HomeMy WebLinkAboutReso 2015-194 RESOLUTION NO. 201>-194
RESOLUTIOI�' OF THE CITI' COiJi��CIL OF THE CITl' OF
CHULA VISTA APPROVI.NG ASSIGNMEI�'T OF
DELINQUENT T.A� RECENABLES TO THE CALIFORI�`I.4
STATE�VIDE COMMU�'ITIES DEVELOPME\'T AUTHORITI'
FOR PRIOR FISCAL YE.ARS. AI�'D AUTHORIZI2vG
EaECUTION AI�'D DELIVERl' OF REL.ATED DOCUMENTS
Al�'D ACTIONS
�l'HEREAS. under Section 6�16.6 of the Go��ernment Code of the State of California
(the `Law'), a cit�� is authorized to sell and assion to a joint powers authorit�� am or all of its
right. title, and interest in and to the enforcement and collection of delinquent and uncollected ad
valorem property ta�es. special ta�:es and assessments. and propert��-related fees and charges that
have been levied bv or on behalf of such citv for collection on the secured. unsecured. or
supplemental propem� taa roils (collectivel��, "Delinquent Ta�es and Assessmeuts') in
accordance H�ith such terms and conditions as are set forth in an agreement ���ith thejoint powers
authorit��: and
WHEREAS. the California State���ide Communities Development Authorih (the
"Authorit�� ') is an e�isting joint po�rers authority and. as such. is authorized under the La�r to
issue its bonds; notes, certificates of participation or other oblieations for the purpose of
pro��idine funds to purchase Delinquent Ta�es and Assessments in accordance with the La��-
upon terms and conditions ���hich are acceptable to the local agenc�� from �rhom such Delinquent
Taees and Assessments are acquired: and
�'HEREAS, the Authorin� has requested the Cin• to authorize the sale of its Delinquent
Ta�es and Assessments to the Authorin for the Fiscal Years endine June 30 in each of the �=ears
2010 through 2016 (the "Co��ered Fiscal Years-`) at a purchase�price equal to 110% of the
principal amount of Delinquent Ta�es and Assessments �+�hich are elieible for sale and
assianment: and
\b'HEREAS. the Authorit�� has made arraneements to issue and sell one or more series of
certificates of participation representing a participation imerest in all of the Delinquent Ta�es
and Assessments received from the City and from other panicipatin� local agencies, which �i�ill
be sold to a designee of To�i�er Capital �9anagement, LLC, a Dela���are limited liabilit�� compan��
('To�+�er Capital"): and
R'HEREAS. the Citv Council ��•ishes at this time to appro��e the foreeoine financing plan
and authorize the e�ecution and deli�erv of all related documents and actions.
Resolution No. 201�-194
PaQe No. 2
NOV�', THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista
as folloN�s:
Section 1. Authorization of Sale of Delinquent Taxes and Assessments. The City
Council hereby approves and authorizes the sale of Delinquent Taxes and Assessments, in whole
or in part, for any one or more of the covered fiscal years; to the Authority for a minimum
purchase price of 1 10% of the amount thereof.
Section 2. Authorization to Execute Financing Documents. In order to implement the
financing plan approved under Section ], the City Council hereby authorizes the City Manager
and/or the Director of Finance (each, an "Authorized Officer of the City"), to execute and deliver
one or more agreements between the Authority and the City whereby the City sells Delinquent
Taxes and Assessments to the Authority upon terms and conditions which are acceptable to an
Authorized Officer of the CiN. An Authorized Officer of the Ciry is hereby authorized and
directed to execute such agreements in the name and on behalf of the City. The material terms of
each such agreement shall include the following:
(a) the Delinquent Tases and Assessments shall be sold to the Authority for a
purchase price at least equal to 110% of their par amount, ��hich shall be
paid to the City upon the closing of the transaction in funds that are
immediately available to the City;
(b) as a result of such sale, the Authority shall be entiiled to receive all amounts
collected in respect of such Delinquent Taxes and Assessments, includine
applicable interest and penalties, provided that all such collections shal]
continue to be made in the manner prescribed by ]aw;
(c) such sale of Delinquent Taxes and Assessments shall be without recourse to
the Ciry, and the Ciry shall not incur any liability or assume any
responsibility to the Authority for the collection of the Delinquent Taxes and
Assessments;
(d) all costs of financing the purchase of Delinquent Taxes and Assessments by
the Authority shall be the sole responsibility of the Authority, and the City
shall not have any liability for pa}�ment of such costs; and
(e) in order to provide funds for the financing of the Delinquent Taxes and
Assessments, the Authority shall be authorized to sell one or more series of
certificates of participation to Tower Capital.
Section 3. Official Actions. The Mayor, the City Manager, the Director of Finance; the
City Clerk and all other officers of the City are hereby autl�orized and directed, for and in the
name and on behalf of the City, to do any and all things and take any and all actions, including
execution and delivery of any and all assignmeuts, certificates, requisitions, agreements, notices,
consents, amendments to existing bond indentures or similar instruments, instruments of
Resolution No. 201�-194
Paee \o. 3
conve��ance. ���arrants and other documents. �i�hich the��. or anv of them. mav deem necessan- or
advisable in order to consummate the sale of Delinquent Tases and Assessments to the Authority
for the Covered Fiscal 1'eazs. Vdhenever in this Resolution am� officer of the Cit�� is authorized
to esecute or countersien anv document or tal:e am action, such execution. countersienine or
action mav be tal:en on behalf of such officer b�� an�.person designated b} such officer to act on
his or her behalf if such officer is absent or una��ailable.
Section 4. Effective Date. This Resolution shall take effect from and afier the date of
appro��al and adoption thereof.
Presented b}� .Approved as to form b�
�.
— �.
Maria achadoorian Glen R. osins �
Deput_ Citv Manager/Director of Finance Cirv e}�
Resolution No. 201�-194
Page No. 4
PASSED, APPROVED. and ADOPTED by the City Council of the City of Chula Vista,
California, this 1 lth day of August 2015 by the following vote:
AYES: Councilmembers: Aguilaz, Bensoussan, McCann, Miesen and Salas
NAYS: Councilmembers: None
ABSEI�'T: Councilmembers: None
Mary S as, Mayor
ATTEST:
� � ��
Donna R. Norri ,��y Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. Norris, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2015-194 w-as duh� passed, approved, and adopted b}� the City Council at a
regular meeting of the Chula Vista City Council held on the 1 ]th day of August 2015.
Executed this l Ith day of August 2015.
Donna R. Norris; CMC, City Clerk