ORDINANCE NO. 24-04 AN ORDINANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY LEVYING SPECIAL TAXES WITHIN CALIFORNIA MUNICIPAL FINANCE AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 2024-6 (CITY OF RIVERBANK - HERITAGE COLLECTION) WHEREAS, on February 23, 2024, this Board of Directors (the "Board") of the California Municipal Finance Authority (the "Authority"), adopted Resolution No. 24-056 (the "Resolution of Intention") related to the formation of California Municipal Finance Authority Community Facilities District No. 2024-6 (City of Riverbank - Heritage Collection) (the "CFD"), pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, sections 53311, et. seq., of the California Government Code (the "Act"), to finance the acquisition and construction of certain facilities; WHEREAS, notice was published as required by the Act relative to the intention of this Board to form the CFD, to provide for certain facilities and to incur bonded indebtedness for the CFD in an amount not to exceed $2,500,000; WHEREAS, this Board has held noticed public hearings as required by the Act relative to (i) the determination to proceed with the formation of the CFD and the rate and method of apportionment of the special tax to be levied within the CFD to finance a portion of the costs of the facilities and (ii) the issuance of not to exceed $2,500,000 of bonded indebtedness for the CFD; WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the CFD and the levy of said special taxes were heard, substantial evidence was presented and considered by this Board and a full and fair hearing was held; WHEREAS, subsequent to the hearing, this Board adopted Resolution No. 24-132 (the "Resolution of Formation") forming the CFD, Resolution No. 24-133 (the "Resolution of Necessity") determining necessity to incur bonded indebtedness for the CFD, and Resolution No. 24-134, calling an election for the CFD, which resolutions defined the public facilities to be financed by the CFD (the "Facilities"), established the CFD, authorized the levy of a special tax with the CFD, determined the necessity to incur bonded indebtedness in the CFD and called an election within the CFD on the propositions of incurring indebtedness, levying a special tax, and establishing an appropriations limit within the CFD; and WHEREAS, on April 5, 2024, a special election was held within the CFD at which the eligible landowner-electors approved such propositions by the two-thirds vote required by the Act; NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY, as follows: Section 1. By the passage of this Ordinance this Board hereby authorizes and levies special taxes within the CFD pursuant to the Act, in accordance with the rate and method of apportionment of the Special Tax (the "Rate and Method") set forth as an exhibit to the Resolution of Formation, which Resolution of Formation is by this reference incorporated herein, and as such Rate and Method may be amended in accordance with its terms. The special taxes are hereby authorized to be levied commencing in fiscal year 2024-25 and in each fiscal year thereafter until payment in full of any bonds issued by the Authority for the CFD (the "Bonds") or such longer period provided in the Rate and Method, as contemplated by the Resolution of Formation and the Resolution of Necessity, and all costs of administering the CFD. Section 2. The Executive Director of the Authority is hereby authorized and directed each fiscal year to determine or cause to be determined the specific special tax rate and amount to be levied for the next ensuing fiscal year for each parcel of real property within the CFD, in the manner and as provided in the Rate and Method. Section 3. Except as provided in the Rate and Method, properties or entities of the State of California, federal or local governments shall be exempt from any levy of the special taxes unless specifically provided otherwise in the Rate and Method. In no event shall the special taxes be levied on any parcel within the CFD in excess of the maximum tax specified in the Rate and Method. Section 4. All of the collections of the special tax shall be used as provided for in the Act and in the Resolution of Formation including, but not limited to, the payment of principal and interest on the Bonds, the replenishment of the reserve fund for the Bonds, the payment of the costs of the Facilities, as applicable according to the Rate and Method, the payment of the costs of the Authority in administering the CFD, and the costs of collecting and administering the special tax. Section 5. The special taxes shall be collected in the same manner as ordinary ad valorem taxes are collected and shall have the same lien priority, and be subject to the same penalties and the same procedure and sale in cases of delinquency as provided for ad valorem taxes; provided, however, that this Board may provide for other appropriate methods of collection by resolutions of this Board. In addition, the provisions of Section 53356.1 of the Act shall apply to delinquent special tax payments. The Executive Director of the Authority is hereby authorized and directed to provide all necessary information to the auditor/tax collector of the County of Stanislaus in order to effect proper billing and collection of the special tax, so that the special tax shall be included on the secured property tax roll of the County of Stanislaus for each fiscal year, as needed, until the Bonds are paid in full or such longer period of time provided in the Rate and Method. Section 6. If for any reason any portion of this Ordinance is found to be invalid, or if the special tax is found inapplicable to any particular parcel within the CFD, by a court of competent jurisdiction, the balance of this Ordinance and the application of the special tax to the remaining parcels within the CFD shall not be affected. Section 7. An Authorized Signatory shall sign this Ordinance and the Secretary shall cause the same to be published within 15 days after its passage at least once in a newspaper of general circulation published and circulated in the Authority. Section 8. This Ordinance shall take effect 30 days from the date of final passage. INTRODUCED by the California Municipal Finance Authority on April 5, 2024. PASSED AND ADOPTED by the California Municipal Finance Authority this 26th day of April, 2024 by the following vote: AYES: McCarthy, Grisham (Alt.), McClure (Alt.), Tanner (Alt.) NOES: None ABSTAIN: None ABSENT: Adams, De Foor, Moreno, Alexander 5/8/24 CNS-3809144# RIVERBANK NEWS May 8, 2024 RN#24-069