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ORDINANCE NO. 7584 ORDINANCE OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, ACTING IN ITS CAPACITY AS THE LEGISLATIVE BODY OF COMMUNITY FACILITIES DISTRICT NO. 2021-3 (BRIDLE RIDGE) OF THE CITY OF RIVERSIDE AUTHORIZING THE LEVY OF SPECIAL TAXES WITHIN THE DISTRICT WHEREAS, on March 22, 2022, the City Council (the "City Council") of the City of Riverside (the "City") adopted Resolution No. 23835 declaring its intention to form Community Facilities District No. 2021-3 (Bridle Ridge) of the City of Riverside (the "Community Facilities District") pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, comprising Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the "Act"), and adopted Resolution No. 23836 declaring its intention to incur bonded indebtedness of the Community Facilities District; and WHEREAS, on April 26, 2022, after providing all notice required by the Act, the City Council opened a public hearing required by the Act relative to the formation of the Community Facilities District, the proposed levy of special taxes within the Community Facilities District to finance certain public improvements described in Resolution No. 23835 and to secure the payment of any bonded indebtedness of the Community Facilities District, and the proposed issuance of up to $7,000,000 of bonded indebtedness; and WHEREAS, at the public hearing, all persons desiring to be heard on all matters pertaining to the formation of the Community Facilities District, the proposed levy of the special taxes within the Community Facilities District to finance the improvements described in Resolution No. 23835 and the proposed issuance of bonded indebtedness of the Community Facilities District were heard and a full and fair hearing was held; and WHEREAS, on April 26, 2022, following the close of the public hearing, the City Council adopted a resolution establishing the Community Facilities District (the "Resolution of Formation") and a resolution determining the necessity to incur bonded indebtedness of the District (the "Resolution to Incur Bonded Indebtedness") each of which called a consolidated special election on April 26, 2022 within the Community Facilities District on three propositions relating to the levying of special taxes, the incurring of bonded indebtedness and the establishment of an appropriations limit for the Community Facilities District; and WHEREAS, on April 26, 2022, a special election was held within the Community Facilities District at which the qualified electors approved by more than a two-thirds vote Propositions A, B and C authorizing the levy of special taxes within the Community Facilities District for the purposes described in the Resolution of Intention and the issuance of bonded indebtedness for the Community Facilities District as described in the Resolution to Incur Bonded Indebtedness.