CFD No. 3 (Valencia/Newhall - Stevenson Ranch) special tax

“At a special election held on July 9, 2002 the sole owner of the property within the boundaries of Improvement Area C authorized the District to reduce the maximum bonded indebtedness from $15,000,000 to $9,000,000 and approved the Amended and Restated Rate and Method of Apportionment of the Special Tax. ... The purpose of the indebtedness was to finance the acquisition or construction of various public improvements and facilities located in the District as described therein.”

“Each Fiscal Year, the Board shall determine the amounts of Special Taxes to be collected from Taxable Property in CFD No. 3-C. Such amounts shall include all sums necessary to pay for the construction or acquisition of public facilities to be provided for CFD No. 3-C, to pay debt service on indebtedness of CFD No. 3-C, to create or replenish reserve funds determined necessary by CFD No. 3-C for existing or future bonded indebtedness, to account for any reasonably anticipated delinquent Special Taxes based on the delinquency rate for Special Taxes levied in the previous Fiscal. Year or otherwise reasonably expected, and to pay administrative expenses of CFD No. 3-C (together the "CFD No. 3-C Obligations".)”

“The District is located in the northern portion of the County. Improvement Area C consists of a portion of the master planned community known as "Stevenson Ranch" and consists of approximately 111.62 gross acres and approximately 72.5 net taxable acres which have been developed with 140 completed single-family detached dwelling units, 567 completed apartment units and 100 completed townhome units.”

“BE IT RESOLVED, that pursuant to Section 53340 of the Government Code of the State of California, Ordinance 89-0107 and Ordinance 2002-0059 of the County of Los Angeles, authorizing the establishment of the specific annual special tax rate and levy, the Board of Supervisors of the County of Los Angeles, State of California, does hereby fix the specific annual special tax rate and levy such tax upon property within Community Facilities District 3 - Improvement Areas B and C, at the amount determined pursuant to the Special Tax Rate and Method of Apportionment approved and adopted on July 25, 1989 for Improvement Area B; and, the Amended and Restated Rate and Method of Apportionment of Special Tax approved and adopted on July 30, 2002 for Improvement Area C”

Ordinance 89-0107 and Ordinance 2002-0059 of the County of Los Angeles

“BE IT RESOLVED, that pursuant to Section 53340 of the Government Code of the State of California, Ordinance 89-0107 and Ordinance 2002-0059 of the County of Los Angeles, authorizing the establishment of the specific annual special tax rate and levy, the Board of Supervisors of the County of Los Angeles, State of California, does hereby fix the specific annual special tax rate and levy such tax upon property within Community Facilities District 3 - Improvement Areas B and C, at the amount determined pursuant to the Special Tax Rate and Method of Apportionment approved and adopted on July 25, 1989 for Improvement Area B; and, the Amended and Restated Rate and Method of Apportionment of Special Tax approved and adopted on July 30, 2002 for Improvement Area C”

“The Special Taxes for CFD No. 3-C will be collected in the same manner and at the same time as ordinary ad valorem property taxes, provided, however, that CFD No. 3-C may collect Special Taxes at a different time or in a different manner if necessary to meet the CFD No. 3-C Obligations.”

Treasurer and Tax Collector of the County of Los Angeles (placed on the secured roll by the Auditor-Controller)

“The Special Taxes imposed by the District will be billed with property taxes and collected by the Treasurer. When received, such Special Taxes will be deposited with the Fiscal Agent to be held in the Special Tax Fund for the payment of Administrative Expenses and then for payment of debt service or for deposit in the Reserve Fund to restore the balance therein to the Reserve Requirement, subject to the Maximum Special Tax rates authorized by the qualified electors of Improvement Area C.”

“The Board shall not impose any Special Tax on up to 38.98 acres of property owned by, conveyed to, or irrevocably offered for dedication to a public agency; property owned, by a public utility; and property owned by a homeowner's association on which no residential units are or will be constructed. Any such ownership, conveyance, or irrevocable offer must be established as of the May 1 of the preceding Fiscal Year. Notwithstanding, no Single Family Detached, Single Family Attached, or Apartment property shall be exempt from the Special Tax.”