REPORT OF SPECIAL TAX LEVY FOR THE CITY OF LAKE ELSINORE. CITY OF LAKE ELSINORE CFD 91-2 (Summerhill Public Improvements) Fiscal Year

Transcription

1 REPORT OF SPECIAL TAX LEVY FOR THE CITY OF LAKE ELSINORE CITY OF LAKE ELSINORE CFD 91-2 (Summerhill Public Improvements) Fiscal Year Submitted to: City of Lake Elsinore Riverside County, California Submitted by: September 2002

2 CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO (Summerhill Public Improvements) TABLE OF CONTENTS Introduction...1 I. Facilities Financed by the District...1 II. Amended and Restated Rate and Method of Apportionment of Special Taxes...1 III. Special Tax Levy...2 IV. Special Tax Roll...4 APPENDIX Exhibit A Exhibit B Exhibit C Exhibit D Boundary Map Amended and Restated Rate and Method of Apportionment of Special Taxes Debt Service Schedule Special Tax Roll

3 City of Lake Elsinore September 2002 Community Facilities District No Page 1 INTRODUCTION The City Council of the City of Lake Elsinore established Community Facilities District No (Summerhill Public Improvements) for the purpose of constructing and acquiring certain public improvements needed to meet increased demand upon the City of Lake Elsinore as a result of development within the boundaries of Community Facilities District No A map showing the boundaries of CFD No is included in the Appendix of this report as Exhibit A. In compliance with the proceedings governing the formation of CFD No. 91-2, the special tax has been levied on each assessable parcel within the District according to the provisions of the Amended and Restated Rate and Method of Apportionment of Special Taxes as shown in the Appendix of this report in Exhibit B. The special tax has been levied on all of the property within CFD No. 91-2, except those exempted by law or the express provisions set forth in the Amended and Restated Rate and Method of Apportionment for the District. I. FACILITIES FINANCED BY THE DISTRICT The public facilities financed by CFD No are described in detail in the Community Facilities District Report (CFD Report) for CFD No and include grading, street improvements, domestic water, sanitary sewer and parks and recreation facilities. Grading includes the grading for the public streets, public access roads and public utilities within and for the District. The street improvements consist of the curbs, gutters, sidewalks, paving, street lights, storm drain and utilities in the public streets within and in the vicinity of the District. The domestic water system consists of a reservoir, pumping station, distribution mains and appurtenances in the public streets and public easements within and in the vicinity of the District. The sanitary sewer system consists of the gravity sewers, manholes and appurtenances in the public streets and public utility easements within and in the vicinity of the District. The parks and recreation facilities within and for the District consist of the grading, landscaping, irrigation, walkways, apparatus, facilities and appurtenances in Lot A and Lot C of Tract and Lot A of Tract II. AMENDED AND RESTATED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES The Amended and Restated Rate and Method of Apportionment of Special Taxes for CFD No establishes specific categories for the apportionment of Special Taxes which are collected annually, in the same manner and at the same time as ordinary ad valorem property taxes. On or about July 1, each parcel of land within the District was categorized either as Category I, Category III or Category V. The parcels subject to levy were determined based upon the records of the County Assessor as of the previous March 1, and the Tax Category for each parcel was determined based upon the status of the parcel as of the previous May 1. The parcel classifications for Fiscal Year are summarized in Table 1 below. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc

4 City of Lake Elsinore September 2002 Community Facilities District No Page 2 TABLE 1 PARCEL DISTRIBUTION BY CATEGORY Total Parcels Total Parcels Percent Change Special Tax Classification FY FY FY Category V % Category III % Category I % Exempt Property % Total % III. SPECIAL TAX LEVY FOR FISCAL YEAR The annual special taxes for Fiscal Year have been levied as provided in the Rate and Method of Apportionment for each Special Tax Category described below: Category V - Developed Property Category V includes all parcels and dwelling units within CFD No for which building permits have been issued and for which Category II and Category IV special taxes have been paid, if applicable. The maximum special tax for Category V and the special tax levy for parcels classified as Category V for Fiscal Year are shown in Table 2. TABLE 2 SPECIAL TAX LEVY - CATEGORY V (Developed Property) Annual Special Tax Per Square Foot Shown on Building Permit Maximum Actual Total Tract Tract Number Rate per Sq. Foot $0.70 Rate per Sq. Foot $0.66 Square Footage 419,029 Funds Generated $274, $0.70 $ ,345 $389, ,013,374 $664, Annual Special Tax Per Parcel on Parcels with Building Permits Maximum Actual Tract Number Rate per Parcel $ Rate per Parcel $ Number of Parcels 205 Funds Generated $122, $ $ $132, $254, CATEGORY V SPECIAL TAX $918, i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc

