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HomeMy WebLinkAboutRES CC 2014 3267 2014 0205 RESOLUTION NO. 2014-3267 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, RE-AUTHORIZING THE SALE OF REFUNDING SPECIAL TAX BONDS FOR COMMUNITY FACILITIES DISTRICT NO. 2004-1 (MOORPARK HIGHLANDS) WHEREAS, this Council has conducted proceedings under and pursuant to Chapter 2.5 of Part 1 of Division 2 of Title 5, commencing at Section 53311 of the California Government Code to form Community Facilities District No. 2004-1 (Moorpark Highlands) (the "CFD"), and, for the CFD authorized the levy of special taxes upon the land within the CFD, and to issue bonds secured by such special taxes the proceeds of which were used to finance certain public facilities, all as described in those proceedings; and WHEREAS, this Council heretofore in 2006 authorized, issued, sold and delivered its $38,030,000 City of Moorpark, Community Facilities District No. 2004-1 (Moorpark Highlands) Special Tax Bonds (the "Prior Bonds") to finance facilities necessary for development of property within the CFD; and WHEREAS, by Resolution No. 2013-3169 adopted March 20, 2013 (the "Original Resolution"), this Council authorized and approved the issuance of special tax refunding bonds (the "Refunding Bonds") in one or more series for the CFD to refund, in advance of their stated maturities, the Prior Bonds, to provide savings of interest costs levied on properties in the CFD as part of the special taxes, and approved the execution of certain documents providing for the issuance of the Refunding Bonds; and WHEREAS, by Resolution 2013-3169 adopted June 5, 2013, this Council amended the Original Resolution for the purpose of appointing Jefferies & Company, Inc. as underwriter (the "Underwriter") for the Refunding Bonds (the Original Resolution and such amendment resolution are referred to herein as the "Prior Resolutions"); and WHEREAS, due to increases in interest rates subsequent to the adoption of the Prior Resolutions, the City was not able to timely issue the Refunding Bonds to achieve savings; and WHEREAS, as of the date hereof, the City has been advised by the Underwriter and its financial advisor that current market conditions are favorable for issuance of the Refunding Bonds at an interest rate sufficient to provide savings of interest costs levied on properties in the CFD, and that if interest rates rise such savings would likely not be achievable; and WHEREAS, this Council finds that it is in the best interest of the City to reaffirm its prior approval for the issuance of the Refunding Bonds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Finding. This Council finds and determines that it would be prudent in the management of its fiscal affairs and beneficial to owners of property in the CFD to Resolution No. 2014-3267 Page 2 issue the Refunding Bonds to refinance the Prior Bonds and that such refunding will result in a lower overall interest cost to payers of special taxes of the CFD through reductions in scheduled annual special taxes. SECTION 2. Bonds Authorized. This Council reaffirms its approvals contained in the Prior Resolutions and ratifies its authorization issue the Refunding Bonds as provided therein, on the earliest date from the date hereof as the City Manager, Assistant City Manager or Finance Director of the City determines appropriate to achieve interest cost savings. SECTION 3. Actions Authorized. The City Manager, Assistant City Manager or Finance Director of the City, (each, an "Authorized Officer") are hereby authorized to execute and deliver on behalf of the City, and to execute and deliver the documents approved in the Prior Resolutions, with such changes as are necessary to reflect the delayed issuance of the Refunding Bonds, on terms which the Authorized Officer deems appropriate, which such Authorized Officer, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Refunding Bonds in accordance with the Prior Resolutions, this resolution, and any certificate, agreement, and other document described in the documents approved herein and in the Prior Resolutions. All actions to be taken by a specified Authorized Officer as specified herein or in the Prior Resolutions, may be taken by the Authorized Officer or any designee, with the same force and effect as if taken by such Authorized Officer. SECTION 4. Interest Cost Savings. This Council hereby determines and directs to be made any reductions in the annual levy of special taxes for the CFD in a manner consistent with that prescribed in the Act as a result of the savings achieved through the issuance of the Refunding Bonds, such savings to be reflected on property tax bills of owners of property in the CFD. SECTION 5. Effectiveness. This resolution shall take effect from and after its adoption. SECTION 6. Certification. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the book of original Resolutions. PASSED AND ADOPTED this 5th day of February, 2014 Ja ' ,e S. Parvin, Mayor ATTEST: tr/C/eil■- '`.9 rife42W-2,.. Maureen Benson, City Clerk / �1TFO a13`'. Resolution No. 2014-3267 Page 3 STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss. CITY OF MOORPARK ) I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby certify under penalty of perjury that the foregoing Resolution No. 2014-3267 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 5th day of February, 2014, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Millhouse, Pollock, Van Dam, and Mayor Parvin NOES: None ABSENT: None ABSTAIN: None WITNESS my hand and the official seal of said City this 12th day of February, 2014. Maureen Benson, City Clerk (seal) Nx C44 _IOrtWij 41403,, taw IC/