c lathrop community facilities district no (joint … · 2019-04-01 · cfd no. 2003-2 cfd tax...

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CITY OF LATHROP COMMUNITY FACILITIES DISTRICT NO. 2003-2

(JOINT WASTEWATER PROJECT)

CFD TAX ADMINISTRATION REPORT FISCAL YEAR 2016-17

January 5, 2017

Community Facilities District No. 2003-2 CFD Tax Administration Report

TABLE OF CONTENTS

Section Page Executive Summary ............................................................................................................. i I. Introduction ..........................................................................................................................1 II. Purpose of Report ................................................................................................................2 III. Special Tax Requirement .....................................................................................................3 IV. Special Tax Levy .................................................................................................................4 V. Authorized CFD Improvements ...........................................................................................7 VI. CFD Funds ...........................................................................................................................8 VII. Prepayments .......................................................................................................................10 VIII. Delinquencies .....................................................................................................................11 IX. Foreclosure Covenants .......................................................................................................12 X. Senate Bill 165 Reporting Requirements ...........................................................................13 XI. Assembly Bill 1666 Requirements ....................................................................................14 XII. Arbitrage Rebate Calculation .............................................................................................15 Appendix A – Special Tax Levy for Fiscal Year 2016-17 Appendix B – Bond Debt Service Appendix C – Rate and Method of Apportionment of Special Tax Appendix D – Summary of Original Parcels in Community Facilities District No. 2003-2 Appendix E – Boundary Maps of Community Facilities District No. 2003-2 Appendix F – Assessor’s Parcel Maps for Fiscal Year 2016-17

City of Lathrop i Fiscal Year 2016-17 CFD No. 2003-2 CFD Tax Administration Report

EXECUTIVE SUMMARY The following summary provides a brief overview of the main points from this report regarding the City of Lathrop Community Facilities District No. 2003-2 (Joint Wastewater Project) (“CFD” or “CFD No. 2003-2”): Fiscal Year 2016-17 Special Tax Levy

Number of Taxed Parcels* Total Special Tax Levy

18 $581,721

* Two of these parcels were directly billed for fiscal year 2016-17. For further detail regarding the special tax levy, or special tax rates, please refer to Section IV of this report. Delinquency Summary

Delinquent Amount for FY 2015-16

(as of September 13, 2016) Total Levy for

FY 2015-16 Delinquency

Rate

$2,629 $582,283 0.45%

For additional delinquency information, please see Section VIII of this report. Outstanding Bonds Summary

Special Tax Bonds, Series 2003

Issuance Date Original Principal

Amount Retired

Current Amount Outstanding

December 2003 $7,535,000 $1,490,000* $6,045,000*

* As of the date of this report.

City of Lathrop 1 Fiscal Year 2016-17 CFD No. 2003-2 CFD Tax Administration Report

I. INTRODUCTION Community Facilities District No. 2003-2 The City of Lathrop Community Facilities District No. 2003-2 (“CFD No. 2003-2” or the “CFD”) is located in the City of Lathrop (the “City”), in San Joaquin County, California, approximately 10 miles south of Stockton, and 75 miles east of San Francisco. The CFD was established in 2003 by a vote of more than two-thirds of the qualified electors and authorized to issue bonds in a principal amount not to exceed $15,000,000. The purpose of the bonds is to provide funding for the City’s share of the cost of constructing a wastewater treatment plant project that the City is participating jointly with the City of Manteca. In addition to the Series 2003 Bonds (the “Bonds”) issued on December 12, 2003 in the principal amount of $7,535,000, it is anticipated that one additional series of bonds will be issued in an amount estimated at $3,400,000. The Mello-Roos Community Facilities Act of 1982 The reduction in property tax revenue that resulted from the passage of Proposition 13 in 1978 required public agencies and real estate developers to look for other means to fund public infrastructure. The funding available from traditional assessment districts was limited by certain requirements of the assessment acts, and it became clear that a more flexible funding tool was needed. In response, the California State Legislature approved the Mello-Roos Community Facilities Act of 1982 (the “Act”), which provides for the levy of a special tax within a defined geographic area, namely a community facilities district, if such a levy is approved by two-thirds of the qualified electors in the area. Community facilities districts can generate funding for a broad range of facilities, and special taxes can be allocated to property in any reasonable manner other than on an ad valorem basis. A community facilities district is authorized to issue tax-exempt bonds that are secured by land within the district. If a parcel does not pay the special tax levied on it, a public agency can foreclose on the parcel and use the proceeds of the foreclosure sale to ensure that bondholders receive interest and principal payments on the bonds. Because bonds issued by a community facilities district are land-secured, there is no risk to a public agency’s general fund or taxing capacity. In addition, because the bonds are tax-exempt, they typically carry an interest rate that is lower than conventional construction financing.


II. PURPOSE OF REPORT

This CFD Tax Administration Report (the “Report”) presents findings from research and financial analysis performed by Goodwin Consulting Group, Inc. to determine the fiscal year 2016-17 special tax levy for CFD No. 2003-2. The Report is intended to provide information to interested parties regarding CFD No. 2003-2, including the current financial obligations of the CFD, special taxes to be levied in fiscal year 2016-17, development status, and the status of public facilities being funded by CFD No. 2003-2. The remainder of the Report is organized as follows:

Section III identifies financial obligations of CFD No. 2003-2 for fiscal year 2016-17. Section IV presents a summary of the special tax levy. Additionally, it identifies the

method used to apportion special taxes among parcels in CFD No. 2003-2 and the maximum and actual special tax rates for fiscal year 2016-17.

Section V provides a description of improvements authorized to be funded by the CFD.

Section VI provides information regarding funds and accounts established for the Bonds,

including the current balances in such funds and accounts.

Section VII describes special tax prepayments that have occurred in CFD No. 2003-2.

Section VIII provides information regarding special tax delinquencies in the CFD.

Section IX provides information on covenants regarding foreclosure on delinquent parcels.

Section X provides information on the reporting requirements set forth in Senate Bill

165, the Local Agency Special Tax and Bond Accountability Act.

Section XI presents information on requirements set forth in Assembly Bill 1666.

Section XII provides information regarding arbitrage rebate calculations.


III. SPECIAL TAX REQUIREMENT

The CFD is divided into three distinct improvement areas (see Appendix C for identification of parcels within each improvement area). All three improvement areas are subject to the CFD No. 2003-2 Manteca Wastewater Quality Control Facility (the “WQCF”) special tax. In addition to the WQCF special tax, Improvement Areas #1 and #2 are each subject to separate additional special taxes. Parcels within Improvement Area #1 are subject to the CFD No. 2003-2 McKinley special tax which will finance the costs of the North McKinley Sanitary Sewer and Lift Station. Similarly, parcels within Improvement Area #2 are subject to the CFD No. 2003-2 Wynona special tax to finance the costs of the Wynona Sanitary Sewer Pipeline. Both the McKinley and Wynona special taxes will finance facilities that will allow Improvement Areas #1 and #2 to connect to the WQCF. Parcels within Improvement Area #3 are subject only to the WQCF special tax. For fiscal year 2016-17 and all prior years, neither the McKinley nor the Wynona special tax were levied, as the bonds associated with those facilities have not been issued. Since only the WQCF Bonds have been issued, only debt service on the WQCF Bonds is due and hence, there is only a WQCF Special Tax Requirement. Once additional bonds are issued to fund the McKinley and Wynona facilities, there will be separate McKinley and Wynona Special Tax Requirements as well. Pursuant to the Rate and Method of Apportionment of Special Tax (the “RMA”) for CFD No. 2003-2, the WQCF Special Tax Requirement means the amount that must be levied in any fiscal year to pay principal and interest on WQCF Bonds, create or replenish reserve funds, pay any administrative expenses, cure any delinquencies, and pay the costs of the WQCF, as applicable. The WQCF Special Tax Requirement may be reduced in any fiscal year by taking into account interest earnings on or surplus balances in funds and accounts available to apply against debt service, proceeds from the collection of penalties associated with delinquent special taxes, and any other revenue available to pay debt service on the Bonds as determined by the administrator. For fiscal year 2016-17, the WQCF Special Tax Requirement is $581,721 and is calculated in the table below.

