas"); and
WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness
,
000 for Improvement Area No. 1 and
Improvement Area No. 2, respectively, the repayment of which is to be se ured by special tax s
levied in accordance with Section 53340 et seq. of the Act on certain properties within the
respective Improvement Areas.
Section 1. The above recitals are true and correct.
Section 2. It is necessary to incur bonded indebtedness in amounts not to exceed
$30,000,000 and $30,000,000 for Improvement Area No. 1 and Improvement Area No. 2,
respectively, to finance the costs of the Facilitie for the respective Improvement Areas.
Section 3. The indebtedness will be incurred for the purpose of financing the costs of
acquiring the Facilities, the financing of the costs associated with the issuance of the bonds and
all other costs necessary to finance the Facilities which are permitted to be financed pursuant to
the Act.
Section 4. Each Improvement Area will pay for the bonded indebtedness for such
Improvement Area.

Section 5. The bonds shall be issued in one or more series at a maximum interest rate
not to exceed 12 percent per annum or such rate not in excess of the maximum rate permitted by
law at the time the bonds are issued, and payable annually or semiannually as determined by the
Council. The term of the bonds shall be determined pursuant to a resolution of the Council
authorizing the issuance of the bonds, but such term shall in no event exceed 40 years or such
longer term s is then permitted by law.
Section6. Pursuant to a d in compliance with the provisions of Article 1.5
(commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the
G
overnment Code, the Council hereby establishes the following accountability measures
pertaining to any bonded indebtedness incurred by or on behalf of the City:
(a) Such bonded ind bt dness shall be incurred for the specific purposes set forth in
Section 3 above.
(b) The proceeds of any such bonded indebtedness shall be applied only t the specific
purposes identified in Section 3 above.
(c) The docum nt or documents establishing the terms and conditions for the issuance of
any such bonded indebtedness shall provide for the creation of an account or accounts
into which the proceeds of such bonded indebtedness shall be deposited.
(d) The City Manager, or his or her designee, acting for and on behalf of the City, shall
annually file a report with the Council as required by Government Code Section
53411.
Section 7. Pursuant to Government Code Section 53353.5, the Council hereby
determines to submit to the qualified e ectors of each Improvement Area a combined proposition
(the "Proposition") to: (1) levy special taxes on property within each Improvement Area in
accordance with the applicable rate and method of apportionment of special tax specified in the
Resolution of Formation; (2) incur bonded indebtedness in the amounts not to exceed
$30,000,000 or $30,000,000; and (3) establish an appropriations limit as defined by subdivision
(h) of Se tion 8 of Article XIIIB of the California Constitution, for each Improvement Area.
Said appropriations limit shall equal the maximum amount of bonded indebtedness au horized to
be incurred for the respective Improvement Area. The form of the Proposition is attached as
Exhibit "A."
Section 8. A special election is hereby called for each Improvement Are on the
Proposition set forth in Section 7 above.
Section 9. The time for notice having been waived by the qualified electors, the date
of the special election for each Improvement Area on the Proposition shall be on the 20th day of
July, 2005. There being no registered voters residing within the territory of the CFD at the time
&the protest hearing and ninety (90) days prior thereto, and the requirements of Section 53326
of the Government Code having been waived by the landowners, the ballots for the special
election shall be hand delivered to the landowners within the CFD. The voter ballots shall be

