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HomeMy WebLinkAbout91-79 - Special Tax Bonds (Plaza Tower Public Improvements)66 RESOLUTION NO. 91-79 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFOENIA, AUTHORIZING THE ISSUANCE OF SPECIAL TAX BONDS OF THE CITY OF COSTA MESA COMMUNITY FACILITIES DISTRICT NO. 91-1 (PLAZA TOWER PUBLIC IMPROVEMENTS), APPROVING AND DIRECT- ING THE EXECUTION OF A FISCAL AGENT AGREEMENT AND ACQUISITION AGREEMENT, AND APPROVING OTHER MATTERS RELATING THERETO. WHEREAS, this City Council has conducted proceedings under and pursu- ant to the Mello -Roos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Costa Mesa Community Facilities District No. 91-1 (Plaza Tower Public Improvements) (the "District"), to authorize the levy of special taxes, the proceeds of which are to be used to finance certain facilities (the "Facilities"), all as described in Resolution No. 91-69 entitled, "A RESOLJTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, AUTHORIZNG FORMATION OF COSTA MESA COMMUNITY FACILITIES DISTRICT NO. 91-1 (PLAZA TOWER PUBLIC IMPROVEMENTS), AUTHORIZING THE LEVY OF A SPECIAL TAX WITHIN THE DISTRICT, PRELIMINARILY ESTABLISHING AN APPRO- PRIATIONS LIMIT FOR THE DISTRICT, AND SUBMITTING LEVY OF THE SPECIAL TAX AND ESTABLISHMENT OF THE APPROPRIATIONS LIMIT TO THE QUALIFIED ELECTORS OF THE DISTRICT; and Resolution No. 91-70, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA MESA, CALIFORNIA, DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN THE CITY OF COSTA MESA COMMUNITY FACILITIES DISTRICT NO. 91-1 (PLAZA TOWER IMPROVEMENTS) AND SUBMITTING A PROPOSITION TO THE QUALIFIED ELECTORS OF THE DISTRICT", adopted August 19, 1991; and WHEREAS, pursuant to said resolutions, an election was held within the District on August 19, 1991, and the qualified electors approved the propositions of the incurrence of the bonded debt and the levy of the special tax (the "Special Tax") by more than two-thirds of the votes cast at said special election; and WHEREAS, the City Council desires to provide for the billing and collecting of the Special Tax by the Finance Director of the City; and WHEREAS, there have been submitted to this City Council certain documents providing for the issuance of bonds of the City for the District and the use of the proceeds of those bonds to finance the Facilities and this City Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, all conditions, things, and acts required to exist, to have happened and to have been performed precedent to and in the issuance of said bonds and the levy of said special taxes as contemplated by this resolution and the documents referred to herein exist, have happened and have been performed in due time, form, and manner as required by the laws of the State of California, including the Act. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: SECTION 1. Pursuant to the Act, this resolution and the Fiscal Agent Agreement (hereafter defined), special tax bonds of the City for the Dis- trict designated as "City of Costa Mesa Community Facilities District No. 91-1 (Plaza Tower Public Improvements) 1991 Special Tax Bonds" (the "Bonds") in an aggregate principal amount not to exceed $3,200,000.00 are hereby authorized to be issued. The Bonds shall be executed in the form sPt forth in and otherwise as provided in the Fiscal Agent Agreement. SECTION 2. The proposed form of Fiscal Agent Agreeement (the "Fiscal Agent Agreement") with respect to the Bonds in the form presented to this City Council at this meeting, is hereby approved. The City Manager of the City is hereby authorized and directed to execute and deliver the Fiscal Agent Agreement in substantially said form, with such additions thereto or charges therein as are approved by the City Manager of the City upon consultation with Bond Counsel including such additions or changes as are necessary or advisable in accordance with Section 7 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery of the Fiscal Agent Agreement by the City. The date, manner of payment, interest rate or rates, interest payment dates, denominations, form, registration privileges, manner of execution, place of payment, terms of redemption and other terms of the Bonds shall be as provided in the Fiscal Agent Agreement as finally executed. SECTION 3. The proposed form of purchase contract for the Bonds (the "purchase contract") between the City and the Costa Mesa Public Financing Authority (the "Authority"), in the form presented to this meeting, is hereby approved. The City Manager is hereby authorized and directed, for and in the name and on behalf of the City, to accept the offer of the Authority to purchase the Bonds contained in the purchase contract and to execute and deliver said purchase contract in said form, with such addi- tions thereto or changes therein as are recommended or approved by such officer upon consultation with Bond Counsel (provided that no additions or changes shall authorize an aggregate principal amount of Bond in excess of $3,200,000.00, or result in an initial true interest cost on the Bonds in excess of 9% per annum), the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the City of said purchase contract. This City Council hereby finds and determines that the sale of the Bonds at negotiated sale as contemplated by the purchase contract will result in a lower overall cost. SECTION 4. The proposed form of Acquisiton Agreement by and between the City and the Developer of the Facilities to be financed with the pro- ceeds of the Bonds, providing for the acquisition of the Facilites, is hereby approved in form presented to this meeting. The City Manager is hereby authorized and directed to execute and deliver the Acquisiton Agreement in said form, with such additions thereto or changes therein as are approved by the City Manager after consultation with the City Attorney. SECTION 5. The Finance Director of the City shall bill and collect the Special Tax as provided in the Fiscal Agent Agreement. The City hereby covenants, for the benefit of the Bondowners, to commence and diligently pursue to completion any foreclosrue action regarding delinquent install- ments of any amount levied as the Special Tax for the payment of interest or principal of the Bonds, said foreclosure action to be commenced and pursued as more completely set forth in the Fiscal Agent Agreement. SECTION 6. The executed Bonds shall be delivered to the Fiscal Agent for authentication. The Fiscal Agent is hereby requested and directed to authenticate the Bonds by executing the Fiscal Agents's certificate of authentication and registration appearing thereon, and to deliver the Bonds, when duly executed and authenticated, to the Authority in accord- ance with written instructions executed on behalf of the City by the City Manager or his designee, which instructions such officer is hereby author- ized and directed, for and in the name and on behalf of the City, to exe- cute and deliver to the Fiscal Agent. Such instructions shall provide for delivery of the Bonds to the Authority or its designee in accordance with the purchase contract, upon payment of the purchase price therefor. SECTION 7. All actions heretofore taken by the officers and agents of the City with respect to establishment of the District and the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Mayor, Vice Mayor, City Manager, Assistant to the City Manager, City Clerk, Finance Director, City Attorney, and other proper officers of the City are hereby authorized and directed to do any and all things and take any and all actions and execute any and all certificates, agreements and other documents, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with this resolution, and any certificate, agreement, and other document described in the documents herein approved. Any action authorized by this resolution to be taken by a special officer of the City may be taken on such officer's behalf by the written designee of such officer. W3 SECTION S. This resolution shall take effect frau and after its adoption. PASSED AND ADOPTED this 7th day of October, 1991. Mayor of e City of Costa Mesa ATTEST: City Clerk of the City of Costa 7 sa STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss CITY OF COSTA MESA ) I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City Council of the City of Costa Mesa, hereby certify that the above and fore- going Resolution No. 91-79 was duly and regularly passed and adopted by the said City Council at a regular meeting thereof, held on the 7th day of October, 1991, by the following roll call vote: AYES: COUNCIL MEMBERS: Hornbuckle, Genis, Buff a, Humphrey, Erickson NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None IN WITNEES WHEREOF, I have hereunto set my hand and affixed the Seal of the City of Costa Mesa this 8th day of October, 1991. �p City Clerk and ex -officio Clerk o the City Council of the City of Cost Mesa J