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HomeMy WebLinkAboutResolution No. 06-C0400 0 RESOLUTION NO. 06—C40 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA DETERMINING THE NECESSITY FOR COMMUNITY FACILITIES DISTRICT NO. 2005-1 (ROSEDALE) TO INCUR A BONDED INDEBTEDNESS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $110,000,000 FOR PROVIDING PUBLIC FACILITIES WITHIN AND FOR THE COMMUNITY FACILITIES DISTRICT AND CALLING A SPECIAL ELECTION FOR THE COMMUNITY FACILITIES DISTRICT ON PROPOSITIONS FOR INCURRING SUCH BONDED INDEBTEDNESS WHEREAS, on June 5, 2006, the City Council (the "City Council") of the City of Azusa (the "City"), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act"), adopted Resolution No. 06-C24 declaring the necessity for Community Facilities District No. 2005-1 (Rosedale) of the City of Azusa, County of Los Angeles, State of California (the "District"), to incur a bonded indebtedness for the purposes of providing public facilities which are necessary for the development of the property which will occur within the District; and WHEREAS, notice of the hearing was published and mailed as required by law, and on June 5, 2006, at the time and place of the hearing, as set forth in Resolution No. 06-C24 and the notice thereof, the City Council conducted the hearing and afforded all persons interested, including persons owning property within the District, an opportunity to be heard on the proposed authorization to incur bonded indebtedness, and no protests were received; and WHEREAS, on June 5, 2006, at the conclusion of the hearing, the City Council adopted the resolution of formation pursuant to Section 53325.1 (a) of the California Government Code (the 'Resolution of Formation"), establishing the District; 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, in the Resolution of Formation, the City Council has, pursuant to Section 53350 of the California Government Code, designated two improvement areas within the District, Improvement Area No. 1 and Improvement Area No. 2 (individually an "Improvement Area," and collectively the "Improvement Areas"), and the effect of such a designation will be that all proceedings for purposes of a bond election and for the purpose of levying special taxes on taxable property within each Improvement Area to finance certain public facilities and services and for the payment of the principal of and interest on the portion of the aggregate principal amount of the bonds of the District which may be issued and sold to finance the public facilities for each Improvement Area, shall apply only to the respective Improvement Area; and RV PUB\BSKINNER\713198.1 0 0 WHEREAS, the City Clerk has advised the City Council that she has received a statement from the Registrar of Voters of the County of Los Angeles that there are no persons registered to vote in the territory of the District; NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY THE CITY COUNCIL OF THE CITY OF AZUSA AS FOLLOWS: Section 1. Necessity. The City Council of the City of Azusa determines 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. I 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. Pursuant to Section 53350 of the California Government Code, all proceedings for purposes of a bond election with respect to the portion of the bonded indebtedness allocated above to each Improvement Area and for the purpose of levying special taxes for the payment of the principal of and interest on the bonds which may be issued and sold to represent such bonded indebtedness and to finance the design, construction and acquisition of the facilities for each Improvement Area shall apply only to such Improvement Area. Section 3. Amount of Debt: Terms of Bonds. The aggregate principal amount of the bonded indebtedness to be incurred by the District shall not 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. The maximum term of the bonds shall not exceed 40 years. The maximum annual rate of interest to be paid semiannually on the bonds shall not exceed 12 percent per annum or such other rate as may be the maximum interest rate permitted by law. Section 4. Proposition to be Submitted to Voters. (a) The proposition to be submitted to the voters within Improvement Area No. 1 of the Community Facilities District with respect to the proposed bonded indebtedness shall be as follows: Shall a bonded indebtedness in an aggregate principal amount not to exceed $80,000,000 be incurred by Improvement Area No. 1 of Community Facilities District No. 2005- 1 (Rosedale) of the City of Azusa, County of Los Angeles, State of California (the "District") and an aggregate principal amount of $110,000,000 within the District of which may be incurred by Improvement Area No. 1 therein for a maximum term of not more than 40 years and with interest at a rate or rates not to exceed the maximum interest rate permitted by law, for the purpose of financing for Improvement Area No. 1 of that community facilities district the construction, acquisition, furnishing and equipping of public facilities to be owned by the City of Azusa, Azusa Unified School District, the Los Angeles to Pasadena Metro Blue Line Construction Authority, and the City of Glendora, as provided in Exhibit `B" to the resolution of RVPUBIBS KINNER\713198.1 -2- 0 0 formation adopted by the City Council of the City of Azusa on June 5, 2006 (the "Resolution of Formation")? (b) The proposition to be submitted to the voters within Improvement Area No. 2 of the Community Facilities District with respect