o'clock p.m. on July 20, 2005. However, the election may be closed within the concurrence of
the City Clerk, as soon as the ballot is returned.
Section 10. Notice of said election and written argument for or against the measure
have been waived by the landowners.
Section 11. Each Improvement Area shall constitute a single election precinct for the
purpose of holding said special election.
Section 12. The Council hereby directs that the special election be conducted by the
City Clerk, as the elections official.
Section 13. This Resolution shall take effect from and after the date of its passage and
adoption.
vote:
NOES: None
FOLLOWING THE AD PTION OF RESOLUTION OF FORMATION
As the elections official of the special election (the "Election") called for by
Resolution No. 9026 (Resolution Calling a Special Election), I hereby concur on holding the
Election less than 125 days following the adoption of Resolution No. 9025 (Resolution of
Formation).
/
k.,/
45655340.1
RESOLUTION O.. 9027
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF INDIO, CALIFORNIA,
CANVASSING THE RESULTS OF THE ELECTION HELD WITHIN IMPROVEMENT
AREA NO. 1 AND IMPROVEMENT AREA NO. 2 OF THE CITY OF INDIO
COMMUNITY FACILITIES DISTRICT NO. 2004-3 (TERRA LAGO)
previously conducted proceedings pertaining to the formation of the City of Ind o Community
Facilities District No. 2004-3 (Terra Lago) (the "CFD"), the authorization of indebtedness in the
amounts not to exceed $30,000,000 and $30,000,000 within Improvemen Area No. 1 and
Improvement Area No. 2, respectively, of the CFD, the rate and method of apportionment for the
levy and collection of special taxes (the "Special Tax") to pay the principal and interest on bonds
issued or other debt, and the establishment of an appropriations limit, and the calling of an
election in regard to the foregoing; and
WHEREAS, on July 20, 2005, an election was held within Improvement Area No. 1 and
Improvement Area No. 2 of the CFD relative to the authorization of not to exceed $30,000,000
and $30,000,000 of indebtedness within Improvement Area No. 1 and Improvement Area No. 2,
respectively, of the CFD, the rate and method of apportionment of the Special Tax, and the
e b e t r
WHEREAS, at such election the proposal for incurring the bonded indebtedness, the rate
and method of apportionment and manner of collection of the Special Tax and establishing an
appropriations limit for each Improvement Area No. 1 and Improvement Area No. 2 of the CFD
was approved by the requisite 2/3 of the votes cast by qualified electors of Improvement Area
No. 1 or Improvement Area No. 2 of the CFD, as applicable.
Section 1. It is hereby determined that the election conducted within each Improvement
Area No. 1 andImprovement Are No. 2 of the CFD was duly and validly conducted.
Section 2. The Council, acting as the legislative body of the CFD, is authorized to levy
the Special Tax on behalf of the CFD, as specified in Ordinance No. 1441, (the "Resolution of
Formation") adopted by the Council on July 20, 2005.
Section 3. The Council is authorized to incur indebtedness on behalf of the CF for
Improvement Area No. 1 and Improvement Area No. 2 of the CFD, in the maximum amounts of
$30,000,000 and $30,000,000, respectively.
Section 4. The City is authorized to establish an appropriations limit for Improvement

Section 5. The City Clerk is hereby directed and authorized to record notice of the
special tax of the CFD by recording a Notice of Special Tax Lien of the CFD pursuant to
Section 3117.5 of the California Streets and Highways Code.
vote:
NOES: None
7/28/2005
ANDWHENRECORDEDRETURNTO:
ConFormedopy
100 Civic Center Mall LarryI,lUard
Indio, California 92201 County oT Riverside
Assessor, County Clerk & Recorder
NOTICE OF SPECIAL TAX LIEN
Pursuant to the requirements of Section 3114.5 of the Streets and Highways Code and
Section 53328.3 of the Government Code, the undersigned clerk of the legislative body of the
City of Indio (the "City"), St te of California, hereby gives notice that a lien to secure payment
of special taxes is hereby imposed by the City Council of the City. The special taxes secured by
this lien are auth rized to be levied for the purpose of financing public infrastructure facilities
and other governmental facilities with an estimated useful like of five years or longer including,
but not limited to, streetscape, landscape, traffic controls, storm drain, water and sewer facilities,
dry utilities, other City fees and facilities, other Valley Sanitary District fees and facilities, other
Imperial Irrigation District fees and faciliti s, and related costs including designs, inspections,
professional fees, connection fees and acquisition costs, and for the purpose of paying principal
and interest on bonds issued with respect to each improvement area.
The special taxes are autho ized to be levied within the improvement areas of the City of
Indio Community Facilities District No. 2 04-3 (Terra Lago) (the "District") which has now
been officially formed and the lien of the special taxes are a continuing lien which shall secure
each annual levy of the special taxes and which shall continue in force and effect until the special
taxes cease to be levied and a notice of cessation of special taxes is recorded in accordance with
Section 53330.5 of the Government Code.
The rate and method of apportionment, and manner of collection of authorized special
tax, for each impr vement area is as set forth in Exhibit "A" attached hereto and hereby made a
part hereof. Conditions under which the obligation to pay the special taxes may be prepaid and
permanently satisfied and the lien of the special taxes canceled are as set forth in Exhibit "A"
attached hereto.
Notice is further given that upon the recording of this notice in the office of the county
recorder, the obligation to pay the special tax levies shall become a lien upon all nonexempt real
property within the respective improvement areas of the District in accordance with Section
3115.5 of the Streets and Highways Code.
The name of the owner(s) and the assessor's tax parcel number(s) of the real pr perty
included within the respective improvement areas of the District and not exempt from the special
tax are as set forth in Exhibit "B" a tached hereto.
45638539.1 1