5 City of Lake Elsinore September 2002 Community Facilities District No Page 3 Category III - Approved Undeveloped Property Category III includes any parcel within CFD No for which a final tract map has been recorded and for which Category II special taxes have been paid, if applicable. The maximum special tax for Category III and the actual special tax levy for parcels classified as Category III for Fiscal Year are shown in Table 3. TABLE 3 SPECIAL TAX LEVY - CATEGORY III (Approved Undeveloped Property) Maximum 75% Levy Tract Number Special Tax Rate per Parcel $3, Special Tax Rate per Parcel $2, Number of Parcels 21 Funds Generated $48, $3, $2, $32, CATEGORY III SPECIAL TAX 35 $81, The maximum special tax rates for parcels in Category III have increased by 2% over the maximum special tax rates for Fiscal Year Category I - Raw Undeveloped Property Category I includes all Taxable Property in CFD No not subject to a special tax under Category III or Category V. The maximum special tax rates for Category I for Fiscal Year are shown in Table 4. Per the Special Tax Settlement and Development Agreement between Community Facilities District No. 91-2, Assessment District No. 90-1A, the City of Lake Elsinore, the Lake Elsinore Public Financing Authority and Abbacy Holding Corporation, no further special taxes shall be levied by the District on commercial property (lots 238 and 239). Therefore, the total listed below represents the City s contribution to the special tax levy. TABLE 4 SPECIAL TAX LEVY - CATEGORY I (Raw Undeveloped Property) Maximum Special Tax Tract Number Lot 238 Special Tax Rate per Acre $25, Rate Levied per Acre $10, Total Acres Funds Generated $132, Lot 239 $25, $10, $80, CATEGORY I SPECIAL TAX $212, i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc

6 City of Lake Elsinore September 2002 Community Facilities District No Page 4 A statement showing the Sources and Obligations of special tax funds for CFD No for Fiscal Year is presented in Table 5. The Special Tax Requirement for Fiscal Year was determined as specified in the adopted Amended and Restated Rate and Method of Apportionment of Special Taxes. The debt service requirements for Fiscal Year have been taken from the Debt Service Schedule for the District which is included in the Appendix of this report as Exhibit C. TABLE 5 SOURCES AND OBLIGATIONS FISCAL YEAR FISCAL YEAR SOURCES Amount Amount Annual Special Tax Roll Category V $861, $918, Category III $118, $81, Category I $0.00 $0.00 SUBTOTAL $980, $1,000, Rounding of Uneven Assessments ($0.00) ($0.00) TOTAL SPECIAL TAXES FROM ALL SOURCES $980, $1,000, OBLIGATIONS Bond Debt Service $1,088, $1,077, Allocation for Delinquencies, Administration and Incidentals $42, $135, SUBTOTAL $1,130, $1,213, Special Taxes not levied, Lots 238 & 239 ($149,586.78) ($212,939.88) Surplus to District $3.30 $2.38 TOTAL OBLIGATIONS FOR SPECIAL TAXES $980, $1,000, IV. SPECIAL TAX ROLL The Special Tax Roll lists the special tax levy on each parcel within the boundaries of CFD No for Fiscal Year A copy of the Special Tax Roll is included in the Appendix of this report as Exhibit D. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc

