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HomeMy WebLinkAbout2016-04-12 - RESOLUTIONS - VISTA CYN INDEBTEDNESS (2)RESOLUTION NO. 16-10 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. 2016-1 (VISTA CANYON), DECLARING THE NECESSITY TO INCUR BONDED INDEBTEDNESS IN THE AGGREGATE AMOUNT OF NOT TO EXCEED $45,000,000 AND CALLING A SPECIAL ELECTION WHEREAS, the City Council (Council) of the City of Santa Clarita (City) has heretofore adopted Resolution No. 16-09 (Resolution of Formation), which formed the City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) (CFD), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the California Government Code (Act), to finance the purchase, construction, expansion, or rehabilitation of certain real and other tangible property with an estimated useful life of five years or longer, which the CFD is authorized by law to construct, own, or operate, including but not limited to all or a portion of up to three parking structures, a transit station, and related costs including designs, inspections, professional fees, and acquisition costs (Facilities), and to finance certain services if required, including but not limited to labor, material, administration, personnel, equipment, and utilities necessary to maintain and operate the Facilities, that are in addition to those provided in the territory within the CFD prior to the formation of the CFD (Services); and WHEREAS, a copy of the Resolution of Formation is on file with the City Clerk and incorporated herein by reference; and WHEREAS, in order to finance the Facilities it is necessary to incur bonded indebtedness in the aggregate amount of not to exceed $45,000,000, the repayment of which is to be secured by special taxes for facilities levied in accordance with Section 53340 et seq. of the Act on certain properties within the CFD; and WHEREAS, the Council wishes to present to the qualified electors of the CFD propositions for the levy of special taxes on property within the CFD and the authorization of bonded indebtedness secured by the special tax for the Facilities pursuant to the Act and the establishment of an annual appropriations limit for the CFD as defined by subdivision (h) of Section 8 of Article XIIIB of the California Constitution. 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. 2016-1 (Vista Canyon), does hereby resolve as follows: SECTION 1. The above recitals are true and correct. SECTION 2. It is necessary for the CFD to incur bonded indebtedness in the aggregate amount of not to exceed $45,000,000 to finance the costs of the Facilities. The CFD has determined that the whole of the CFD shall pay for the bonded indebtedness. SECTION 3. The bonded indebtedness will be incurred for the purpose of financing the costs of acquiring the Facilities, the financing of the costs associated with the issuance of the bonds, and all other costs necessary to finance the Facilities which are permitted to be financed pursuant to the Act. SECTION 4. The bonds shall be issued in one or more series bearing interest payable semi-annually or in such other manner as the Council shall determine at a maximum interest rate of 12 percent per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued. The term of the bonds shall be determined pursuant to a resolution of the Council authorizing the issuance of the bonds, but such term shall in no event exceed 40 years or such longer tern as is then permitted by law. SECTION 5. 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 Council hereby establishes the following accountability measures pertaining to any bonded indebtedness incurred by or on behalf of the City: 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. d) The Director of Administrative Services/Deputy City Manager, or his or her designee, acting for and on behalf of the City, shall annually file a report with the Council as required by Government Code Section 53411. SECTION 6. Pursuant to Government Code Sections 53326 and 53353.5, the Council hereby determines to submit to the qualified electors of the CFD a combined proposition (Proposition) to: 1) levy the Special Tax for Facilities on property within the CFD in accordance with the rate and method of apportionment specified in the Resolution of Formation, 2) levy the Special Tax for Services on property within the CFD in accordance with the rate and method of apportionment specified in the Resolution of Formation, 3) incur bonded indebtedness in the amounts not to exceed $45,000,000 to be secured by the Special Tax for Facilities, and 4) establish an annual appropriations limit as defined by subdivision (h) of Section 8 of Article XIIIB of the California Constitution. Said annual appropriations limit shall initially 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 7. A special election is hereby called for the CFD on the Proposition set forth in Section 6 above. SECTION 8. The Council hereby directs that the election be conducted by the City Clerk of the City of Santa Clarita, as the elections official. SECTION 9. The time for notice having been waived by the qualified electors, the date of the special election for the CFD on the Proposition shall be on the 120h day of April 2016. 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 two landowners in the CFD, and the requirements of Section 53326 of the Act having been waived by each such landowner, the ballot for the special election shall be hand delivered to the landowners within the CFD. Each landowner shall have one (1) vote for each acre or portion thereof that it owns within the CFD, as provided by Section 53326 of the Act. The voter ballots shall be returned to the City Clerk at 23920 Valencia Boulevard, Santa Clarita, California 91355, no later than 11:00 p.m. on April 12, 2016. However, the election may be closed within the concurrence of the City Clerk, as soon as all of the ballots are returned. SECTION 10. Notice of said election and written argument for or against the measure have been waived by the landowners. SECTION 11. The CFD shall constitute a single election precinct for the purpose of holding said election. SECTION 12. The City Clerk shall certify to the adoption of this Resolution. PASSED, APPROVED, AND ADOPTED this 12th day of April 2016. OR ATTEST: CITY DATE: �+ ,Z 1 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, acting as the legislative body of the City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon), at a regular meeting thereof, held on the 12th day of April 2016, by the following vote: AYES: NOES: ABSENT: COUNCILMEMBERS: Acosta, McLean, Boydston, Weste, Kellar COUNCILMEMBERS: None COUNCILMEMBERS: None 1 1 EXHIBIT A OFFICIAL BALLOT CITY OF SANTA CLARITA COMMUNITY FACILITIES DISTRICT NO. 2016-1 (VISTA CANYON) SPECIAL TAX ELECTION April 12, 2016 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 is provided to , a , as owner or authorized representative of such owner of land within City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) and represents votes. If you wrongly mark, tear, or deface this ballot, please return it to the City Clerk of the City of Santa Clarita at 23920 Valencia Boulevard, Santa Clarita, California 91355. PROPOSITION: (I) Shall the City of Santa Clarita Community Facilities District No. 2016-1 (Vista Canyon) (CFD), subject to the accountability measures provided for in the Resolution Declaring Necessity to Incur Bonded Indebtedness and Calling a Special Election adopted on April 12, 2016, a) be authorized to levy special taxes thereof to finance certain authorized facilities (Facilities), including for the payment of principal and interest on indebtedness and bonds to finance the Facilities, all pursuant to the rate and method of apportionment of special taxes (RMA) set forth in the Resolution of Formation adopted on April 12, 2016, (Resolution of Formation), b) be authorized to levy special taxes thereof for certain authorized services (Services) pursuant to the RMA set forth in the Resolution of Formation, c) incur an indebtedness and be authorized to issue bonds in the aggregate amount of not to exceed $45 million with interest at a rate or rates established at such time as the bonds are sold in one or more 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 Facilities as described in Resolution of Formation, and (II) shall an annual appropriations limit be established for the CFD pursuant to Article XIIIB of the California Constitution, said initial annual appropriations limit to be equal to $45 million? 1 YES NO 1 1