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HomeMy WebLinkAboutCC Res 5424 2006-01-23 RESOLUTION NUMBER 5424 1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEAL BEACH TO DECLARE THE NECESSITY TO INCUR BONDED INDEBTEDNESS WITHIN CITY OF SEAL BEACH COMMUNITY FACILITIES DISTRICT NO. 2005-01 (PACIFIC GATEWAY BUSINESS CENTER) RECITALS: WHEREAS, the City Council (the "City Council") of the City of Seal Beach, California (the "City"), has previously adopted Resolution No. 5415 entitled "A Resolution of Intention of the City Council of the City of Seal Beach to Establish City of Seal Beach Community Facilities District No. 2005-01 (Pacific Gateway Business Center) and to Authorize the Levy of a Special Tax within City of Seal Beach Community Facilities District No. 2005-01 (Pacific Gateway Business Center" (the "Resolution of Intention to Establish District") stating its intention to conduct proceedings to form City of Seal Beach Community Facilities District No. 2005-01 (pacific Gateway Business Center) (the "District") pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, commencing with Section 53311 of the California Govemment Code (the "Act") to finance certain public facilities (the "Facilities") and services (the "Services") to serve the District, including incidental expenses, as further provided in the Resolution ofIntention to Establish District; and 1 WHEREAS, the City Council has previously adopted Resolution No. 5416 entitled "A Resolution of Intention of the City Council of the City of Seal Beach to Incur Bonded Indebtedness within Proposed City of Seal Beach Community Facilities District No. 2005-01 (Pacific Gateway Business Center)" (the "Resolution of Intention to Incur Bonded Indebtedness") stating its intention to authorize the issuance and sale of one or more series of bonds in the maximum aggregate principal amount of $1 0,000,000; and WHEREAS, the Resolution of Intention to Establish District and the Resolution of Intention to Incur Bonded Indebtedness set January 23, 2006 as the date of a public hearing on the establishment of the District, the extent of the District, the furnishing of Facilities and Services to serve the District, the proposed rate and method of apportionment of the special tax within the District, and the proposed debt issue; and WHEREAS, a notice of the public hearing was published and mailed to all landowners proposed to be included in the District in accordance with the Act; and WHEREAS, prior to the date of the public hearing there was filed with the City Council a report containing a description of the Facilities and Services necessary to adequately meet the needs of the District and an estimate of the cost of financing such Facilities and Services as required by Section 53321.5 of the Act; and WHEREAS, at the public hearing, all persons desiring to be heard on all matters pertaining to the establishment of the District, to the extent of the District, to the furnishing of Facilities and Services to serve the District, to the proposed rate and method of apportionment of the special tax, and to the proposed debt issues were heard and a full and fair hearing was held; and 1 WHEREAS, at the public hearing evidence was presented to the City Council on the matters before it and the City Council at the conclusion of the hearing is fully advised as to all matters relating to the formation of the District, the levy of the special tax, and the incurrence of bonded indebtedness therein; and WHEREAS, subsequent to the public hearing, the City Council adopted a Resolution entitled "A Resolution of Formation of the City Council of the City of Seal Beach to Establish City of Seal Beach Community Facilities District No. 2005-01 (Pacific Gateway Business Center), to Make Environmental Findings With Respect Thereto Pursuant to the California Environmental Quality Act, to Establish an Appropriations Limit Therefore, to Authorize the Levy of a Special Tax Therein, and to Resolution Number 5424 Submit the Establishment of an Appropriations Limit and the Levy of a Special Tax to the Qualified Electors Thereof' (the "Resolution of Formation"); and WHEREAS, no written protests with respect to the matters material to the questions set forth in the Resolution ofIntention to Incur Bonded Indebtedness have been filed with the City Clerk. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEAL BEACH: I 1. Recitals. The above recitals are all true and correct. 2. Necessarv to Incur Bonded Indebtedness. The City Council hereby declares that it is necessary to incur a bonded indebtedness for the District in an aggregate principal amount not to exceed $10,000,000 as authorized under the terms and provisions of the Act. 3. Puroose. The bonded indebtedness will be incurred for the purpose of financing the costs of the Facilities, as provided in the Resolution of Formation including, but not limited to, the financing of the costs associated with the issuance of the bonds and all other costs necessary to finance the Facilities which are permitted to be financed pursuant to the Act. 4. Special Tax. The whole of the property within the District, other than property exempted from the special tax pursuant to the provisions of the Rate and Method set forth in Exhibit B to the Resolution of Intention to Establish District, shall pay for the bonded indebtedness through the levy of the special tax. The special tax is to be apportioned in accordance with such Rate and Method. 5. Terms. It is the intent of the City Council, acting as the legislative body of the District, to authorize the issuance and sale of one or more series of bonds in the maximum aggregate principal amount of $10,000,000, bearing interest payable annually or semi-annually, or in part annually and in part semiannually, at a maximum interest rate of twelve percent (12%) per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued; provided the first interest payment may be for a period of less than six months, and the actual rate or rates and times of payment shall be determined at the time or times of sale. The term of the bonds of each series shall be determined pursuant to a resolution of the City Council authorizing the issuance of such series, but such term shall in no event exceed 31 years from the date of issuance of such series of bonds or such longer term as is then permitted by law. 1 6. Accountabilitv Measures. Pursuant to and in compliance with the provisions of Article 1.5 (commencing with Section 53410) of Chapter 3 of Part 1 of Division 2 of Title 5 of the Government Code, the City Council hereby establishes the following accountability measures pertaining to any bonded indebtedness incurred by or on behalf of the District: a. Such bonded indebtedness shall be incurred for the specific purposes set forth in Section 3 above. b. The proceeds of any such bonded indebtedness shall be applied only to the specific purposes identified in Section 3 above. c. The document or documents establishing the terms and conditions for the issuance of any such bonded indebtedness shall provide for the creation of an account or accounts into which the proceeds of such indebtedness shall be deposited. d. The City Manager, or his or her designee, acting for and on behalf of the District, shall annually file a report with the City Council as required by Government Code Section 53411. I 7. Election. The proposition related to the incurring of the bonded indebtedness and the proposition relating to the levy of the special tax shall be combined into one Resolution Number 5424 1 ballot proposition, and shall be submitted to the qualified voters of the District, together with a proposition to establish an appropriations limit for the District. The election shall be January 23, 2006 in the City Council Chambers, 211 Eighth Street, Seal Beach, California 90740. Pursuant to Section 53327 of the Act, the election shall be conducted by mail ballot in accordance with the California Elections Code and the voted ballots shall be returned to the City Clerk immediately following adoption of a resolution calling the special election, but in any event no later than 10:30 p.m. on January 23, 2006. The election shall be closed when the qualified electors have voted, but not later than 10:30 p.m. on January 23, 2006. PASSED, APPROVED AND ADOPTED by the City Council of the City of Seal Beach this 23rd day of Januarv ,2006 by the following vote: AYES: Council Membe{h 11J.o,jp~ f~~ ~lHn I ~ NOES: Council Members 1~Jt I ABSENT: Council Members ~ I ABSTAIN: Council Members ~I ~ #2..$- Mayor ATTEST: I A~ J)~ 5tMerk STATE OF CALIFORNIA } COUNTY OF ORANGE } SS CITY OF SEAL BEACH } I, Linda Devine, City Clerk of the City of Seal Beach, California, do hereby certify that the foregoing Resolution is the original copy of Resolution Number 5424 on file in the office of the City Clerk, passed, approved, and adopted by the City Council of the City of Seal Beach at a meeting thereof held on the 23rd day of Januarv ,2006. I ~~ ity lerk