CFD No. 2003-2 WQCF Special Tax Requirement

For Fiscal Year 2016-17

3/01/2017 Interest Payment $211,575

9/01/2017 Interest Payment $211,575

9/01/2017 Principal Payment $140,000

CFD Administrative Expenses $18,571

Fiscal Year 2016-17 Special Tax Requirement $581,721


IV. SPECIAL TAX LEVY Special taxes within CFD No. 2003-2 are levied pursuant to the methodology set forth in the RMA, which was adopted as an exhibit to the Resolution of Formation of CFD No. 2003-2. Among other things, the RMA establishes three improvement areas in which the special tax may be levied, maximum special tax rates, and the methodology by which the special tax is applied. Special taxes in CFD No. 2003-2 are not levied per unit, per square foot, or per acre as they are in most community facilities districts. Instead, each parcel is assigned its own maximum special tax, as shown in the following three tables. For fiscal year 2016-17, the actual WQCF special tax rates levied are approximately 82.9% of the WQCF maximum special tax rates. Neither the McKinley nor the Wynona special taxes were levied in fiscal year 2016-17, as the bonds associated with those facilities have not yet been issued.

CFD No. 2003-2 Maximum and Actual Special Taxes per Parcel

For Fiscal Year 2016-17 Improvement Area #1

Assessor’s Parcel Number

WQCF Maximum Special Tax

WQCF Actual Special Tax

198-040-01 $532,990.02 $441,810.18

198-060-02 $76,137.62 $63,112.58

198-060-04 $4,355.14 $3,610.10

198-060-05 $4,355.14 $3,610.10

198-060-06 $4,355.14 $3,610.10

198-060-09 $4,355.14 $3,610.10

198-060-10 $4,355.14 $3,610.10

198-060-12 $17,420.56 $14,440.40

198-060-13 Fully Prepaid Special Tax Obligation


198-060-16 $13,065.42 $10,830.30

198-060-17 $13,065.42 $10,830.30

198-060-18 $13,065.42 $10,830.30

198-080-21 $388.08 $321.70

198-080-26 $539.00 $446.80

198-080-27 $1,266.98 $1,050.22

198-080-30 $974.00 $807.38







196-500-01 $5,543.48 $4,595.14

196-500-05 $3,959.46 $3,282.10








198-100-05 $1,584.04 $1,313.04





Special Tax Increases Each July 1, the special tax rates for Improvement Areas #1, #2, and #3 shall increase by 2%.


Successor Parcels If one of the original parcels shown in the tables above is subdivided or reconfigured, the maximum special tax shall be reassigned as follows:

(i) determine the acreage of taxable property created from subdivision or reconfiguration of the original parcel;

(ii) divide the maximum special tax assigned to the original parcel by the number of taxable acres determined in step one to arrive at a maximum special tax per acre; and

(iii) multiply the maximum special tax per acre determined in step two by the acreage of each successor parcel to determine the maximum special tax for each parcel.

As of June 30, 2016, only one original parcel has been subdivided. APN 196-590-16 in Improvement Area #3 was subdivided into 109 single family residential lots. The successor parcels are not identified in the tables above because the special tax obligation for APN 196-590-16 was fully prepaid prior to its subdivision and therefore the 109 single family parcels are not subject to the CFD No. 2003-2 special tax. Apportionment of Special Taxes Each fiscal year, as set forth in Section C of the RMA, the WQCF, McKinley, and Wynona Special Tax Requirements shall be determined and special taxes levied proportionally on each parcel of taxable property in each improvement area up to 100% of the maximum special tax until the amount levied is equal to the Special Tax Requirement for that improvement area. For the fiscal year 2016-17, neither the McKinley nor the Wynona special taxes have been levied. As discussed in the previous section of this report, the WQCF Special Tax Requirement for fiscal year 2016-17 is $581,721. The total WQCF maximum special tax for the CFD for fiscal year 2016-17 is $701,775. Thus, it was not necessary to levy the maximum special tax. Instead, each parcel was taxed at the rate that when applied proportionally to each WQCF parcel, produced the required $581,721; that rate is approximately 82.9% of the maximum tax rate for fiscal year 2016-17. Appendix A of this Report includes the fiscal year 2016-17 special tax levy for CFD No. 2003-2. This appendix lists all of the Assessor’s parcels, as well as the corresponding special tax levy for each parcel.


V. AUTHORIZED CFD IMPROVEMENTS The Resolution of Formation adopted by the City on October 21, 2003, authorizes the financing of costs associated with the acquisition of capacity in the wastewater treatment facilities of the City of Manteca, and, as necessary, the acquisition or construction of sanitary sewer laterals, mains, manholes, lift stations and appurtenances required to convey wastewater from the lands within the CFD to such treatment facilities. The City of Manteca received construction bids for the wastewater treatment facilities project and awarded the construction contract in late 2003. The project was completed and began operations in October 2007. In addition, it is anticipated that a final series of bonds will be issued to fund the remaining design and construction of the McKinley and Wynona sewer mains sometime in the future.


VI. CFD FUNDS Six funds were established on behalf of the CFD pursuant to the Fiscal Agent Agreement between the City and Union Bank of California, N.A. (the “Fiscal Agent”). Following is a brief description of the purpose of each fund. Capitalized terms in this section, unless otherwise defined, shall have the same meaning as set forth in the Fiscal Agent Agreement.

The Costs of Issuance Fund is held by the Fiscal Agent and is used to pay the costs of issuance of the Bonds. The Fiscal Agent will maintain the fund for a period of 90 days from the date of delivery of the Bonds and then shall transfer any moneys remaining in it to the Finance Director of the City for deposit in the Administrative Expense Fund. This fund has been closed. The Administrative Expense Fund is held by the Finance Director and is used to pay administrative expenses. On the last day of each fiscal year, the Finance Director shall withdraw any amounts remaining in the fund that are not allocated to pay administrative expenses and transfer such amounts to the Special Tax Fund. The Special Tax Fund is held by the Finance Director to receive all special tax revenue and any amounts required by the Fiscal Agent Agreement to be deposited in it. The Finance Director must withdraw from the fund amounts required to pay debt service on bonds and replenish the Reserve Fund, if necessary, and transfer them to the Fiscal Agent. Any amount remaining in the Special Tax Fund after these transactions shall be transferred to the Administrative Expense Fund. The Bond Fund is held by the Fiscal Agent and shall be disbursed for the payment of principal and interest. Within the Bond Fund, there is a Capitalized Interest Account, also held by the Fiscal Agent, which is used to pay capitalized interest on the bonds. Any excess moneys in the Bond Fund, after debt service on bonds has been paid, shall be transferred to the Special Tax Fund.

