HomeMy WebLinkAbout2002-10-08 - RESOLUTIONS - BONDED INDEBTEDNESS CALL ELEC (2)CFD
RESOLUTION NO. 02-1-5
A RESOLUTION OF 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. 2002-1 (VALENCIA TOWN
CENTER), DETERMINING THE NECESSITY TO INCUR BONDED
INDEBTEDNESS WITHIN SAID COMMUNITY FACILITIES DISTRICT,
ESTABLISHING AN APPROPRIATIONS LIMIT AND
CALLING A SPECIAL ELECTION
WHEREAS, the City Council (the "City Council") of the City of Santa Clarita (the
"City") has heretofore adopted the Resolution of Formation adopted on October 8, 2002,
which formed the City of Santa Clarita Community Facilities District No. 2002-1 (Valencia
Town Center) (the "CFD"), pursuant to the Mello -Roos Community Facilities Act of 1982, as
amended, (the "Act"), for the purpose of optionally redeeming the outstanding principal
amount of the City of Santa Clarita Community Facilities District No. 92-1 (Valencia Town
Center) Special Tax Bonds, Series A (the "1992 Bonds"), and extinguishing the special tax
lien associated with the City of Santa Clarita Community Facilities District No. 92-1
(Valencia Town Center) (the "Existing CFD") (collectively, the "Project"); and
_ WHEREAS, in order to finance the Project it is necessary to incur bonded
indebtedness in the amount of not to exceed $18,500,000, the repayment of which is to be
secured by special taxes levied in accordance with Section 53340 et seq. of the Act on
certain properties within the CFD;
NOW, THEREFORE, the City Council of the City of Santa Clarita, acting as the
legislative body of the City of Santa Clarita Community Facilities District No. 2002-1
(Valencia Town Center), 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 the CFD in an
amount not to exceed $18,500,000 to finance the costs of the Project for the CFD. The
actual amount of authorization shall equal the principal amount of the bonds issued by the
CFD, not to exceed $18,500,000.
Section 3. The indebtedness will be incurred for the purpose of financing the costs
of the Project, the financing of the costs associated with the issuance of the bonds and all
other costs necessary to finance the Project pursuant to the Act.
Section 4. Except for property exempted from taxation as described in the
Resolution of Intention and the rate and method of apportionment, the whole of the CFD
will pay for the bonded indebtedness.
Section 5. The bonds shall be issued in a single series at a maximum interest rate
not to exceed 12 percent per annum or such rate not in excess of the maximum rate
Resolution No. CFD 02-1-5
Page 2
permitted by law at the time the bonds are issued, and payable annually or semiannually
as determined by the City Council. The term of the bonds shall be determined pursuant to
a resolution of the City Council authorizing the issuance of the bonds, but such term shall
in no event exceed 40 years or such longer term as is then permitted by law.
Section 6. Pursuant to and in compliance with the provisions of Article 1.5
(commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the
Government Code, the City Council hereby establishes the following accountability
measures pertaining to any bonded indebtedness incurred by or on behalf of the CFD:
(a) Such bonded indebtedness shall be incurred for the specific purposes set
forth in Section 3 above.
(b) The proceeds of any such bonded indebtedness shall be applied only to
the specific purposes identified in Section 3 above.
(c) The document or documents establishing the terms and conditions for
the issuance of any such bonded indebtedness shall provide for the creation of an account or
accounts into which the proceeds of such bonded indebtedness shall be deposited.
Section 7. An appropriations limit for the CFD is hereby established as an amount
equal to the maximum amount of bonded indebtedness authorized to be incurred for the
CFD.
Section 8. The Director of Administrative Services, or his or her designee, acting
for and on behalf of the CFD, shall annually file a report with the City Council as required
by Government Code Section 53411.
Section 9. Pursuant to Government Code Section 53353.5, the City Council hereby
determines to submit to the qualified electors of the CFD a combined proposition (the
"Proposition") to: (1) levy special taxes on property within the CFD in accordance with the
rate and method specified in the Resolution of Formation; (2) incur bonded indebtedness in
an amount not to exceed $18,500,000; and (3) establish an appropriations limit as defined
by subdivision (h) of Section 8 of Article XIIIB of the California Constitution, for the CFD.
