HomeMy WebLinkAbout91-70 - Bonded Indebtedness - Community Facilities District No. 91-1 (Plaza Tower Public Improvements)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 PUBLIC IMPROVEMENTS) AND SUBMITTING
A PROPOSITION TO THE QUALIFIED ELECTORS OF THE
DISTRICT.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
WHEREAS, on July 15, 1991, this City Council adopted Resolution No.
91-62 entitled, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA, CALIFORNIA, DECLARING ITS INTENTION TO ESTABLISH CITY OF COSTA MESA
COMMUNITY FACILITIES DISTRICT NO. 91-1 (PLAZA TOWER PUBLIC IMPROVEMENTS)
AND TO AUTHORIZE THE LEVY OF SPECIAL TAXES PURSUANT TO THE MELLO-ROOS
COMMUNITY FACILITIES ACT OF 1982" (the "Resolution of Intention"); and
WHEREAS, on July 15, 1991, this City Council adopted Resolution No.
91--63 entitled, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA, CALIFORNIA, DECLARING ITS INTENTION TO INCUR BONDED INDEBTEDNESS FOR
THE PROPOSED CITY OF COSTA MESA COMMUNITY FACILITIES DISTRICT NO. 91-1
(PLAZA TOWER PUBLIC IMPROVEMENTS) PURSUANT TO THE MELLO-RO0S COMMUNITY
FACILITIES ACT OF 1982" (the "Resolution of Intention to Incur Indebted-
ness"); and
WHEREAS, on this date, the City Council held a noticed public hearing
as required by the Mello -Roos Ccmunity Facilities Act of 1982 as amended
(the "Act") relative to the determination to proceed with the formation of
City of Costa Mesa Community Facilities District No. 91-1 (the "District"),
the provision of facilities by the District, and the rate and method of
apportionment of the special tax to be levied within the District to pay
.r the principal and interest on the proposed indebtedness and the administra-
tive costs of the City relative to the District; and
WHEREAS, at said hearing, all persons desiring to be heard on all
matters pertaining to the formation of the District, the provision of said
facilities ( the "Facilities") and the levy of the special tax on property
within the District, were heard and a full and fair hearing was held; and
WHEREAS, subsequent to said hearing, this City Council adopted Resolu-
tion No. 91-69 entitled, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA MESA, CALIFORNIA, AUTHORIZING 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 APPROPRIATIONS LIMIT FOR THE DISTRICT, AND SUBMITTING LEVY OF THE SPECIAL
TAX AND THE ESTABLISHMENT OF THE APPROPRIATIONS LIMIT TO THE QUALIFIED
ELECTORS OF THE DISTRICT" (the "Resolution of Formation"); and
WHEREAS, on this date, this City Council 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 Indebted-
ness have been filed with the City Clerk;
�. NOW, THEREFORE, IT IS HEREBY ORDERED AS FOLL01WS:
1. The foregoing recitals are true and correct.
2. It is necessary to incur bonded indebtedness in the maximum aggre-
gate principal amount of $3,200,000.00 within the boundaries of
the District.
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3. The indebtedness is incurred for the purpose of financing the
costs of the Facilities as provided in the Resolution of Formation
including, but not limited to, the costs of issuing and selling
bonds to finance the Facilities and the costs of the City in
administering the District.
4. The whole of the District 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.
5. The maximum amount of bonded indebtedness to be incurred is
$3,200,000.00 and the maximum term of the bonds to be issued shall
in no event exceed forty (40) years.
6. The bonds shall bear interest at the rate or rates not to exceed
the maximum interest rate permitted by applicable law at the time
of sale of the bonds, payable semi-annually or in such other manner
as this City Council or its designee shall determine, the actual
rate or rates and times of payment of such interest to be deter-
mined by this City Council or its designee at the time or times
of sale of said bonds.
7. The proposition of incurring the bonded indebtedness herein
authorized shall be submitted to the qualified electors of the
District and shall be consolidated with elections on the proposi-
tion of levying special taxes within the District and establish-
ment of an appropriations limit for the District pursuant to
Section 53353.5 of the Act. The time, place, and conditions of
said election shall be as specified by separate resolution of
this City Council.
PASSED AND ADOPTED this 19th day of August, 1991.
ATTEST*
City Clerk of the City of CostaM a
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
• •� - City of Costa
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. 91-70 was duly and regularly passed and adopted by the
said City Council at a regular meeting thereof, held on the 19th day of
August, 1991, by the following roll call vote:
AYES: COUNCIL MEMBERS: Hornbuckle, Genis, Buffa, Humphrey, Erickson
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 20th day of August, 1991.
71 y Clerk and ex -officio Clerk o the
City Council of the City of CostofMesa