HomeMy WebLinkAbout2015-05-26 - RESOLUTIONS - VISTA CYN DEPOSIT REIMBURSEMT (2)RESOLUTION NO. 15-17
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA CLARITA, CALIFORNIA,
APPROVING A DEPOSIT AND REIMBURSEMENT AGREEMENT
RELATING TO THE PROPOSED CITY OF SANTA CLARITA
COMMUNITY FACILITIES DISTRICT NO. 2015-1 (VISTA CANYON)
AND THE RETENTION OF CERTAIN PROFESSIONAL FIRMS IN
CONNECTION THEREWITH
WHEREAS, the City Council of the City of Santa Clarita, California (City) intends to
form a community facilities district pursuant to the Mello -Roos Community Facilities Act of
1982, as amended (Act), to be known as the City of Santa Clarita Community Facilities District
No. 2015-1 (Vista Canyon) (District); and
WHEREAS, Section 53314.9 of the Act provides that, at any time either before or after
the formation of a community facilities district, the legislative body may accept advances of
funds from any source, including, but not limited to, private persons or private entities and may
provide, by resolution, for the use of those funds for any authorized purpose, including, but not
limited to, paying any cost incurred by the local agency in creating a community facilities district
(including the issuance of bonds thereby); and
' WHEREAS, the developer with respect to the District intends to make a security deposit
with the City to cover certain costs of formation which are eligible for reimbursement upon the
sale of bonds by the District from the proceeds of such bonds.
NOW, THEREFORE, the City Council of the City of Santa Clarita does hereby resolve
as follows:
SECTION 1. The City Council hereby approves the Deposit and Reimbursement
Agreement by and between the City and Vista Canyon Ranch, LLC, in substantially the form
presented to the City Council at this meeting. The City Manager or designee are hereby
authorized to execute the Deposit and Reimbursement Agreement with such revisions,
amendments, and completions as shall be approved by the officer executing the same, such
approval to be conclusively evidenced by the execution and delivery thereof.
SECTION 2. The firm of C.M. de Crinis & Co., Inc., Glendale, California, is hereby
retained as financial advisor in connection with the proposed District and the issuance of bonds,
upon such terms and conditions as shall be approved by the City Manager or designee. The law
firm of Norton Rose Fulbright U.S., LLP, Los Angeles, California, is hereby retained as bond
counsel and disclosure counsel in connection with the proposed District and the issuance of
bonds, upon such terms and conditions as shall be approved by the City Manager or designee.
The firm of Harris & Associates, Irvine, California, is hereby retained as special tax consultant in
' connection with the proposed District and the issuance of bonds, upon such terms and conditions
as shall be approved by the City Manager or designee.
SECTION 3. This Resolution shall take effect immediately upon adoption.
SECTION 4. The City Clerk shall certify to the adoption of this. Resolution.
PASSED, APPROVED, AND ADOPTED this 26`x' day of May 2015.
ATTEST:
CITY CL RK
DATE: S
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 26th day of May 2015, by the following vote:
AYES: COUNCILMEMBERS: Weste, Acosta, Kellar, Boydston, McLean
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
2