The Reserve Fund is held by the Fiscal Agent and is used as a reserve for the payment of principal and interest on bonds. Whenever the amount in the Reserve Fund exceeds the Reserve Requirement, the Fiscal Agent shall provide written notice to the Finance Director and transfer the amount in excess of the Reserve Requirement to the Bond Fund. Whenever the balance in the Reserve Fund exceeds the amount required to redeem the outstanding bonds, the Fiscal Agent must transfer the balance of the Reserve Fund to the Bond Fund for the redemption of all of the outstanding bonds. The Reserve Requirement is $716,900. The Improvement Fund is held by the Fiscal Agent and will be used to pay for the acquisition and/or construction of the Project. Upon completion of the Project, any remaining moneys in the fund will be transferred as directed in the Officer’s Certificate in accordance with the Resolution of Intention and the applicable provisions of the Act.


Fund Balances As of June 30, 2016, the various CFD funds had the following balances:

CFD No. 2003-2 Fund Balances as of June 30, 2016

Bond Fund $18,812.99

Reserve Fund $718,824.03


VII. PREPAYMENTS The owners of eight parcels have elected to fully prepay their CFD No. 2003-2 special tax obligation. These eight parcels will not be levied a special tax in the current or future years. The eight parcels and the improvement areas in which they are located are listed below:

196-080-70 (Improvement Area #3) 196-590-16 (Improvement Area #3) 198-060-13 (Improvement Area #1) 198-060-14 (Improvement Area #1) 198-230-03 (Improvement Area #3) 198-230-04 (Improvement Area #3) 198-230-06 (Improvement Area #3) 198-230-15 (Improvement Area #3)


VIII. DELINQUENCIES As of September 13, 2016, the San Joaquin County Auditor’s Office reports the following delinquency amounts for CFD No. 2003-2:

CFD No. 2003-2 Delinquencies as of September 13, 2016

Fiscal Year Parcels

Delinquent Delinquent

Amount CFD Tax

Levied Percent

Delinquent

2011-12 0 $0 $545,384 0.00%

2012-13 0 $0 $565,437 0.00%

2013-14 0 $0 $570,191 0.00%

2014-15 0 $0 $552,699 0.00%

2015-16 0 $2,629 $582,283 0.45%


IX. FORECLOSURE COVENANTS The City may order the institution of a court action to foreclose the lien on a parcel within specified time limits if any payment of the special tax is delinquent. In such an action, the real property subject to the unpaid amount may be sold at a judicial foreclosure sale. Pursuant to Bond covenants signed by the City, on or about March 30 and July 30 of each fiscal year, the Director of Finance shall compare the amount of special taxes levied in the CFD to the amount of special tax revenue received and proceed as follows:

(a) Individual Delinquencies: If the Director of Finance determines that any single parcel subject to the special tax is delinquent in the payment of the special taxes in the aggregate amount of $6,000 or more, then the Director of Finance shall send or cause to be sent a notice of delinquency to the property owner within 60 days of such determination, and (if the delinquency remains uncured) foreclosure proceedings shall be commenced by the City within 120 days of such determination; or

(b) Aggregate Delinquencies: If the Director of Finance determines that the total amount of

delinquent special taxes for the prior fiscal year for CFD No. 2003-2 exceeds 5% of the total special taxes due for the prior fiscal year, the City shall notify or cause to be notified property owners who are then delinquent in the payment of special taxes within 60 days of such determination, and shall commence foreclosure proceedings within 120 days of such determination against each parcel of land with a special tax delinquency.


X. SENATE BILL 165 REPORTING REQUIREMENTS On September 18, 2000, former Governor Gray Davis signed Senate Bill 165 which enacted the Local Agency Special Tax and Bond Accountability Act. In approving the bill, the Legislature declared that local agencies need to demonstrate to the voters that special taxes and bond proceeds are being spent on the facilities and services for which they were intended. To further this objective, the Legislature added Sections 50075.3 and 53411 to the California Government Code setting forth annual reporting requirements relative to special taxes collected and bonds issued by a local public agency. Pursuant to Sections 50075.3 and 53411, the Chief Fiscal Officer of the public agency will at least once a year file a report with the City Council setting forth the following information: Section 50075.3 Item (a): Identify the amount of special taxes that have been collected and expended.

Item (b): Identify the status of any project required or authorized to be funded by the special taxes. Section 53411 Item (a): Identify the amount of bonds that have been collected and expended. Item (b): Identify the status of any project required or authorized to be funded from bond proceeds.


XI. ASSEMBLY BILL 1666 REQUIREMENTS

On July 25, 2016, Governor Jerry Brown signed Assembly Bill No. 1666, adding Section 53343.2 to the California Government Code (“GC”). The bill enhances the transparency of community facilities districts by requiring that certain reports be accessible on a local agency’s web site. Pursuant to Section 53343.2, a local agency that has a web site shall, within seven months after the last day of each fiscal year of the district, display prominently on its web site the following information: Item (a): A copy of an annual report, if requested, pursuant to GC Section 53343.1. The report required by Section 53343.1 includes CFD budgetary information for the prior fiscal year and is only prepared by a community facilities district at the request of a person who resides in or owns property in the community facilities district. If the annual report has not been requested to be prepared, then a posting to the web site would not be necessary. Item (b): A copy of the report provided to the California Debt and Investment Advisory Commission (“CDIAC”) pursuant to GC Section 53359.5. Under Section 53359.5, local agencies must provide CDIAC with the following: (i) notice of proposed sale of bonds; (ii) annual reports on the fiscal status of bonded districts; and (iii) notice of any failure to pay debt service on bonds, or of any draw on a reserve fund to pay debt service on bonds. Item (c): A copy of the report provided to the State Controller’s Office pursuant to GC Section 12463.2. This section refers to the parcel tax portion of a local agency’s Financial Transactions Report that is prepared for the State Controller’s Office annually. Note that school districts are not subject to the reporting required by GC Section 12463.2.


XII. ARBITRATE REBATE CALCULATION The five-year arbitrage and yield restriction analysis for the Series 2003 Bonds has been prepared by Goodwin Consulting Group, Inc. As a result of the analysis, the City has no rebatable arbitrage or yield reduction payments to make to the Internal Revenue Service with respect to these bonds as of the five-year computation period ending September 1, 2013. The next arbitrage rebate analysis for the bonds will be completed in September 2018.