Said appropriations limit shall equal the maximum amount of bonded indebtedness
authorized to be incurred for the CFD. The form of the Proposition is attached as
Exhibit "A".
Section 10. A special election is hereby called for the CFD on the Proposition set
forth in Section 7 above.
Section 11. The City Clerk shall hand deliver the ballots to the landowner on
October 8, 2002.
Section 12. The time for notice having been waived by the qualified elector, the date
of the special election for the CFD on the Proposition shall be on the 8th day of
October, 2002. There being no registered voters residing within the territory of the CFD at
the time of the protest hearing and ninety (90) days prior thereto, there being only one
Resolution No. CFD 02-1-5
Page 3
landowner in the CFD, and the requirements of Section 53326 of the Government Code
having been waived by the landowner, the ballot for the special election shall be hand
delivered to the landowner within the CFD. The voter ballot shall be returned to the City
Clerk at 23920 Valencia Boulevard, Santa Clarita, California 91355-2196, no later than
11:00 o'clock p.m. on October 8, 2002. However, the election may be closed within the
concurrence of the City Clerk, as soon as the ballot is returned.
Section 13. Notice of said election and written argument for or against the measure
have been waived by the landowner. Each landowner shall have one (1) vote for each acre
or portion thereof that he or she owns within the CFD, as provided in Section 53326 of the
Act.
Section 14. The CFD shall constitute a single election precinct for the purpose of
holding said special election.
Section 15. The City Council hereby directs that the special election be conducted
by the City Clerk, as the elections official.
Section 16. This Resolution shall take effect immediately upon its adoption.
PASSED, APPROVED AND ADOPTED this 8th day of October, 2002.
Mayor of the City of Sar# Clarita,
on behalf of the Cit of Santa
Clarita Community Facilities
District No. 2002-1 (Valencia Town
Center)
ATTEST:
City Clerk of the City of Santa Clarita,
on behalf of the City of Santa Clarita
Community Facilities District No. 2002-1
(Valencia Town Center)
Resolution No. CFD 02-1-5
Page 4
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Sharon L. Dawson, CMC, 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, acting as the legislative body of the City of Santa Clarita Community Facilities
District No. 2002-1 (Valencia Town Center) at a regular meeting thereof, held on the 8th
day of October, 2002, by the following vote:
AYES: COUNCILMEMBERS: McLean, Kellar, Smyth, Weste, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
CITY CLERK
45224463.1
EXHIBIT A
OFFICIAL BALLOT
CITY OF SANTA CLARITA
COMMUNITY FACILITIES DISTRICT NO. 2002-1
SPECIAL BOND, TAX AND APPROPRIATIONS LIMIT ELECTION
October 8, 2002
To vote, mark an "X" in the voting square after the word "YES" or after the word "NO."
All marks otherwise made are forbidden.
This ballot represents one vote.
If you wrongly mark, tear, or deface this ballot, return it to the City Clerk of the City of
Santa Clarita at 23920 Valencia Boulevard, Santa Clarita, California 91355-2196.
PROPOSITION: Shall City of Santa Clarita Community Facilities
District No. 2002-1 (the "CFD"), subject to the accountability
measures provided for in the Resolution Calling a Special Election
adopted on October 8, 2002 by the City Council of the City of
Santa Clarita (the "City Council'), incur an indebtedness and be
authorized to issue bonds in an amount not to exceed $18,500,000
(the actual amount of authorization to equal the principal amount
of the bonds issued by the CFD, not to exceed $18,500,000) with
interest at a rate or rates established at such time as the bonds are
sold in a single series at fixed or variable interest rates, however
not to exceed any applicable statutory rate for such bonds, the
proceeds of which will be used to finance the Project, including the
redemption of the 1992 Bonds, as described in the Resolution of
Formation adopted on October 8, 2002 by the City Council; and,
subject to the accountability measures provided for in the
Resolution of Formation, shall a special tax be levied to pay the
principal of and interest on such indebtedness and bonds and to
otherwise finance the Project; and shall an appropriations limit be
established for the CFD pursuant to Article XIIIB of the California
Constitution, said appropriations limit to be equal to the maximum
amount of bonded indebtedness authorized to be incurred for the
CFD?
45224463.1 A-1