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HomeMy WebLinkAboutCC RES 04-68 RESOLUTION NO. 04-68 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA, DEEMING IT NECESSARY TO INCUR BONDED INDEBTEDNESS WITHIN CITY OF TUSTIN COMMUNITY FACILITIES DISTRICT NO. 04-1 (TUSTIN LEGACY/JOHN LAING HOMES) WHEREAS, on June 7, 2004, the City Council (the "City Council") of the City of Tustin (the "City"), pursuant to the Mello-Roos Community Facilities Act of 1982 (the "Act"), adopted a resolution entitled "A Resolution of the City Council of the City of Tustin, California of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes" stating its intention to form City of Tustin Community Facilities District No. 04-1 (Tustin Legacy/John Laing Homes) (the "Community Facilities District") and to authorize the levy of special taxes within the Community Facilities District to finance certain public facilities and services; WHEREAS, on June 7, 2004, the City Council also adopted a resolution entitled "A Resolution of the City Council of the City of Tustin, California to Incur Bonded Indebtedness of the Proposed City of Tustin Community Facilities District No. 04-1 (Tustin Legacy/John Laing Homes)" (the "Resolution to Incur Bonded Indebtedness") declaring the necessity for incurring bonded indebtedness and setting the date for a public hearing to be held on the proposed debt issue; WHEREAS, pursuant to the Resolution to Incur Bonded Indebtedness, notice of said public hearing was published in the Tustin News, a newspaper of general circulation published in the area of the Community Facilities District, in accordance with the Act; WHEREAS, on this date, the City Council opened, conducted and closed said public hearing; WHEREAS, at said public hearing, any person interested, including persons owning property within the area and desiring to appear and present any matters material to the questions set forth in the Resolution to Incur Bonded Indebtedness appeared and presented such matters; WHEREAS, no oral or written protests against the proposed debt issue were made or filed at or before said public hearing; WHEREAS, on this date, the City Council adopted a resolution entitled "A Resolution of the City Council of the City of Tustin of Formation of City of Tustin Community Facilities District No. 04-1 (Tustin Legacy/John Laing Homes), Authorizing the Levy of a Special Tax within the District and Establishing an Appropriations Limit for the District" (the "Resolution of Formation"); Resolution No. 04-68 Page 1 of 4 WHEREAS, the City Clerk of the City (the "City Clerk") is the election official that will conduct the special election on the proposition to incur bonded indebtedness for the Community Facilities District; WHEREAS, there has been filed with the City Clerk a letter from the Registration and Elections Department of the County of Orange indicating that 12 or more persons have not been registered to vote within the territory of the Community Facilities District for each of the 90 days preceding the close of said public hearing; WHEREAS, there has been filed with the City Clerk consents and waivers of all of the landowners of record in the Community Facilities District waiving any time limit specified by Section 53326 of the Act and any requirement pertaining to the conduct of said special election, including any time limit or requirement applicable to an election pursuant to Article 5, Chapter 2.5, Division 3, Title 5 of the Act (commencing with Section 53345 of the Act), consenting to the holding of said special election on July 19, 2004 and waiving any impartial analysis, arguments or rebuttals, as set forth in Sections 53326 and 53327 of the Act; and WHEREAS, the City Clerk has concurred in said waivers and has concurred in holding said special election on July 19, 2004; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Tustin as follows: Section 1. The foregoing recitals are true and correct. Section 2. The City Council deems it necessary to incur the bonded indebtedness. Section 3. The bonded indebtedness will be incurred for the purpose of financing the costs of the Facilities (as defined in the Resolution of Formation), including all costs and estimated costs incidental to, or connected with, the accomplishment of such purpose. Section 4. In accordance with the previous determination of the City Council, the whole of the Community Facilities District will pay for the bonded indebtedness. Section 5. The maximum amount of debt to be incurred is $15,000,000. Section 6. The maximum term the bonds to be issued shall run before maturity is 40 years. Section 7. The maximum annual rate of interest to be paid shall not exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or at such times as the City Councilor its designee shall Resolution No. 04-68 Pagå 2 of 4 determine, the actual rate or rates and times of payment of such interest to be determined by the City Councilor its designee at the time or times of sale of the bonds. Section 8. The proposition to incur the bonded indebtedness will be submitted to the voters. Section 9. The City Council hereby finds and determines that 12 or more persons have not been registered to vote within the territory of the Community Facilities District for each of the 90 days preceding the close of the public hearings held by the City Council on the proposed debt issue for the Community Facilities District. Accordingly, pursuant to Section 53326 of the Act, the vote shall be by the landowners of the Community Facilities District and each landowner who is the owner of record as of the close of said public hearings, or the authorized representative thereof, shall have one vote for each acre or portion of an acre that he or she owns within the Community Facilities District. Section 10. The City Council hereby finds and determines that the qualified electors of the Community Facilities District have unanimously consented (a) to the waiver of any time limit specified by Section 53326 of the Act and any requirement pertaining to the conduct of said election, including any time limit or requirement applicable to an election pursuant to Article 5, Chapter 2.5, Division 3, Title 5 of the Act (commencing with Section 53345 of the Act), and (b) to the holding of said election on July 19, 2004. The City Council herby finds and determines that the City Clerk has concurred in said waivers and has concurred in holding said election on July 19, 2004. Section 11. The date of the special community facilities district election (which shall be consolidated with the special district election to levy a special tax within the Community Facilities District) at which time the proposition shall be submitted to the voters is July 19, 2004. Section 12. The election is to be conducted by mail ballot. The mailed ballots are required to be received in the office of the City Clerk no later than 8:00 p.m. on July 19, 2004; provided, however, that if all of the qualified electors have voted prior to such time, the election may be closed. Section 13. The officers, employees and agents of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions hereof. Section 14. This Resolution shall take effect immediately upon its adoption. PASSED and ADOPTED at a regular meeting of the City Council of the City of Tustin held on July 19, 2004. Resolution No. 04-68 Page 3 of 4 PA ELA STOKER City Clerk STATE OF CALIFORNIA) COUNTY OF ORANGE) CITY OF TUSTI N ) SS I, Pamela Stoker, 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. 04-68 was duly passed and adopted at a regular meeting of the Tustin City Council, held on the 19th day of July, 2004, by the following vote: COUNCILMEMBER AYES: COUNCILMEMBER NOES: COUNCILMEMBER ABSTAINED: COUNCILMEMBER ABSENT: KAWASHIMA, BONE, DAVERT, HAGEN NONE NONE THOMAS (4) (0) (0) (1) Resolution No. 04-68 Page 4 of 4