APPENDIX A

Special Tax Levy for Fiscal Year 2016-17

FY 2016-17 FY 2016-17Improvement Maximum Actual Total Special

APN Area WQCF Tax WQCF Tax Tax Levy /1

198-040-01 1 $532,990.02 $441,810.18 $441,810.18

198-060-02 1 $76,137.62 $63,112.58 $63,112.58

198-060-04 1 $4,355.14 $3,610.10 $3,610.10

198-060-05 1 $4,355.14 $3,610.10 $3,610.10

198-060-06 1 $4,355.14 $3,610.10 $3,610.10

198-060-09 1 $4,355.14 $3,610.10 $3,610.10

198-060-10 1 $4,355.14 $3,610.10 $3,610.10

198-060-12 1 $17,420.56 $14,440.40 $14,440.40

198-060-13 1 /2 /2 /2

198-060-14 1 /2 /2 /2

198-060-16 1 $13,065.42 $10,830.30 $10,830.30 /3

198-060-17 1 $13,065.42 $10,830.30 $10,830.30 /3

198-060-18 1 $13,065.42 $10,830.30 $10,830.30

198-080-21 1 $388.08 $321.70 $321.70

198-080-26 1 $539.00 $446.80 $446.80

198-080-27 1 $1,266.98 $1,050.22 $1,050.22

198-080-30 1 $974.00 $807.38 $807.38

196-500-01 2 $5,543.48 $4,595.14 $4,595.14

196-500-05 2 $3,959.46 $3,282.10 $3,282.10

196-080-70 3 /2 /2 /2

196-590-16 3 /2 /2 /2

198-100-05 3 $1,584.04 $1,313.04 $1,313.04

198-230-15 3 /2 /2 /2

198-230-17 3 /2 /2 /2

198-230-18 3 /2 /2 /2

198-230-19 3 /2 /2 /2

Total Special Tax Levy $581,720.94

/1 In fiscal year 2016-17, there was no McKinley or Wynona Special Tax levied on any parcel./2 These parcels have prepaid their special tax obligation./3 These parcels are owned by the City of Lathrop and were directly billed for fiscal year 2016-17.

Goodwin Consulting Group, Inc.

City of LathropCommunity Facilities District No. 2003-2

(Joint Wastewater Project)Special Tax Levy for Fiscal Year FY 2016-17

APPENDIX B

Bond Debt Service

Jul 27, 2005 2:48 pm Prepared by Kelling, Northcross & Nobriga (Finance 5.012 lathrop:CFD032-SERACALL) Page 1

BOND DEBT SERVICE

City of LathropCommunity Facilities District 2003-2

Series AAfter $735,000 9/1/05 Bond Call

AnnualPeriod Debt DebtEnding Principal Coupon Interest Service Service

09/01/200503/01/2006 237,650 237,65009/01/2006 20,000 7.000% 237,650 257,650 495,30003/01/2007 236,950 236,95009/01/2007 25,000 7.000% 236,950 261,950 498,90003/01/2008 236,075 236,07509/01/2008 35,000 7.000% 236,075 271,075 507,15003/01/2009 234,850 234,85009/01/2009 40,000 7.000% 234,850 274,850 509,70003/01/2010 233,450 233,45009/01/2010 50,000 7.000% 233,450 283,450 516,90003/01/2011 231,700 231,70009/01/2011 65,000 7.000% 231,700 296,700 528,40003/01/2012 229,425 229,42509/01/2012 70,000 7.000% 229,425 299,425 528,85003/01/2013 226,975 226,97509/01/2013 90,000 7.000% 226,975 316,975 543,95003/01/2014 223,825 223,82509/01/2014 105,000 7.000% 223,825 328,825 552,65003/01/2015 220,150 220,15009/01/2015 115,000 7.000% 220,150 335,150 555,30003/01/2016 216,125 216,12509/01/2016 130,000 7.000% 216,125 346,125 562,25003/01/2017 211,575 211,57509/01/2017 140,000 7.000% 211,575 351,575 563,15003/01/2018 206,675 206,67509/01/2018 160,000 7.000% 206,675 366,675 573,35003/01/2019 201,075 201,07509/01/2019 180,000 7.000% 201,075 381,075 582,15003/01/2020 194,775 194,77509/01/2020 200,000 7.000% 194,775 394,775 589,55003/01/2021 187,775 187,77509/01/2021 215,000 7.000% 187,775 402,775 590,55003/01/2022 180,250 180,25009/01/2022 245,000 7.000% 180,250 425,250 605,50003/01/2023 171,675 171,67509/01/2023 270,000 7.000% 171,675 441,675 613,35003/01/2024 162,225 162,22509/01/2024 295,000 7.000% 162,225 457,225 619,45003/01/2025 151,900 151,90009/01/2025 320,000 7.000% 151,900 471,900 623,80003/01/2026 140,700 140,70009/01/2026 355,000 7.000% 140,700 495,700 636,40003/01/2027 128,275 128,27509/01/2027 390,000 7.000% 128,275 518,275 646,55003/01/2028 114,625 114,62509/01/2028 425,000 7.000% 114,625 539,625 654,25003/01/2029 99,750 99,75009/01/2029 470,000 7.000% 99,750 569,750 669,50003/01/2030 83,300 83,30009/01/2030 515,000 7.000% 83,300 598,300 681,60003/01/2031 65,275 65,275

Jul 27, 2005 2:48 pm Prepared by Kelling, Northcross & Nobriga (Finance 5.012 lathrop:CFD032-SERACALL) Page 2

BOND DEBT SERVICE

City of LathropCommunity Facilities District 2003-2

Series AAfter $735,000 9/1/05 Bond Call

AnnualPeriod Debt DebtEnding Principal Coupon Interest Service Service

09/01/2031 570,000 7.000% 65,275 635,275 700,55003/01/2032 45,325 45,32509/01/2032 625,000 7.000% 45,325 670,325 715,65003/01/2033 23,450 23,45009/01/2033 670,000 7.000% 23,450 693,450 716,900

6,790,000 9,791,600 16,581,600 16,581,600

APPENDIX C

Rate and Method of Apportionment of Special Tax

EXHIBIT B

CITY OF LATHROP COMMUNITY FACILITIES DISTRICT NO. 2003-2

(JOINT WASTEWATER PROJECT)

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX

A Special Tax applicable to each Assessor Parcel in the City of Lathrop Community Facilities District No. 2003-2 (Joint Wastewater Project) shall be levied and collected according to the tax liability determined by the City of Lathrop or its designee, through the application of this Rate and Method of Apportionment of Special Tax. All of the property in the CFD, unless exempted by law or by the provisions hereof, shall be taxed for the purposes, to the extent, and in the manner herein provided, including property subsequently annexed to the CFD unless otherwise provided for the annexed property.

SECTION A. DEFINITIONS The terms hereinafter set forth have the following meanings: “Acre” or “Acreage” means the land area of an Assessor Parcel as shown on an Assessor

Parcel map, or if the land area is not shown on an Assessor Parcel map, the land area shown on the applicable Final Map or other parcel map recorded with the County.

“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter

2.5, (commencing with Section 53311), Division 2 of Title 5 of the California Government Code. “Administrative Expenses” means any or all of the following: the fees and expenses of any

fiscal agent or trustee (including any fees or expenses of its counsel) employed in connection with any Bonds, and the expenses of the City in carrying out its duties with respect to the CFD and the Bonds, including, but not limited to, levying and collecting the Special Tax, the fees and expenses of legal counsel, charges levied by the County Auditor’s Office, Tax Collector’s Office, and/or Treasurer’s Office, costs related to annexing property into the CFD, costs of the City related to property owner inquiries regarding the Special Tax, amounts needed to pay rebate to the federal government with respect to the Bonds, costs associated with complying with any continuing disclosure requirements for the Bonds and the Special Tax, and all other costs and expenses of the City in any way related to the establishment or administration of the CFD, including estimated and actual foreclosure expenses.

