HomeMy WebLinkAboutReso 2015-153 RESOLUTION I�'O. ZOl�-1�3
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA AUTHORIZII�'G AND DIRECTIIvG
COMPLIAI�'CE V�'ITH THE "REFLT?�iDING ACT OF 1984 FOR
191� IMPROVEI�4ENT ACT BONDS." AS n40DIFIED. Il�'
COI�TvECTION V1'ITH THE [SSUANCE OF LIMITED
OBLIGATION REFlTI�iDII�'G BONDS FOR THE PURPOSE OF
REFUTiDII�G CERTAII�' REASSESSMENT DISTRICT BONDS
«-HEREAS_ the Cin� of Chula Vista (the "Citv") is a municipal corporation and chaner
cin� dul}� oreanized and existin� under a freeholder`s charter pursuant to �ti�hich the Cit�° has the
riaht and power to mal:e and enforce all IaN�s and reeulations ti�ith respect to municipal affairs
and cenain other matters in accordance H�ith and as more particularl}� pro��ided in Sections 3. �
and 7 of Article XI of the Constimtion of the State of California (the "Constitutio�') and the
Charter of the Citv of Chula Vista (the "Charter'); and
\4%HEREAS, as a charter cit��, the Cit�� is duly authorized and empo�vered to adopt
regulations as thev relate to municipal affairs of the Cit��, including bond matters; and
���HEREAS, the Cit}� has formed assessment districts pursuant to the Municipal
Improvement Act of 19li (California Streets and High���avs Code §]0000. et sey.) (the
"Improvement Acr`). le��ied assessments �aithin such assessment districts pursuant to the
Improvement Act and issued bonds (`Limited Obligation Improvement Bonds ') pursuant to the
lmprovement Bond Act of 191� (California Streets and Hiehti�ays Code §8�00. et seq.) (the
"Assessment District Bond Acr') for the purpose of financing the acquisition or construction of
pubiic improvements to speciall}� benefit and sen�e the properties Nithin such assessment
districts: and
�ZIEREAS: the Cit}� has formed reassessment districts (the "Prior Reassessment
Districr') pursuant to the Refunding Bond Act of 1984 for 191� Improvement Act Bonds (the
"Refunding Act ') for the purpose of financins the refundine of prior Limited Oblieation
Improvement Bonds from the proceeds of ]imited obiieation refunding bonds (`Prior Limited
Obligation Refunding Bonds ') issued pursuant to the Refunding Act; and
��'HEREAS. as the Citv has initiated proceedings to establish a ne�v reassessment district
and reassess the pazcels H�ithin the Prior Reassessment District and to refund all outstandine
Prior Limited Obligation Refunding Bonds pursuant to the Refundine .Act. said ne«
reassessment district to be desienated as Citv of Chula Vista Reassessment District No. 201�-1
(the "Reassessment Districr`): and
R'HEREAS, the City has also formed community facilities districts pursuant to the
h4ello-Roos Communitv Facilities Act of 1982 (Califomia Go��emment Code ��33ll, et seq.)
(the "A4ello-Roos Act") and authorized such communit�� facilities districts to ler�� special ta�es
therein and to issue bonds (�`Special Ta� Bonds ') secured b�� such special taxes for the purpose
of financine the acquisition or construc[ion of public impro��ements benefiting ne��� development
���ithin such communitc facilities districts: and
Reso]ution No. 2015-153
Page No. 2
WHEREAS. as a result of a combination of favorable interest rate conditions in the
municipal bond market; and the level of development, diversity of ownership and increase in
property values within certai� assessment districts and community facilities districts previously
established by the City, the City desires to issue its City of Chula Vista Reassessment District
No. 201�-1 Limited Oblieation Refunding Bonds (the "2015 Limited Obligation Refunding
Bonds") in a principal amount not to exceed $6;400,000 to refund the ouutanding principal
amount of the City of Chula Vista Reassessment District No. 2005-2 Limited Obli�ation
Refunding Bonds issued in the original principal amount of$]0;4�5,000 and certain special ta�
refundine bonds (the "201� Special Tax Refunding Bonds") identified in Attachment A to this
resolution to refund certain previously issued Special Taa Bonds (the "Prior Special Tax Bonds `)
identified in Attachment B to this Resolution to reduce the reassessments and special taaes,
respectively, which must be paid by the property owners within the affected reassessment district
and communit�� facilities districts; and
WHEREAS, the City believes that combining the issuance of 2015 Limited Obligation
Refunding Bonds and the 2015 Special Tax Refunding Bonds (collectively, the "2015 Refunding
Bonds ') will enhance the savings to the property owners within the affected reassessment district
and communit�� facilities districts; and
