HomeMy WebLinkAboutCC RES 15-68 RESOLUTION NO. 15-68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, AUTHORIZING THE
COMMENCEMENT OF PROCEEDINGS FOR THE
ISSUANCE OF SPECIAL TAX BONDS, DESIGNATING
CONSULTANTS AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS WITH RESPECT THERETO —
COMMUNITY FACILITIES DISTRICT NO. 06-1
The City Council of the City of Tustin does hereby resolve as follows:
WHEREAS, on July 17, 2006, the City Council adopted Resolution No. 06-89
forming the City of Tustin Community Facilities District No. 06-1 (Tustin
Legacy/Columbus Villages) (the "District") in order to finance various public
improvements (the "Facilities");
WHEREAS, the City is authorized, under the proceedings, to form the District, to
issue up to $65,000,000, principal amount of special tax bonds for the District to finance
the Facilities, and 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, $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") were issued for the District to provide
funds to finance the Facilities;
WHEREAS, on November 17, 2010, $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") were issued for the District to provide
additional 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 taxpayers in the District paying
the Special Taxes to refund the outstanding 2007 Bonds and 2010 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;
WHEREAS, the District is authorized to issue up to $65,000,000 principal amount
of bonds to finance the Facilities, and the District has to date only issued the 2007
Bonds and the 2010 Bonds in the aggregate principal amount of $55,245,000, so that
the District has additional bonding authority of$9,755,000;
Resolution No. 15-68
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WHEREAS, the City now desires to issue for the District, in addition to the
Refunding Bonds, a series of special tax bonds in order to provide financing for
Facilities not yet completed (the "Additional Bonds"); and
WHEREAS, it is appropriate that the City formally authorize the commencement
of proceedings to issue the Refunding Bonds and the Additional Bonds (collectively, the
"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 Bonds.
All primary legal documents to which the City will be a party related to the 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
disclosure counsel to the City in connection with the issuance and sale of the 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
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 Bonds.
SECTION 3. First Southwest Company is hereby designated as underwriter to the City
in connection with the issuance and sale of the 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 the City Council of the City of
Tustin held on the 15th day of September, 2015.
ide
CHARLES E. PUCKETT,
Mayor
Resolution No. 15-68
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ATTEST:
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JEF' R. Y C/PARKER,
Cit Clerk
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-
68 was duly passed and adopted at a regular meeting of the Tustin City Council, held
on the 15th day of September, 2015 by the following vote:
COUNCILPERSONS AYES: Puckett, Gomez, Murray, Bernstein ( 4 )
COUNCILPERSONS NOES: None ( o)
COUNCILPERSONS ABSTAINED: Nielsen ( 1 )
COUNCILPERSONS ABSENT: None ( 0 )
fi"2 C
ti
JEF,FR'EY C. PARKER,
City Clerk
1
Resolution No. 15-68
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