7 EXHIBIT A Boundary Map

8 EXHIBIT B Amended and Restated Rate and Method of Apportionment of Special Taxes

9 EXHIBIT B CITY OF LAKE ELSINORE COMMUNITY FACILITIES DISTRICT NO (SUMMERHILL PUBLIC IMPROVEMENTS) AMENDED AND RESTATED RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAXES A special tax shall be levied on each Parcel of land within the City of Lake Elsinore Community Facilities District No (Summerhill Public Improvements) (the "District"), and collected according to the special tax liability determined by the Responsible Party of the City of Lake Elsinore (the "City") through the application of the following procedures. All of the property within the District, unless otherwise exempted by law or the express provisions of the rate and method of apportionment expressed below, shall be taxed to the extent and in the manner provided below. It is intended that all special taxes applicable to Parcels within Category I, Category III or Category V be collected in the same manner and at the same time as ordinary ad valorem property taxes, and that special taxes so levied will be subject to the same penalties and procedures, sale and lien priority in case of delinquency as is provided for ad valorem taxes, subject to any covenant of the City with respect thereto in any Fiscal Agent Agreement for any bonds of the City for the District. Special taxes applicable to Categories II and IV will be levied at the times described below, and will be collected directly by the Responsible Party of the City as described below. CATEGORY I: CATEGORIES OF SPECIAL TAX Category I includes all Taxable Property in the District not subject to a special tax under Category III or Category V. The Category I special tax will be levied annually. Lot number 238 of Tract will be subject to special tax under Category I until Dwelling Units in lot number 238 are subject to Category V special tax or until other than multiple-family residences are approved for lot number 238. Lot number 239 of Tract will be subject to special tax under Category I until Dwelling Units in lot number 239 are subject to Category V special tax or until other than multiple-family residences are approved for lot number 239. The maximum special tax that may be levied on Parcels within Category I during the Fiscal Year ending June 30, 1991 is $20,000 per acre (said amount to be levied pro rata for any portion of an acre) of a Parcel. Said maximum special tax shall increase each Fiscal Year thereafter by 2%, compounded annually. CATEGORY II: The Category II special tax is a one-time tax, payable at the time of approval of a final map with respect to a Parcel. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-1

10 The Category II special tax is calculated by subtracting the number of Parcels shown on the final map from the number of estimated Parcels in a tract as shown in the following table. The applicable special tax is calculated by multiplying the difference by the tax rate described in the table below. If the boundaries of the tracts shown in any final map are not the same as the expected boundaries as shown on the map attached hereto and by this reference incorporated herein, the Responsible Party will reapportion the Projected Developable Parcels as shown in the table below to the actual land area of the final map in such a way that there is no loss of Parcels. The special tax rate applicable to such a tract will be the highest rate applicable to any one of its component tracts as shown in the table below. CATEGORY II Special Tax for Each Developable Parcel by Projected Developable Which Final Map is Less Than the Projected Tract No. Parcels Developable Parcels $19, $19,545 (except Lot no. 238 and Lot no. 239) $15,145 (Lot No. 238 and Lot No. 239) The special tax rates shown in this table are for the Parcels for which a final map is recorded in the Fiscal Year ending June 30, The special tax rate for Parcels for which a final map is recorded in subsequent years shall increase each Fiscal Year thereafter by 2%, compounded annually. CATEGORY III: Any Parcel for which a final map has been recorded and for which Category II special taxes have been paid, if applicable, will be classified in Category III, until such time as a building permit has been issued. If Category II special taxes are applicable to the Parcel but have not been paid when due, such Parcels on a final map will continue to be classified in Category I. The maximum special tax applicable to Parcels in Category III is shown below for the Fiscal Year ending June 30, The maximum special tax rate for the Parcels classified in Category III shall increase each Fiscal Year thereafter by 2%, compounded annually. If the boundaries of a tract shown in any final map are not the same as the expected boundaries shown for such tract on the map attached hereto, the maximum special tax applicable to Parcels in such tract will be the highest maximum special tax applicable to any one of its component prior tracts based on the attached map and as shown in the table below. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-2

