HomeMy WebLinkAboutResolution No. 06-C0240 0
RESOLUTION NO. 06-C24
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
DECLARING NECESSITY FOR PROPOSED CITY OF AZUSA
COMMUNITY FACILITIES DISTRICT NO. 2005-1 (ROSEDALE) TO
INCUR A BONDED INDEBTEDNESS WITHIN EACH IMPROVEMENT
AREA THEREOF
WHEREAS, pursuant to Section 53321 of the California Government Code, the
City Council (the "City Council") of the City of Azusa (the "City") has adopted a resolution of
intention to establish proposed City of Azusa Community Facilities District No. 2005-1
(Rosedale) County of Los Angeles, State of California (the "District'), and two improvement
areas therein, for the purpose of providing and financing public facilities 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
WHEREAS, the City Council desires to issue bonds of the proposed community
facilities district, the proceeds of which will be used for purposes of construction, acquisition,
famishing and equipping of public facilities to be owned by the City or other public agencies;
and
WHEREAS, the City Council has determined that it is necessary for said
proposed community facilities district to incur a bonded indebtedness to construct, acquire,
furnish and equip the public facilities; and
WHEREAS, the repayment of the bonds are to be secured by special taxes levied
on all property in the proposed community facilities district.
NOW, THEREFORE, IT IS HEREBY RESOLVED by the City Council of the
City of Azusa, the following:
Section 1. Bonded Indebtedness. The City Council of the City of Azusa declares that
it is necessary that a bonded indebtedness be incurred by and for the District, in an amount not to
exceed $110,000,000 within the District, $80,000,000 within Improvement Area No. 1 of the
District and $30,000,000 within Improvement Area No. 2 of the District and the establishment
appropriations limit of $15,000,000 within each of Improvement Area No. 1 and Improvement
Area No. 2 for the purpose of financing the design, acquisition, construction, equipping and
furnishing of the public facilities described in the resolution of intention with respect to the
establishment of said District heretofore adopted by the City Council.
Section 2. Costs Included. The amount of the proposed indebtedness shall include all
costs and estimated costs incidental to, or connected with, the accomplishment of the purposes
for which the proposed bonded indebtedness is to be incurred, including, but not limited to, the
estimated costs of construction, acquisition, equipping and furnishing 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,
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engineering, inspection, legal, appraisal, fiscal and financial consultant fees, bond and other
reserve funds, discount fees, interest on any bonds of the proposed District due and payable prior
to the expiration of one year from the date of completion of the construction, acquisition,
equipping and furnishing of the public facilities, not to exceed two years, election costs, and all
costs of issuance of the bonds, including, but not limited to 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. All non-exempt parcels of property
within Improvement Area No. 1 of the proposed District shall be subject to the levy of special
taxes levied pursuant to the rate and method of apportionment of special tax for Improvement
Area No. 1 to pay the principal of and interest on the bonds issued for Improvement Area No. 1
which may be issued and sold to finance the design and construction of public facilities
described in the Resolution of Intention. All non-exempt parcels of property within
Improvement Area No. 2 of the proposed District shall be subject to the levy of special taxes
levied pursuant to the rate and method of apportionment of special tax for Improvement Area
No. 2 to pay the principal of and interest on the bonds issued for Improvement Area No. 2 which
may be issued and sold to finance the design and construction of public facilities described in the
Resolution of Intention. The special tax in both Improvement Area No. 1 and Improvement Area
No. 2 is to be apportioned in accordance with the formulas set forth in Exhibit `B" to the
Resolution of Intention.
Section 4. Hearing. A public hearing on the proposed bonded indebtedness for said
proposed community facilities district shall be held at 7:30 p.m., or as soon thereafter as the
matter may be heard, on June 5, 2006, in the Azusa Auditorium at 213 East Foothill Boulevard,
Azusa, California. Said hearing shall be conducted concurrently with the hearing on the
establishment of said 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 fust class mail to each registered voter and to each
landowner or owner of leasehold interest in land within the proposed community facilities
district.
PASSED, APPROVED AND ADOPTED this 17"' day of April, 2006.
Diane Chagnon, Mayor
ATTES .
era Mendoza, City Clerk
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STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I, Vera Mendoza, City Clerk of the City of Azusa, hereby certify that the
foregoing resolution No. 06-C24, was duly adopted by the City Council of the City of Azusa at a
regular meeting thereof held on the 17`h day of April 2006, by the following vote of the Council:
AYES: COUNCILMEMBERS: HARDISON, ROCHA, HANKS, CHAGNON
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: CARRILLO
Vera Mendoza, City Clerk
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