HomeMy WebLinkAboutCC RES 14-35RESOLUTION NO. 14 -35
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, OF INTENTION TO INCUR
BONDED INDEBTEDNESS WITHIN THE CITY OF TUSTIN
COMMUNITY FACILITIES DISTRICT NO. 2014 -1 (TUSTIN
LEGACY /STANDARD PACIFIC)
The City Council of the City of Tustin does hereby resolve as follows:
WHEREAS, upon receipt of a written request signed by two members of the City
Council (the "City Council ") of the City of Tustin, California (the "City "), as provided in
Government Code section 53318(a), which constitutes part of the Mello -Roos
Community Facilities Act of 1982, as amended (the "Act'), the City Council instituted
proceedings to form the City of Tustin Community Facilities District No. 2014 -1 (Tustin
Legacy /Standard Pacific) (the "Community Facilities District' or "CFD No. 2014 -1 ")
pursuant to the Act, and adopted a resolution of intention to establish CFD No. 2014 -1
on the date hereof (the 'Resolution of Intention ") stating its intention to form CFD No.
2014 -1 and to finance the Facilities, Services and Incidental Expenses as more fully set
forth in Exhibit B to the Resolution of Intention; and
WHEREAS, the City Council estimates that the amount required to finance the
' Facilities and Incidental Expenses is approximately $29,000,000; and
WHEREAS, in order to finance the Facilities and Incidental Expenses, the City
Council intends to authorize the issuance of bonds from the Community Facilities
District in an amount not to exceed $29,000,000 (the 'Bonds "), the repayment of which
is to be made from special taxes levied in accordance with Section 53340 of the Act on
all property in the Community Facilities District, other than those properties exempted
from taxation in the rate and method of apportionment of special tax for the Community
Facilities District set forth in Exhibit C to the Resolution of Intention;
NOW, THEREFORE, it is hereby ORDERED and DETERMINED, as follows:
SECTION 1: Each of the above recitals is true and correct.
SECTION 2: It is necessary to incur bonded indebtedness within the boundaries
of the Community Facilities District in an amount not to exceed $29,000,000, in order to
finance certain of the costs of the Facilities and Incidental, Expenses, as permitted by
the Act.
SECTION 3: The indebtedness will be incurred for the purpose of financing the
costs of the Facilities and the Incidental Expenses, including, but not limited to,% the
funding of reserve funds for the Bonds, the financing of costs associated with the
' issuance of the Bonds and all other costs and expenses necessary to finance the
Facilities which are permitted to be financed pursuant to the Act.
Resolution No. 14 -35
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SECTION 4: It is the intent of the City Council to authorize the sale of the Bonds '
in one or more series in the maximum amount set forth in Section 2, and which Bonds
may bear interest at a rate not in excess of the maximum rate permitted by law at the
time that the Bonds are sold. The term of the Bonds of each series shall be determined
pursuant to a resolution of this City Council authorizing the issuance of the Bonds of
such series, but such term shall in no event exceed 40 years from the date of issuance
of the Bonds of such series, or such longer term as is then permitted by law.
SECTION 5: A combined public hearing (the "Hearing ") on the proposed debt
issue and the levy of special taxes shall be held at 7 p.m. or as soon thereafter as
practicable, on June 17, 2014, at the City Council's Chambers, 300 Centennial Way,
Tustin, California.
SECTION 6: At the time and place set forth in this Resolution for the Hearing,
any interested persons, including all persons owning land or registered to vote within
the proposed Community Facilities District, may appear and be heard.
SECTION 7: The City Clerk is hereby directed to publish a notice of the Hearing
(the "Notice') pursuant to Section 6061 of the Government Code in a newspaper of
general circulation published in the area of the proposed Community Facilities District.
Such publication shall be completed at least seven days prior to the date of the
Hearing. '
SECTION 8: This Resolution shall be effective upon its adoption.
PASSED AND ADOPTED at a regular meeting of the Tustin City Council held on
the 6th day of May, 2014.
ATTEST:
Resolution No. 14 -35
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' STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
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; that the above and foregoing Resolution No. 14 -35
was duly passed and adopted at a regular meeting of the Tustin City Council, held on
the 61h day of May, 2014 by the following vote:
COUNCILPERSONS AYES: Murray. Puckett, Nielsen, Gomez, Bernstein (5)
COUNCILPERSONS NOES: None (0)
COUNCILPERSONS ABSTAINED: None (0)
COUNCILPERSONS ABSENT: None (0)
' � 4�-
JEF R .PARKER,
Cit Cl k
Resolution No. 14 -35
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