HomeMy WebLinkAboutReso 2001-250 RESOLUTION NO. 2001-250
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A FIRST AMENDMENT TO
THE CONTRACT WITH SPECIAL DISTRICT FINANCING
AND ADMiNISTRATION, LLC, FOR SPECIAL DISTRICT
ADMINISTRATIVE SERVICES, AND AUTHORIZING THE
CITY MANAGER TO EXECUTE SAID AMENDMENT
WHEREAS, the City has an existing one-year contract, with a two-year extension, with
Special District Financing and Administration (SDFA) to perform administrative services for the
City's Community Facilities District's (CFD); and
WHEREAS, the maximum three-year contract amount was set at $65,000, and there is a
clause that allows the City to add additional CFD's to the contract as long as the maximum is not
exceeded; and
WHEREAS, the establishment of CFD 2000-01 in Fiscal Year 2000/2001 was not
anticipated when this estimate was prepared and the administrative cost for Fiscal Year
2000/2001 was $4379.50; and
WHEREAS, additionally, staff assumed a relatively low amount of buydowns based on
past experience that indicates that few property owners would want to prepay their bonded
indebtedness immediately after purchasing a new home; and
WHEREAS, although there were few buydown requests from home buyers, the
developers were required to prepay a portion of the bonds on several properties in order to meet
the City's limitation on general taxes and bonded indebtedness (2% of the purchase price per
year) and the administrative cost for this work for CFD 97-3, was $9,200 during calendar year
2000; and
WHEREAS, in order to pay the additional administrative costs associated with CFD
2000-1 and the bond prepayments for Fiscal Years 2000/2001 and 2001/2002, staff therefore
requests that the maximum contract amount with SDFA be increased by $25,000 to $90,000 with
the additional expenses to be paid out of the budgets for the CFD's.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Chula
Vista does hereby approve a First Amendment to the contract with Special District Financing and
Administration, LLC, for special district administrative services, a copy of which shall be kept
on file in the Office of the City Clerk.
BE IT FLIRTHER RESOLVED that the City Manager of the City of Chula Vista is
hereby authorized to execute said Amendment on behalf of the City of Chula Vista.
Resolution 2001-250 -
Page 2
Presented by Approved as to form by
PASSED, ~PROVED, ~d ~OPTED by the City Co~cil of the CiW of Chula Vista,
CaliBmia, this 7th day of August, 2001, by the Bllowing vote:
AYES: Co~cilmembers: Davis, Padilla, Rindone, Salas, ~d Hoaon
NAYS: Councilmembers: None
~SENT: Co~cilmembers: None
Shirley Hortol~, Mayor
ATTEST:
Susan Bigelow, City Cler~
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2001-250 was duly passed, approved, and adopted by the City Council at a
regular meeting of the Chula Vista City Council held on the 7th day of August, 2001.
Executed this 7th day of August, 2001.
Susan Bigelow, City Cle~ "