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HomeMy WebLinkAbout1992-06-09 - RESOLUTIONS - CFD 92-1 BONDED INDEBTEDNESS (2)RESOLUTION NO. 92-110 RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA, TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT OF NOT -TO -EXCEED $20,000,000 WITHIN PROPOSED COMMUNITY FACILITIES DISTRICT NO. 92-1 WHEREAS, the City Council (the "Council") of the City of Santa Clarita, California (the "City"), has heretofore adopted Resolution No. 92-109, after receiving a petition signed by the owner of all of the real property within a proposed community facilities district hereinafter described, stating its intention to form Community Facilities District No. 92-1 of the City of Santa Clarita (Valencia Town Center) ("Community Facilities District No. 92-1" or "CFD No. 92-111), .-. pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the Government .,.Code of the State of California (the "Act"), to finance the purchase, construction, maintenance, expansion or rehabili- tation of certain real and other tangible ppoperty with an estimated useful life of five years or longer, including right-of-way, real property and structures, and other governmental facilities which the City is authorized by law to construct, acquire, own or operate, which are necessary to meet increased demands placed upon the City as a result of development or rehabilitation occurring within proposed Community Facilities District No. 92-1 (the "Facilities"), and -1- ,^ WHEREAS, the Council estimates that the amount required to finance the Facilities is $20,000,000; and WHEREAS, in order to finance the Facilities it is neces- sary to incur bonded indebtedness in the amount of not -to - exceed $20,000,000, the repayment of which is to be secured by special taxes levied in accordance with Section 53340 et seq. of the Act on all property within Community Facilities District No. 92-1, other than as set forth in Section E of the Rate and Method of Apportionment attached as Exhibit A to Resolution No.q2-ina NOW, THEREFORE, the City Council of the City of Santa Clarita, California, does hereby resolve, determine and order as follows: Section 1. The above recitals are true and correct. Section 2. It is necessary to incur bonded indebtedness within proposed Community Facilities District No. 92-1 in the amount of not -to -exceed $20,000,000 to finance the costs of the Facilities as described herein. 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 therefor and fulfilling contractual commitments and carrying out the powers and purposes of Community Facilities District No. 92-1, including, but not by way of limitation, the financing of the costs associated with the issuance of the bonds and all other costs necessary to -2- finance the Facilities which are permitted to be financed pursuant to the Act. Section 4. It is the intent of the Council to authorize the sale of bonds in one or more series, in the maximum aggregate principal amount of $20,000,000 at a maximum interest rate not in excess 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 shall be determined pursuant to a resolution of the Council authorizing the issuance of the bonds, but such term shall in no event exceed 40 years from the date of issuance of any series of bonds or such longer term as is then permitted by law. Section 5. Notice is hereby given that a public hearing (the "Hearing") on the proposed debt issue shall be " held on July 14, 1992 at 6:30 o'clock p.m. or as soon thereafter as practicable, at the City of Santa Clarita Civic Center, 23920 Valencia Boulevard, Santa Clakta, California 91355. Section 6. At the time and place set forth above, any interested persons, including all persons owning land or registered to vote within proposed Community Facilities District No. 92-1, may appear and be heard at the Hearing. Section 7. The Clerk of the City 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 in proposed Community Facilities District No. -3- 92-1. Such publication shall be completed at least seven (7) days prior to the date of the Hearing. Section 8. The Clerk of the City is hereby directed to send a copy of the Notice of the Hearing by first-class mail, postage prepaid, to each registered voter and to each landowner within proposed Community Facilities District No. 92-1 as shown on the last equalized assessment roll. Said mailing shall be completed not less than fifteen (15) days prior to the date of the Hearing. PASSED and ADOPTED by the City Council of the City of Santa Clarita, California, at a regular meeting held on the s 9th day of June , 1992. Att t: TY CLERK CITY OFSANLATA, CALIFORNIA 10 Y` MA R -4- I HEREBY CERTIFY that the foregoing resolution was duly ^- adopted by the City Council of the City of Santa Clarita, California, at a regular meeting thereof, held on the 9th day of June , 1992, by the following vote of the Council: AYES: Councilmembers Boyer, Darcy, Heidt, Pederson, Klajic NOES: Councilmembers None ABSENT: Councilmembers None CITY CLERK (S L) I, DONNA GRINDEY, City Clerk of the City of Santa Clarita, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 92=110 and that the same has not been amended or repealed. ^ DATED: June 9th , 1992. ICIty Clerk of the City f Santa Clarita, Califo is (SEAL) 9/146/014040-0001/04 -5- ry