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HomeMy WebLinkAboutResolution No. 02-C0270 0 RESOLUTION NO. 02-C27 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA DECLARING NECESSITY FOR PROPOSED COMMUNITYFACILITIES DISTRICT NO. 2002-1 (MOUNTAIN COVE) OF THE CITY OF AZUSA TO INCUR A BONDED INDEBTEDNESS WHEREAS, the City Council (the "City Council") of the City of Azusa (the "City") has received a petition from the owner and developer of certain property in the City (the "Owner") requesting that the City Council conduct proceedings pursuant to Chapter 2.5 (commencing with Section 533 11) of Part 1 of Division 2 of Title 5 of the California Government Code, commonly known as the "Mello -Roos Community Facilities Act of 1982," for the establishment of a community facilities district and the issuance and sale of bonds for the financing of certain public facilities and the satisfaction of school mitigation fees and park and recreation fees which are necessary to meet increased demands placed upon the City as a result of development which will occur within said proposed community facilities district and that the proposed community facilities district be authorized to issue bonds and incur a bonded indebtedness for such purposes in the aggregate principal amount of $11,000,000, and WHEREAS, pursuant to Section 53321 of the California Government Code, the City Council has adopted a resolution declaring its intention to establish proposed Community Facilities District No. 2002-1 (Mountain Cove) of the City of Azusa, County of Los Angeles, State of California (the "Resolution of Intention") for the purpose of financing the design, construction and acquisition of such public facilities and the satisfaction of school mitigation fees and park and recreation fees for the property to be included therein; and WHEREAS, it is therefore necessary for the proposed community facilities district to incur a bonded indebtedness for the purpose of providing and financing such Facilities, NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF AZUSA, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AS FOLLOWS: Section 1. Bonded Indebtedness. The City Council declares that it is necessary that a bonded indebtedness be incurred by and for proposed Community Facilities District No. 2002-1 (Mountain Cove) of the City of Azusa, County of Los Angeles, State of California, in an aggregate principal amount not to exceed $11,000,000 for the purpose of financing the design, construction, and acquisition of the public facilities and the satisfaction of school mitigation fees and park and recreation mitigation fees described in the Resolution of Intention. Section 2. Costs Included. The amount of the proposed bonded indebtedness shall include all costs and estimated costs incidental to, or connected with, the accomplishment of the RVPUMBJS�626976 0 0 purposes for which the proposed bonded indebtedness is to be incurred, including, but not limited to, the estimated costs of construction and acquisition of the public facilities which are proposed to be provided within and for the proposed community facilities district, acquisition of land and rights-of- way, satisfaction of contractual obligations relating to expenses or the advancement of funds for expenses existing at the time the bonds are issued, architectural, engineering, inspection, legal, fiscal and financial consultant fees, bond and other reserve funds and interest on any bonds of the proposed community facilities district due and payable prior to the expiration of one year from the date of completion of the construction and acquisition of the public facilities, not to exceed two years, election costs, and all costs of issuance of the bonds, including, but not limited to underwriter's discount, fees for bond counsel, costs of obtaining credit ratings, bond insurance premiums, fees for letters of credit, and other credit enhancement costs, and printing costs. Section 3. Payment of Bonded Indebtedness. Pursuant to Section 4 ofthe Resolution of Intention and Section 53351 of the California Government Code, all parcels of taxable property within the proposed community facilities district shall be subject to the levy of special taxes to pay the principal of and interest on the aggregate principal amount of the bonds of the community facilities district which may be issued and sold to finance public facilities which are of benefit to parcels of property within the community facilities district. Section 4. Hearin ¢. A public hearing on the proposed bonded indebtedness for said proposed community facilities district shall be held at 7:30 p.m. on April 15, 2002, in the City Council Chambers located at 213 E. Foothill Boulevard, Azusa, California. Said hearing shall be conducted concurrently with the hearing on the establishment of the proposed community facilities district. Section 5. Notice. The City Clerk shall publish a notice of the time and place of said hearing pursuant to Section 53346 of the California Government Code, and shall also give notice of the time and place of said hearing by first-class mail to each registered voter and to each landowner within the proposed community facilities district. PASSED, APPROVED AND Mayor ATTEST: Vera Mendoza City Clerk RVPUMBJS\626976 -2- 9 0 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES) CITY OF AZUSA ) I, Vera Mendoza, City Clerk of the City of Azusa, do hereby certify that the foregoing Resolution No. 02-C27 was duly introduced and adopted at a regular meeting of the City Council of the City of Azusa held on the 4th day of March, 2002, by the following vote of the Council: AYES: HARDISON,STANFORD, ROCHA,CHAGNON,MADRID ONE NOES: NONE ABSENT: NONE ABSTAINED: NONE IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Azusa this 4th day of March , 2002. Vera Mendoza City Clerk RVPUM�BM676976 -3-