Loading...
HomeMy WebLinkAbout2016-02-23 - RESOLUTIONS - INCUR BONDED INDEBTEDNESS (2)RESOLUTION NO. 16-06 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $45,000,000 WITHIN THE PROPOSED CITY OF SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO. 2016-1 (VISTA CANYON) WHEREAS, the City Council (City Council) of the City of Santa Clarita (City) has heretofore adopted Resolution No. 16-05 (Resolution of Intention), stating the City Council's intention to establish City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) (CFD), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the California Government Code (Act), to finance the acquisition and construction of facilities with an estimated useful life of five years or longer, which the CFD is authorized by law to construct, own, or operate and that are necessary to meet increased demands placed upon the City as a result of development occurring within the proposed CFD, including, but not limited to, all or a portion of up to three parking structures and a transit station and related costs including designs, inspections, professional fees, and acquisition costs (Facilities); and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness on behalf of the CFD in the amount not to exceed $45,000,000, the repayment of which is to be secured by certain special taxes levied in accordance with Section 53340 et seq. of the Act on all property within the CFD, other than those properties exempted from taxation as provided in the rate and method of apportionment attached as Exhibit A to the Resolution of Intention. NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve as follows: SECTION 1. The above recitals are true and correct. SECTION 2. It is necessary to incur bonded indebtedness in one or more series within the CFD in the aggregate amount not to exceed $45,000,000 to finance the costs of the Facilities. SECTION 3. The bonded indebtedness will be incurred for the purpose of financing the costs of designing, constructing, and acquiring the Facilities, the acquisition of necessary equipment and property therefore and fulfilling contractual commitments and carrying out the powers and purposes of the CFD, including, but not limited to, the financing of the costs associated with the issuance of the bonds and all other costs necessary to finance the Facilities which are permitted to be financed pursuant to the Act. SECTION 4. It is the intent of the City Council, acting as the legislative body of the CFD, to authorize the sale of bonds in one or more series, in the maximum aggregate principal amount not to exceed $45,000,000, bearing interest payable semi-annually or in such other manner as the City Council shall determine at a maximum interest rate of 12 percent per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued. The term of the bonds of each series shall be determined pursuant to a resolution of the City Council authorizing the issuance of the bonds of such series, but such term shall in no event exceed 40 years or such longer term as is then permitted by law. Given that no single-family residential parcel will be subject to the special tax of the CFD, the City Council hereby waives its level debt service requirement under City policy for any series of bonds and determines that the annual debt service of a series of bonds may escalate. SECTION 5. A public hearing (Hearing) on the proposed debt issue shall be held on April 12, 2016, at 6:00 p.m., or as soon thereafter as practicable, at the City of Santa Clarita Council Chambers, 23920 Valencia Boulevard, Santa Clarita, California 91355. SECTION 6. At the Hearing at the time and place set forth above, any interested persons, including all persons owning land or registered to vote within the proposed CFD, may appear and be heard. SECTION 7. The proposition to incur bonded indebtedness in the maximum aggregate principal amount not to exceed $45,000,000 shall be submitted to the qualified electors of the CFD. A special Community Facilities District election shall be conducted on April 12, 2016. The special election shall be conducted by hand delivered or mailed ballot election with return postage prepaid. The ballots shall be returned to the office of the election officer no later than 11:00 p.m. on April 12, 2016. SECTION 8. The City Clerk is hereby directed to publish a notice (Notice) of the Hearing pursuant to Section 6061 of the Government Code in a newspaper of general circulation published in the area of the proposed CFD. Such Notice shall contain information set forth in Section 53346 of the Act. SECTION 9. The City Clerk shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED this 23rd day of February 2016. Mro; / rA- ATTEST: CITY LL DATE: i� 1 1 1 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF SANTA CLARITA ) I, Kevin Tonoian, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution was duly adopted by the City Council of the City of Santa Clarita at a regular meeting thereof, held on the 23`d day of February 2016, by the following vote: AYES: COUNCILMEMBERS: Acosta, McLean, Boydston, Weste, Kellar NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None