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HomeMy WebLinkAbout91-02903/13/91 RESOLUTION NO. 91- 029 A HESOLUTION DETERMINING THE NECESSI'I~ TO INCUR BONDED INDEBTEDNESS WITHIN COMMUNITY FACILITIES DISTRICT NO. 1 (FIRE FACH.ITIES AND SERVICES ) OF TI-IE CITY OF SANTA ANA AND SUBMITTING PROPOSITION TO THE QU~,I .IFIEI) EI~ECTORS OF THE DISTRICT Community Facilities District No. 1 (Fire Facilities and Services) of the City of Santa Aha WHEREAS, on March 4, 1991, this City Council adopted a resolution entitled "A Resolution of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes Pursuant to the City of Santa Aha Special Tax Financing Improvement Code" (the "Resolution of Intention") stating its intention to form the Community Facilities District No. 1 (Fire Facilities and Services) of the City of Santa Aha (the "District"), pursuant to the City of Santa Aha Special Tax Financing Improvement Code, enacted by Ordinance No. NS-2033 of the City adopted on November 20, 1989 (the "Act"); and WHEREAS, on March 4, 1991, this City Council also adopted a resolution entitled "A Resolution of Intention to Incur Bonded Indebtedness of the Proposed Community Facilities District No. 1 (Fire Facilities and Services) of the City of Santa Aha Pursuant to the City of Santa Aha Special Tax Financing Improvement Code" (the '*Resolution of Intention to Incur Indebtedness") stating its intention to incur bonded indebtedness within the boundaries of the District for the purpose of financing the costs of certain facilities specified in the Resolution of Intention; and WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act relative to the determination to proceed with the formation of the District, the provision of facilities and services, by the District and the rate and method of apportionment of the special tax to be levied within the District to pay the principal and interest on the proposed indebtedness and the administrative costs of the City relative to the District; and WHEREAS, at said hearing all persons desiring to be heard on all matters pertaining to the formation of the District, the provision of said facilities (the "Facilities") and said services, and the levy of the special tax on property within the District were heard and a full and fair hearing was held; and WHEREAS, subsequent to said hearing, this City Council adopted a resolution entitled "A Resolution Of Formation Of Community Facilities District No. 1 (Fire Facilities and Services) of the City of Santa Aha, Authorizing The Levy Of A Special Tax Within The District, Preliminarily Establishing An Appropriations Limit For The District And Submitting Levy Of The Special Tax And The Establishment of The Appropriations Limit To The Qualified Electors Of The District" (the "Resolution of Formation"); and RESOLUTION 91-029 WHEREAS, on this date, this City Council held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Formation and the Resolution of Intention to Incur Indebtedness; and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The foregoing recitals are true and correct. 2. It is necessary to incur bonded indebtedness in the maximum aggregate principal Amount of $50,000,000 within the boundaries of the District. 3. The indebtedness is incurred for the purpose of financing the costs of the Facilities, as provided in the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance the Facilities and the costs of the City in administering the District. 4. The whole of the District shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Intention. 5. The maximum amount of bonded indebtedness to be incurred is $50,000,000 and the maximum term of the bonds to be issued shall in no event exceed forty (40) years. 6. The bonds shall bear interest at rate or rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or in such other manner as this City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by this City Council or its designee at the time or times of sale of said bonds. 7. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the District and shall be consolidated with elections on the proposition of levying special taxes within the District and the establishment of an appropriations limit for the District pursuant to Section 20-68 of the Act. The time, place and conditions of said election shall be as specified by separate. resolution of this City Council. 8. The law firm of Jones Hail Hill & White, A Professional Law Corporation, is hereby designated as bond counsel to the City in connection with the formation of the District and any special tax bonds issued by the City for the District. The City Manager is hereby authorized and directed to execute an agreement with said firm for its services in connection with the District and said bonds, in the form on file with the City Attorney. 9. J. P. Morgan Securities is hereby designated as underwriter to the City in connection with any special tax bonds issued by the City for the District. The City Manager is hereby authorized and directed to execute an agreement with said firm for its -2- RESOLUTION 91-029 services in connection with the District and said bonds, in the form on file with the City Manager. ADOPTED this 1st day of ATTEST: COUNCILMEMBERS: Young Pulido Acosta Griset McGuigan Norton Richardson Aye Aye Ave Aye A~/e Ave Aye April , 199 1 . APPROVED AS TO FORM: City Attorney CERTIFICATE OF ORIGINALITY State of California County of Orange I, JANICE C. GUY, Clerk of the Council, do hereby certify the attached Resolution 9]-029 to be the original resolution adopted by the City Council of the City of Santa Ana~on ~C~erk of tho Cern i~LDa~ / City of Santa Aha