HomeMy WebLinkAbout05-81 - Finding Significant Public Benefit from Public Capital Improvements within the City, Approving the Sale of BondsRESOLUTION NO. 05-81
A RESOLUTION OF CITY OF COSTA MESA, CALIFORNIA,
FINDING SIGNIFICANT PUBLIC BENEFIT WITH RESPECT TO
CERTAIN PUBLIC CAPITAL IMPROVEMENTS TO BE LOCATED
WITHIN THE BOUNDARIES OF THE CITY AND APPROVING
THE SALE OF BONDS IN CONNECTION THEREWITH
WHEREAS, the Authority is a joint powers authority duly organized and existing
under and pursuant to that certain Joint Exercise of Powers Agreement (the "JPA
Agreement") dated August 20, 1990, by and between the City of Costa Mesa, California
(the "City") and the Costa Mesa Redevelopment Agency, and under the provisions of
Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title
1 of the Government Code of the State of California (the "JPA Act"); and
WHEREAS, the Authority is authorized pursuant to the provisions of Article 4,
Chapter 5, Division 7, Title 1 of the California Government Code to issue bonds for the
purpose of (1) refunding its $3,225,000 Costa Mesa Public Financing Authority 1991
Local Agency Revenue Bonds, currently outstanding in the aggregate principal amount
of $2,140,000 (the "Series 1991 Bonds"), (2) purchasing the City of Costa Mesa
Community Facilities District No. 91-1 (Plaza Tower Public Improvements) 1991 Special
Tax Bonds, currently outstanding in the aggregate principal amount of $2,120,000 (the
"Local Obligations"); and
WHEREAS, the Authority desires to issue its Costa Mesa Public Financing
Authority Revenue Refunding Bonds, Series 2004A (the 'Bonds") in a principal amount
not to exceed $3,000,000 to finance certain public capital improvements of the City,
including the acquisition, construction and equipping of certain capital improvements
known as the "Tewinkle Park Lake Improvements" located at 970 Arlington in the City
(the "Capital Facilities'); and
WHEREAS, Section 6586.5 of the JPA Act requires a member of the Authority in
whose boundaries the Capital Facilities to be acquired, constructed or financed with the
proceeds of the Bands are to be located to make certain findings with respect to such
Capital Facilities and approve the sale of the Bonds, after a public hearing; and
WHEREAS, the Capital Facilities to be acquired, constructed or financed with a
portion of the proceeds of the Bonds are located within the boundaries of the City; and
WHEREAS, the City has held a public hearing on the date hereof pursuant to
Government Code Section 6586.5 following publication of notice not less than 5 days
prior to the hearing, concerning the financing of the Capital Facilities and the sale of the
Bonds by the Authority;
NOW, THEREFORE, IT IS RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COSTA MESA AS FOLLOWS:
Section 1. Each of the above recitals is true and correct.
Section 2. The City approves the sale of the Bonds by the Authority to finance
the Capital Facilities.
Section 3. The sale of the Bonds by the Authority will result in significant public
benefits of the type described in Government Code Section 6586, including
demonstrable savings in effective interest rate, bond preparation, bond underwriting or
bond issuance costs.
Section 4. The City Manager and his designee are authorized, on behalf of the
City, to execute and deliver any instrument or agreement relative to the use of the
portion of Bond proceeds used to finance Capital Facilities for the purposes described
herein in accordance with the law and affirming the obligation of the City to take no
action which would adversely affect the exclusion from gross income of interest on the
Bonds.
Section 5. This Resolution shall take effect immediately upon its passage.
PASSED AND ADOPTED this 15t' day of November, 2005, by the following vote:
ATTEST:'' ll
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Dep6fy City Clerk of the City of Costa Mesa Mayor of the City of Costa Mesa
APPROVED AS TO FORM
City Atto ey
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, JULIE FOLCIK, 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. 05-e1
was duly and regularly passed and adopted by the said City Council at a regular
meeting thereof held on the 15"' day of November, 2005, by the following roll call vote:
AYES: Mansoor, Bever, Foley, Monahan.
NOES: Mone.
ABSENT: Dixon.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 16� day of November, 2005.
DepuW City Clerk land ex -officio Clerk of
the City Council of the City of Costa Mesa