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HomeMy WebLinkAboutReso 2001-416 RESOLUTION NO. 2001-416 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA DECLARING NECESSITY TO INCUR A BONDED INDEBTEDNESS FOR EACH IMPROVEMENT AREA OF COMMUNITY FACILITIES DISTRICT NO. 2001-01 (SAN MIGUEL RANCH), SUBMITTING TO THE QUALIFIED ELECTORS OF EACH SUCH IMPROVEMENT AREA A PROPOSITION TO INCUR A BONDED INDEBTEDNESS SECURED BY THE LEVY OF A SPECIAL TAX WITHIN SUCH IMPROVEMENT AREA TO FINANCE CERTAIN TYPES OF PUBLIC FACILITIES AND GIVING NOTICE THEREOF WHEREAS, the City Council has previously declared its intention and held and conducted a public heating relating to the issuance of bonds to be secured by special taxes to finance certain public facilities in a community facilities district and improvement areas designated therein, as authorized pursuant to the terms and provisions of the "Mello-Roos Community Facilities Act of 1982," being Chapter 2.5, Part 1, Division 2, Title 5 of the Govermnent Code of the State of California (the "Act") and the City of Chula Vista Community Facilities District Ordinance enacted pursuant to the powers reserved by the City of Chula Vista under Sections 3, 5 and 7 of Article XI of the Constitution of the State of California (the "Ordinance") (the Act and the Ordinance may be referred to collectively as the "Community Facilities District Law"). This Community Facilities District shall hereinafter be referred to as COMMUNITY FACILITIES DISTRICT NO. 2001-1 (SAN MIGUEL RANCH) (the "District") and the improvement areas shall be designated as IMPROVEMENT AREA A and IMPROVEMENT AREA B (each, an "Improvement Area" and, collectively, the "Improvement Areas"); and WHEREAS, at this time the City Council desires to proceed to make the determination of necessity to incur a separate bonded indebtedness for each of the Improvement Areas, to declare the purpose for such debt, and to authorize the submittal of a separate proposition to the qualified electors of each such Improvement Area, being the landowners of each such Improvement Area, all as authorized and required by law; and WHEREAS, the City Council further desires to authorize the submittal of propositions to such qualified electors of each Improvement Area to (a) authorize the levy of special taxes within each such Improvement Area and (b) to establish an appropriation limit for the District; and WHEREAS, all of the qualified electors of each Improvement Area have waived the time limits specified in the Act pertaining to the conduct of the election and the requirements for impartial legal analysis and arguments have also been waived by the unanimous consent of the qualified electors of each Improvement Area; and WHEREAS, the City Clerk, as the Election Official, has concurred in the shortening of time for conducting the election. NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS: SECTION 1. RECITALS. The above recitals are all tree and correct. Resolution 2001-416 - Page 2 SECTION 2. NECESSITY FOR BOND ISSUES. The City Council hereby expressly declares and states that it is necessary to incur a separate bonded indebtedness of the District for each Improvement Area thereof as authorized under the terms and provisions of the Community Facilities District Law, in order to finance the types of public facilities described in Section 3 below. SECTION 3. BOND INDEBTEDNESS FOR IMPROVEMENT AREA A. The specific single purpose for the proposed bonded indebtedness for Improvement Area A is as follows: To finance a portion of the costs of the acquisition or construction of certain public facilities consisting of the types of facilities described in Exhibit A hereto (the "Facilities") which is incorporated herein by this reference, appurtenances and appurtenant work and any and all of those applicable incidental costs described in and authorized by Government Code Section 53345.3. For a further description of the Facilities, reference is made to the Report. SECTION 4. BOND INDEBTEDNESS FOR IMPROVEMENT AREA A. The specific single purpose for the proposed bonded indebtedness for Improvement Area A is as follows: To finance a portion of the costs of the acquisition or construction of the Facilities, appurtenances and appurtenant work and any and all of those applicable incidental costs described in and authorized by Government Code Section 53345.3. For a further description of such facilities, reference is made to the Report. SECTION 5. TERRITORY TO PAY FOR BONDED INDEBTEDNESS. This City Council determines that the property within Improvement Area A will pay for the bonded indebtedness referred to in Section 3 above. A general description of Improvement Area A is as follows: All property within the boundaries of Improvement Area A of Community Facilities District No. 2001-01 (San Miguel Ranch), as shown on a map as previously approved by the City Council, such map designated by the name of this District, a copy of which is on file in the Office of the City Clerk (the "Boundary Map"). This City Council determines that the property within Improvement Area B will pay for the bonded indebtedness referred to in Section 4 above. A general description of Improvement Area B is as follows: All property within the boundaries of Improvement Area B of Community Facilities District No. 2001-01 (San Miguel Ranch), as shown on the Boundary Map. SECTION 6. BOND AMOUNT. The amount of the proposed bonded indebtedness, including the cost of the Facilities, together with all incidental expenses, shall not exceed the following: A. Improvement Area A - $13,500,000 B. Improvement Area B - $6,000,000 Resolution 2001-416 Page 3 SECTION 7. BOND TERM This City Council hereby further determines that the maximum term of bonds and/or any series shall not exceed forty (40) years, and such bonds may be issued in differing series, at differing times. The maximum rate of interest to be paid on such bonds may not exceed the greater of either twelve percent (12%) per annum or the maximum rate permitted by law at the time of sale of any of such bonds. The bonds issued for each Improvement Area, except where other funds are made available, shall be paid exclusively from the annual levy of the special tax within such Improvement Area, and are not secured by any other taxing power or funds of the District or the City. SECTION 8. ACCOUNTABILITY MEASURES. Pursuant to and in compliance with the provisions of Article 1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code, this City Council hereby establishes the following accountability measures pertaining to any bonded indebtedness incurred by or on behalf of the District: A. Such bonded indebtedness shall be incurred for the applicable specific single purpose set forth in the Section 3 