WHEREAS; the interest payment dates and maturity dates for the Prior Special Tax
Bonds are March 1 and September l, respectively, throughout the term of such bonds; and
WHEREAS, the Mello-Roos Act provides that the term of each series of the 2015 Special
Tax Refunding Bonds may not exceed the term of the series of the Prior Special Tax Bonds to be
redeemed from the proceeds of such series of 2015 Special Tax Refunding Bonds; and
WHEREAS, the interest payment dates and maturity dates far the Prior Limited
Obligation Refunding Bonds are established by the Assessment District Bond Act and the
Refunding Act of 1984; respecti��ely, as March 2 and September 2 of each year; and
WHEREAS, the issuance of 2015 Limited Obligation Refunding Bonds and 2015 Special
Tax Refunding Bonds with common interest payment dates and maturity dates will facilitate the
abilit}�to combine such refundin�s to achieve enhanced savings for the affected propert}� owners;
and
WHEREAS, the maturit�� dates for the 2015 Special Ta�c Refundine Bonds ma�� not be
extended to September 2 ���ithout estending the term of the 2015 Special Tax Refundino Bonds
in violation of the Mello-Roos Act: and
WHEREAS, in order to provide for the issuance of the 2015 Refunding Bonds N�ith
common interest payment dates and maturity dates it will be necessary to change the interest
payment dates and maturity dates of the 201� Litnited Obligation Refunding Bonds to March 1
and September 1; and
Resolution No. 2015-153
Paee No. 3
�i'1-IEREAS, the Ciri� is not required to. but desires to, follow the refunding procedures
set forth in the Refunding Act of 1984. with respect to the issuance of the 201� Limited
Oblieation Refundine Bonds for the purpose of refunding the Prior Limited Obligation
Refundine Bonds: and
WlIEREAS: the Cin- Council desires to modif�� the procedures contained in the
Refundine Act of ]984, as applied to issuance of the 201� Limited Obli�ation Refundine Bonds.
in order to allow the 201� Limited Obligation Refunding Bonds to be issued with interest
pa}�ment dates and maturit�� dates of A4azch 1 and September 1.
NOW. THEREFORE. BE IT RESOLVED. DETERI�4II�iED AND ORDERED b�� the
Cin� Council of the Cit�� of Chula Vista as follo���s:
SECTION 1. Reference To La���s. The Cit}� of Chula �'ista shall follo«�the provisions of
the Refundins Act of 1984 for 191� [mproeement Act Bonds (California Streets and High���a��s
Code �9�00, et seq.) (the "Refunding Act of 1984"), as modified by this Resolution, in
connection ��ith the issuance of the 201� Limited Obligation Refundine Bonds for the purpose oF
refundins of the Prior Limited Obliaation Refundins Bonds.
SECTIOI�' 2. Modifications To Procedures Set Forth In The Refundina Act Of 1984.
The City «ill follow�the procedures set forth in the Refundine Act of 1984. in connection
�i�ith issuance of the 201� Limited Obligation Refundine Bonds; ��ith the follo�i�ine
modifications (modifications aze in bold, italicized te�t):
(a) As applied to the issuance of the ZOl� Limited Oblieation Refunding Bonds,
Subsection (a)(2) of Section 9600 of the Streets and High���a}�s Code shall be modified to read as
folloti�s:
"(2) Interest upon the refundine bonds from t6e September 1 or the
September 2, as deterntined by resolution ojtde Cih' Council, next precedine the
date of sale thereof to not later than die September I or September 2, as
applicable, ne�t succeeding t�vo .�ears from the date."
(b) As applied to the issuance of the 201� Limited Obligation Refunding Bonds,
Section 960� of the Streets and Hiefiti�avs Code shall be modified to read as follo���s:
"All of the refunding bonds shall mature on Seplember 1 or September 2 as
determii:ed b��resolution ojd�e Cih' Couneil."
(c) As applied to the issuance of the 201� Limited Oblieation Refundine Bonds,
Section 9606 of the Streets and Hiahw=a�•s Code shall be modified to read as follo�+�s:
"In no event shall the first maturit�� date of am� refundin� bonds be earlier than
1de first da}� oj September or the second da�� of September, as determined b1'
resolution of 1he Cih' Cou�rcil, next succeeding 12 months after the date of the
bonds."
Resolution No. 2015-153
Page No. 4
(d) As applied to the issuance of the 2015 Limited Obligation Refunding Bonds,
Section 9607 of the Streets and Highways Code shall be modified to read as follows:
�`The last maturit�� of any refunding bonds shall not exceed 39 years from
the tirst or second day of September, as determined b�� resolution of the City
Council; next succeeding 12 months afrer the date of the bonds."