Reference is made to th boundary map of the District recorded at Book 62 of Maps of
Assessment and Community Facilities Districts at Page 88, in the office of the County Recorder
for the County of Riverside, California which map is now and final boundary map of the District.
For further information concerning the current and estimated future tax liability of
owners or purchasers of real property subject to this special tax lien, interested persons should
contact the Finance Director of the City of Indio, 100 Civic Center Mall, Indio, alifornia 92201,
(760) 342-6560.
45638539.1 2
/
name and title olVthe officer), personally appeared _,./--_ ._,¢_ "" , personally
known to me ( o . ha_i_
c
_f_fi___
c
__¢{c
ethe person whose
name is subscribed to the within instrument and acknowledged to me that she executed the same
in her authorized capacity, a d that by her signature on the instrument the person, or the entity
upon which the person acted, executed the instrument
.
Signature(..._/_._ _ (SEAL)
COMMUNITY FACILITIES DISTRICT NO. 2004-3
(TERRA LAGO)
CITY OF INDIO, CALIFORNIA
A Special Tax (all capitalized terms are defined in Section A., Definitions below) shall be
applicable to each Parcel of Taxable Property located within the boundaries of Community
Facilities District No. 2004-3 (TERRA LAGO). The amount of Special Tax to be levied in each
Improvement Area in each Fiscal Year, commencing in Fiscal Year 2005-2006 on a Parcel shall
be determined by the City Council of The City of Indio acting in its capacity as the legislative
body of the CFD by applying the appropriate Special Tax for Developed Property, Undeveloped
Property and P blic Property and/or Property Owner's Association Property that is not Exempt
Property as set forth in Sections B., C., and D., below. All of the real property within the CFD,
unless exempted by law or by the provisions hereof in Section E., shall be taxed for the purposes,
to the extent and in the manner herein provided.
A. DEFINITIONS
The terms hereinafter set forth have the following meanings:
"Acre or Acreage" means the acreage of a Parcel as indicated on the mos r cent Assessor's
Parcel Map, or if the land area is not shown on the Assessor's Parcel Map, the land area
shown on the applicable Final Map, parcel map, condominium plan, or other similar
instrument.
"Act" means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter
2.5, Part 1 of Division 2 of itle 5 of the California Government Code of the State of
California.
"Administrative Expenses" means all actual or reasonably estimated costs and expenses of
the District that are chargeable or allocable to the applicable Improvement Area to carry out
its duties as the administrator of the CFD as allowed by the Act, which shall include without
limitation, all costs and expenses arising out of
o
r resulting from the annual levy and
collection of the Special Tax, trustee fees, rebate compliance calculation fees, and legal
issues, or actual, potential or threatened litigation involving the CFD, continuing disclosure
undertakings of the District as imposed by applicable laws and regulations, communication
with bondholders and normal administrative expenses.
"Administrator" means an official of the District, or designee thereof, responsible for
determining the levy and collection of the Special Taxes.
"Assessor's Parcel Map" means an official map of the A sessor of the County of Riverside
designating parcels by Assessor's Parcel number.
"Assigned Special Tax" means the Special Tax for each Land Use Category of Developed
Property, as determined in accordance with Section C.1.a., below.
City of Indio July 27, 2005
Community Facilities District No. 2004-3 (Terra Lago) Page 1

