HomeMy WebLinkAbout2002-10-08 - RESOLUTIONS - SPECIAL TAX BOND VALENCIA TOWN (2)RESOLUTION NO. CFD 02-1-7
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), AUTHORIZING THE
ISSUANCE OF CITY OF SANTA CLARITA COMMUNITY FACILITIES
DISTRICT NO. 2002-1 (VALENCIA TOWN CENTER) SPECIAL TAX
BONDS, AND THE EXECUTION AND DELIVERY OF A FISCAL AGENT
AGREEMENT, A CONTINUING DISCLOSURE CERTIFICATE, A BOND
PURCHASE CONTRACT, AND AN OFFICIAL STATEMENT AND
APPROVING A PRELIMINARY OFFICIAL STATEMENT
IN CONNECTION THEREWITH
WHEREAS, the City Council (the "City Council') of the City of Santa Clarita (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. 2002-1 (Valencia Town Center) (the "CFD"), to authorize the levy of
special taxes upon the land within the CFD, and to issue bonds secured by said special
taxes, the proceeds of which are to be used to finance the optional redemption of 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 the
extinguishment of 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, the CFD intends to issue bonds designated "City of Santa Clarita
Community Facilities District No. 2002-1 (Valencia Town Center) Special Tax Bonds" (the
"Bonds,,); and
WHEREAS, there have been submitted to this City Council certain documents
providing for the issuance of the Bonds and this City Council, with the aid of its staff, has
reviewed said documents and found them to be in proper order; and
WHEREAS, all conditions, things and acts required to exist, to have happened and
to have been performed precedent to and in connection with the issuance of said Bonds and
the levy of said special taxes 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, 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:
Authorization. The CFD hereby authorizes the issuance of the City of Santa Clarita
Community Facilities District No. 2002-1 (Valencia Town Center) Special Tax Bonds (the
"Bonds") in an amount not to exceed $18,500,000.
Resolution No. CFD 02-1-7
Page 2
Section 1. Approval of Fiscal Agent Agreement. The CFD hereby approves the
Fiscal Agent Agreement in substantially the form presented to this City Council. The
Mayor, City Manager, Director of Administrative Services, or their written designee (each,
a "Responsible Officer"), are hereby authorized to execute the Fiscal Agent Agreement in
substantially the form presented to this City Council, with such revisions, amendments and
completions as shall be approved by any Responsible Officer, with the advice of Bond
Counsel and the City Attorney, such approval to be conclusively evidenced by the execution
and delivery thereof by any Responsible Officer.
Section 2. Approval of the Continuing Disclosure Certificate. The CFD hereby
approves the Continuing Disclosure Certificate in substantially the form presented to this
City Council. Any Responsible Officer is hereby authorized to execute the Continuing
Disclosure Certificate in substantially the form presented to this City Council, with such
revisions, amendments and completions as shall be approved by any Responsible Officer,
with the advice of Bond Counsel and the City Attorney, such approval to be conclusively
evidenced by the execution and delivery thereof by any Responsible Officer.
Section 3. Approval of the Preliminary Official Statement and Official Statement.
The City Council hereby approves the Preliminary Official Statement relating to the Bonds,
substantially in the form presented to this City Council, with such revisions, amendments
and completions as shall be approved by any Responsible Officer with the advice of Bond
Counsel and Disclosure Counsel, 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 Official Statement under Rule 15c2-12. Any
Responsible Officer is authorized and directed to execute and deliver a final Official
Statement in substantially the form hereby approved, with such additions and changes as
may be approved by Bond Counsel and Disclosure Counsel and any Responsible Officer
executing the same, such approval to be conclusively evidenced by the execution and
delivery thereof.
Section 4. Approval of the Bond Purchase Contract. The City Council hereby
approves the Bond Purchase Contract, in substantially the form presented to this City
Council. Any Responsible Officer is hereby authorized jointly to execute the Bond Purchase
Contract, in substantially the form presented to this City Council, with such revisions,
amendments and completions as shall be approved by any Responsible Officer, with the
advice of Bond Counsel and City Attorney, such approval to be conclusively evidenced by
the execution and delivery thereof by any Responsible Officer, provided that, the Bond
Purchase Contract shall provide for a true interest cost (including original issue shown) not
greater than 6.25%, and an underwriter's discount not greater than 1.25% of the principal
amount of Bonds.
Section 5. Official Actions. The Mayor, City Manager, Director of Administrative
Services, the City Clerk and all other officers of the City are hereby authorized and
directed, for and in the name and on behalf of the City and the CFD, to do any and all
things and take any and all other actions, including the obtaining of municipal bond
insurance 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,
Resolution No. CFD 02-1-7
Page 3
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.
Section 6. Effectiveness. 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 02-1-7
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: Weste, McLean, Kellar, Smyth, Ferry
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ABSTAIN: COUNCILMEMBERS: None
A-ta'o-
CITY CLERK
45224467.1