Menifee USD CFD No. 2014-3

“Each Fiscal Year, CFD No. 2014-3 will levy, collect, and expend Annual Special Taxes in an amount necessary to pay interest and principal to bondholders, cover Administrative Expenses, and fund school facilities necessary to serve students generated from residential units constructed within the boundaries of CFD No. 2014-3.”

“"Facilities" means those K-8 school sites, preschool facilities, school facilities, including classrooms, on-site office space at a school, central support and administrative facilities, interim housing, furniture, equipment, technology, busses, and transportation facilities needed by School District in order to serve the student population to be generated as a result of development of the property within the CFD, and also includes costs associated with maintenance and operations at school facilities in accordance with the Act, and any of the following: (i) improvements to be constructed, owned, operated or maintained by EMWD, including, but not limited to, sewer and water system facilities, and capacity in existing facilities; and (ii) improvements to be constructed, owned, operated or maintained by the City that are included in the City's impact fees program, all in accordance with JCFAs to the extent permitted by law.”

“A Special Tax (as defined herein) shall be levied on and collected from all Assessor's Parcels in Community Facilities District No. 2014-3 of the Menifee Union School District ("School District") each Fiscal Year commencing in Fiscal Year 2018/2019, in an amount determined by the Board through the application of the First Amended Rate and Method of Apportionment of Special Taxes ("RMA") described below. All of the real property within the District (as defined below), unless exempted by law or by provisions hereof, shall be taxed for the purposes, to the extent and in the manner herein provided.”

2014-06-10 (boundary-map approval; the formation resolution is NOT named anywhere in this document)

“(2) I hereby certify that the within map showing the proposed boundaries of Community Facilities District No. 2014-3 of the Menifee Union School District, Riverside County, State of California, was approved by the Governing Board of the Menifee Union School District at a regular meeting thereof, held on this 10 day of June, 2014 by its Resolution No. 2014-66.”

Resolution No. 2014-66 (resolution approving the proposed boundary map of CFD No. 2014-3)

“(2) I hereby certify that the within map showing the proposed boundaries of Community Facilities District No. 2014-3 of the Menifee Union School District, Riverside County, State of California, was approved by the Governing Board of the Menifee Union School District at a regular meeting thereof, held on this 10 day of June, 2014 by its Resolution No. 2014-66.”

“The Annual Special Tax shall be collected in the same manner and at the same time as ordinary ad valorem property taxes and shall be subject to the same penalties, the same procedure, sale and lien priority in the case of delinquency; provided, however, that the District may directly bill all or a portion of the Special Tax, may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and if so collected, a delinquent penalty of ten percent (10%) of the Special Tax will attach at 5:00 p.m. on the date the Special Tax becomes delinquent and interest at 1.5% per month of the Special Tax will attach on the July 1 after the delinquency date and the first of each month thereafter until such Special Taxes are paid.”

County of Riverside (on the ad valorem property tax roll), with the District able to bill directly

“Cooperative Strategies, LLC has received delinquency information for CFD No. 2014-3 for Fiscal Year 2021/2022 from the County of Riverside ("County"). For the second installment Fiscal Year 2021/2022 (as of May 5, 2022), $8,443.01 in Annual Special Taxes were delinquent yielding a delinquency rate of 1.12%”

“The Administrator shall classify Assessor's Parcels as Exempt Property in the chronological order in which each Assessor Parcel becomes (i) owned by the State of California, federal or other local governments, (ii) used as places of worship and are exempt from ad valorem property taxes because they are owned by a religious organization, (iii) owned by a homeowners' association, (iv) burdened with a public or utility easements making impractical their utilization for other than the purposes set forth in the easement, or (v) any other Assessor's Parcels at the reasonable discretion of the Board, provided that no such classification would reduce the Net Taxable Acreage to less than 64.7190 ("Minimum Taxable Acreage").”

“Furthermore, reductions in the Maximum Special Tax, Assigned Annual Special Tax and Backup Annual Special Tax for Developed Property for one or more Land Use Classes and the Maximum Special Tax and Assigned Annual Special Tax for Approved Property, Undeveloped Property and Provisional Undeveloped Property shall also be implemented in accordance with Section 3.B of the Mitigation Agreement without the need for any additional Board proceedings.”