"Backup Special Tax" means the Special Tax of that name described in Section E below.
"Bonds" means any bonds or other indebtedness (as defined in the Act) issued by an
Improvement Area of the CFD and secured by the levy of Special Taxes within such
Improvement Area.
"Boundary Map" means a map showing the territory area within the boundaries of CFD
2004-3 identified on EXHIB IT "A"
"CFD" means Community Facilities District No. 20 4-3 (TERRA LAGO) of the District
established pursuant to the Act.
"Council" means The City of Indio City Council
"County" means the County of Riverside.
"Developed Property" means all Parcels of Taxable Property, not classified as Undeveloped
Property, Public Property and/or Property Owner's Association Property that are not Exempt
Property pursuant to the provisions of Section E. below: (i) that are included in a Final Map
that was recorded prior to January 1St preceding the Fiscal Year in which the Special Tax is
being levied and (ii) a building permit for new construction has been issued prior to April 1st
preceding the Fiscal Year in which the Special Tax is being levied.
"Exempt Property" means any Parcel, which is exempt from Special Taxes pursuant to
Section E., below.
"Final ap" means a subdivision of property by recordation of a final map, parcel map, or
lot line adjustment, pursuant to the Subdivision Map Act (California Government Code
Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil
Code 1352 that creates individual lots for which building permits may be issued without
further subdivision.
"Fiscal Year" means the period starting on July 1 and ending on the following June 30.
"Improvement Area(s)" means Improvement Area 1, Zone A or Zone B or Improvement
Area 2, Zone A or Zone B as geographically identified on EXHIBIT "B".
"Improvement Area 1, Zone A" means the specific area identified on EXHIBIT "B" as
Improvement Area 1, Zone A of the CFD.
"Improvement Area 1, Zone B" means the specific area identified on EXHIBIT "B" as
Improvement Area 1, Zone B of the CFD.
"Improvement Area 2, Zone A" means the specific area identified on EXHIBIT "B" as
Improvement Area 2, Zone A of the CFD.
"Improvement Area 2, Zone B" means the specific area identified on EXHIBIT "B" as
Improvement Area 2, Zone B of the CFD.

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ARRA NO. 2

"Indenture" means the bond indenture, fiscal agent agreement, trust agreement, re olution
/
or
supplemented from time to time, and any instrument replacing or supplementing the same.
"Land Use Category" means any of the categories listed n Tables 1, 2, 3, 4 and 5.
"Maximum Special Tax" means the maximum Special Tax, determined in accordance with
Section C., which can be levied in any Fiscal Year on any Parcel.
"Multifamily Residential Property" means any Parcel of Developed Property that consists
of a building or buildings comprised of attached residential units available for rental by the
general public, or for sale to an end user, and may be under common management.
"Non-Residential Property" means all Parcels of Developed Property for which a building
permit was issued for any type of non-residential use.
"Parcel(s)" means a lot or parcel shown on an Assessor's Parcel Map with an assigned
parcel number valid at the time the Special Tax is enrolled for the Fiscal Year for which the
Special Tax is being levied.
"Property Owner's Association Property" means any Parcel within the boundary of the
CFD, which, at the time the Special Tax is enrolled for the Fiscal Year for which the Special
Tax is being levied has been conveyed, dedicated to, or irrevocably dedicated to a property
owner association, including any master or sub-association.
"Proportionately" means for (i) Developed Property that the ratio of the actual Special Tax
levy to the Assigned Special Tax is the same for all Parcels of Developed Property, and
Undeveloped Property, Public Property and/or Property Owner's Association roperty that is
not Exempt Property pursuant to Section E., that the ratio of the actual Special Tax levy per
acre to the Maximum Special Tax per acre is the same for all such Parcels.
"Public Property" means any Parcel within the boundary of the CFD which, at the time the
Special Tax is enrolled for the Fiscal Year for which the Special Tax is being levied, is used
for rights-of-way or any other purpose and is owned by, dedicated to, or irrevocably offered
for dedication to the Federal Government, the State of California, the County, City or any
other local jurisdiction, provided, however, that any propert leased by a public agency to a
private entity and subject to taxation under Section 53340.1 of the Act shall be taxed and
classified according to its use.
"Residential Floor Area" means all of the square footage of living area of a residential
structure, not including any carport, walkway, garage, overhang, patio, enclosed patio or
similar area on a Parcel. The determination of Residential Floor Area shall be made by
reference to the building permit(s) for the Parcel or similar official document means selected
by the Administrator. Once such determination has been made f r a Parcel, it shall remain
fixed in all future Fiscal Years.
"Residential Property" means all Parcels of Developed Property for which a building
C
o
mmuni
t