“Administrator” shall mean the person or firm designated by the City to administer the

Special Tax according to the Rate and Method. “Assessor Parcel” means a lot or parcel with an assigned County Assessor’s Parcel number

shown on a County Assessor’s Parcel map. “Bonds” means bonds or other debt (as defined in the Act), in one or more series, issued by

or for the City for the CFD and payable in whole or in part from Special Taxes and/or other sources.

“CFD” means the City of Lathrop Community Facilities District No. 2003-2 (Joint

Wastewater Project). “CFD Formation” means October 21, 2003, the date the owners of Assessor Parcels in the

CFD elected to form the CFD. “City” means the City of Lathrop. “City Council” means the council of the City of Lathrop, acting as the legislative body of the

CFD. “County” means the County of San Joaquin. “Facilities” means the public facilities authorized to be financed, in whole or in part, by the

Special Taxes in the CFD. “Fiscal Year” means the period starting July 1 and ending on the following June 30. “Improvement Area” means one of the three mutually exclusive geographic areas defined

below and identified in Attachment 1 hereto, and any other Improvement Areas created to contain property annexed to the CFD.

“Improvement Area #1” means the geographic area that, at CFD Formation, was made up

of Assessor Parcels listed in Attachment 2 hereto under the section labeled “Improvement Area #1,” and is specifically identified in Attachment 1 hereto.





“Maximum Special Tax” means the greatest amount of Special Tax that can be levied on an

Assessor Parcel in any Fiscal Year determined under this Rate and Method. “McKinley” means the public sanitary sewer conveyance pipeline project in the City known

as the North McKinley Sanitary Sewer and Lift Station, which is required in order for properties in Improvement Area #1 to connect to the WQCF.

“McKinley Bonds” means Bonds issued to pay for all or a part of the costs of the City for

McKinley. ”McKinley Maximum Special Tax” means the greatest amount of McKinley Special Tax

that can be levied on an Assessor Parcel in any Fiscal Year determined under this Rate and Method. “McKinley Special Tax” means any Special Tax levied in any Fiscal Year to pay the

McKinley Special Tax Requirement.

“McKinley Special Tax Requirement” means the amount necessary in any Fiscal Year to:

(i) pay principal and interest on McKinley Bonds which is due in the calendar year that begins in such Fiscal Year; (ii) create and/or replenish reserve funds for McKinley Bonds; (iii) cure any delinquencies in the payment of principal or interest on McKinley Bonds which have occurred in the prior Fiscal Year or, based on existing delinquencies in the payment of Special Taxes, are expected to occur in the Fiscal Year in which the tax will be collected; (iv) pay Administrative Expenses; and (v) pay the costs of McKinley, as applicable. The amounts referred to in clauses (i) and (ii) of the preceding sentence may be reduced in any Fiscal Year by: (i) interest earnings on or surplus balances in funds and accounts for McKinley Bonds to the extent that such earnings or balances are available to apply against debt service pursuant to a Bond indenture, Bond resolution, or other legal document that sets forth these terms; (ii) proceeds from the collection of penalties associated with delinquent Special Taxes; and (iii) any other revenues available to pay debt service on McKinley Bonds as determined by the Administrator.

“Original Parcels” means the Assessor Parcels included in the CFD at CFD Formation,

which are identified in Attachment 2 hereto. “Proportionately” means that the ratio of the actual WQCF Special Tax levied in any Fiscal

Year to the WQCF Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor Parcels of Taxable Property within Improvement Areas #1, #2, and #3. “Proportionately” further means that the ratio of the actual McKinley Special Tax levied in any Fiscal Year to the McKinley Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor Parcels of Taxable Property within Improvement Area #1. Also, “Proportionately” means that the ratio of the actual Wynona Special Tax levied in any Fiscal Year to the Wynona Maximum Special Tax authorized to be levied in that Fiscal Year is equal for all Assessor Parcels of Taxable Property within Improvement Area #2.

“Public Property” means any CFD Assessor Parcels owned by or irrevocably offered for

dedication to the United States of America, the State of California, the County, the City, or other local governments or public agencies.

“Rate and Method” means this Rate and Method of Apportionment of Special Tax. “Special Tax” means, in Improvement Area #1, the WQCF Special Tax and the McKinley

Special Tax. In Improvement Area #2, “Special Tax” means the WQCF Special Tax and the Wynona Special Tax. In Improvement Area #3, “Special Tax” means the WQCF Special Tax.

“Successor Parcel” means a Parcel of Taxable Property created from subdivision, lot line

adjustment, or reconfiguration of an Original Parcel. “Taxable Property” means any Assessor Parcel within the CFD which is not exempt from

the Special Tax by applicable law or Section G below. “WQCF” means the public wastewater treatment plant expansion project known as the

Manteca Wastewater Quality Control Facility, in which the City is participating with the City of Manteca and which is required to serve property in both Improvement Area #1 and Improvement Area #2. WQCF may also include, for Parcels in Improvement Area #3, reimbursements to the City for an equitable share of existing wastewater conveyance facilities that provide a connection to the WQCF.

“WQCF Bonds” means Bonds issued to pay for all or a part of the costs of the City for the

WQCF. ”WQCF Maximum Special Tax” means the greatest amount of WQCF Special Tax that can

be levied on an Assessor Parcel in any Fiscal Year determined under this Rate and Method. “WQCF Special Tax” means any Special Tax levied in any Fiscal Year to pay the WQCF

Special Tax Requirement. “WQCF Special Tax Requirement” means the amount necessary in any Fiscal Year to: (i)

pay principal and interest on WQCF Bonds which is due in the calendar year that begins in such Fiscal Year or in the subsequent Fiscal Year; (ii) create and/or replenish reserve funds for WQCF Bonds; (iii) cure any delinquencies in the payment of principal or interest on WQCF Bonds which have occurred in the prior Fiscal Year or, based on existing delinquencies in the payment of Special Taxes, are expected to occur in the Fiscal Year in which the tax will be collected; (iv) pay Administrative Expenses; and (v) pay the costs of the WQCF, as applicable. The amounts referred to in clauses (i) and (ii) of the preceding sentence may be reduced in any Fiscal Year by: (i) interest earnings on or surplus balances in funds and accounts for WQCF Bonds to the extent that such earnings or balances are available to apply against debt service pursuant to a Bond indenture, Bond resolution, or other legal document that sets forth these terms; (ii) proceeds from the collection of penalties associated with delinquent Special Taxes; and (iii) any other revenues available to pay debt service on WQCF Bonds as determined by the Administrator.

“Wynona” means the public sanitary sewer conveyance pipeline project in the City known

as the Wynona Avenue Sanitary Sewer Pipeline Extension, which is required in order for properties in Improvement Area #2 to connect to the WQCF.

