Loading...
HomeMy WebLinkAbout2020-01-28 - RESOLUTIONS - ACTING AS THE LEGISLATIVE BODY OF CITY OF SC CMTY (2)RESOLUTION NO.20-4 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, ACTING AS THE LEGISLATIVE BODY OF CITY OF SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO.2016-1 (VISTA CANYON), AUTHORIZING THE ISSUANCE OF THE CITY OF SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO.2016-1 (VISTA CANYON) SPECIAL TAX BONDS, 2020 SERIES AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT AGREEMENT, A CONTINUING DISCLOSURE CERTIFICATE, A BOND PURCHASE AGREEMENT AND APPROVING A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION THEREWITH WHEREAS, the City Council (the "Council") of the City of Santa Clarita, California (the "City") has conducted proceedings under and pursuant to the Mello -Roos Community Facilities Act of 1982, as amended (the "Act"), to form the City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) (the "CFD"), and Zones 1 and 2 therein, to authorize the levy of special taxes upon the land within the CFD for certain services and facilities which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within the CFD, and to issue bonds secured by the facilities special taxes (the "Special Tax For Facilities") in an amount not to exceed $45,000,000, the proceeds of which are to be used to finance the acquisition and/or construction of certain real and other tangible property with an estimated useful life of five years or longer, including public infrastructure facilities and other government facilities 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 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 (collectively, the "Facilities"); and WHEREAS, the Council, acting as the legislative body of the CFD, intends to authorize the issuance of its initial series of bonds for the CFD designated "City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) Special Tax Bonds, 2020 Series (the "Bonds"); and WHEREAS, there have been submitted to this Council certain documents providing for the issuance of the Bonds and this Council, with the aid of its staff, has reviewed said documents and found them to be in proper order; and WHEREAS, in accordance with Government Code Section 53360.4, the legislative body of the CFD determines that a negotiated sale of the Bonds to Stifel, Nicolaus & Company, Incorporated (the "Underwriter") in accordance with the terms of the Bond Purchase Agreement for the Bonds to be entered into by the CFD and the Underwriter will result in a lower overall cost to the CFD than a public sale; and WHEREAS, Integra Realty Resources, a state -certified real estate appraiser, as defined in Section 11340 of the California Business and Professions Code, has delivered to the Page 1 of 4 City an appraisal report, dated as of January 21, 2020 (the "Appraisal"), which was made in a manner consistent with the City's policies for community facilities district financings; and WHEREAS, the Appraisal states the value of the real property that is subject to the special tax to pay debt service on the Bonds is $124,540,000, which is not less than 3.5 times the sum of the maximum principal amount of the Bonds ($22,000,000) plus the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act on property within the CFD ($0); and WHEREAS, Senate Bill 450 (Chapter 625 of the 2017-2018 Session of the California Legislature) ("SB 450") requires that the governing body of a public body obtain, prior to authorizing the issuance of bonds with a term of greater than 13 months, good faith estimates of the following information in a meeting open to the public: (a) the true interest cost of the bonds, (b) the sum of all fees and charges paid to third parties with respect to the bonds, (c) the amount of proceeds of the bonds expected to be received net of the fees and charges paid to third parties and any reserves or capitalized interest paid or funded with proceeds of the bonds, and (d) the sum total of all debt service payments on the bonds calculated to the final maturity of the bonds plus the fees and charges paid to third parties not paid with the proceeds of the bonds; 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 For Facilities 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, the City Council of the City of Santa Clarita, California, acting as the legislative body of the City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon), does hereby resolve as follows: SECTION 1. Approval and Authorization of Initial Series of Bonds. The Council hereby authorizes the issuance of the Bonds in an amount not to exceed $22,000,000 for the purpose of financing a portion of the Facilities, funding of a debt service reserve account, funding capitalized interest for a period not to exceed 24 months and paying costs of issuance related to the Bonds. SECTION 2. Approval of Fiscal Agent Agreement. The Council hereby approves the