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2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />Cm ATTORNEY'S OFFICE <br />3900 MAN STREET <br />RIVERSIDE, CA92522 <br />(951) 826-5567 <br />ORDINANCE NO.7601 <br />AN ORDINANCE OF THE CITY OF RIVERSIDE, CALIFORNIA, LEVYING <br />SPECIAL TAXES TO BE COLLECTED DURING FISCAL YEAR 2022-2023 <br />WITHIN COMMUNITY FACILITIES DISTRICT NO. 2015-1 <br />(ORANGECREST GROVE) OF THE CITY OF RIVERSIDE, COUNTY OF <br />RIVERSIDE, STATE OF CALIFORNIA, AND DECLARING THIS <br />ORDINANCE TO BE EFFECTIVE UPON ADOPTION. <br />The City Council of the City of Riverside does ordain as follows: <br />Section 1: Findings. The City Council finds as follows: (a) pursuant to the Rates and <br />Method of Apportionment of Special Tax for Community Facilities District No. 2015-1 <br />(Orangecrest Grove) of the City of Riverside, County of Riverside, State of California ("CFD <br />No. 2015-1"), the City Council is authorized to levy Special Taxes in any Fiscal Year for the <br />following purposes: (i) to pay debt service on all outstanding Bonds of the District (taking into <br />consideration the amount of funds that may be available pursuant to the Indenture to pay such <br />debt service) or debt service on bonds or other obligations of the City with respect to facilities <br />relating to the District; (ii) to pay periodic costs for the Bonds, including, but not limited to, costs <br />related to credit enhancement and rebate payments; (iii) to pay Administrative Expenses; (iv) to <br />provide an amount equal to reasonably anticipated delinquencies in the collection of Special <br />Taxes; (v) to provide any amount required to replenish the reserve fund for the outstanding <br />Bonds; and (vi) to provide any amounts that the City Council determines are necessary to pay the <br />costs of the provision, construction and acquisition of public facilities and/or accumulate funds <br />therefor; (b) it is necessary that the City Council levy special taxes for Fiscal Year 2022-2023 on <br />all Assessor's Parcels of Taxable Property in CFD No. 2015-1 for the purposes of paying the <br />costs of providing, constructing and acquiring public facilities and accumulating funds therefor, <br />and paying Administrative Expenses; and (c) the words set forth above and hereinafter with <br />initial letters capitalized are defined terms in the aforementioned "Rates and Method of <br />Apportionment of Special Tax." <br />Section 2: Levy of Special Taxes. Special Taxes shall be and hereby are levied for the <br />Fiscal Year 2022-2023 on all parcels of Taxable Real Property within CFD No. 2015-1, which <br />are identified in Exhibit "A" attached hereto, and in the amount set forth in the "Rates and <br />