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HomeMy WebLinkAboutCC Res 5050 2002-08-12 RESOLUTION NO,~ 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. 2002-01 (IlERON POINTE) RECITALS: WHEREAS, the CITY COUNCIL (the "City Councll") ofthe CITY OF SEAL BEACH, I (the "City") has heretofore adopted Resolution No. (the "Resolution ofIntention"), statmg the City Council's intention to form CIty of Seal Beach Community Facilities DIstrict No. 2002-01 (Heron Ranch) (the "District") pursuant to the Mello-Roos Commumty Facilities Act of 1982, as amended, commencing with Section 53311 of the California Government Code (the "Act"), to finance facilities to serve the District, including mcidental expenses, as further provided m the Resolution of Intention (the "Facilities"); and WHEREAS, the City Councll estimates that the amount required to finance the Facilities is $5,000,000; and WHEREAS, in order to finance the Facilities it is necessary to mcur bonded indebtedness on behalf of the District in an amount not to exceed $5,000,000, the repayment of which IS to be secured by special taxes levied in accordance wIth Section 53340 et seq. of the Act on all non- exempt property within the District. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: Section 1. Bonded Indebtedness. It is necessary to mcur bonded indebtedness wIthin the boundaries of the proposed Distnct m an amollnt not to exceed $5,000,000 to finance the costs of the Facilities for the District. Section 2. Puroose, The bonded indebtedness will be incurred for the purpose of financing the costs of designing, constructmg, and acquiring the Facilities, 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. I Section 3. Terms. It is the intent of the City Council, actif\g as the legIslative body of the Distlict, to authorize the issuance and sale of one or more series of bonds in the maximum aggregate principal amount of$5,000,000 at a maximum interest rate of 12 percent per annllm or such rate not in excess of the maximum rate permitted by law at the time the bonds are Issued The term of the bonds of each series shall be detennincd pursuant to a resolution of the City Council authonzing the issuance of such series, but such term shall in no event exceed 31 years from the date ofissuance of such series of bonds or such longer term as is then permttted by law. Section 4. Hearing. A public hearing (the "Hearing") on the proposed debt issue shall be held September 23,2002 at 7:00 p.m., or as soon thereafter as practicable, at the chambers of the CIty Councll of the City of Seal Beach, 211 Eighth Street, Seal Beach, Cahfomia 90740 Any interested persons, including all persons owning land or registered to vote WIthin the proposed District, may appear and be heard at the Hearing. Section 5. Voting. The proposition to incur bonded indebtedness in the maximum aggregate pnncipal amount of$5,000,000 shall be submitted to the quahfied electors of the DIstrict at a speCIal election, Ballots shall be distributed to the qualified electors by mall with return postage prepaid ,!r by personal servIce. I Section 6, Published Notice. The City Clerk IS hereby directed to publish a notice -<"Notice") of the Hearing and the special bond election pursuant to Section 6061 of the Government Code in a newspaper of general circulation circulated within the proposed District Such Notlce shall be substantially in the fOlm speCIfied in Section 53346 of the Act. The publication of the Notice shall be completed at least 7 days before the date herem set for the Hearing. I. I I Resolution Number ~ ~O Section 7. Malled Notice. The City Clerk IS hereby directed to send a copy of the Notice ofthe Heanng by first-class mail, postage prepaid, to each registered voter and to each landowner within the proposed DIstrict as shown on the last equahzed assessment roll. Mailing of the Notice shall be completed at least 15 days prior to the date of the Hearing. p ASSEI?". APPROVE~ ADDQIT,ED by the City Council of the City of Seal Beach this Mday of O~ 2002 by the following vote: AYES: counciIMemb~a11'Jta, Xi" ~~j ~ NOES: Council Members ABSENT: ~~ Mayor ArrEST: STATE OF CALIFORNIA) COUNTY OF ORANGE ) SS CITY OF SEAL BEACH ) I, JOamJe M. Yeo, City Clerk of the City of Seal Beach, California, ~.5Co certifY that the foregoing Resolution IS the onginal copy of Resolution Numbe n file in the office of the City Clerk, passed, approved, and ~pted by the ~CounCil of the City of Seal Beach at a meeting thereof held on the/~ - day of ~~ ,2002. ~ -~'\ w""~'.\ ., .s:..... " . ,., " ~:'I". . . .,' I j / "