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HomeMy WebLinkAbout2000-08-22 - RESOLUTIONS - VALENCI TOWN CENTER (2)RESOLUTION NO. CFD 92-1-13 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA CLARITA, CALIFORNIA ACTING ON BEHALF OF COMMUNITY FACILITIES DISTRICT NO. 92-1 OF THE CITY OF SANTA CLARITA (VALENCIA TOWN CENTER) APPROVING THE DEFEASANCE OF ITS SPECIAL TAX BONDS, SERIES A, APPROVING AN ESCROW AGREEMENT AND AUTHORIZING THE TAHING OF CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH WHEREAS, the City Council (the "Legislative Body") of the City of Santa Clarita (the "City") formed and established the Community Facilities District No. 92-1 of the City of Santa Clarita (Valencia Town Center) (the *District") pursuant to the terms and provisions of the Mello -Roos Community Facilities District Law of 1982, as amended (Sections 63311 et seq. of the California Government Code) (the "Act"); and WHEREAS, on October 22, .1992, the District issued its Community Facilities District No. 92-1 of the City of Santa Clarita (Valencia Town Center) Special Tax Revenue Bonds, Series A (the "Bonds"), in the original aggregate principal amount of $20,000,000, all pursuant to the Act and Resolution No. CFD 92-1-4, as amended on September 22, 1992 (the 'Bond Resolution"); and WHEREAS, the Bonds are currently outstanding in the principal amount of $16,720,000; and WHEREAS, U.S. Bank Trust National Association is successor fiscal agent to First Trust National Association, who was appointed as fiscal agent for the Bonds pursuant to the Bond Resolution (the "Fiscal Agent"); and WHEREAS, pursuant to the Bond Resolution and the rate and method of apportionment (the "RMA'), the owner(s) of the land within District have prepaid all. special taxes and deposited the same with the Fiscal Agent and have requested that the District defease the Bonds and, pursuant to. Section 6.01(A) of the Bond Resolution, redeem the remaining outstanding Bonds on November 16, 2002, or any interest payment date thereafter; and WHEREAS, the Bond Resolution provides that the Bonds may be deemed defeased by depositing with the Fiscal Agent sufficient funds or obligations as provided herein to pay when due the scheduled installments of principal and interest on the Bonds through the date of redemption, and to redeem the remaining principal amount of the Bonds, together with the premium set forth in the Bond Resolution, upon their redemption; and Page 2 WHEREAS, a preliminary verification report prepared by Causey Dengen & Moore, along with a form of escrow and deposit trust agreement (the "Escrow and Deposit Trust Agreement") by and between the District and U.S. Bank Trust National Association, as escrow agent, has been presented to the Legislative Body and is on file with the City Clerk. NOW, THEREFORE, THE - CITY COUNCIL OF THE CITY OF SANTA CLARITA, ACTING AS THE LEGISLATIVE BODY OF THE COMMUNITY FACILITIES DISTRICT NO. 92-1 OF THE CITY OF SANTA CLARITA (VALENCIA TOWN CENTER), does resolve as follows: SECTION 1: Approval of Recitals. The District hereby finds and determines that the foregoing recitals are true and correct. SECTION 2: Approval of the Defeasance and Redemption of the Bonds. The District hereby approves the defeasance and redemption of the Bonds in the manner provided herein. SECTION 3: Approval of Escrow Deposit and Trust Agreement. The Escrow Deposit and Trust Agreement, in substantially the form on file with the City Clerk and presented to the Legislative Body at this meeting, is hereby approved. Any one of the Mayor, the City Manager, the Director of Administrative Services, and the City Clerk, and each of them, and any designee of any of them (collectively, the "Authorized Officers"), is hereby authorized and directed, for and in the name and on behalf of the District, to execute and deliver the Escrow Deposit and Trust Agreement, with such insertions and changes as may be approved by the Authorized Officer executing the same and the City Attorney or special counsel, subject to the provisions of this Resolution, such approval to be conclusively evidenced by such execution and delivery. SECTION 4: Further Authorization; Ratification. The Authorized Officers, the other officers and employees of the City and the District, the Legislative Body, City Attorney, special counsel, and the other consultants to and agents of the District, are each hereby authorized and directed to do all things and take all actions necessary or desirable to effectuate the transaction contemplated by this Resolution, and to execute such other assignments, agreements, certificates, receipts, endorsements, orders, opinions and other documents in connection with such transactions, including, without limitation, closing documents in connection with the defeasance and redemption of the Bonds are hereby ratified, approved and confirmed in every respect. SECTION 5: This Resolution shall take effect immediately upon its adoption. F Page 3 PASSED, APPROVED AND ADOPTED this 22nd day of August, 2000. AT'T'EST: STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss CITY OF SANTA CLARITA ) I I. Sharron L. Dawson. CMC. City Clerk of the City of Santa C Eta, do hereby certify that the foregoing Resolution was duly adopted by the City Council of the City of the Santa Clarita, acting as the legislative body of the Community Facilities District No. 92-1 of the City of Santa Clarita (Valencia Town Center) at a regular meeting thereof, held on the 22' day of August, 2000, by the following vote: AYES: COUNCILMEMBERS: Waste, Smyth, Ferry, Kellar, Darcy NOES: COUNCILMEMBERS: None ABSENT: COUNCILMEMBERS: None Me M OMMeMC sz."