HomeMy WebLinkAboutResolution - 2365 STATE OF CALIFORNIA ) RESOLUTION NO. 2365
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JACINTO DECLARING NECESSITY FOR
PROPOSED CITY OF SAN JACINTO COMMUNITY
FACILITIES DISTRICT NO. 2002-1 (RANCHO SAN
JACINTO, PHASE 2) TO INCUR A BONDED
INDEBTEDNESS
WHEREAS, the City of San Jacinto (the "City") has formed its Community
Facilities District No. 2 ("CFD No. 2") and, in connection therewith, has issued its 1989
Special Tax Bonds in the original principal amount of $26,000,000 (the "1989 Bonds")
which are secured by special taxes levied by the City an property within the boundaries
of CFD No. 2, and because of the delinquent payment of the special taxes levied in
CFD No. 2, the 1989 Bonds are currently in default with respect to the payment of the
principal and interest with respect thereto.
WHEREAS, the City Council (the "City Council") of the City has received a
petition from the owner and developer of certain property in the City (the "Owner")
requesting that the City Council conduct proceedings pursuant to Chapter 2.5
(commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California
Government Code, commonly known as the "Mello-Roos Community Facilities Act of
1982," for the establishment of a community facilities district and the issuance and sale
of bonds for the purpose of refinancing and causing the redemption of (a) refinancing
and causing the redemption of a portion of outstanding special tax bonds of CFD No. 2
and to cause the special taxes with respect to CFD No. 2 levied on taxable real property
within the proposed community facilities district to be deemed paid and satisfied, and
(b) paying the incidental expenses associated with the creation of the proposed
community facilities district, issuance of bonds thereof, the determination of the amount
and collection of the special taxes, and the payment of special taxes, and costs
otherwise incurred in order to carry out the authorized purposes of the proposed
community facilities district, and that the proposed community facilities district be
authorized to issue bonds and incur a bonded indebtedness for such purposes in the
original aggregate principal amount of $20,000,000; and
WHEREAS, pursuant to Section 53321 of the California Government
Code, the City Council has adopted a resolution declaring its intention to establish
proposed City of San Jacinto Community Facilities District No. 2002-1 (Rancho San
Jacinto, Phase 2), City of San Jacinto, County of Riverside, State of California (the
"Resolution of Intention") for the purpose stated in the above recital, and
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RVP'J61KABl63E635
WHEREAS, it is therefore necessary for the proposed community facilities
district to incur a bonded indebtedness for the purpose of providing and financing such
facilities;
NOW, THEREFORE, BE IT RESOLVED, determined and ordered by the
City Council of the City of San Jacinto, County of Riverside, State of California, as
follows:
Section 1. Bonded Indebtedness. The City Council declares that it is
necessary that a bonded indebtedness be incurred by and for proposed City of San
Jacinto Community Facilities District No. 2002-1 (Rancho San Jacinto, Phase 2), City of
San Jacinto, County of Riverside, State of California, in an original aggregate principal
amount not to exceed $20,000,000 for the purpose described in the Resolution of
intention.
Section 2. Costs Included. The amount of the proposed bonded
indebtedness shall include all costs and estimated costs incidental to, or connected
with, the accomplishment of the purposes for which the proposed bonded indebtedness
is to be incurred, including, but not limited to, the satisfaction of contractual obligations
relating to expenses or the advancement of funds for expenses existing at the time the
bonds are issued legal, fiscal and financial consultant fees, bond and other reserve
funds and interest an any bonds of the proposed community facilities district due and
payable prior to the expiration of one year from the date of completion of the
construction and acquisition of the public facilities, not to exceed two years, election
costs, and all costs of issuance of the bonds, including, but not limited to underwriter's
discount, fees for bond counsel, costs of obtaining credit ratings, bond insurance
premiums, fees for letters of credit, and other credit enhancement costs, and printing
costs.
Section 3. Payment of Bonded Indebtedness. Pursuant to Section 4 of
the Resolution of Intention and Section 53351 of the California Government Code, all
parcels of taxable property within the proposed community facilities district shall be
subject to the levy of special taxes to pay the principal of and interest on the aggregate
principal amount of the bonds of the community facilities district which may be issued
and sold to finance public facilities which are of benefit to parcels of property within the
community facilities district.
Section 4. Hearing. A public hearing on the proposed bonded
indebtedness for said proposed community facilities district shall be held at 4:00 p.m. on
September 10, 2002, in the City Council Chambers located at 201 East Main Street,
San Jacinto, California 92583. Said hearing shall be conducted concurrently with the
hearing on the establishment of the proposed community facilities district.
Section 5. Notice. The City Clerk shall publish a notice of the time and
place of said hearing pursuant to Section 53346 of the California Government Code,
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and shall also give notice of the time and place of said hearing by first-class mail to
I%W each registered voter and to each landowner within the proposed community facilities
district.
APPROVED AND ADOPTED this 15t day of August, 2002.
Ayes: Carlson-Buydos, Good, Ayres
Nays: None
Absent: None
Abstain: Conner
City of San Jacinto
_..(�2w 4--
Jim A es, Vice Mayor
ATTEST:
16u'dl!�L
l -[Io
�. orothy L. houinard, City Clerk
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RV PU 13JK.461636635
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE)ss
CITY OF SAN JACINTO )
CERTIFICATION
I, Dorothy L. Chouinard, City Clerk of the City of San Jacinto, California, do
hereby certify that the foregoing Resolution No. 2365 was passed, adopted and
approved at a regular meeting of the City Council of City of San Jacinto held on
the 1 st day August, 2002, by the following vote:
Ayes: Ayres, Carlson-Buydos, Good
Nays: None
Absent: None
Abstain: Conner
WITNESS MY WAND AND OFFICIAL SEAL this 2nd day of August, 2002.
rothy L. C uinard, City Clerk