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HomeMy WebLinkAboutRES CC 2018 3663 2018 0117 RESOLUTION NO. 2018-3663 A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK TO INCUR BONDED INDEBTEDNESS TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN PUBLIC FACILITIES IN AND FOR COMMUNITY FACILITIES DISTRICT NO. 2018-1 (PACIFIC ARROYO) WHEREAS, the City Council (the "Council") of the City of Moorpark (the "City") has this date adopted its Resolution of Intention to Form a Community Facilities District (the "Resolution of Intention"), stating its intention to form the City of Moorpark Community Facilities District No. 2018-1 (Pacific Arroyo) (the "CFD") 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 at Section 53311, of the California Government Code (the "Act"), for the purpose of financing certain public improvements, as further provided in that Resolution of Intention; and WHEREAS, in order to finance the costs of the Facilities it is necessary to incur bonded indebtedness on behalf of the CFD. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES RESOLVE AS FOLLOWS: SECTION 1. Bond Necessity. The Council declares and finds that in order to finance the acquisition and construction of public facilities (the "Facilities") described in the Council's Resolution of Intention, captioned "A RESOLUTION OF INTENTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK TO FORM A COMMUNITY FACILITIES DISTRICT AND LEVY A SPECIAL TAX IN COMMUNITY FACILITIES DISTRICT NO. 2018-1 (PACIFIC ARROYO) TO FINANCE THE ACQUISITION AND CONSTRUCTION OF CERTAIN PUBLIC FACILITIES IN AND FOR SUCH COMMUNITY FACILITIES DISTRICT" it is necessary to incur a bonded indebtedness. SECTION 2. Purpose. The purpose for which the proposed bonded indebtedness is to be incurred is to provide the funds necessary to pay for the cost of said Facilities. SECTION 3. Amount. The maximum amount of the proposed bonded indebtedness is $25,000,000, to be issued as bonds in one or more series at such time as the Council deems appropriate. SECTION 4. Term. It is the intention of the Council that any such bonds issued shall be made callable in accordance with the terms of the Act and as more specifically to be set forth in any resolution authorizing issuance of the bonds, and shall be issued in such series and bear interest payable semi-annually or in such other manner as the Council shall determine, at a rate not to exceed the maximum rate of interest as may be Resolution No. 2018-3663 Page 2 authorized by applicable law at the time of sale of such bonds, and shall mature not to exceed 40 years from the date of the issuance thereof. SECTION 5. Effect of Refunding. In the event any series of bonds issued under the authorization is refunded to produce savings meeting the requirement of Section 53362.5 of the Act, all or a portion of the savings achieved through the issuance of refunding bonds may be used to finance Facilities insofar as the savings component provides capacity for bonded indebtedness in excess of that being refunded, and such additional bonded indebtedness shall not reduce and may exceed the amount of bonded indebtedness authorized herein. SECTION 6. Public Hearing. The Council hereby sets Wednesday, February 21, 2018, at 6:30 p.m., at the City of Moorpark Civic Center Council Chambers located at 799 Moorpark Avenue, Moorpark, California 93021, as the time and place for a hearing by the Council on the proposed bond issue. At that time and place any persons interested, including any persons owning property in the CFD, will be heard. SECTION 7. Notice. The City Clerk is hereby directed to cause notice of said public hearing to be given by one-time publication in a newspaper of general circulation in the area of the CFD. The publication of said notice shall be completed at least 7 days before the date herein set for said public hearing. Such notice shall be substantially in the form specified in Section 53346 of the Act and attached as Exhibit C to the Resolution of Intention, with the form summarizing the provisions hereof hereby specifically approved. SECTION 8. Effective Date. This Resolution shall take effect upon its adoption. SECTION 9. Certification. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be tiled in the book of original Resolutions. PASSED AND ADOPTED this 17th day of January, 2018. Ja ice S. Parvin, Mayor ATTEST: 0'0%07 Maureen Benson, City Clerk � lljjr��:02 Resolution No. 2018-3663 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. 2018-3663 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 17th day of January, 2017, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Pollock, Simons, Van Dam, and Mayor Parvin NOES: None ABSENT: None ABSTAIN: None WITNESS my hand and the official seal of said City this 30th day of January, 2018. Maureen Benson, City Clerk (seal) 444 42.109 , ,4 TEC 3 �.