to the proposed bonded indebtedness shall be as follows: Shall a bonded indebtedness in an aggregate principal amount not to exceed $110,000,000 be incurred by Improvement Area No. 1 of Community Facilities District No. 2005-1 (Rosedale) of the City of Azusa, County of Los Angeles, State of California (the "District") and an aggregate principal amount of 110,000,000 within the District, $30,000,000 of which may be incurred by Improvement Area No. 2 for a maximum term of not more than 40 years and with interest at a rate or rates not to exceed the maximum interest rate permitted by law, for the purpose of financing for Improvement Area No. 2 of that community facilities district the construction, acquisition, furnishing and equipping of public facilities to be owned by the City of Azusa, Azusa Unified School District, the Los Angeles to Pasadena Metro Blue Line Construction Authority, and the City of Glendora, and certain other services to be provided by the City of Azusa for police maintenance, fire protection and suppression, park, parkway and open space maintenance and other services and incidental expenses, as provided in Exhibit `B" to the resolution of formation adopted by the City Council of the City of Azusa on June 5, 2006 (the "Resolution of Formation")? Section 5. Election. The date of the special election with respect to the incurring of the aforementioned bonded indebtedness, at which time the propositions set forth in Section 4 hereof shall be submitted to the voters of the Improvement Areas is June 5, 2006, and that special election is hereby called for that date. Pursuant to Section 53326 of the California Government Code, since . at the time of the close of the public hearing, and for at least the preceding 90 days, less than 12 persons have been registered to vote within the territory of the each respective Improvement Area of the District, the vote in the special election will be by the landowners of such Improvement Area of the District whose property would be subject to the special taxes if they were levied at the time of the election, with each landowner of record at the close of the public hearing having one vote for each acre or portion of an acre of land that he or she owns within the District, and the special election shall be conducted by the City Clerk (the "City Clerk"). The special election shall be consolidated with the special election with respect to the propositions regarding the levy of special taxes for the payment of the principal of and interest on the bonds of the District and establishing an appropriations limit for each Improvement Area of the District which has also been called for June 5, 2006. The consolidated special elections shall be conducted by the City Clerk pursuant to applicable provisions of the California Elections Code with respect to mail -ballot elections of cities and specifically Division 4 (commencing with Section 4000) of that Code, insofar as they may be applicable. Pursuant to Section 53326 of th California Government Code, the official ballots shall be delivered by the City Clerk to the qualified electors by personal service. The voted official ballots shall be received by the City Clerk by 5 p.m. on the date of the election; provided that if all qualified electors have voted, the election shall be closed with the concurrence of the City Clerk. Section 6 . Accountability Measures. Pursuant to Section 53410 of the California Government Code, if the voters approve the propositions contained in the official RV PUMBSKINNERM 3198.1 -3- ballots for the consolidated special elections with respect to the District incurring bonded indebtedness for the purposes for which such indebtedness is to be incurred and bonds of the District are to be issued (the 'Bond Propositions"), the incurring of such bonded indebtedness and the issuance of bonds of the District shall be subject to the following accountability measures: (a) The Bond Propositions shall identify the specific purposes for which the bonds are to be issued; (b) The proceeds of the bonds shall be applied only for the specific purposes identified in the Bond Propositions; (c) An account or accounts shall be created pursuant to the fiscal agent agreement for such bonds into which the proceeds of the sale of such bonds shall be deposited; and (d) The City Manager of the City shall file a report with the City Council no later than January 2 of the calendar year beginning after the year in which the bonds are issued and annually thereafter, which shall contain the information required by Section 53411 of the California Government Code. The City Council finds that the Bond Propositions which will be set forth in the official ballots for the consolidated special elections, and which are set forth in Section 4 hereof, identify the specific purposes for which the District will incur bonded indebtedness and issue bonds. PASSED, APPROVED AND ADOPTED this 5th day of June, 2006. Diane Chagnon, Mayor ATTEST: Vera Mendoza, City Clerk RVPUMBSKINNERM3198.1 -4- 0 0 CERTIFICATION I, Vera Mendoza, City Clerk of the City of Azusa do hereby certify that the foregoing resolution no. 06-C40 was adopted by the City Council of the City of Azusa at a regular meeting thereof held on the 5th day of June, 2006, by the following vote of the Council: AYES: HARDISON, CARRILLO, ROCHA, HANKS, CHAGNON NOES: NONE ABSENT: NONE ►1:T.`llrnZZTILWUG 91 IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Azusa this 5`I' day of June, 2006. V ra Mendoza, City Clerk (SEAL) RVPUBIBSKINNERV13198.1