permit h s been issued for purposes of constructing one or more residential dwelling units.
" ingle Family Property" means all Parcels of Residential Property, other than Multifamily
Residential Property, for which building permits have been issued for detached or attached
residential units.
"Special Tax(es)" means the special tax to be levied in each Fiscal Year on each Parcel of
Taxable Property.
"Special Tax Requirement(s)" means that a ount required in any Fiscal Year to p y for
Special Tax Req irement for Improvement Area 1, Zone A or Zone B, or for Special Tax
Requirement for Improvement Area 2, Zone A or Zone B.
"Special Tax Requirement for Improvement Area 1" means that amount required in any
Fisca Year within Improvement Area 1 of the CFD to pay: (i) annual debt service on all
outstanding Bonds due in the calendar year which commences in such Fiscal Year; (ii)
periodic costs on the Bonds, including but not limited to, credit enhancement and rebate
payments on the Bonds; (iii) Administrative Expenses; (iv) an amount equal to any
anticipated shortfall due to Special Tax delinquency in the prior Fiscal Year; and (v) any
amounts required to establish or replenish any reserve funds for the outstanding Bonds; less
(vi) a credit for funds available to reduce the annual Special Tax levy as determined pursuant
to the Indenture.
"Special Tax Requireme t for Improvement Area 2" means that amount required in any
Fiscal Year within Improvement Area 2 of the CFD to pay" (i) annual debt service on all
outstanding Bonds due in the calendar year which commences in such Fiscal Year; (ii)
periodic costs on the Bonds, including but not limited to, credit enhancement and rebate
payments on the Bonds; (iii Administrative Expenses; ( v) an amount equal to any
anticipated shortfall due to Special Tax delinquency i the prior Fiscal Year; and (v) any
amounts required to establish or replenish any reserve funds for the outstanding Bonds; less
(vi) a credit for funds available to reduce the annual Special Ta levy as determined pursuant
to the Indenture.
"Taxable Property" means all Parcels in an Improvement Area which have not prepaid
pursuant to Section H., or are not exempt from the Special Tax pursuant to law or Section E.,
below.
"Undeveloped Property" means all Taxable Property not classified as Developed Property,
Public Property and
/or Property Owner's Association Property that is not Exempt Property
pursuant to the provisions of Sec ion E.

