HomeMy WebLinkAboutResolution No. 2015-C25RESOLUTION NO. 2015-C25
RESOLUTION OF THE CITY OF AZUSA PRELIMINARILY
CONSIDERING THE ISSUANCE OF COMMUNITY FACILITIES
DISTRICT NO. 2005-1 REFUNDING BONDS; APPOINTING
FINANCIAL AND LEGAL CONSULTANTS IN CONNECTION
WITH THE PROPOSED REFUNDING; MAKING CERTAIN
DETERMINATIONS RELATING THERETO; AND AUTHORIZING
CERTAIN OTHER ACTION IN CONNECTION THEREWITH
WHEREAS, on April 17, 2006, the City of Azusa (the "City") initiated the formation of
Community Facilities District No. 2005-1 (Rosedale) Improvement Area No. I (the "District'
with the adoption of its Resolution of Intention and completed those proceedings on June 19`
with the adoption of Ordinance No. 06-C39 which authorized the levy of special taxes on taxable
property within the boundaries of the CFD; and
WHEREAS, on February 7, 2007, the City Council, by and through the District, issued a
total of $71,125,000 of its Community Facilities District No. 2005-1 (Rosedale) Improvement
Area No. 1 2007 Special Tax Bonds (the "Series 2007 Bonds") to finance public infrastructure to
be constructed and owned by the City as well as additional public improvements to be owned by
the Azusa School District, the Metropolitan Water District and the City of Glendora; and
WHEREAS, as a result of the amortization and early redemption of the Series 2007
Bonds, there is currently $38,385,000 principal amount of Series 2007 Bonds outstanding; and
WHEREAS, California Government Code Section 53362 authorizes legislative bodies to
refund outstanding bonds issued pursuant to the Mello -Roos Community Facilities Act of 1982,
as amended (constituting Section 53311 et seq. of the California Government code (the "Act");
and
WHEREAS, City staff and advisors have determine that the Series 2007 Bonds can be
refinanced achieving significant interest rate savings; and
WHEREAS, the City, by and through the District, now desires to proceed with the
issuance of refunding bonds (the "Refunding Bonds"), the proceeds of which will be used to
refund the outstanding Series 2007 Bonds; provided reasonable interest rate savings can be
obtained through such refunding, and to appoint members of the City's financing team to prepare
documents and to assist with the performance of such acts as may be necessary or desirable to
effect the offering, sale and issuance of the Refunding Bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AZUSA DOES
HEREBY RESOLVE AS FOLLOWS:
Approval of Refunding.
The City is hereby authorized to proceed with the refunding of the outstanding Series
2007 Bonds, to the extent permitted under the Act, through the issuance, by and through the
District, of the Refunding Bonds.
Section 1. City Manager and Director of Finance.
The City Manager and the Director of Finance are hereby authorized to take whatever
action may be necessary to carry out the purposes of this Resolution in order to accomplish the
proposed refunding of the Series 2007 Bonds through the issuance of the Refunding Bonds.
Section 2. Recovery of Costs.
The City is hereby authorized to recover its costs of issuance with respect to the
Refunding Bonds, including the cost of reimbursing the City for staff time and costs spent with
respect to the Refunding Bonds.
Section 3. Bond Issuance Services.
Stifel, Nicolaus & Company, Incorporated is hereby appointed as Underwriter, Orrick,
Herrington and Sutcliffe LLP is hereby appointed as Bond Counsel, Norton Rose Fulbright is
hereby appointed Disclosure Counsel and Urban Futures, Inc. is hereby appointed as Financial
Advisor in connection with the proposed issuance of Refunding Bonds. The City Manager and
the Director of Finance, acting for the City, are each individually authorized to execute contracts .
for such services and any other related services as may be required to defease and/or refund the
outstanding Series 2007 Bonds proposed to be refunded through the issuance of the Refunding
Bonds.
Section 4. Other Acts.
The officers and staff of the City are hereby authorized and directed, jointly and
severally, to do any and all things, to execute and deliver any and all documents, which in
consultation with Orrick, Herrington & Sutcliffe LLP, the City's bond counsel, they may deem
necessary or advisable in order to effectuate the purposes of this Resolution, and any and all such
actions previously taken by such officers or staff members are hereby ratified and confirmed.
Section 5. Effective Date.
This Resolution shall take effect upon adoption.
PASSED, APPROVED AND ADOPTED this June 1, 2015.
J, phRome'roRocha
Mayor
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF AZUSA )
I HEREBY CERTIFY that the foregoing Resolution No. 2015-C25 was duly adopted
by the City Council of the City of Azusa at a regular meeting thereof, held on the 1 st day of June,
2015, by the following vote of Council:
AYES: COUNCILMEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Laa-e&e Comejo,
City Clerk
APPROVED AS TO FORM:
Fst&
Best B rieger, L P
City At