“Wynona Bonds” means Bonds issued to pay for all or a part of the costs of the City for

Wynona. ”Wynona Maximum Special Tax” means the greatest amount of Wynona Special Tax that

can be levied on an Assessor Parcel in any Fiscal Year determined under this Rate and Method. “Wynona Special Tax” means any Special Tax levied in any Fiscal Year to pay the Wynona

Special Tax Requirement. “Wynona Special Tax Requirement” means the amount necessary in any Fiscal Year to: (i)

pay principal and interest on Wynona Bonds which is due in the calendar year that begins in such Fiscal Year; (ii) create and/or replenish reserve funds for Wynona Bonds; (iii) cure any delinquencies in the payment of principal or interest on Wynona Bonds which have occurred in the prior Fiscal Year or, based on existing delinquencies in the payment of Special Taxes, are expected to occur in the Fiscal Year in which the tax will be collected; (iv) pay Administrative Expenses; and (v) pay the costs of Wynona, as applicable. The amounts referred to in clauses (i) and (ii) of the preceding sentence may be reduced in any Fiscal Year by: (i) interest earnings on or surplus balances in funds and accounts for Wynona Bonds to the extent that such earnings or balances are available to apply against debt service pursuant to a Bond indenture, Bond resolution, or other legal document that sets forth these terms; (ii) proceeds from the collection of penalties associated with delinquent Special Taxes; and (iii) any other revenues available to pay debt service on Wynona Bonds as determined by the Administrator.

SECTION B. MAXIMUM SPECIAL TAX 1. Special Tax Rates

Table 1, Table 2, and Table 3 below identify the Maximum Special Tax assigned to

each Original Parcel in the CFD.

TABLE 1 MAXIMUM SPECIAL TAXES

IMPROVEMENT AREA #1 Assessor

Parcel Number

Fiscal Year 2004-05 WQCF Maximum

Special Tax

Fiscal Year 2004-05 McKinley Maximum

Special Tax

Fiscal Year 2004-05 Maximum

Special Tax 198-040-01 $420,259 $194,379 $614,638 198-060-02 $60,034 $27,767 $87,801 198-060-04 $3,434 $1,588 $5,022 198-060-05 $3,434 $1,588 $5,022 198-060-06 $3,434 $1,588 $5,022 198-060-09 $3,434 $1,588 $5,022 198-060-10 $3,434 $1,588 $5,022 198-060-12 $13,736 $6,353 $20,089 198-060-13 $3,434 $1,588 $5,022 198-060-14 $3,434 $1,588 $5,022 198-060-16 $10,302 $4,765 $15,067 198-060-17 $10,302 $4,765 $15,067 198-060-18 $10,302 $4,765 $15,067 198-080-21 $306 $142 $448 198-080-26 $425 $196 $621 198-080-27 $999 $462 $1,461 198-080-30 $768 $355 $1,123



Parcel Number


Special Tax

Fiscal Year 2004-05 Wynona Maximum

Special Tax

Fiscal Year 2004-05 Maximum

Special Tax 196-500-01 $4,371 $6,109 $10,480 196-500-05 $3,122 $4,363 $7,485



Parcel Number


Special Tax 196-080-70 $18,579 196-590-16 $113,713 198-100-05 $1,249 198-230-03 $18,924 198-230-04 $16,920 198-230-06 $13,695 198-230-15 $13,082

2. Special Tax Increases

On July 1, 2005 and on each July 1 thereafter, all figures shown in Table 1, Table 2, and Table 3 above shall be increased by an amount equal to 2.0% of the amount in effect for the prior Fiscal Year.

Pursuant to Section 53321 (d) of the Act, the Special Tax levied against a Parcel used for

private residential purposes shall under no circumstances increase more than ten percent (10%) as a consequence of delinquency or default by the owner of any other Parcel or Parcels and shall, in no event, exceed the Maximum Special Tax in effect for the Fiscal Year in which the Special Tax is being levied. 3. Successor Parcels

If an Original Parcel is subdivided or reconfigured, the Administrator shall assign the Maximum Special Tax to Successor Parcels by applying the following steps: Step 1: Determine the Acreage of Taxable Property within Successor Parcels created

from subdivision or reconfiguration of the Original Parcel. Step 2: Divide the Maximum Special Tax assigned to the Original Parcel by the

number of taxable acres determined in Step 1 to determine a Maximum Special Tax per acre.

Step 3: Multiply the Maximum Special Tax per acre determined in Step 2 by the

Acreage of each Successor Parcel of Taxable Property to determine the Maximum Special Tax for each Parcel.

If a Successor Parcel is further subdivided or reconfigured, Steps 1 through 3 above

shall be applied to determine the Maximum Special Tax for the Parcels created from that Successor Parcel. If the Original Parcel or a Successor Parcel is assigned a different Assessor Parcel number, the Maximum Special Tax assigned to that Parcel shall continue to apply. The Administrator shall keep a current inventory of Parcels and Assessor Parcel numbers within the CFD.

SECTION C. METHOD OF LEVY Each Fiscal Year, the Administrator shall determine the WQCF Special Tax Requirement to

be collected in that Fiscal Year. The WQCF Special Tax shall then be levied Proportionately on each Parcel of Taxable Property in Improvement Areas #1, #2, and #3 up to 100% of the WQCF Maximum Special Tax until the amount levied is equal to the WQCF Special Tax Requirement.

In addition, each Fiscal Year, the Administrator shall determine the McKinley Special Tax

Requirement to be collected in that Fiscal Year. The McKinley Special Tax shall then be levied Proportionately on each Parcel of Taxable Property in Improvement Area #1 up to 100% of the McKinley Maximum Special Tax until the amount levied is equal to the McKinley Special Tax Requirement.

Each Fiscal Year, the Administrator shall also determine the Wynona Special Tax

Requirement to be collected in that Fiscal Year. The Wynona Special Tax shall then be levied Proportionately on each Parcel of Taxable Property in Improvement Area #2 up to 100% of the Wynona Maximum Special Tax until the amount levied is equal to the Wynona Special Tax Requirement.

SECTION D. COLLECTION Except as may be provided by the City, and for prepayments herein and delinquencies, the

Special Taxes shall be collected in the same manner and at the same time as ordinary ad valorem property taxes.

The Special Tax shall be levied and collected until principal and interest on Bonds have been

repaid and the Facilities to be constructed from Special Tax proceeds have been completed. However, in no event shall a Special Tax be levied after Fiscal Year 2039-2040.

SECTION E. EXEMPTIONS Notwithstanding any other provision of this Rate and Method, no Special Tax shall be

levied on Public Property, except as otherwise provided in the Act.

SECTION F. PREPAYMENT The following definitions apply to this Section F:

“Outstanding Bonds” means all Previously Issued Bonds that remain outstanding,

with the following exception: if a Special Tax has been levied against, or already paid by, an Assessor Parcel making a prepayment, and a portion of the Special Tax will be used to pay a portion of the next principal payment on the Bonds that remain outstanding (as determined by the Administrator), that next principal payment shall be subtracted from the total Bond principal that remains outstanding, and the difference shall be used as the amount of Outstanding Bonds for purposes of this prepayment formula.