A. ASSIGNMENT TO LAND USE CATEGORY
Each Fiscal Year, commencing with the 2005-2006 Fiscal Year, all Parcels of Taxable
Property within the CFD shall be categorized into the applicable Improvement Area and
class fied as either Developed Property, Undeveloped Property, Public Property and/or
Property Owner's Associatio Property that is not Exempt Property pursuant to the
provisions in Section E., and shall be subject to the levy of Special Taxes in accordance with
this Rate and Method of Apportionment as determined pursuant to Sections C., and D.,
below.
Parcels of Developed Property shall further be classified as Residential Property or Non-
Residential Property. A Parcel of Residential Property shall further be classified as Single
Family Property or Multifamily Residential Property. Single Family Property shall be
further categorized based on the Residential Floor Area for such Parcel.
C. MAXIMUM SPECIAL TAX RATE
1. Developed Property
The Maximum Special Tax for each Parcel of Single Family Property within its
applicable Improvement Area sh ll be the applicable Assigned Special Tax described in
Table 1,2, 3, or 4.
The Maximum Special Tax for each Parcel of Non-Residential Property within its
applicable Improvement Area shall be the Assigned Special Tax described in Table 1, 2,
3 or4.
a. Assigned Special Tax
The Assigned Special Tax for each Parcel of Developed Property within its
applicable Improvement Area is shown in Table 1, 2, 3, or 4.

Single Family Property DU Less than 1,501 SF $1,828.87
Single Family Property DU 1,501 SF to 1,625 SF $2,028.55
Sint_le Family Property DU 1,626 SF to 1,750 SF $2,228.22
Single Famil_'Property D 1,901 SF to 1,950 SF $2,547.70
Sin_;le Family Property DU 1,951 SF to 2 100 SF $2,605.98
Sinl_le Family Property DU 2,101 SF to 2 150 SF $2,681.53
Single Family Property DU 2,151 SF to 2 250 SF $2,832.63
Single Family Property DU 2,251 SF to 2 300 SF $2,908.19
Sint_le Family Property DU 2,301 SF to 2 400 SF $3,059.29
Sin_;le Family Property DU 2,401 SF to 2 500 SF $3,102.46
Single Family Property DU Over 2,850 SF $4,056.57
Multi Family Property Acre N/A $20,460.00
Non Residential Property Acre N/A $20,460.00
On each July 1, commencing on July 1, 2007, for a period of five (5) years, until
July 1, 2012, the Assigned Special Tax shall be increased by one percent (1.00%) of the
amount in effect in the prior Fiscal Year.

Single Family Property DU Less than 1,501 SF
Single Family Property DU Over 2,300 SF $3,965.91
Multi Family Property
On each July 1, commencing o July 1, 2007, for a period of five (5) years, until
TABLE 3
Area 2, Zone A
DU 1,501 SF to 2,000 SF $2,411.70
DU 2,001 SF to 2,500 SF $3,162.90
Famil' DU Over 2,500 SF $3,905.47
Family Property
On each July 1, commencing on uly 1, 2007, for a period of five (5) years, until
July 1, 2012, the Assigned Special Tax shall e increased by one percent (1.00%) of the

Area 2, Zone B
DU 2,001 SF to 2,500 SF $3,905.47
DU 2,501 SFto 3,000 SF $4,648.04
Family Property DU Over 3,000 SF $4,665.31
Multi Family Property Acre N/A $22,304.00
Non Residential Property Acre N
/
A $22,304.00
On each July 1, commencing on July 1, 2007, for a period of five (5) years, until
1. Undeveloped Property
The Maximum Special Tax for each Parcel of Undeveloped Property within each
Improvement Area is shown in Table 5 below.
TABLE 5
1 - Undeveloped Property Acre $20,460.00
2 - Undeveloped Property Acre $22,304.00
On each July 1, commencing on uly 1, 2007, for a period of five (5) years, until
July 1, 2012, the Maximum Special Tax shall be increased by one percent (1.00%) of the
2. Public Property and/or Property Owner's Association Proper y that is not Exempt
Property pursuant to the provisions of Section E.
The Maximum Special Tax for each Parcel of Public Property and/or Property Owners

