HomeMy WebLinkAbout97-74 - Bonded Indebtedness within Community Facility Dist. No. 97-1 (Sunflower Ave Utility Undergrounding)RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, DETERMINING THE
NECESSITY TO INCUR BONDED INDEBTEDNESS
WITHIN COMMUNITY FACILITY DISTRICT NO. 97-1
(SUNFLOWER AVENUE UTILITY UNDERGROUNDING)•
THE CITY COUNCIL (the "Council") OF THE CITY OF COSTA MESA
(the "City") DOES HEREBY RESOLVE AS FOLLOWS:
WHEREAS, on July 7, 1997, this Council adopted Resolution No. 97-61 (the
"Resolution of Intention") entitled "A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF COSTA MESA, CALIFORNIA, DECLARING THE INTENTION TO ESTABLISH
A COMMUNITY FACILITIES DISTRICT AND TO LEVY SPECIAL TAXES THEREIN FOR
THE CITY OF COSTA MESA COMMUNITY FACILITIES DISTRICT NO. 97-1
(SUNFLOWER AVENUE UTILITY UNDERGROUNDING)", (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, commencing with Section 53311 of the California Government
Code (the "Act"); and
WHEREAS, on July 7, 1997, this Council also adopted Resolution No. 97-62,
entitled "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA, CALIFORNIA, DECLARING THE INTENTION TO INCUR BONDED
INDEBTEDNESS FOR PROPOSED CITY OF COSTA MESA COMMUNITY
FACILITIES DISTRICT NO. 97-1 (SUNFLOWER AVENUE UTILITY UNDER -
GROUNDING", stating its intention to incur bonded indebtedness within the
boundaries of the CFD for the purpose of financing costs of certain facilities specified
in the Resolution of Intention; and
WHEREAS, on August 18, 1997, this Council held a noticed public hearing as
required by the Act about the determination to proceed with formation of the CFD,
the provision of certain defined facilities (the "Facilities") by the CFD and the rate and
method of apportionment of the special tax to be levied within the CFD to pay the
principal and interest on the proposed bonded indebtedness in the CFD and the
administrative costs of the City relative to the CFD; and
WHEREAS, subsequent to the public hearing, this Council adopted a resolution
entitled "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA, CALIFORNIA, FORMING COMMUNITY FACILITIES DISTRICT NO. 97-1
(SUNFLOWER AVENUE UTILITY UNDERGROUNDING), AUTHORIZING THE LEVY
OF SPECIAL TAXES THEREIN AND PRELIMINARILY ESTABLISHING AN
APPROPRIATIONS LIMIT THEREFOR" (the "Resolution of Formation"); and
WHEREAS, this Council also held a noticed public hearing as required by the
Act relative to the matters material to the questions set forth in the Resolution of
Intention to incur indebtedness; and
WHEREAS, no written protests with respect to the matters material to the
questions set forth in the Resolution of Intention to Incur Indebtedness have been filed
with the City Clerk;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. Recitals. The foregoing recitals are true and correct.
2. Necessity. This Council deems it necessary to incur bonded
indebtedness in the maximum aggregate principal amount of
$2,800,000.00 within the boundaries of the CFD for the purpose of
financing the costs of a portion of the Facilities, as provided in the
Resolution of Intention and the Resolution of Formation including, but
not limited to, the costs of issuing and selling bonds to finance a portion
of the Facilities and the costs of the City in establishing and
administering the CFD.
3. Entire CFD Liable. The whole of the CFD shall pay for the bonded
indebtedness through the levy of the special tax. The tax is to be
apportioned in accordance with the formula set forth in Exhibit B to the
Resolution of Formation.
4. Bonds. Bonds in the maximum amount of $2,800,000.00 are hereby
authorized subject to voter approval. The bonds may be issued in such
series and mature and bear interest at such rate or rates, payable
semiannually or in such other manner, all as this Council or its designee
shall determine, at the time or times of sale of such bonds; provided,
however, that the interest rate or rates shall not exceed the maximum
interest rate permitted by applicable law at the time of sale of the bonds,
and the bonds or any series thereof shall have a maximum term not to
exceed forty (40) years.
5. Election. The proposition of incurring the bonded indebtedness herein
authorized shall be submitted to the qualified electors of the CFD and
shall be consolidated with elections on the proposition of levying special
taxes within the CFD and the establishment of an appropriations limit for
the CFD pursuant to Section 53353.5 of the Act. The time, place, and
further particulars and conditions of such election shall be as specified
by separate resolution of this Council.
Effective Date. This Resolution shall take effect upon its adoption.
PASSED AND ADOPTED this 18th day of August, 1997.
ATTEST:
T
Deputy City lerk of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
w ) co
Meyef--0f th City of Costa Mesa
APPROVED AS TO FORM
CITY ATTORNEY
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. Q7-74 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof held on the 18th day of August, 1997, by the
following roll call vote:
AYES: MorvANA4)
NOES: to NE
ABSENT: lulu FFq
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa this 19th day of August, 1997.
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Deputy City Oerk and ex -officio Clerk of
the City Cou cil of the City of Costa Mesa