11 CATEGORY III Maximum Tract No. Special Tax $2, $2,465 (Except Lot No. 238 and Lot No. 239) CATEGORY IV: The Category IV special tax is a one-time tax payable at the time of the issuance of a building permit, based on the calculation of Category IV special tax per the following schedule. The applicable special tax per Parcel or Dwelling Unit is calculated as shown in the following table, based on the average projected square foot per Parcel or Dwelling Unit, or minimum aggregate Square Footage for all parcels in a tract or in lot number 238 and 239 of Tract 20705, as shown below. Category IV Minimum Aggregate Average Projected Square Footage Square Feet For All Parcels In a Tract Tract No. per Parcel or Portion of a Tract , , , ,267 (except Lot No. 238 and Lot No. 239) Average Projected Square Feet Tract No per Dwelling Unit Lot No , ,000 Lot No. 239 If the boundaries of the tract shown in any final map are not the same as the expected boundaries shown for such tract on the attached map, the average projected square footage per Parcel will be the highest average projected square footage for any of its component tracts as shown on the attached map. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-3

12 Tract: Item CALCULATION OF CATEGORY IV TAX Average Projected Square Feet per Parcel or Dwelling Unit Number of Building Permits Already Issued Square Feet of Building Permits Already Issued Number of Building Permits Requested Square Feet of Building Permits Requested Total of Items 2 and Total of Items 3 and Average Square Feet To-Date (Item 7 divided by Item 6) If Item 8 is Equal to or Greater than Item 1, There is no Tax Due Item 1 minus Item Item 10 Multiplied by Item Applicable Category V Square Foot Special Tax Item 11 Multiplied by Item Present Value Factor Item 13 Multiplied by Item Amount Previously Paid in Tract (from prior calculations) Item 15 minus Item One-Time Tax per Parcel or Dwelling Unit on Building Permits Being Requested (Item 17 divided by Item 4) i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-4

13 CATEGORY V: Category V includes all Parcels or Dwelling Units for which a building permit has been issued and for which a Category II and IV special tax has been paid, if applicable. If for any reason a Category II or IV special tax is or was payable, but not paid when due, Parcels and Dwelling Units for which a building permit has been issued will be taxed at the rates applicable to Taxable Property described in Category I. The maximum special tax for Parcels and Dwelling Units described in Category V for the Fiscal Year ending June 30, 1991 is the total of $ per Parcel or Dwelling Unit plus $0.55 per Square Foot for each Square Foot shown on the building permit. Each Fiscal Year thereafter, the per Parcel or Dwelling Unit and the per Square Foot rate listed above will increase by 2 %, compounded annually. A Parcel or Dwelling Unit will be subject to the Category V special tax for not more than 30 years. ANNUAL TAX CATEGORIES ASSIGNMENT TO CATEGORIES; LEVY On or about July 1 of each year, but in any event in sufficient time to include the levy of the special taxes on the County's secured tax roll, the Responsible Party shall determine, for each Parcel of land or Dwelling Unit within the District, whether such Parcel or Dwelling Unit is described by Category I, Category III or Category V. The Parcels and Dwelling Units subject to levy shall be determined based upon the records of the Riverside County Assessor as of the March 1 preceding such July 1, and the Tax Category shall be determined based upon the status of the Parcel or Dwelling Unit as of the May 1 preceding such July 1. The Responsible Party shall then determine the estimated aggregate Tax Liability for the Fiscal Year commencing such July 1, and the amount of annual special taxes to be levied on each Parcel and Dwelling Unit in the District during such Fiscal Year. The annual special taxes shall be determined for each Parcel or Dwelling Unit in the District as follows: 1. Levy on each Parcel or Dwelling Unit described in Category V an amount equal to 94% of the Category V maximum special tax. 2. If the aggregate amount to be levied based on 1 above is greater than the aggregate Tax Liability for such Fiscal Year, reduce the special tax for each Parcel and Dwelling Unit described in Category V proportionately, so that the aggregate special tax levy for such Fiscal Year for all Parcels and Dwelling Units within the District is equal to the aggregate Tax Liability for such Fiscal Year. 3. If the aggregate amount to be levied based on 1 above is less than the aggregate Tax Liability for such Fiscal Year, levy on each Parcel and Dwelling Unit described in Category V as provided in 1 above, and levy on each Parcel described in Category III an amount equal to 75% of the Category III maximum special tax. 4. If the aggregate amount to be levied based upon 3 above is greater than the aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel described in Category III proportionately, until the aggregate special tax levy for such Fiscal Year for all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal Year. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-5

