HomeMy WebLinkAboutCC RES 15-511
RESOLUTION NO. 15-51
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. 07-1
The City Council of the City of Tustin does hereby resolve as follows:
WHEREAS, on June 19, 2007, the City Council adopted Resolution No. 07-44 forming
the City of Tustin Community Facilities District No. 07-1 (Tustin Legacy/Retail Center)
(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 September 11, 2007,
Community Facilities District No. 07-1
Series 2007 (the "2007 Bonds") were
the Facilities;
$13,680,000 principal amount of City of Tustin
(Tustin Legacy/Retail Center) Special Tax Bonds,
issued for the District to provide funds to finance
WHEREAS, the City has determined that, due to prevailing financial market conditions,
it is in the best interests of the City and the taxpayers in the District paying the Special
Taxes to refund the outstanding 2007 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, BE IT RESOLVED that the City Council of the City of Tustin
authorizes staff to implement the provisions of this Resolution 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.
Resolution No. 15-51
Page 1 of 3
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
disclosure counsel to the City in connection with the issuance and sale of the Refunding
Bonds. The City Manager or the Finance Director/City Treasurer 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/City
Treasurer 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. First Southwest Company, LLC, 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/City Treasurer, 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 th ity ou it of the City of
Tustin held on the 18th day of August, 2015.
JOF{N]NIELSEN,
Mav& Pro Tem
ATTEST:
G�
JEYtC. PARKER,
Cit If
k
Resolution No. 15-51
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1
D
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; and that the above and foregoing Resolution No. 15-
51 was duly passed and adopted at a regular meeting of the Tustin City Council, held
on the 18th day of August, 2015 by the following vote:
COUNCILPERSONS AYES:
COUNCILPERSONS NOES:
COUNCILPERSONS ABSTAINED:
COUNCILPERSONS ABSENT: '
JEFF Fjr�rf/PARKER,
CitY1�le .
Resolution No. 15-51
Page 3 of 3
Nielsen, Gomez, Murray, Bernstein (4)
None (0)
None (0)
Puckett (1)