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HomeMy WebLinkAboutResolution No. 2019-C14RESOLUTION NO. 2019-04 A RESOLUTION OF THE CITY OF AZUSA CONSIDERING THE PROPOSED ISSUANCE OF COMMUNITY FACILITIES DISTRICT NO. 2005-1 IMPROVEMENT AREA NO. 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. 1 (the "District") with the adoption of its Resolution of Intention and completed those proceedings on June 19th with the adoption of Ordinance No. 06-C39 which authorized the levy of special taxes on taxable property within the boundaries of the District; 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, approximately $30 million 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 preparation of documents for 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: Section 1. Approval of Refunding. This City Council hereby authorizes the preparation of such legal documents and other materials necessary 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 2. City Manager and Director of Finance. The City Manager and the Director of Finance are hereby authorized and directed to take whatever action may be necessary to carry out the purposes of this Resolution in order to prepare such documents and materials for the proposed refunding of the Series 2007 Bonds through the issuance of the Refunding Bonds. Section 3. 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 4. Bond Issuance Services. Stifel, Nicolaus & Company, Incorporated is hereby appointed as Lead Managing Underwriter, Cabrera Capital and Ramirez & Company are appoint as Co -Managers, Best Best & Krieger LLP is hereby appointed as Bond and 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 5. 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 Best Best & Krieger 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 6. Effective Date. This Resolution shall take effect upon adoption. -2- PASSED, APPROVED and ADOPTED this 6t" day of May, 2019. Lr-t� Arvt-a' - Jo ph Romero Rocha Mayor ATTEST: J once Corm o, Jr. City Ci?rk STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF AZUSA ) I HEREBY CERTIFY that the foregoing Resolution No. 2019-C14 was duly adopted by the City Council of the City of Azusa at a regular meeting thereof, held on the 6t" day of May, 2019, by the following vote of the Council: AYES: COUNCILMEMBERS: GONZALES, CARRILLO, MACIAS, ALVAREZ, ROCHA NOES: COUNCILMEMBERS: NONE ABS f': COUNCILMEMBERS: NONE J fr a e Cornejo, J . city Clerk APPROVED AS TO FORM: Bestest & l-•iege LLP City Attorney -3- CLERK'S CERTIFICATE I, Jeffrey Lawrence Cornejo, Jr., City Clerk, do hereby certify as follows: The foregoing resolution is a full, true and correct copy of a resolution duly adopted at a regular meeting of the City of Azusa duly and regularly held at the meeting place thereof on May G, 2019, of which meeting all of the members of said City had due notice and at which a majority thereof were present. I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded since the date of its adoption and the same is now in full force and effect. Dated: May 7, 2019. .1 fr a e Cornejo, City Cler