14 5. If the aggregate amount to be levied based upon 3 above is less than the aggregate Tax Liability for such Fiscal Year, levy as described in 3 above, and levy on each Parcel described in Category I an amount equal to 50% of the Category I maximum special tax. 6. If the aggregate amount to be levied based upon 5 above is greater than the aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel described in Category I proportionately, until the aggregate special tax levy for such Fiscal Year for all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal Year. 7. If the aggregate amount to be levied based upon 5 above is less than the aggregate Tax Liability for such Fiscal Year, levy on each Parcel and Dwelling Unit described in Category V an amount equal to 100% of the Category V maximum special tax, levy on each Parcel described in Category III an amount equal to 75% of the Category III maximum special tax, and levy on each Parcel described in Category I an amount equal to 50% of the Category I maximum special tax. 8. If the aggregate amount to be levied based upon 7 above is greater than the aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel and Dwelling Unit described in Category V proportionately, until the aggregate special tax liability for such Fiscal Year for all Parcels and Dwelling Units within the District is equal to the aggregate Tax Liability for such Fiscal Year. 9. If the aggregate amount to be levied based upon 7 above is less than the aggregate Tax Liability for such Fiscal Year, levy on each Parcel and Dwelling Unit described in Category V or Parcel described in Category III an amount equal to 100% of the Category V or Category III, respectively, maximum special tax, and levy on each Parcel described in Category I an amount equal to 50% of the Category I maximum special tax. 10. If the aggregate amount to be levied based upon 9 above is greater than the aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel described in Category III proportionately, until the aggregate special tax liability for such Fiscal Year for all parcels within the District is equal to the aggregate Tax Liability for such Fiscal Year. 11. If the aggregate amount to be levied based upon 9 above is less than the aggregate Tax Liability for such Fiscal Year, levy on each Parcel described in Category I, III or V or Dwelling Unit described in Category V an amount equal to the maximum special tax described in Category I, III or V, respectively. 12. If the aggregate amount to be levied based upon 11 above is greater than the aggregate Tax Liability for such Fiscal Year, reduce the special tax levy for each Parcel described in Category I proportionately, until the aggregate special tax liability for such Fiscal Year for all Parcels within the District is equal to the aggregate Tax Liability for such Fiscal Year. ONE-TIME TAX CATEGORIES On the date of approval of a final map with respect to any portion of the real property in the District, the Responsible Party shall levy and collect a special tax in the amount described above for Category II. Where the total amount of the Bonds has not been issued, the amount of the one-time tax, where not needed to pay Debt Service, may be used for the purposes of the District. On the date a building permit is issued for any Parcel or Dwelling Unit within the District, the Responsible Party shall levy and collect a special tax in the amount described above for Category IV. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-6

