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HomeMy WebLinkAboutRES CC 2018 3678 2018 0221 RESOLUTION NO. 2018-3678 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS FOR THE CITY OF MOORPARK COMMUNITY FACILITIES DISTRICT NO. 2018-1 (PACIFIC ARROYO) WHEREAS, on January 17, 2018, this City Council (the "Council") of the City of Moorpark (the "City") adopted a resolution entitled "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" (the "Resolution of Intention"), stating its intention to form "City of Moorpark Community Facilities District No. 2018-1 (Pacific Arroyo)" (the "CFD"), pursuant to the Mello-Roos Community Facilities Act of 1982, 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, on January 17, 2018, the Council also adopted a resolution entitled "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 the City of Moorpark Community Facilities District No. 2018-1 (Pacific Arroyo)" (the "Resolution of Intention to Incur Bonded Indebtedness") stating its intention to incur bonded indebtedness within the boundaries of the CFD for the purpose of financing the costs of certain facilities specified in the Resolution of Intention; and WHEREAS, the 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 public facilities 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, the Council adopted a resolution entitled "A Resolution of Formation of the City Council of the City of Moorpark to Form Community Facilities District No. 2018-1 (Pacific Arroyo)" (the "Resolution of Formation"); and WHEREAS, the 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 Bonded 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. Resolution No. 2018-3678 Page 2 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. The Council deems it necessary to incur bonded indebtedness in the maximum aggregate principal amount of $25,000,000 within the boundaries of the CFD for the purpose of financing the costs of all or a portion of the facilities defined in the Resolution of Formation (the "Facilities"), including, but not limited to, the costs of issuing and selling bonds to finance all or a portion of the Facilities and the costs of the City in establishing and administering the CFD. SECTION 3. Entire CFD Liable. The whole of the CFD shall pay for the bonded indebtedness through the levy of the special tax. The tax is to be apportioned in accordance with the formula set forth in Exhibit "B" to the Resolution of Formation. SECTION 4. Bonds. Bonds in the maximum amount of $25,000,000 are hereby authorized, subject to voter approval. Indebtedness subject to this limit shall only include indebtedness evidenced by bonds or notes and shall not include bonds described in Section 53364.2(e) of the Act. The bonds may be issued in one or more series and mature and bear interest at such rate or rates, payable semiannually or in such other manner, all as the 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 to 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 forty (40) years. 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 the Council. SECTION 6. 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 21st day of February, 2018 4111 - /Ili =-.. - in, Mayor ATTEST: -,;0411111101.-4 .41111111111CPS FirONAP:441 Maureen Benson, City Clerk / ip G. d . Resolution No. 2018-3678 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. 2018-3678 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 21st day of February, 2018, 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 27th day of February, 2018. Maureen Benson, City Clerk seal o OFE.4Apr s 1/4111V IW' 3