Association Property that is not Exempt Property pursuant o the provisions of Section E.,
within each Improvement Area shall be the applicable Undevelo ed Property Maximum
Special Tax rate per Ac e in Table 5.
D. METHOD OF PPORTIONMENT OF THE SPECIAL TAX
Commencing with Fiscal Year 2005-2006 and for each following Fiscal Year, the Council
shall levy the Special Tax on all Taxable Property in each Improvement Area until the
amount of Special Taxes equals the applicable Special Tax Requirement for each
Improvement Area in accordance with the following steps:
1. Improvement Area 1
First: The Special Tax shall be levied on each Parcel of Developed Property at up to 100%
of the applicable Assigned Special Tax rate as needed to satisfy the Special Tax Requirement
for Improvement Area 1, Zone A and Zone B
.
Second: If additional moneys are needed to satisfy he Special Tax Requirement for
Improvement Area 1, Zone A and Zone B, after the first step has been completed, the Special
Tax shall be levied Proportionately on each Parcel of Undeveloped Property within
Improvement Area 1, Zone A an Zone B at up to 100% of the Maximum Special Tax for
Undeveloped Property;
Third: If additional moneys are needed to satisfy the Special Tax Requirement after the first
two steps have been completed, then for each Assessor's Parcel of Developed Property
whose Assigned Special Tax is the Backup Special Tax shall be increased Proportionately
from the Assigned Special Tax up to 100% of the Backup Special Tax as needed to satisfy
the Special Tax Requirement.
2. Improvement Area 2
First: The Special Tax shall be levied on each Parcel of Developed Property at up to 100%
of the applicable Ass gned Special Tax rate as needed to satisfy the Special Tax Requirement
for Improvement Area 2, Zone A and Zone B.
Second: If additional moneys are needed to satisfy the Special Tax Requirement for
Improvement Area 2, Zone A and Zone B, after the first step has been completed, the Special
Tax shall be levied Proportionately on each Parcel of Undeveloped Property within
Improvement Area 2, Zone A and Zone B at up to 100% of the Maximum Special Tax for
Undeveloped Property;
Third: If additional moneys are needed to satisfy the Special Tax Requirement after the first
two steps have been completed, then for each Assess r's Parcel of Developed Property
whose Assigned Special Tax is the Backup Special Tax shall be increased Proportionately
from the Assigned Special Tax up to 100% of the B ckup Special Tax as needed to satisfy
the Special Tax Requirement.

otwithstanding the above, under no circumstances will the Special Taxes levied against any
Parcel of Residential Property within an Improvement Area be increased by more than te
percent (10%) per Fiscal Year as a con equence of delinquency or default by the owner of any
other Parcel within an Improvement Area of the CFD.
E. BACKUP SPECIAL TAXES
Each Fiscal Year, each Assessor's Parcel of Developed Property classified as Residential
Property shall be subject to a Backup Special Tax. In each Fiscal Year, the Backup Special
Tax rate for Developed Property classified as Residential Property within a Final M p shall
be the rate per Lot calculated according to the following formula:
RxA
B _ ...................
L
B = Backup Special Tax per Lot in each Fiscal Year
R = Maximum Special Tax rate per Acre for Undeveloped
Property for the applicable Fiscal Year
A = Acreage of Developed Property classified or to be classified as Residential
Property in such Final Map
L = Lots in the Final Map which are classified or to be classified as Residential Property
Notwiths
t
anding the foregoing, if all or any portion of the Final Map(s) described in the
preceding paragraph is subsequently changed or modifie , then the Backup Special Tax for each
Assessor's Parcel of Developed Property classified or to be classified as Residential Property in
such Final Map Area that is changed or modified shall be a rate pe square foot of Acreage
calculated as follows:
1. Determine the total Backup Specia Tax anticipated to apply to the changed or modified
Final Maps
2. The result of paragraph 1 above shall be divided by the Acreage of Developed Property
classified or to be classified as Residential Property which is ultimately expected to exist
in such changed or modified Final Map Area, as reasonably determined by the City.
3. The result of paragraph 2 above shall be divided by 43,560. The result is the Backup
Special Tax per square foot of Acreage which shall be applicable to Assessor's Parcels of
Developed Property classified as Residential Property in such changed or modif

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