15 Where the total amount of the Bonds has not been issued, the amount of the one-time tax, where not needed to pay Debt Service, may be used for the purposes of the District. Failure to pay a Category II special tax when due shall result in the applicable Parcel or Dwelling Unit remaining subject to a Category I special tax until such time as the Category II special tax is paid, notwithstanding that the Parcel would otherwise be described in Category III or Category V. Special taxes collected as Category II or Category IV special taxes shall be used as provided in the Fiscal Agent Agreement. Failure to pay a Category IV special tax when due shall result in the applicable Parcel or Dwelling Unit remaining subject to a Category III special tax until such time as the Category IV special tax is paid, notwithstanding that the Parcel would otherwise be described in Category V. PREPAYMENTS Prepayments may be made only for property subject to tax under Category V. Any property owner in the District that desires to prepay the annual special taxes on a particular Parcel or Dwelling Unit, shall notify the Responsible Party in writing of such intention and the estimated amount of prepayment no more than sixty (60) days and no less than forty-five (45) days prior to date of such prepayment, which date (the Prepayment Date) shall be a date which is sixty (60) days prior to an interest payment date for the Bonds. The entire annual special taxes for any Parcel or Dwelling Unit in the District may be prepaid on a Prepayment Date as follows: (a) (b) (c) (d) (e) The Parcel or Dwelling Unit with respect to which prepayment is to be made must not be delinquent in any payment of special taxes previously levied within the District. Prepayment shall not relieve any property owner from paying those special taxes which have already become due and payable, and a Notice of Cessation of Special Tax Lien shall not be recorded against any Parcel or Dwelling Unit pursuant to California Government Code Section 53344, until all special taxes with respect to that Parcel or Dwelling Unit have been paid. The aggregate maximum annual special taxes for the Parcel or Dwelling Unit with respect to which prepayment is to be made, as of the Prepayment Date, shall be calculated based upon the maximum annual special taxes described by Category V that could be levied on that Parcel or Dwelling Unit in all future years. The net present value of the future annual special taxes calculated above will be determined based on an interest rate of eight percent (8%), which may be decreased or increased by the Responsible Party to reflect the net interest costs on the Bonds. Any applicable prepayment premium on the Bonds shall be applied to the aggregate amount determined under (c) above. The amount to be prepaid for any Parcel or Dwelling Unit of property shall be the sum of the amounts calculated for that Parcel or Dwelling Unit under paragraphs (c) and (d) above, plus the reasonable costs and expenses of performing the calculations, preparing and recording the Notice of Cessation of Special Tax Lien and any other acts or procedures required to be performed in connection with the prepayment, as determined by the Responsible Party. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-7

16 DEFINITIONS Administrative Fees or Expenses means any or all of the following: the fees and expenses of the Fiscal Agent (including any fees or expenses of its counsel), the expenses of the City in carrying out its duties with respect to the District (including, but not limited to, the levy and collection of the special taxes) including the fees and expenses of its counsel, any fees of the County of Riverside related to the District or the collection of special taxes, an allocable share of the salaries of the City staff directly related thereto and a proportionate amount of City general administrative overhead related thereto, any amounts paid by the City from its general funds with respect to the District or the Bonds, and all other costs and expenses of the City or the Fiscal Agent incurred in connection with the discharge of their respective duties under the Fiscal Agency Agreement and, in the case of the City, in any way related to administration of the District. Bonds mean any bonds of the City issued for the District under Mello-Roos Community Facilities Act of 1982, as amended. City means the City of Lake Elsinore. Debt Service, for each Fiscal Year, is the total annual principal and interest payment on the Bonds during the calendar year which commences in such Fiscal Year, less any capitalized interest and any other amounts remaining in the debt service fund held under the Fiscal Agent Agreement as of the end of the previous Fiscal Year (other than by reason of the payment of Category II and IV special taxes). District means the City of Lake Elsinore Community Facilities District No (Summerhill Public Improvements). Dwelling Unit means only dwelling units from Lot no. 238 of Tract or Lot no. 239 from Tract Fiscal Agent means the Fiscal Agent under the Fiscal Agent Agreement. Fiscal Agent Agreement means the agreement by that name approved by the Resolution of Issuance, and as it may be amended and/or supplemented from time to time. Fiscal Year means the period starting on July 1 and ending the following June 30. Parcel means any Riverside County Assessor's Parcel or portion thereof that is within the boundaries of the District based on the equalized tax rolls of the County of Riverside. Resolution of Issuance is any Resolution adopted by the City authorizing the issuance of Bonds. Responsible Party is any person or persons who the City may appoint from time to time to compute the levy of the special taxes within the District. Square Foot or Square Feet is the square footage of a single family dwelling unit measured at the exterior walls, but excluding (i) garages, carports, roof overhangs, passageways and patios which are both unenclosed and uncovered, and (ii) tool sheds, greenhouses and similar detached structures. Tax Categories are those categories set forth in the body hereof. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-8

17 Tax Liability for any Fiscal Year is an amount sufficient to pay Debt Service for such Fiscal Year, Administrative Fees or Expenses for such Fiscal Year, an amount determined by the Responsible Party to offset past delinquencies and projected tax delinquencies to occur in such Fiscal Year, and all payments required to be made in the applicable Fiscal Year under the Fiscal Agent Agreement for the Bonds and any supplements thereto. Taxable Property is all real property within the boundaries of the District which is not exempt from the special tax pursuant to law, except that the following property shall not be taxed: any acres of land owned, conveyed or irrevocably offered for dedication to a public agency, or land which is a public right of way or which is an unmanned utility easement making impractical its utilization for other than the purpose set forth in the easement. i:\projects\lake elsinore\cfd pdf files\0203 cfd 91-2.doc B-9

