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HomeMy WebLinkAboutCC RES 15-72 RESOLUTION NO. 15-72 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN ACTING AS THE LEGISLATIVE BODY OF THE CITY OF TUSTIN COMMUNITY FACILITIES DISTRICT NO. 2014-1 (TUSTIN LEGACY/STANDARD PACIFIC) AUTHORIZING THE PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND TAKING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH The City Council of the City of Tustin does hereby resolve as follows: WHEREAS, the City Council of the City of Tustin (the "City Council"), located in Orange County, California (hereinafter sometimes referred to as the "legislative body of the Community Facilities District"), has heretofore undertaken proceedings and declared the necessity of the City of Tustin Community Facilities District No. 2014-1 (Tustin Legacy/Standard Pacific) (the "Community Facilities District") to issue bonds pursuant to the terms and provisions of the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1, Division 2, Title 5 of the Government Code of the State of California (the "Act") in an aggregate principal amount not to exceed $29,000,000; and WHEREAS, the legislative body of the Community Facilities District previously adopted Resolution No. 14-60 on September 16, 2014 (the "Resolution of Issuance") which approved the issuance of bonds in an aggregate principal amount not to exceed $29,000,000 designated as the "City of Tustin Community Facilities District No. 2014-1 (Tustin Legacy/Standard Pacific) Special Tax Bonds, Series 2014" (the "Bonds") under the Act and authorized the execution and delivery of certain documents in connection therewith; and WHEREAS, as a condition precedent to the issuance of the Bonds the Resolution of Issuance required that the legislative body of the Community Facilities District approve a preliminary official statement in substantially final form at a subsequent meeting; and WHEREAS, the Community Facilities District now desires to approve and authorize the preparation and distribution of a Preliminary Official Statement (the "Preliminary Official Statement") and a final Official Statement (the "Official Statement") in connection with the Bonds; and WHEREAS, in accordance with the requirements of Section 53345.8 of the Act and the policies of the City of Tustin, the Resolution of Issuance established as a ' condition precedent to the sale and issuance of the Bonds that the legislative body of the Community Facilities District determine that the value of the real property in the Community Facilities District subject to the special tax to pay debt service on the Bonds Resolution No. 15-72 Page 1 of 4 (the `Taxable Property") be at least three times the principal amount of the Bonds and the principal amount of all other bonds outstanding that are secured by a special tax levied pursuant to the Act or a special assessment levied on property within the Community Facilities District ("Secured Indebtedness"); and WHEREAS, the legislative body of the Community Facilities District has been presented with an appraisal of the Taxable Property from Harris Realty Appraisal, dated as of September 24, 2015, with a date of value as of September 1, 2015 (the "Appraisal"); and WHEREAS, based on the Appraisal, the value of the Taxable Property is more than three times the Secured Indebtedness; and WHEREAS, the Resolution of Issuance approved, among other things, the issuance of Bonds and the form of Indenture of Trust for the Bonds, by and between the Community Facilities District and The Bank of New York Mellon Trust Company, N.A., as trustee (the "Indenture"); and WHEREAS, there has been presented to the legislative body of the Community Facilities District a revised form of Indenture; NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Tustin acting as the legislative body of the City of Tustin Community Facilities District No. 2014-1 (Tustin Legacy/Standard Pacific) does hereby authorize staff to implement the provisions of this Resolution as follows: SECTION 1. Each of the above recitals is true and correct and is adopted by the legislative body of the Community Facilities District. SECTION 2. The Preliminary Official Statement, in substantially the form presented to this meeting and made a part hereof is hereby approved, with such changes, insertions and omissions therein as may be approved by the Mayor, the City Manager or the Finance Director/City Treasurer of the City of Tustin or the written designee of one of the foregoing (collectively the "Authorized Officers"), and the use of the Preliminary Official Statement in connection with the offering and sale of the Bonds is hereby authorized and approved. The Authorized Officers are each hereby authorized to certify on behalf of the Community Facilities District that the Preliminary Official Statement is deemed final as of its date, within the meaning of Rule 15c2-12 (except for the omission of certain final pricing, rating and related information as permitted by Rule 15c2-12). SECTION 3. The preparation and delivery of the Official Statement, and its use in connection with the offering and sale of the Bonds is hereby authorized and approved. The Official Statement shall be in substantially the form of the Preliminary Official Statement, with such changes, insertions and omissions as may be approved by an 111Authorized Officer, such approval to be conclusively evidenced by the execution and delivery thereof. Each of the Authorized Officers is hereby authorized, and any one of Resolution No. 15-72 Page 2 of 4 the Authorized Officers is hereby directed, for and in the name of the Community Facilities District, to execute the final Official Statement and any amendment or supplement thereto. SECTION 4. The revised form of the Indenture presented at this meeting is hereby approved and any one of the Authorized Officers is hereby authorized and directed to execute the Indenture in the form hereby approved, with such additions therein and changes thereto as the Authorized Officer or Authorized Officers executing the same deem necessary to cure any defect or ambiguity therein under the conditions set forth in the Resolution of Issuance, with such approval to be conclusively evidenced by the execution and delivery of the Indenture. SECTION 5. The Mayor, City Manager, Finance Director/City Treasurer, or designee of any of the foregoing, and the other officers and staff of the City of Tustin and the Community Facilities District responsible for the fiscal affairs of the Community Facilities District, are hereby authorized and directed to take any actions and execute and deliver any and all documents as are necessary to accomplish the issuance, sale and delivery of the Bonds in accordance with the provisions of this Resolution and the Resolution of Issuance. SECTION 6. This Resolution shall take effect upon adoption. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Tustin held on the 6th day of October, 2015. / (-) CHARLES E. PUCKETT, Mayor ATTEST: ER CA N. RABE, City Clerk Resolution No. 15-72 Page 3 of 4 STATE OF CALIFORNIA ) COUNTY OF ORANGE ) SS CITY OF TUSTIN I, Erica N. Rabe, 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. 15-72 was duly passed and adopted at a regular meeting of the Tustin City Council, held on the 6"' day of October 2015, by the following vote: COUNCILPERSONS AYES: Puckett, Nielsen, Murray, Bernstein (4) COUNCILPERSONS NOES: None (0) COUNCILPERSONS ABSTAINED: Gomez (1) COUNCILPERSONS ABSENT: None (0) ERICA tRABCf City Clerk 1 Resolution No. 15-72 Page 4 of 4