HomeMy WebLinkAboutCC RES 13-311
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RESOLUTION NO. 13 -31
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, AUTHORIZING THE COMMENCEMENT OF
PROCEEDINGS FOR THE ISSUANCE OF SPECIAL TAX REFUNDING
BONDS, DESIGNATING CONSULTANTS AND AUTHORIZING AND
DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO —
COMMUNITY FACILITIES DISTRICT NO. 04 -1
The City Council of the City of Tustin does hereby resolve as follows:
WHEREAS, on July 19, 2004, the City Council adopted Resolution No. 04 -67
forming the City of Tustin Community Facilities District No. 04 -1 (Tustin Legacy /John
Laing Homes) (the "District ") in order to finance various public improvements (the
"Facilities ");
WHEREAS, the City is authorized, under the proceedings to form the District, to
levy a special tax on property in the District (the "Special Taxes ") to pay the debt service
on bonds issued for the District and the administrative expenses of the District;
WHEREAS, on December 15, 2004, $11,415,000 principal amount of City of
Tustin Community Facilities District No. 04 -1 (Tustin Legacy /John Laing Homes)
Special Tax Bonds, Series 2004 (the "2004 Bonds ") were issued for the District to
provide funds to finance the Facilities;
WHEREAS, the City has determined that, due to prevailing financial market
conditions, it is in the best interests of the City and the homeowners in the District
paying the Special Taxes to refund in whole the outstanding 2004 Bonds by means of
the issuance of refunding bonds (the "Refunding Bonds ") as permitted under the Mello -
Roos Community Facilities Act of 1982, as amended; and
WHEREAS, it is appropriate that the City formally authorize the commencement
of proceedings to issue the Refunding Bonds and to appoint a financial advisor, a bond
and disclosure counsel and an underwriter in connection therewith.
NOW, THEREFORE, it is hereby ORDERED and DETERMINED as follows:
SECTION 1. Officers and officials of the City are hereby authorized to proceed with the
preparation of documents necessary to provide for the issuance and sale of the
Refunding Bonds. All primary legal documents to which the City will be a party related to
the Refunding Bonds shall be subject to the final approval thereof by the City Council at
a subsequent meeting of the City Council.
SECTION 2. Fieldman, Rolapp & Associates is hereby designated as financial advisor
to the City and Quint & Thimmig LLP is hereby designated as bond counsel and as
Resolution No. 13 -31
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disclosure counsel to the City in connection with the issuance and sale of the Refunding
Bonds. The City Manager or the Finance Director is hereby authorized and directed to
execute agreements with such firms for their services with respect to the Refunding
Bonds, in forms acceptable to the City Manager, the Finance Director and the City
Attorney; provided that any and all compensation payable to such firms shall be
contingent upon the sale and issuance of the Refunding Bonds.
SECTION 3. Stifel, Nicolaus & Company, Incorporated, DBA Stone & Youngberg, a
Division of Stifel Nicolaus, is hereby designated as underwriter to the City in connection
with the issuance and sale of the Refunding Bonds.
SECTION 4. The Mayor, the City Manager, the Finance Director, the City Attorney, the
City Clerk and all other appropriate officials of the City are hereby authorized and
directed to execute such other agreements, documents and certificates as may be
necessary to effect the purposes of this Resolution and the financing herein authorized.
SECTION 5. This Resolution shall take effect upon its adoption.
PASSED AND ADOPTED at a regular meeting of the Tustin City Council held on
the 16th day of April, 2013.
ATTEST:
C ,sue
PARKER,
ELWY A. M ' RAY,
Mayor
Resolution No. 13 -31
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF TUSTIN )
I, Jeffrey C. Parker, City Clerk and ex- officio Clerk of the City Council of the City of
Tustin, California, do hereby certify that the whole number of the members of the City
Council of the City of Tustin is five; and that the above and foregoing Resolution No. 13-
31 was duly passed and adopted at a regular meeting of the Tustin City Council, held
on the 16th day of April, 2013 by the following vote:
COUNCILMEMBER AYES: Murray, Puckett, Nielsen. Gomez (4)
COUNCILMEMBER NOES; None (0)
COUNCILMEMBER ABSTAINED: None (0)
COUNCILMEMBER ABS Bernstein (1)
Resolution No. 13 -31
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