HomeMy WebLinkAboutReso 2021-148RESOLUTION NO. 2021-148
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA, AUTHORIZING USE OF THE BOND
OPPORTUNITIES FOR LAND DEVELOPMENT (“BOLD”)
PROGRAM AND AUTHORIZING THE CALIFORNIA
MUNICIPAL FINANCE AUTHORITY TO ACCEPT
APPLICATIONS FROM PROPERTY OWNERS, CONDUCT
PROCEEDINGS AND LEVY SPECIAL TAXES WITHIN THE
TERRITORY OF CITY OF CHULA VISTA PURSUANT TOTHE
MELLO-ROOS COMMUNITY FACILITIES ACT OF 1982, AS
AMENDED; AND AUTHORIZING RELATED ACTIONS
WHEREAS, the City of Chula Vista (the “City”) is a municipal corporation and charter
city duly organized and existing under and pursuant to the Constitution and the laws of the State
of California (the “State”); and
WHEREAS, the California Municipal Finance Authority (the “CMFA”) is a joint exercise
of powers entity created pursuant to Articles 1, 2, 3 and 4 of Chapter 5 of Division 7 of Title 1 of
the California Government Code (as amended from time to time, the “JPA Act”) the members of
which include numerous cities, counties and other local agencies in the State; and
WHEREAS, the CMFA has established the Bond Opportunities for Land Development
Program (the “BOLD Program”) to allow the financing of certain public facilities and/or certain
development impact fees that finance public facilities (together, the “Improvements”) levied by
local agencies in the State through the levy of special taxes pursuant to the terms and provisions
of the Mello-Roos Community Facilities Act of 1982, as amended (the “Act”); and
WHEREAS, the City desires to allow the owners of property to be developed within the
City to participate in the BOLD Program (“Participating Developers”) and to allow the CMFA to
conduct proceedings under the Act, to form community facilities districts (“CFDs”) from time to
time under the Act, to levy special taxes within such CFDs, and to issue bonds secured by such
special taxes under the Act to finance the Improvements, provided that such Participating
Developers voluntarily agree to participate and consent to the levy of such special taxes and the
issuance of such bonds; and
WHEREAS, property owners within the jurisdiction of the City may in the future elect to
be Participating Developers upon obtaining approval of the CMFA and the City Council of the
City (the “City Council”), the CMFA may conduct proceedings under the Act to form a CFD, levy
special taxes within such CFD and issue bonds secured by such special taxes to finance
Improvements; and
WHEREAS, the City will not be responsible for the conduct of any proceedings under the
Act for the formation of any CFD; the levy or collection of special taxes for any CFD or any
required remedial action in the case of delinquencies in any special tax payments, or the issuance,
sale or administration of any bonds issued in connection with the BOLD Program; and
DocuSign Envelope ID: 926BEA1E-D65A-424A-ADE4-BF86FB5E38F8 THIS RESOLUTION RESCINDED
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Resolution No. 2021-148
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WHEREAS, upon obtaining approval of the City Council, CFDs formed through the
BOLD Program, will allow for more efficient delivery of local agency services to residential and
commercial development by not allocating City resources and City staff time to the formation and
administration of the CFDs and to the issuance, sale or administration of any bonds issued in
connection with the BOLD Program; and
WHEREAS, the City is a member of the CMFA in good standing and the CFDs and the
Improvements will be located within the boundaries of the City and, as a result, the City is
authorized to conduct the public hearing required by Section 6586.5 of the JPA Act as a
precondition to the issuance of bonds of the CMFA for CFDs formed though the BOLD Program
for Improvements in the boundaries of the City; and
WHEREAS, notice of the public hearing related to the proposed financing of the
Improvements though the BOLD Program was published in a newspaper of general circulation
within the City at least five days prior to the public hearing as required by Section 6586.5 of the
JPA Act; and
WHEREAS, the City Council held a public hearing regarding the BOLD Program and the
proposed financing of the Improvements by the CMFA through the issuance of bonds of the
CMFA; and
WHEREAS, the City Council has determined that it would be in the best interests of the
City and residents of the City to approve the financing of the Improvements with proceeds of bonds
of the CMFA and that such financing will provide significant public benefits of the type described
in Section 6586 of the JPA Act.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that:
SECTION 1. Each of the above recitals are true and correct. In accordance with the
provisions of Section 6586.5 of the Act, the City Council hereby approves the financing of the
Improvements with proceeds bonds of the CMFA in connection with the BOLD Program will
result in significant public benefits of the types described in Section 6586 of the Act, including,
but not limited to, more efficient delivery of local agency services to residential and commercial
development.
SECTION 2. The use of the BOLD Program in connection with the financing of
Improvements is hereby authorized and approved. The City Manager, any Deputy City Manager,
the Development Services Director or the Facilities Financing Manager (each an “Authorized
Officer” and together the “Authorized Officers”) are hereby authorized to make the BOLD
Program available as an option to property owners who are subject to the payment of fees for new
development and/or who are conditioned to install public improvements in connection with new
development; provided that the CMFA shall be responsible for providing applications and
processing of documentation and related materials at its own expense and the applicant shall be
responsible for any City costs related to the formation of each CFD. Each CFD shall be approved
by the City Council prior to the CMFA considering a resolution of intention for such CFD.
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Resolution No. 2021-148
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SECTION 3. In connection with the formation of each CFD or the issuance of bonds of a
CFD from time to time by the CMFA for the BOLD Program, a form of acquisition agreement,
joint community facilities agreement or similar agreement will be required to be entered into, and
the form of such agreement will be subject to approval by the City Council.
SECTION 4. This Resolution shall take effect immediately upon its adoption. The City
Clerk is hereby authorized and directed to transmit a certified copy of this Resolution to the
Secretary of the CMFA.
SIGNATURES ON THE FOLLOWING PAGE]
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Resolution No. 2021-148
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Presented by Approved as to form by
Tiffany Allen Glen R. Googins
Director of Development Services City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 10th day of August 2021 by the following vote:
AYES: Councilmembers: Cardenas, Galvez, McCann, Padilla, and Casillas Salas
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
Mary Casillas Salas, Mayor
ATTEST:
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2021-148 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 10th day of August 2021.
Executed this 10th day of August 2021.
Kerry K. Bigelow, MMC, City Clerk
DocuSign Envelope ID: 926BEA1E-D65A-424A-ADE4-BF86FB5E38F8 THIS RESOLUTION RESCINDED
BY RESOLUTION NO. 2023-170