Fiscal Agent Agreement in substantially the form presented to this Council and on file with the City Clerk. The Mayor, the City Manager, Assistant City Manager or City Treasurer (each, a "Responsible Officer") is hereby authorized to execute the Fiscal Agent Agreement with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with. the advice of Bond Counsel and approval of City Attorney, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 3. Approval of Continuing Disclosure Certificate. The Council hereby approves the Continuing Disclosure Certificate in substantially the form presented to this Council and on file with the City Clerk. Any Responsible Officer is hereby authorized to Page 2 of 4 execute the Continuing Disclosure Certificate with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with the advice of Bond Counsel and approval of City Attorney, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 4. Approval of Preliminary and Final Official Statement. The Council hereby approves the Preliminary Official Statement relating to the Bonds, substantially in the form presented to this Council and on file with the City Clerk, with such revisions, amendments and completions as shall be approved by any Responsible Officer with the advice of Bond Counsel or Disclosure Counsel and City Attorney, in order to make the Preliminary Official Statement final as of its date, except for the omission of certain information, as permitted by Section 240.15c2-12(b)(1) of Title 17 of the Code of Federal Regulations ("Rule 15c2-12"), and any certificate relating to the finality of the Preliminary Official Statement under Rule 15c2-12. Any Responsible Officer is authorized and directed to execute and deliver- a final Official Statement in the form of the Preliminary Official Statement, with such additions and cl.anges as may be approved by Bond Counsel or Disclosure Counsel and any Responsible Officer executing the same, such approval to be conclusively evidenced by the execution and delivery thereof. SECTION 5. Approval of Bond Purchase Agreement. The Council hereby approves the Bond Purchase Agreement in substantially the form presented to this Council and on file with the City Clerk. Any Responsible Officer is hereby authorized to execute the Bond Purchase Agreement with such revisions, amendments and completions as shall be approved by any Responsible Officer executing the same, with the advice of Bond Counsel, such approval to be conclusively evidenced by the execution and delivery thereof, provided that, the Bond Purchase Agreement shall provide for a true interest cost (including original issue discount shown) not greater than 5%, and an underwriter's discount not greater than 1.1% of the principal amount of Bonds. SECTION 6. Good Faith Estimates. In accordance with SB 450, good faith estimates of the following have been presented to this meeting: (a) the true interest cost of the Bonds, (b) the sum of all fees and charges paid to third parties with respect to the Bonds, (c) the amount of proceeds of the Bonds expected to be received net of the fees and charges paid to third parties and any reserves or capitalized interest paid or funded with proceeds of the Bonds, and (d) the sum total of all debt service payments on the Bonds calculated to the final maturity of the Bonds plus the fees and charges paid to third parties not paid with the proceeds of the Bonds. SECTION 7. Official Actions. Each Responsible Officer is hereby authorized and directed, for and in the name and on behalf of the City, to do any and all things and take any and all other actions, including the obtaining of municipal bond insurance and reserve account surety, and the publication of any notices necessary or desirable in connection with the sale of the Bonds and execution and delivery of any and all assignments, certificates, requisitions, agreements, notices, consents, instruments of conveyance, warrants and other documents, which they, or any of them, deem necessary or advisable in order to consummate the lawful issuance and sale of the Bonds and the consummation of the transactions as described herein. Page 3 of 4 SECTION 8. Certification and Effective Date. The City Clerk shall certify to the adoption of this resolution. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED, AND ADOPTED this 28th day of January 2020. MAYOR ATTEST: CITY CLERK DATE:({y STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF SANTA CLARITA ) I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the foregoing Resolution No. 20-4 was duly adopted by the City Council of the City of Santa Clarita, acting as the legislative body of the City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) at a regular meeting thereof, held on the 28th day of January 2020, by the following vote: . AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: McLean, Miranda, Kellar, Weste, Smyth None None Page 4 of 4 CITY CLERK