or 4 above, as applicable. B. The proceeds of any such bonded indebtedness shall he applied only the applicable specific purpose identified in Section 3 or 4 above, as applicable. C. The document or documents establishing the terms and conditions for the issuance of any such bonded indebtedness shall provide for the creation of an account into which the proceeds of such indebtedness shall be deposited. D. The City Manager or his or her designee, acting for and on behalf of the District, shall annually file a report with this City Council as required by Government Code Section 53411. SECTION 9. ELECTION. The propositions related to the incurring of the bonded indebtedness shall be submitted to the appropriate qualified voters, together with ballot propositions to authorize the levy of special taxes within the Improvement Areas and to establish an appropriations limit for the District, at a special election to be held on the 13th day of November, 2001, and such election shall be a special election to be conducted by the City Clerk (the "Election Official"). If any proposition for the levy of the special tax and any proposition for incurring the bonded indebtedness receive the approval of two-thirds (2/3) or more of the votes cast on each respective proposition, bonds may be authorized, issued and sold for the applicable purpose set forth herein and the applicable special tax may be levied as provided in Resolution of Formation. If the proposition to establish the appropriations limit for the District receives the approval of a majority of the votes cast on such proposition, such appropriations limit shall be established. SECTION 10. BALLOTS. The ballot proposals to be submitted to the qualified voters of each Improvement Area at the election shall generally be as follows: IMPROVEMENT AREA A Resolution 2001-416 Page 4 PROPOSITION A Shall the City of Chula Vista Community Facilities District No. 2001-01 (San Miguel Ranch), subject to accountability measures set forth in Resolution No. 2001-416, levy a special tax throughout Improvement Area A of such district pursuant to the rate and method of apportionment thereof set forth in such resolution for the purposes of paying debt service on bonds of such district issued for Improvement Area A, replenishing the reserve fund for such bonds, paying costs of administering such indebtedness and such district and paying directly for facilities described in such resolution? PROPOSITION B Shall the City of Chula Vista Conummity Facilities District No. 2001-01 (San Miguel Ranch), subject to accountability measures set forth in Resolution No. 2001-417, incur a bonded indebtedness for Improvement Area A of such district in an amotmt not to exceed $13,500,000 for the specific single purpose of financing the facilities described in such resolution? IMPROVEMENT AREA B PROPOSITION C Shall the City of Chula Vista Community Facilities District No. 2001-01 (San Miguel Ranch), subject to accountability measures set forth in Resolution No. 2001-416, levy a special tax throughout Improvement Area B of such district pursuant to the rate and method of apportionment thereof set forth in such resolution for the purposes of paying debt service on bonds of such district issued for Improvement Area B, replenishing the reserve fund for such bonds, paying costs of administering such indebtedness and such district and paying directly for facilities described in such resolution? PROPOSITION D Shall the City of Chula Vista Community Facilities District No. 2001-01 (San Miguel Ranch), subject to accountability measures set forth in Resolution No. 2001-417, incur a bonded indebtedness for Improvement Area B of such district in an amount not to exceed $6,000,000 for the specific single purpose of financing the facilities described in such resolution? IMPROVEMENT AREAS A AND B PROPOSITION E Shall the City of Chula Vista Community Facilities District No. 2001-01 (San Miguel Ranch) establish an Article XIIIB appropriations limit equal to $19,500,0007 SECTION 11. VOTE The appropriate mark placed in the voting square after the word "YES" shall be counted in favor of the adoption of the proposition, and the appropriate mark placed in the voting square after the word "NO" in the manner as authorized, shall be counted against the adoption of such proposition. Resolution 2001-416 Page 5 SECTION 12. ELECTION PROCEDURE The Election Official is hereby authorized to take any and all steps necessary for the holding of such election. The Election Official shall perform and render all services and proceedings incidental to and connected with the conduct of the election, which services shall include, but not be limited to, the following activities as are appropriate to the election: A. Prepare and furnish to the election officers necessary election supplies for the conduct of the election. B. Cause to be printed the requisite number of official ballots, tally sheets and other necessary forms. C. Furnish and address official ballots for the qualified electors of each Improvement Area. D. Cause the official ballots to be delivered to the qualified electors or their authorized representatives, as required by law. E. Receive the returns of the election and supplies. F. Sort and assemble the election material and supplies in preparation for the canvassing of the returns. G. Canvass the returns of the election. H. Furnish a tabulation of the number of votes given in the election. I. Make all arrangements and take the necessary steps to pay all costs of the election incurred as result of services performed by the District and pay costs and expenses of all election officials. J. Conduct and handle all other matters relating to the proceedings and conduct of the election in the manner and form as required by law. Prepared by Approved as to form by J6h~vi. Kaheny ~ Public Works Director (~Cify Attorney Resolution 2001-416 Page 6 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 4th day of December, 2001, by the following vote: AYES: Councilmembers: Padilla, Rindone, Salas and Horton NAYS: Councilmcmbers: None ABSENT: Councilmcmbers: Davis Shirley Horton, ~ayor ATTEST: Susan Bigelow, City Clerkv 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. 2001-416 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 4th day of December, 2001. Executed this 4th day of December, 2001. Sm ~B ige~low,~it~Clerk3r}' EXHIBIT A DESCRIPTION OF TYPES OF FACILITIES The types of public facilities authorized to be financed by the levy of special taxes within each Improvement Area shall include streets, landscaping within public rights-of-way, sewers and public utilities as may be authorized by the goals and policies of the City Council pertaining to the use of the Community Facilities District Law.