HomeMy WebLinkAbout2015-05-26 - RESOLUTIONS - COMM FACILITIES DISTRICT (2)RESOLUTION NO. 15-16
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA CLARITA, CALIFORNIA,
DECLARING ITS INTENT THAT A CITY -FORMED
COMMUNITY FACILITIES DISTRICT ISSUE OBLIGATIONS
FOR CERTAIN PUBLIC FACILITIES AND TO ALLOW FOR THE
REIMBURSEMENT OF EXPENDITURES MADE PRIOR TO THE
ISSUANCE OF SUCH OBLIGATIONS
WHEREAS, the City Council of City of Santa Clarita, California (City) intends to form a
community facilities district (District) pursuant to the Mello -Roos Community Facilities Act of
1982, as amended (Act), and further desires and intends that the District finance the acquisition
and construction of certain public facilities and related costs (Public Facilities), including, but
not limited to, public parking facilities and a portion of the transit station, in connection with the
development of a mixed-use project within the District commonly known as "Vista Canyon;"
and
WHEREAS, the City expects the District to cause the issuance and sale of bonds, notes,
or other obligations, in one or more series, for the purpose of providing financing for the Public
Facilities in a principal amount of not to exceed $20,000,000 (Obligations); and
WHEREAS, the City expects that certain expenditures relating to the Public Facilities
will be incurred and paid from other sources of money made available to the District, the City,
' the developer, or other persons prior to the issuance of the Obligations (Reimbursable
Expenditures); and
WHEREAS, the City reasonably expects that a portion of the proceeds of the Obligations
will be used to reimburse all or a portion of the Reimbursable Expenditures;
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. The City hereby declares its official intent, subject to further approval of
the legislative body of the District, to use the proceeds of the Obligations to reimburse
Reimbursable Expenditures. It is intended that this Resolution shall constitute a declaration of
"official intent" within the meaning of section 1.150-2 of the Treasury Regulations promulgated
under Section 150 of the Internal Revenue Code of 1986. All of the Reimbursable Expenditures
covered by this Resolution were or are to be made not earlier than sixty (60) days prior to the
adoption hereof, other than certain de minimis amounts and preliminary expenditures as
described in Treas. Reg. Section 1.150-2(f)(2) that are exempt from the 60 -day requirement
pursuant to Section 1.150-2 of the Treasury Regulations. The non-exempt Reimbursable
Expenditures covered by this Resolution are eligible for reimbursement, provided the
reimbursement occurs not later than eighteen (18) months after the later of the date the original
expenditure is made or the date the property is placed in service; but in no event more than three
(3) years after the original expenditure is made.
' SECTION 2. The adoption of this Resolution shall not bind the District to proceed with
the issuance and sale of the Obligations until and unless all other necessary actions and approvals
are taken or received in accordance with all applicable laws.
SECTION 3. All actions heretofore taken by the officers, or their respective designees,
and the employees and agents of the City, on behalf of the District, in connection with the
financing of the Public Facilities are hereby ratified and confirmed. The officers and their
designees, the employees and agents of the City, acting on behalf of the District, are hereby
authorized to take any and all actions in connection with the financing of the Public Facilities
and as may be necessary and consistent with the purposes of this resolution.
SECTION 4. This resolution shall take effect immediately upon its adoption.
SECTION 5. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 26`h day of May 2015.
ATTEST:
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CITY CL1 N
DATE:
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Kevin Tonoian, 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 at a
regular meeting thereof, held on the 26`h day of May 2015, by the following vote:
AYES: COUNCILMEMBERS: Weste, Acosta, Kellar, Boydston, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
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