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1 2 3 4 5 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Orr A rllornA •S Orris e 3900 MAIN STREET RWEkSme, CA 92522 (951) 926-5561 ORDINANCE NO.7599 AN ORDINANCE OF THE CITY OF RIVERSIDE, CALIFORNIA, LEVYING SPECIAL TAXES TO BE COLLECTED DURING FISCAL YEAR 2022-2023 WITHIN IMPROVEMENT AREA NO. 2 OF COMMUNITY FACILITIES DISTRICT NO. 2006-1 (RIVERWALK VISTA) OF THE CITY OF RIVERSIDE, 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 Improvement Area No. 2 of Community Facilities District No. 2006-1 (Riverwalk Vista) of the City of Riverside, County of Riverside, State of California ("Improvement Area No. 2"), the City Council is authorized to levy Special Taxes in any Fiscal Year for the following purposes (i) to pay debt service on all outstanding Bonds (taking into consideration the amount of funds that may be available pursuant to the Indenture to pay such debt service); (ii) to pay periodic costs for the Bonds, including, but not limited to, costs related to credit enhancement and rebate payments; (iii) to pay Administrative Expenses; (iv) to provide an amount equal to reasonably anticipated delinquencies in the collection of Special Taxes; (v) to provide any amount required to replenish the reserve fund for the outstanding Bonds; and (vi) to provide any amounts that the City Council determines are necessary to pay the costs on the provision, construction and acquisition of public facilities and/or to accumulate funds therefor; (b) it is necessary that the City Council levy special taxes during Fiscal Year 2022-2023 on all Assessor's Parcels of Developed Property within Improvement Area No. 2 for the purposes of paying the costs of providing, constructing and acquiring public facilities and accumulating funds therefor, and paying Administrative Expenses; and (c) the words set forth above and hereinafter with initial letters capitalized are defined terms in the aforementioned Rates and Method of Apportionment of Special Tax. Section 2: Levy of Special Taxes. Special Taxes shall be and hereby are levied for Fiscal Year 2022-2023 on all parcels of Developed Property within Improvement Area No. 2, which are identified in Exhibit "A" attached hereto, and in the amount set forth for each such Assessor's Parcel in said Exhibit "A." Pursuant to said Section 53340 of the California Government Code, such Special Taxes for Fund 68-2742 shall be collected in the same manner as ordinary ad valorem property taxes are