Loading...
HomeMy WebLinkAboutReso 2003-397RESOLUTION NO. 2003-397 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA DECLARING ITS INTENTION TO ISSUE BONDS FOR COMMUNITY FACILITIES DISTRICT NO. 07-I (OTAY RANCH VILLAGE ELEVEN) TO BE SECURED BY SPECIAL TAXES TO PAY FOR THE ACQUISITION OR CONSTRUCTION OF CERTAIN PUBLIC FACILITIES WHEREAS, the City Council of the City of Chula Vista, Califomia ("City Council"), pursuant to the request of Brookfield Otay Shea, LLC (the Developer) as the master developer of the property within Village 11 of Otay Ranch, previously initiated proceedings at a regular meeting on January 7, 2003, to create a Community Facilities District 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 Government 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").and adopted Resolutions 2003-006, 2003-007, 2003-008 and 2003-009 in furtherance thereof. This Community Facilities District shall hereinafter be designated as Community Facilities District No. 07-I (Otay Ranch Village Eleven) (the "District"); and WHEREAS, at the above referenced meeting the City Council, as the legislative body of the City, adopted Resolution 2003-009 declaring its intention to finance the acquisition or construction of certain authorized public facilities through the issuance of bonds to be issued by the District, such bonds to be secured by special taxes to be levied on taxable property within the District, all as authorized pursuant to the Community Facilities District Law; and WHEREAS, at the request of the Developer the City delayed the proceedings to create the District until the Developer substantially completed the construction of certain of such public facilities; and WHEREAS, the Developer has now substantially completed the construction of certain of such public facilities; and WHEREAS, as a result of the Developer's substantial completion of the construction of such public facilities, this City Council desires to adopt this resolution declaring its intention to reinitiate proceedings to finance the acquisition or construction of such facilities through the issuance of bonds to be issued by the District, such bonds to be secured by special taxes to be levied on taxable property within the District, all as authorized pursuant to the Community Facilities District Law. NOW THEREFORE IT IS HEREBY RESOLVED: SECTION 1. The above recitals are all true and correct. SECTION 2. This City Council declares that the public convenience and necessity requires that a bonded indebtedness be incurred by the District to contribute to the financing of all or a portion of the authorized public facilities. Resolution 2003-397 Page 2 SECTION 3. The purpose for the proposed debt of the District is to finance the acquisition or construction of authorized public facilities consisting of the types of public facilities described in Exhibit A attached hereto and incorporated herein by this reference (the "Facilities"). SECTION 4. The amount of the bonded indebtedness of the District may include all costs and estimated costs incidental to, or connected with, the accomplishment of the purpose for which the indebtedness is proposed to be incurred as authorized pursuant to the Community Facilities District Law. The amount of the indebtedness proposed to be authorized for the District is $45,000,000. SECTION 5. NOTICE IS GIVEN THAT ON OCTOBER 21, 2003, AT THE HOUR OF 6:00 O'CLOCK P.M. IN THE REGULAR MEETING PLACE OF THE LEGISLATIVE BODY, BEING THE COUNCIL CHAMBERS, CITY HALL, LOCATED AT 276 FOURTH STREET, CHULA VISTA, CALIFORNIA, A HEARING WILL BE HELD ON THE INTENTION OF THIS LEGISLATIVE BODY TO INCUR A BONDED INDEBTEDNESS OF THE DISTRICT TO CONTRIBUTE TO THE FINANCE THE FACILITIES, SUCH INDEBTEDNESS TO BE SECURED BY THE LEVY OF SPECIAL TAXES WITHIN THE DISTRICT. AT THE TIME AND PLACE FIXED FOR SAID PUBLIC HEARING ANY PERSONS INTERESTED, INCLUDING PERSONS OWNING PROPERTY WITHIN THE DISTRICT, MAY APPEAR AND PRESENT ANY MATTERS RELATING TO THE PROPOSED INTENTION AND NECESSITY FOR INCURRING A BONDED INDEBTEDNESS OF THE DISTRICT WHICH WILL FINANCE THE FACILITIES AND WHICH WILL BE SECURED BY A SPECIAL TAX TO BE LEVIED WITHIN THE DISTRICT. SECTION 6. Notice of the time and place of the public hearing shall be given by the City Clerk by publishing a Notice of Public Hearing in a legally designated newspaper of general circulation, said publication pursuant to Section 6061 of the Government Code, with said publication to be completed at least seven (7) days prior to the date set for the public hearing. SECTION 7. If any provisions of this resolution conflicts with Resolution 2003-007, the provisions of this resolution shall supersede any such conflicting provisions. Prepared by Approved as to form by Ann Moore City Attorney Resolution 2003-397 Page 3 PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista, California, this 16th day of September, 2003, by the follow'rog vote: ATTEST: Councilmembers: Councilmembers: Councilmembers: AYES: NAYS: ABSENT: Davis, McCarm, Rindone, Salas and Padilla None None ~' S~te~e~ :C~adilla, Mayor Susan Bigelow, CMC, City ~lerk sT^~ o~bo~ coum~ OF S~N DINGO CITY OF CHULA VISTA I, Susan Big~low, City Clerk of Chula Vista, California, do hereby certify that the foregoing Resolution No. 2003-397 was duly passed, approved, and adopted by the City Council at a regular meeting of the Chula Vista City Council held on the 16th day of September, 2003. Executed this 16th day of September, 2003. Susan Bigelow, CMC, City C16~k EXHIBIT A DESCPdPTION OF TYPES OF FACILITIES The types of public facilities authorized to be financed by the levy of special taxes within the proposed District shall include streets, grading, landscaping within public rights-of-way, sewers, public utilities, a park, traffic enhancement facilities and other public improvements authorized to be financed from the proceeds of the Public Facilities Development Impact Fee as may be authorized by the goals and policies of the City Council pertaining to the use of the Community Facilities District Law.