HomeMy WebLinkAboutPOWERPOINT PRESENTATION - REQUEST AUTHORIZATION TO ISSUE 2014 SPECIAL TAX BONDSpity of Tustin Community
Facilities District 2014 -1
Request Authorization to Issue
2014 Special Tax Bonds
Resolution of Issuance CFD 2014 -1
March 1, 2004 the City's Mello -Roos Goals &
Policies were adopted and staff were authorized to
form Community Facility Districts (CFDs) to develop
the former Marine Corps Air Station know as Tustin
Legacy
As of today, the City has formed four CFDs,
1, 2006 -1 , 2007 -1 and 2013 -1 in the
Legacy area that fund infrastructure
services
2004-
Tustin
and /or
Resolution of Issuance CFD 2014 -1 continued:
The City's
Development
Disposition Agreement
("DDA") dated March 4,
2014 provides
for the
establishment of a CFD to provide for the
funding
of certain
facilities and
services for a
project
comprised
of 375 single -
family detached
units, a
focal
park,
and
other
neighborhood
amenities
Lev of special taxes that will cover backbone
faci ities and infrastructure and school district
facilities (Special Tax A) and services (Special Tax B)
such as maintenance of streets, sidewalks, parks
and public safety. Special Taxes A and B are based
on the newly constructed dwellings' square footage
and combined, do not exceed 2% of assessed value
Resolution of Issuance CF® 2014 -1 continued:
Special Tax A is necessary to cover backbone facilities
and infrastructure and school district facilities within
Tustin Legacy
Special Tax B is necessary to cover services such as
maintenance of streets, sidewalks, parks and public
safety because the City only receives 3% of the 1% basic
property tax levy within Tustin Legacy compared to an
average of 10.5% collected citywide
The special tax levy commences in Fiscal Year 2014-15
and each subsequent following fiscal year the tax shall
be increased by 2%
The proposed bonds include the financing of
construction of school district facilities for Tustin Unified
(%rhnnl nictrirt (TI i(.n)
Resolution of Issuance CFD 2014 -1 continued:
Prior City Council Actions related to CFD 2014 -1
3/4/2014 - Council approves development agreement
5/6/2014 - Council adopted:
Resolution of Intention to Establish CFD 2014 -1 and to levy
Special Taxes
Resolution of Intention to Incur Bonded Debt
6/17/2014 - Council:
Held Public Hearing on 5/6/2014 Resolutions
Adopted Resolutions to Establish CFD
Necessity to Issue Debt Not to Exceed
Conduct Special Election
Adopted Resolution declaring
and Notice to Lew Special Taxes
2014 -1 , Declared
$29 million, and to
Results of Special Election
Resolution of Issuance CF® 2014 -1 continued:
Staff recommends City Council:
Adopt Resolution 14 -60 authorizing
issuance of special tax bonds in a not
exceed principal amount of $29 million
approving certain actions therewith
Approve Legal Documents:
Authorizing City Council Resolution
Indenture of Trust
Bond Purchase Contract
Continuing Disclosure Agreement
the
to
and
Resolution of Issuance CFD 2014 -1 continued:
Following the Council approval, the proposed
bond issuance schedule is as follows:
November 4, 2014 - City Council considers approval of
Preliminary Official Statement
November 18, 2014 - Bond Sale
December 3, 2014 - Bond Closing; Proceeds available