“Previously Issued Bonds” means, for Improvement Area #1, all WQCF Bonds and all McKinley Bonds that have been issued prior to the date of prepayment. For Improvement Area #2, “Previously Issued Bonds” means all WQCF Bonds and all Wynona Bonds that have been issued prior to the date of prepayment. For Improvement Area #3, “Previously Issued Bonds” means all WQCF Bonds issued prior to the date of prepayment.

“Public Facilities Requirements” means, for Improvement Area #1, either

$7,240,000 in 2003 dollars, which shall increase on January 1, 2004, and on each January 1 thereafter by the percentage increase, if any, in the construction cost index for the San Francisco region for the prior twelve (12) month period as published in the Engineering News Record or other comparable source if the Engineering News Record is discontinued or otherwise not available, or such lower number as shall be determined by the City as sufficient to fund WQCF and McKinley improvements that are authorized to be funded by the CFD. For Improvement Area #2, “Public Facilities Requirements” means either $166,000 in 2003 dollars, which shall increase on January 1, 2004, and on each January 1 thereafter by the percentage increase, if any, in the construction cost index for the San Francisco region for the prior twelve (12) month period as published in the Engineering News Record or other comparable source if the Engineering News Record is discontinued or otherwise not available, or such lower number as shall be determined by the City as sufficient to fund WQCF and Wynona improvements that are authorized to be funded by the CFD. For Improvement Area #3, “Public Facilities Requirements” means either $1,758,000 in 2003 dollars, which shall increase on January 1, 2004, and on each January 1 thereafter by the percentage increase, if any, in the construction cost index for the San Francisco region for the prior twelve (12) month period as published in the Engineering News Record or other comparable source if the Engineering News Record is discontinued or otherwise not available, or such lower number as shall be determined by the City as sufficient to fund WQCF improvements that are authorized to be funded by the CFD.

“Remaining Facilities Costs” means the Public Facilities Requirements (as defined

above), minus Facilities costs funded by Outstanding Bonds (as defined above), developer equity, and/or any other source of funding. Funded McKinley costs shall be subtracted only from the Public Facilities Requirements for Improvement Area #1, and funded Wynona costs shall be subtracted only from the Public Facilities Requirements for Improvement Area #2, for purposes of determining Remaining Facilities Costs.

The Special Tax obligation applicable to an Assessor Parcel in the CFD may be prepaid and

the obligation of the Assessor Parcel to pay the Special Tax permanently satisfied as described herein, provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such Assessor Parcel at the time of prepayment. An owner of an Assessor Parcel intending to prepay the Special Tax obligation shall provide the City with written notice of intent to prepay. Within 30 days of receipt of such written notice, the City or its designee shall notify such owner of the prepayment amount for such Assessor Parcel. Prepayment must be made not less than 75 days prior to any redemption date for Bonds to be redeemed with the proceeds of such prepaid Special Taxes.

The Prepayment Amount shall be calculated as follows (capitalized terms as defined below):

Bond Redemption Amount plus Remaining Facilities Amount plus Redemption Premium plus Defeasance Requirement plus Administrative Fees and Expenses less Reserve Fund Credit equals Prepayment Amount

As of the proposed date of prepayment, the Prepayment Amount shall be determined by

application of the following steps: Step 1. Compute the total Maximum Special Tax that could be collected from the

Assessor Parcel prepaying the Special Tax in the Fiscal Year in which prepayment would be received by the City.

Step 2. Divide the Maximum Special Tax computed pursuant to Step 1 for such

Assessor Parcel by the sum of the following: (i) the Maximum Special Tax revenues that could be collected in that Fiscal Year from property in the Improvement Area within which the Parcel prepaying the Special Tax is located; and (ii) the WQCF Maximum Special Tax Revenues that could be collected in that Fiscal Year from property in all other Improvement Areas.

Step 3. Multiply the quotient computed pursuant to Step 2 by the Outstanding

Bonds to compute the amount of Outstanding Bonds to be retired and prepaid (the “Bond Redemption Amount”).

Step 4. Compute the current Remaining Facilities Costs (if any). Step 5. Multiply the quotient computed pursuant to Step 2 by the amount

determined pursuant to Step 4 to compute the amount of Remaining Facilities Costs to be prepaid (the “Remaining Facilities Amount”).

Step 6. Multiply the Bond Redemption Amount computed pursuant to Step 3 by the

applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).

Step 7. Compute the amount needed to pay interest on the Bond Redemption

Amount starting with the first Bond interest payment date after which the prepayment has been received until the earliest redemption date for the Outstanding Bonds. However, if Bonds are callable at the first interest payment date after the prepayment has been received, Steps 7, 8 and 9 of this prepayment formula will not apply.

Step 8: Compute the amount of interest the City reasonably expects to derive from

reinvestment of the Bond Redemption Amount plus the Redemption Premium from the first Bond interest payment date after which the prepayment has been received until the redemption date for the Outstanding Bonds.

Step 9: Take the amount computed pursuant to Step 7 and subtract the amount

computed pursuant to Step 8 (the “Defeasance Requirement”). Step 10. Determine the costs of computing the prepayment amount, the costs of

redeeming Bonds, and the costs of recording any notices to evidence the prepayment and the redemption (the “Administrative Fees and Expenses”).

Step 11. If and to the extent so provided in the indenture pursuant to which the

Outstanding Bonds to be redeemed were issued, a reserve fund credit shall be calculated as a reduction in the applicable reserve fund for the Outstanding Bonds to be redeemed pursuant to the prepayment (the “Reserve Fund Credit”).

Step 12. The Special Tax prepayment is equal to the sum of the amounts computed

pursuant to Steps 3, 5, 6, 9, and 10, less the amount computed pursuant to Step 11 (the “Prepayment Amount”).

A partial prepayment may be made in an amount equal to any percentage of full

prepayment desired by the party making a partial prepayment. The Maximum Special Tax that can be levied on an Assessor Parcel after a partial prepayment is made is equal to the Maximum Special Tax that could have been levied prior to the prepayment, reduced by the percentage of a full prepayment that the partial prepayment represents, all as determined by or at the direction of the Administrator.

SECTION G. INTERPRETATION The City may interpret, clarify, and revise this Rate and Method to correct any

inconsistency, vagueness, or ambiguity, by resolution and/or ordinance, that does not materially affect the levy and collection of the Special Taxes and any security for any Bonds. Interpretations may be made by the City by ordinance or resolution for purposes of clarifying any vagueness or ambiguity in this Rate and Method.

SECTION H. APPEALS Appeals of any claim of incorrect computation of Special Tax or application of this Rate and

Method may be made by the owner of an Assessor Parcel or such owner’s duly-authorized representative by filing a written notice of appeal with the Administrator not later than one calendar year after having paid the disputed Special Tax. The Administrator shall promptly review the appeal and, if necessary, meet with the property owner (or representative), consider written and oral evidence regarding the amount of the Special Tax, and decide the appeal. If the property owner disagrees with the Administrator’s decision, the owner may then file a written appeal with the Council whose decision shall be final. If the decision of the Administrator or the Council requires the Special Tax to be modified or changed in favor of the property owner, no cash refund shall be made for prior years’ Special Tax levies, but an adjustment shall be made to the next Special Tax levy(ies) as appropriate. This procedure shall be subject to Chapter 3.04 of the Lathrop Municipal Code and shall be exclusive, and its exhaustion by any property owner shall be a condition precedent to filing any legal action by such owner.

