HomeMy WebLinkAboutReso 1998-19167 RESOLUTION NO. 19167
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA DETERMINING THAT ANY BONDS ISSUED PURSUANT
TO COMMUNITY FACILITIES DISTRICT 97-3 WILL BE SOLD ON
A NEGOTIATED BASIS, WAIVING THE CONSULTANT
SELECTION PROCESS AS IMPRACTICAL AND APPOINTING
STONE & YOUNGBERG AS THE UNDERWRITER TO MARKET
ANY SUCH BONDS
WHEREAS, the financial advisor for Community Facilities District 97-3 (McMillin
Development) in the Otay Ranch, is recommending that the bonds to be issued to finance
infrastructure within the district be priced on a negotiated basis in order to minimize borrowing
costs to prospective home buyers; and
WHEREAS, the firm of Stone & Youngberg has been working diligently since their
appointment in October, 1997 tO underwrite the bonds for the first assessment district in the
Otay Ranch annexation, Assessment District 97-2 (Village Development); and
WHEREAS, because of the value of the recently acquired knowledge by this firm of the
Otay Ranch development plan overall and the closeness of the timing of the two bond issues,
it is impractical to conduct another consultant selection process and staff is recommending
that the process be waived in favor of appointing Stone & Youngberg.
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula Vista does
hereby determine that any bonds issued pursuant to Community Facilities District 97-3 will
be sold on a negotiated basis.
BE IT FURTHER RESOLVED the City Council does hereby waive the consultant
selection process in accordance with Chula Vista Municipal Code Section 2.56,070 because
it is impractical to conduct another consultant selection process and the City Council appoints
Stone & Youngberg as the underwriter to market any such bonds.
Presented by Approved as to form by
Ro ny
Finance Director
Resolution 19167
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 15'h day of September, 1998, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley H/oo~n, jMayor
ATTEST:
~Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A, Authelet, City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 19167 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 15th day of September, 1998.
Executed this 15th day of September, 1998.
~uthelet, City Clerk