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HomeMy WebLinkAboutRES CC 2005 2389 2005 0921RESOLUTION NO. 2005 -2389 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DEEMING IT NECESSARY TO INCUR BONDED INDEBTEDNESS IN COMMUNITY FACILITIES DISTRICT NO. 2004 -2 (VISTAS AT MOORPARK) WHEREAS, on September 15, 2004, this Council adopted Resolution No. 2004 -2241 (the "Resolution of Intention ") with respect to Community Facilities District No. 2004 -2 (Vistas at Moorpark) (the "CFD ") of the City pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing with Section 53311, of the California Government Code (the "Act "); and WHEREAS, this Council has also adopted Resolution No. 2004- 2242 (the "Resolution Determining Necessity "), determining the necessity to incur bonded indebtedness in the maximum aggregate principal amount of $40,000,000 upon the security of the special tax to be levied within the CFD pursuant to the Act; and stating its intention to incur bonded indebtedness within the boundaries of the CFD for the purpose of financing the costs of certain facilities and services specified in the Resolution of Intention; and WHEREAS, due to the complexity of the negotiations with owners of property in the District this Council and the owners of the property in the CFD desire to reduce the previously determined amount of bonded indebtedness necessary for the CFD to incur to a maximum aggregate principal amount of $20,000,000; and WHEREAS, this Council has held a noticed public hearing as required by the Act about the determination to proceed with the formation of the CFD, the provision of certain defined facilities (the "Facilities ") and services (the "Services ") by the CFD and the rate and method of apportionment of the special tax to be levied within the CFD to pay the principal and interest on the proposed bonded indebtedness in the CFD and the administrative costs of the City relative to the CFD; and WHEREAS, subsequent to the public hearing, this Council adopted on September 21, 2005 Resolution No. 2005 -2388 (the "Resolution of Formation "); and Resolution No. 2005 -2389 Page 2 WHEREAS, this Council has also held a noticed public hearing as required by the Act relative to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness; and WHEREAS, No written protests with respect to the matters material to the questions set forth in the Resolution of Intention to Incur Indebtedness have been filed with the City Clerk. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Recitals. The foregoing recitals are true and correct. SECTION 2. Necessity. This Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $20,000,000 within the boundaries of the CFD for the purpose of financing the costs of the Facilities and Services, as provided in the Resolution of Intention and the Resolution of Formation including, but not limited to, the costs of issuing and selling bonds to finance the Facilities and the costs of the City in establishing and administering the CFD. SECTION 3. shall pay for the special tax. formula set Entire CFD Liable. The whole of the CFD bonded indebtedness through the levy of the The tax is to be apportioned in accordance with the forth in Exhibit "B" to the Resolution of Formation. SECTION 4. Bonds. Bonds in the maximum amount of $20,000,000 are hereby authorized subject to voter approval. The bonds may be issued in such series and may mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as this Council or its designee shall determine, at the time or times of sale of such bonds; provided, however, that the interest rate or rates shall not exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds and the bonds or any series thereof shall have a maximum term of not to exceed 40 years. It is the intention of this City Council that any bonds issued may be made callable on terms to be specified in any resolution providing for the form, execution and issuance of bonds, in accordance with the terms of the Act. The maximum rate of interest shall be determined by competitive sale or by negotiation at the time of bond sale, but Resolution No. 2005 -2389 Page 3 in any case shall not exceed the legal rate as specified, from time to time, by Government Code Section 53531 or any similar controlling provision of law. SECTION 5. Election. The proposition of incurring the bonded indebtedness herein authorized shall be submitted to the qualified electors of the CFD and shall be consolidated with elections on the proposition of levying special taxes within the CFD and the establishment of an appropriations limit for the CFD pursuant to Section 53353.5 of the Act. The time, place and further particulars and conditions of such election shall be as specified by separate resolution of this Council. The City Clerk is hereby designated as the official to conduct the special, mailed - ballot election pursuant to the Act. The special CFD election shall be conducted by mailed ballot. In order to be counted, ballots must be returned to, and be physically received by, the City Clerk before the end of the public hearing on formation of the CFD. If all authorized ballots are received by the City Clerk prior to that time, the City Clerk shall, pursuant to Government Code section 53326(d), immediately close the election and declare the results. to t resolution to be filed in the b9o1__cf original SECTION 6. Certification. The City Clerk shall certify he adoption of this resolution and cause a certified Traffenstedt; resolutions. Resolution No. 2005 -2389 Page 4 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Deborah S. Traffenstedt, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2005 -2389 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 21st day of September, 2005, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Millhouse, Parvin, and Mayor Pro Tempore NOES: None ABSENT: Mayor Hunter ABSTAIN: None WITNESS my hand and the official seal of said City this 19th day of October, 2005. Deborah S. Traffensted City Clerk (seal)