SECTION I. CATCH-UP TAX If additional property is annexed to the CFD, the annexing property shall be subject to a

one-time Catch-Up Tax. The Catch-Up Tax shall become due and payable immediately upon a successful annexation election under the Act, as applicable. Proceeds from collection of a Catch-Up Tax shall be used to call Bonds and/or to reduce the Special Tax being levied to pay debt service on Bonds, although the portion of proceeds related to Step 3 below may be used for other purposes as determined by the City. Such Bonds would include both WQCF Bonds and McKinley Bonds for annexing property that would have been part of Improvement Area #1 at CFD Formation, and both WQCF Bonds and Wynona Bonds for annexing property that would have been part of Improvement Area #2 at CFD Formation, but would include only WQCF Bonds for annexing property that would have been part of Improvement Area #3 at CFD Formation. The Catch-Up Tax shall be equal to the sum of the following:

Step 1: Missed Special Tax Payments – The total Special Tax amount that would

have been levied on the property had the property been included in the CFD at CFD Formation, as determined by the Administrator. Such amount shall be determined by evaluating the amounts that would have been levied pursuant to Section C in each prior Fiscal Year.

Step 2: Interest Carry – The annual amounts calculated in Step 1 above shall be

increased each year at a rate equal to the average coupon rate for all outstanding WQCF Bonds, McKinley Bonds, and/or Wynona Bonds, as applicable, from the first Fiscal Year in which Special Taxes were levied on behalf of the CFD through and including the Fiscal Year in which the Catch-Up Tax is being calculated (unless the Assessor Parcel is to be included on the tax roll for the Fiscal Year in which the Catch-Up Tax is being calculated).

Step 3: Additional Payments – The annual amounts calculated in Steps 1 and 2

above shall be multiplied by a factor of 0.50. In addition to the Catch-Up Tax, all costs associated with the annexation process and

calculation of the Catch-Up Tax, including the cost of City staff time, consultant fees, recording costs, and any other costs deemed appropriate by the City, shall be paid.

ATTACHMENT 1

BOUNDARY MAP OF CITY OF LATHROP

COMMUNITY FACILITIES DISTRICT NO. 2003-2 (JOINT WASTEWATER PROJECT)

(to come from Harris & Associates)

ATTACHMENT 2

SUMMARY OF ORIGINAL PARCELS CITY OF LATHROP


Assessor Parcel Number Acres Improvement Area #1

198-040-01 13.72 198-060-02 29.04 198-060-04 8.00 198-060-05 5.76 198-060-06 2.43 198-060-09 2.49 198-060-10 3.10 198-060-12 8.04 198-060-13 2.42 198-060-14 3.88 198-060-16 5.61 198-060-17 6.06 198-060-18 8.36 198-080-21 0.30 198-080-26 0.42 198-080-27 0.99 198-080-30 0.76

Subtotal 101.38

Improvement Area #2 196-500-01 2.43 196-500-05 1.31

Subtotal 3.74

Improvement Area #3 196-080-70 1.16 196-590-16 19.10 198-100-05 1.50 198-230-03 18.30 198-230-04 15.88 198-230-06 12.52 198-230-15 11.78

Subtotal 80.24 ______

Total 185.36

APPENDIX D

Summary of Original Parcels in Community Facilities District No. 2003-2

ATTACHMENT 2

SUMMARY OF ORIGINAL PARCELS CITY OF LATHROP


Assessor Parcel Number Acres Improvement Area #1

198-040-01 13.72 198-060-02 29.04 198-060-04 8.00 198-060-05 5.76 198-060-06 2.43 198-060-09 2.49 198-060-10 3.10 198-060-12 8.04 198-060-13 2.42 198-060-14 3.88 198-060-16 5.61 198-060-17 6.06 198-060-18 8.36 198-080-21 0.30 198-080-26 0.42 198-080-27 0.99 198-080-30 0.76

Subtotal 101.38

Improvement Area #2 196-500-01 2.43 196-500-05 1.31

Subtotal 3.74

Improvement Area #3 196-080-70 1.16 196-590-16 19.10 198-100-05 1.50 198-230-03 18.30 198-230-04 15.88 198-230-06 12.52 198-230-15 11.78

Subtotal 80.24 ______

Total 185.36

max

Rectangle

APPENDIX E

Boundary Maps of Community Facilities District No. 2003-2

APPENDIX F

Assessor’s Parcel Maps for Fiscal Year 2016-17

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N.85°41'W.199.07'

N.86°32'W.246.35'

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N. 89° 48' W.554.47'

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394.25'N.89°33'W.

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246.03'N.2°28'W.

106.47'20'

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N.0°29

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A

A A

A

F

FF

F

FE

C FE

C FEEF

E

E

C

C/L Visalia Division of the Central Pacific Railroad Line

West

Line o

f the C

ongre

ssion

al Gr

ant

SEC. 23 SEC. 24

SEC. 25

SEC. 26

Book

Boun

dary

404.38'

PAR. "A"

PAR. "A"

EE

A

141.00'

160.22' 156.16

'70.

04'

!(19

!(20 !(214.67 ACS.

CITY OFCITY OFLATHROPLATHROP

136.56'

!(23

!(22

S.88°6'E.133.73'

19803001

19801042

19801043

19805030

19806018

19806004

19806002 19806017

19806005

19806016

1980601519806019

19806010 19806011

19801038

19806009

19806006

19803011

19806012

19801018

19805029

19801040

1980601419806013

19801019

19618029

19618050

1961802419618025196180261961802719618028

19618030

19618049

19801036

19801037

19801002

1980100419811001

1980100119803015

19801044

19604011 19801017

19617011

19617007

19625050

19625026

19625025

19625052

19625049

19618051

19618052

19618055

19625051

19656011

19618053

19626015

19656012 19803019

19625030

THIS MAP IS FOR ASSESSMENT PURPOSESONLY AND IS NOT FOR THE INTENT OF

INTERPRETING LEGAL BOUNDARY RIGHTS,ZONING REGULATIONS AND/OR LEGALITY

OF LAND DIVISION LAWS.TH

IS MA

P IS F

OR AS

SESS

MENT

PURP

OSES

ONL

Y

Z0 75 150 225 300

Feet

198-04POR. SEC. 25 & 26, T.1S. R.6E., M.D.B. & M.

NOTE: S.S.J.I.D. = South San Joaquin Irrigation District

HIGHEST A.P.N. USEDYEAR PAR. #

14-15 2313-14 2105-06 1604-05 1403-04 12

PAR. #

18

All Rights ReservedCopyright County of San Joaquin

Assessor Mapping/GIS 2014

County of San Joaquin, CABK. 198 PG. 04

LEGEND:00 Assessor's Parcel Numbers

0 0 0 0 0 0 0 0Book Page Parcel Number

A - R.S. Bk. 11 Pg. 040B - R.S. Bk. 12 Pg. 060C - P.M. Bk. 05 Pg. 101D - P.M. Bk. 09 Pg. 019E - P.M. Bk. 09 Pg. 035F - P.M. Bk. 11 Pg. 097

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