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HomeMy WebLinkAboutR-10999 deeming it necessary to incur bonded indebtedness within the City of San Luis Obispo Community Facilities District No (2)R 10999 RESOLUTION NO. 10999 (2019 SERIES) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS OBISPO, CALIFORNIA, DEEMING IT NECESSARY TO INCUR BONDED INDEBTEDNESS WITHIN THE CITY OF SAN LUIS OBISPO COMMUNITY FACILITIES DISTRICT NO. 2019-1 (SAN LUIS RANCH) WHEREAS, on February 19, 2019, the City Council (the “City Council”) of the City of San Luis Obispo (the “City”), pursuant to the Mello-Roos Community Facilities Act of 1982 (the “Act”), adopted a resolution entitled “A Resolution of the City Council of the City of San Luis Obispo, California of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Taxes” stating its intention to establish City of San Luis Obispo Community Facilities District No. 2019-1 (San Luis Ranch) (the “Community Facilities District”) and to authorize the levy of special taxes within the Community Facilities District to finance certain public facilities; and WHEREAS, on February 19, 2019, the City Council also adopted a resolution entitled “A Resolution of the City Council of the City of San Luis Obispo, California to Incur Bonded Indebtedness of the Proposed City of San Luis Obispo Community Facilities District No. 2019-1 (San Luis Ranch)” (the “Resolution to Incur Bonded Indebtedness”) declaring the necessity for incurring bonded indebtedness and setting the date for a public hearing to be held on the proposed debt issue; and WHEREAS, pursuant to the Resolution to Incur Bonded Indebtedness, notice of said public hearing was published in the New Times, a newspaper of general circulation published in the area of the Community Facilities District, in accordance with the Act; and WHEREAS, on this date, the City Council opened, conducted and closed said public hearing; and WHEREAS, at said public hearing, any person interested, including persons owning property within the area and desiring to appear and present any matters material to the questions set forth in the Resolution to Incur Bonded Indebtedness appeared and presented such matters; and WHEREAS, no oral or written protests against the proposed debt issue were made or filed at or before said public hearing by 50% or more of the registered voters, or six registered voters, whichever is more, residing within the territory proposed to be included in the Community Facilities District, or the owners of one-half or more of the area of land in the territory proposed to be included in the Community Facilities District and not exempt from the special tax; and WHEREAS, on this date, the City Council adopted a resolution entitled “A Resolution of the City Council of the City of San Luis Obispo, California of Formation of the City of San Luis Obispo Community Facilities District No. 2019-1 (San Luis Ranch), Authorizing the Levy of a Special Tax within the Community Facilities District and Establishing an Appropriations Limit for the Community Facilities District” (the “Resolution of Formation”); and Resolution No. 10999 (2019 Series) Page 2 R 10999 WHEREAS, the City Clerk of the City (the “City Clerk”) is the election official that will conduct the special election on the proposition to incur bonded indebtedness for the Community Facilities District; and WHEREAS, there has been filed with the City Clerk a letter from the Registrar of Voters of the County of San Luis Obispo indicating that no persons were registered to vote within the territory of the proposed Community Facilities District as of February 28, 2019, and, accordingly, that 12 or more persons have not been registered to vote within the territory of the Community Facilities District for each of the 90 days preceding the close of said public hearing; and WHEREAS, there has been filed with the City Clerk consents and waivers of all of the landowners of record in the Community Facilities District waiving any time limit specified by Section 53326 of the Act and any requirement pertaining to the conduct of said special election, including any time limit or requirement applicable to an election pursuant to Article 5 of the Act (commencing with Section 53345 of the Act), consenting to the holding of said special election on April 2, 2019, and waiving any impartial analysis, arguments or rebuttals, as set forth in Sections 53326 and 53327 of the Act; and WHEREAS, the City Clerk has concurred in said waivers and has concurred in holding said special election on April 2, 2019. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as follows: SECTION 1. The foregoing recitals are true and correct. SECTION 2. The City Council deems it necessary to incur the bonded indebtedness. SECTION 3. The bonded indebtedness will be incurred for the purpose of financing the costs of the Facilities (as defined in the Resolution of Formation), including all costs and estimated costs incidental to, or connected with, the accomplishment of such purpose. SECTION 4. In accordance with the previous determination of the City Council, the whole of the Community Facilities District will pay for the bonded indebtedness. SECTION 5. The maximum amount of debt to be incurred is $25,000,000. SECTION 6. The maximum term the bonds to be issued shall run before maturity is 30 years. SECTION 7. The maximum annual rate of interest to be paid shall not exceed the maximum interest rate permitted by applicable law at the time of sale of the bonds, payable semiannually or at such times as the City Council or its designee shall determine, the actual rate or rates and times of payment of such interest to be determined by the City Council or its designee at the time or times of sale of the bonds. SECTION 8. The proposition to incur the bonded indebtedness shall be submitted to the voters. Resolution No. 10999 (2019 Series) Page 3 R 10999 SECTION 9. The City Council hereby finds and determines that no persons were registered to vote within the territory of the proposed Community Facilities District as of January 17, 2019, and that 12 or more persons have not been registered to vote within the territory of the Community Facilities District for each of the 90 days preceding the close of the public hearings held by the City Council on the proposed debt issue for the Community Facilities District. Accordingly, pursuant to Section 53326 of the Act, the vote shall be by the landowners of the Community Facilities District and each person who is the owner of land as of the close of said public hearings, or the authorized representative thereof, shall have one vote for each acre or portion of an acre that he or she owns within the Community Facilities District not exempt from the special tax. SECTION 10. The City Council hereby finds and determines that the qualified electors of the Community Facilities District have unanimously consented (a) to the waiver of any time limit specified by Section 53326 of the Act and any requirement pertaining to the conduct of said election, including any time limit or requirement applicable to an election pursuant to Article 5 of the Act (commencing with Section 53345 of the Act), and (b) to the holding of said election on April 2, 2019. The City Council hereby finds and determines that the City Clerk has concurred in said waivers and has concurred in holding said election on April 2, 2019. SECTION 11. The date of the special community facilities district election (which shall be consolidated with the special district election to levy a special tax within the Community Facilities District) at which time the proposition shall be submitted to the voters is April 2, 2019. SECTION 12. The election is to be conducted by mail ballot. The mailed ballots are required to be received in the office of the City Clerk no later than 6:00 p.m. on April 2, 2019; provided, however, that if all of the qualified electors have voted prior to such time, the election may be closed with the concurrence of the City Clerk. SECTION 13. The officers, employees and agents of the City are hereby authorized and directed to take all actions and do all things which they, or any of them, may deem necessary or desirable to accomplish the purposes of this Resolution and not inconsistent with the provisions hereof. Resolution No. 10999 (2019 Series) Page 4 SECTION 14.This Resolution shall take effect immediately upon its adoption. Upon motion of Council Member Christianson, seconded by Council Member Gomez, and on the following roll call vote: AYES: Council Members Christianson, Gomez, and Stewart, Vice Mayor Pease and Mayor Harmon NOES: None ABSENT: None The foregoing resolution was adopted this 2nd day of Anril ?019 ATTEST: Teresa Purrington City Clerk APPROVED AS TO FORM: IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of San Luis Obispo, California, this ti la day of eresa Purrington City Clerk R 10999