(e) As applied to the issuance of the 2015 Limited Obligation Refunding Bonds,
Section 9609 of the Streets and High��ays Code shall be modified to read as follo��s:
"The interest on refunding bonds shall be payable on Marcli I or March 2
and September 1 or September 2, respectivelv, of each year, as defermined by
resolution ojllre Cih� Council."
(� As applied to the issuance of the 2015 Limited Obligation Refunding Bonds;
Section 9610 of the Streets and Highwa}�s Code shall be modified to read as follows:
"The first interest pa}�ment on the bonds shall be March 1 or March 2, as
determined by resolution ojthe City Council, proceeding the ftrst or second day
of September, as applieable, next succeeding 12 months afrer the date of the
bonds, except that; if nay portion of the interest is funded, the legislative body
may specify that the first payment of interest shall become due on an earlier
interest payment date following the date of the bonds."
SECTION 3. Officia] Actions. The Mayor, the City Manager, the Deputy City Manager,
the Finance Director, the Cit}� Attorney, the City Clerk and any and all other officers of the City
are hereby authorized and directed, for and in the name of and on behalf of the City, to do any
and all things and take any and all actions, and to execute and deliver all certificates and other
documents, which they, or any of them, may deem necessary or advisable in order to
consummate the refunding, issuance and delivery of the 2015 Limited Obligation Refunding
Bonds.
SECTION 4. Effecti��e Date. This Resolution shall take effect from and afrer the date of
its passage and adoption.
__.r�'
Presented by Approved as to form by
( ��..�
Maria achadoorian len R. 6 qogins �
Deputy City Manager/Director of Finance ty AttomBy �
Resolution No. 201�-1�3
Paee t�'o. �
PASSED. APPROVED. and .ADOPTED b� the Cirv Council of the Cirv of Chula Vista.
Califomia this 16th dar of June 201� bv the follo«�ine vote:
AI'ES: Councilmembers: Aguilaz. Bensoussan, McCann, ?�4iesen and Salas
1�'AYS: Councilmembers: None
ABSEI�'T: Councilmembers: I�'one
�
Mar�� Sal Mavor
ATTEST:
��
Donna R. Norris. CA�h� Clerk
STATE OF CALIFOR\iIA )
COUI�TTY OF SAI�' DIEGO )
CITY OF CHULA VISTA )
I. Donna R. Norris. Cirv Clerk of Chula Vista. Califomia. do herebvi ceRifv that the foreeoins
Resolution No. 201>-1�3 N�as dulv passed, approved. and adopted b�� the Ciri� Council at a
regulaz meeting of the Chula Vista Cit} Council held on the 16th da}� of June ZO1�.
Executed this 16th dav of June 201�.
Donna R. Norris. CMC. Cit�� Clerk
Resolution No. 2015-153
Page No. 6
ATTACHMENT A
2005 SPECIAL TAX REFUNDING BONDS
1. City of Chula Vista Community Facilities District No. 97-3 (Otay Ranch McMillin Spa
One) 2015 Special Tax Refunding Bonds to be issued in a principal amount not to exceed
$
2. City of Chula Vista Connnunity Facilities District No. 99-] (Otay Ranch Spa One —
Portions of Village One, Village Five and Village One West) 2015 Special Tax Refunding Bonds
to be issued in a principal amount not to exceed $
3. City of Chula Vista Community Facilities District No. 2000-1 (Sunbow II — Villages 5
through 10) 2015 Special Tax Refunding Bonds to be issued in a principal amount not to exceed
$
4. City of Chula Vista Community Facilities District No. 2001-1 (San Miguel Ranch) 2015
Improvement Area A Special Tax Refunding Bonds to be issued in a principal amount not to
exceed $
Resolution No. 201�-1�3
Paee No. 7
APPENDIX B
PRIOR SPECIAL T.AX BONDS
1. City of Chula Vista Community Facilities District No. 97-3 (Ota}� Ranch McMillin Spa
One) 200� Special Taa Refunding Bonds issued in the orieinal principal amount of�12.010.000.
2. City of Chula Vista Communirn Facilities District I�'o. 99-1 (Ota} Ranch Spa One —
Portions of Villaee One, Village Fi��e and Villase One �%est) 200� Special Tax Refundine Bonds
issued in the orieinal principal amount of�44.87�.000.
3. Cin� of Chula Vista Communit}� Facilities District No. 2000-1 (Sunbo�a II — Villages �
through 10) 200� Special Tax Refundine Bonds issued in a principal amount of�7,�60,000.
4. City of Chula Vista Community Facilities District No. 2001-1 (San Mieuel Ranch) 200�
Impro�ement Area A Special Tax Refundine Bonds issued in a principal amount of�l�.�0�.000.