HomeMy WebLinkAboutCC RES 15-53RESOLUTION NO. 15-53
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, ACTING AS THE LEGISLATIVE
BODY OF THE CITY OF TUSTIN COMMUNITY FACILITIES
DISTRICT NO. 06-1 (TUSTIN LEGACY/COLUMBUS
VILLAGES), APPROVING AND AUTHORIZING THE
EXECUTION OF A SECOND SUPPLEMENTAL
INDENTURE
The City Council of the City of Tustin, acting as the legislative body of the City of Tustin
Community Facilities District No. 06-1 (Tustin Legacy/Columbus Villages) (the
"District"), does hereby resolve as follows:
WHEREAS, on July 17, 2006, the City Council adopted Resolution No. 06-89 forming
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 6, 2007, the District issued $53,570,000 principal amount of
City of Tustin Community Facilities District No. 06-1 (Tustin Legacy/Columbus Villages)
Special Tax Bonds, Series 2007A (the "2007 Bonds") pursuant to an Indenture, dated
as of September 1, 2007 (the "Original Indenture"), between the District and Union Bank
of California, N.A. (now MUFG Union Bank, N.A.), as trustee (the "Trustee"), in order to
provide funds to finance the Facilities;
WHEREAS, on November 17, 2010, the District issued $1,675,000 principal amount of
City of Tustin Community Facilities District No. 06-1 (Tustin Legacy/Columbus Villages)
Special Tax Bonds, Series 2010 (the "2010 Bonds") pursuant to the Original Indenture,
as amended by a First Supplemental Indenture, dated as of November 1, 2010 (the
"First Supplement"), between the District and the Trustee, to provide additional funds to
finance the Facilities;
WHEREAS, the Original Indenture provided for the establishment of a Special Tax Fund
held by the Trustee into which the Special Taxes are to be deposited, and from which
transfers are made to pay the scheduled debt service on the 2007 Bonds and the 2010
Bonds (collectively, the "Bonds"), and to pay the administrative expenses of the District;
WHEREAS, there currently is a balance of funds in the Special Tax Fund,which funds
are not needed for the payment of the Bonds or administrative expenses (the "Excess
Funds"), and the City Council now desires to approve a Second Supplemental Indenture
(the "Second Supplement") in order to amend the Indenture to allow the Excess Funds
Resolution No. 15-53
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to be transferred to the Improvement Fund established under the Indenture so that they
can be used to finance additional Facilities; and
WHEREAS, the Second Supplement has been prepared and is now in a form ready for
approval and execution by the District and the Trustee.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Tustin
approve and authorize the execution of a Second Supplemental Indenture as follows:
SECTION 1. The Second Supplement, in the form on file with the City Clerk, is hereby
approved. The City Manager is hereby authorized and directed to execute and deliver,
for the District, the Second Supplement in said form, with such additions thereto or
changes therein as are deemed necessary, desirable or appropriate by the Finance
Director/City Treasurer upon consultation with Bond Counsel, the approval of such
additions or changes to be conclusively evidenced by the execution and delivery by the
City Manager of the Second Supplement.
SECTION 2. The City Council hereby finds and determines that, because (a) amounts
in the Special Tax Fund are not pledged under the Original Indenture or the First
Supplement to the payment of debt service on the Bonds, and (b) the Second
Supplement will only allow for transfers from the Special Tax Fund to the Improvement
Fund at the end of a Bond Year (as defined in the Original Indenture) after transfers
from the Special Tax Fund for thepayment of the debt service on the Bonds due in the
respective Bond Year have been made, the amendment to the Original Indenture
contemplated by the Second Supplement does not materially adversely affect the
interests of the owners of the Bonds.
SECTION 3. This Resolution shall take effect upon its adoption.
PASSED AND ADOPTED at a regular meeting of the Tustin Ci y Council held on
the 18th day of August, 2015. �1
7OMN/NIELSEP
Ma r Pro Tem
ATTEST:
JEFFREY-. P/J�RKER,
City ClWrk
Resolution No. 15-53
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1
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-
53 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: Gomez, Murray, Bernstein (3)
COUNCILPERSONS NOES: None (0)
COUNCILPERSONS ABSTAINED: Nielsen (1)
COUNCILPERSONS ABSENT: Puckett (1)
Resolution No. 15-53
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