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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 CM ATTORNEY'S OFFICE 3900 MAIN 5TREEf 819005105 CA 92522 (951) 826-5567 ORDINANCE NO.7603 AN ORDINANCE OF THE CITY OF RIVERSIDE, CALIFORNIA, LEVYING SPECIAL TAXES TO BE COLLECTED DURING FISCAL YEAR 2022-2023 WITHIN COMMUNITY FACILITIES DISTRICT NO. 2013-1 (KUNNY RANCH) OF THE CITY OF RIVERSIDE, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AND DECLARING THIS ORDINANCE TO BE EFFECTIVE UPON ADOPTION. The City Council of the City of Riverside does ordain as follows: Section 1: Findings. The City Council finds as follows: (A) pursuant to the Rates and Method of Apportionment of Special Tax for Community Facilities District No. 2013-1 (Kunny Ranch) of the City of Riverside, County of Riverside, State of California ("CFD No. 2013-1"), the City Council is authorized to levy Special Taxes in any Fiscal Year for the following purposes: (i) to provide any amounts that the City Council determines are necessary to pay the costs of the provision, construction, and acquisition of public facilities and/or accumulate funds therefor; and (ii) to pay Administrative Expenses; and (iii) if any Bonds are issued by the City on behalf of CFD No. 2013-1: (a) to pay debt service on all outstanding Bonds of the District (taking into consideration the amount of funds that may be available pursuant to the Indenture to pay such debt service) or debt service on bonds or other obligations of the City with respect to facilities relating to the District; (b) to pay periodic costs for the Bonds, including, but not limited to, costs related to credit enhancement and rebate payments; (c) to provide an amount equal to reasonably anticipated delinquencies in the collection of Special Taxes; and (d) to provide any amount required to replenish the reserve fund for the outstanding Bonds;