18 EXHIBIT C Debt Service Schedule

19 CITY OF LAKE ELSINORE SUMMERHILL PUBLIC IMPROVEMENTS REVISED PAYMENTS DEBT SERVICE SCHEDULE DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL 10/01/91 344, , , /01/92 962, , , /01/ , , , /01/94 50, , ,012, ,012, /01/95 120, , ,078, ,078, /01/96 130, , ,077, ,077, /01/97 145, , ,081, ,081, /01/98 180, , ,103, ,103, /01/99 200, , ,107, ,107, /01/00 205, , ,095, ,095, /01/01 220, , ,092, ,092, /01/02 235, , ,088, ,088, /01/03 245, , ,077, ,077, /01/04 265, , ,076, ,076, /01/05 290, , ,077, ,077, /01/06 310, , ,072, ,072, /01/07 330, , ,065, ,065, /01/08 355, , ,061, ,061, /01/09 390, , ,065, ,065, /01/10 425, , ,066, ,066, /01/11 460, , ,064, ,064, /01/12 500, , ,063, ,063, /01/13 545, , ,065, ,065, /01/14 590, , ,062, ,062, /01/15 645, , ,065, ,065, /01/16 700, , ,064, ,064, /01/17 760, , ,063, ,063, /01/18 825, , ,061, ,061, /01/19 900, , ,064, ,064, /01/20 980, , ,065, ,065, ,000, ,210, ,210, ACCRUED 11,000, ,210, ,210,895.83

20 EXHIBIT D Special Tax Roll

21 EXHIBIT D SPECIAL TAX ROLL (Fiscal Year ) CITY OF LAKE ELSINORE CFD No Assessor's Assessor's Parcel Special Tax Parcel Special Tax Number Special Tax Classification Amount Number Special Tax Classification Amount Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Exempt Property $ Developed Property $1, Exempt Property $ Developed Property $1, Exempt Property $ Developed Property $1, Exempt Property $ Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Exempt Property $ Developed Property $1, Developed Property $1, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, D - 1

22 EXHIBIT D SPECIAL TAX ROLL (Fiscal Year ) CITY OF LAKE ELSINORE CFD No Assessor's Assessor's Parcel Special Tax Parcel Special Tax Number Special Tax Classification Amount Number Special Tax Classification Amount Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Exempt Property $ Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Exempt Property $ Developed Property $2, Exempt Property $ Developed Property $1, Developed Property $1, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Exempt Property $ Developed Property $2, Exempt Property $ Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, D - 2

23 EXHIBIT D SPECIAL TAX ROLL (Fiscal Year ) CITY OF LAKE ELSINORE CFD No Assessor's Assessor's Parcel Special Tax Parcel Special Tax Number Special Tax Classification Amount Number Special Tax Classification Amount Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Exempt Property $ Developed Property $2, Exempt Property $ Developed Property $1, Exempt Property $ Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, D - 3

24 EXHIBIT D SPECIAL TAX ROLL (Fiscal Year ) CITY OF LAKE ELSINORE CFD No Assessor's Assessor's Parcel Special Tax Parcel Special Tax Number Special Tax Classification Amount Number Special Tax Classification Amount Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $ Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $ Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $ Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $ Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $ Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $ Developed Property $2, Developed Property $2, Exempt Property $ Developed Property $2, Exempt Property $ Developed Property $ Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $ Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $ Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $1, D - 4

25 EXHIBIT D SPECIAL TAX ROLL (Fiscal Year ) CITY OF LAKE ELSINORE CFD No Assessor's Assessor's Parcel Special Tax Parcel Special Tax Number Special Tax Classification Amount Number Special Tax Classification Amount Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Exempt Property $ Developed Property $2, Exempt Property $ Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Exempt Property $ Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Exempt Property $ Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $1, Approved Undeveloped Property $2, Developed Property $1, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, Approved Undeveloped Property $2, Developed Property $2, D - 5