HomeMy WebLinkAbout97-62 - Incur Bonded Indebtedness for Propoosed City Community Fac, Distr. 97-1, Sunflower Ave Utility UndergroundingRESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, DECLARING THE
INTENTION TO INCUR BONDED INDEBTEDNESS FOR
THE PROPOSED CITY OF COSTA MESA COMMUNITY
FACILITIES DISTRICT NO. 97-1 (SUNFLOWER AVENUE
UTILITY UNDERGROUNDING).
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AND DECLARE AS FOLLOWS:
WHEREAS, this City Council has this date adopted its Resolution of -Intention
to Establish a Community Facilities District and To Levy Special Taxes Therein,
stating its intention to form the City of Costa Mesa Community Facilities District
No. 97-1 (the "CFD") pursuant to the Mello -Roos Community Facilities Act of
1982, as amended , Chapter 2.5 of Part 1 of Division 2 of Title 5 of the California
Government Code (the "Act"), for the purpose of financing certain utility
improvements (the "Facilities") as further provided in that Resolution; and
WHEREAS, this City Council estimates the amount required for the financing
of the costs of the Facilities to be the sum of not to exceed $2,800,000; and
WHEREAS, in order to finance a portion of the costs of the Facilities it is
necessary to incur bonded indebtedness in the amount of not to exceed
$2,800,000 on behalf of the CFD.
NOW, THEREFORE, BE IT FURTHER AND ORDERED as follows:
1. Bonded Debt. It is necessary to incur bonded indebtedness within the
boundaries of the proposed CFD in the amount of up to $2,800,000 to finance the
costs of the Facilities.
2. Purposes of Bonded Debt. The bonded indebtedness is proposed to be
incurred for the purpose of financing the costs of the Facilities, including acquisition
and improvement costs and all costs incidental to or connected with the
accomplishment of said purposes and of the financing thereof, as permitted by
Section 53345.3 of the Act.
3. Terms of Bonds. This City Council, acting as legislative body for the CFD
intends to authorize the issuance and sale of bonds in the maximum aggregate
principal amount of not to exceed $2,800,000, bearing interest payable semi-
annually or in such other manner as this Council shall determine, at a rate not to
exceed the maximum rate of interest as may be authorized by applicable law at the
time of sale of such bonds, and maturing not to exceed 40 years from the date of
the issuance of such bonds.
4. Public Hearing. On August 18, 1997, at 6:30 p.m., or as soon as
possible thereafter, in the Council Chambers, City Hall, 77 Fair Drive, Costa Mesa,
California, be, and the same are hereby appointed and fixed as the time and place
when and where this City Council, as legislative body for the District, will conduct
a public hearing on the proposed debt issue and consider and finally determine
whether the public interest, convenience and necessity require the issuance of
bonds by the City on behalf of the CFD.
5. Notices of Hearing. The City Clerk is hereby directed to cause notice of
said public hearing to be given by publication one time in a newspaper of general
circulation circulated within the CFD. The publication of said notice - shall be
completed at least seven (7) days before the date herein set for said public hearing.
The City Clerk shall also cause notice of the hearing to be given to each property
owner within the CFD by first class mail, postage prepaid, to each such owner's
address as it appears on the most recent tax records of the County of Orange or as
otherwise known to the City Clerk to be correct. Such mailed notice shall be
completed not less than fifteen days before the date of the hearing. Each of the
notices shall be substantially in the form specified in Section 53346 of the Act,
with the form summarizing the provisions hereof hereby specifically approved.
PASSED AND ADOPTED at the regular meeting of the City Council of the
City of Costa Mesa, State of California, on this 7th day of July, 1997.
Mayor or the City of tdgia Mesa
ATTEST:
/APPROVED AS TO FORM.
Deputy CityI rk of the City of Costa Mesa 11Y ATTORNEY
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA)
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. 9 7. t,;L was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on the 7th day of July, 1997, by the
following roll call vote:
AYES: 6uFFA1
NOES: �prOE
ABSENT: /Ja,v c
I' IONANAN &IG t,-5on1) e6WJ1AJI S�DMG(7-5
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal
of the City of Costa Mesa this 8th day of July, 1997.
T.
Deputy City lerk and ex -officio Clerk of
the City Council of the City of Costa Mesa