HomeMy WebLinkAboutReso 122-23 Item 6.1 Determining Necessity to Incur Bonded Indebtedness for City of Dublin Community Facilities District No. 2023-1 (East Ranch)Reso. No. 122-23, Item 6.1, Adopted 12/05/2023 Page 1 of 3
RESOLUTION NO. 122 – 23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
DETERMINING NECESSITY TO INCUR BONDED INDEBTEDNESS
FOR CITY OF DUBLIN COMMUNITY FACILITIES DISTRICT NO. 2023-1
(EAST RANCH)
WHEREAS, on October 17, 2023, the City Council (the “City Council”) of the City
of Dublin (the “City”) adopted its Resolution No. 111-23 (the “Resolution of Intention”),
stating its intention to form the City of Dublin Community Facilities District No. 2023-1
(East Ranch) (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 October 17, 2023, this City Council also adopted its Resolution No.
112-23 (the “Resolution of Intention to Incur Indebtedness”) stating its intention to incur
bonded indebtedness within the boundaries of the CFD in an amount not to exceed
$67,000,000 for the purpose of financing the costs of the Facilities (defined herein); and
WHEREAS, this City 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 services and facilities by the CFD and the rate and method of apportionment of
the special taxes to be levied within the CFD to pay for certain services and the Facilities,
including the principal and interest on the proposed bonded indebtedness in the CFD for
the Facilities, and the administrative costs of the City relative to the CFD; and
WHEREAS, subsequent to the public hearing, this City Council adopted a
resolution entitled “Forming the City of Dublin Community Facilities District No. 2023-1
(East Ranch)” (the “Resolution of Formation”); and
WHEREAS, this City 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 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.
NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of
Dublin hereby finds, determines and resolves as follows:
1. Recitals. The foregoing recitals are true and correct.
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Reso. No. 122-23, Item 6.1, Adopted 12/05/2023 Page 2 of 3
2. Necessity. This City Council deems it necessary to incur bonded
indebtedness in the maximum aggregate principal amount of $67,000,000 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. 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.
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 A to the Resolution of Formation, as the
same may be amended in accordance with the Act.
4. Bonds. Bonds in the maximum amount set forth in Section 2 are hereby
authorized subject to voter approval. 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 this City 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 any series thereof shall have a maximum term of not to exceed 40 years.
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 this City Council.
6. Effective Date. This Resolution shall take effect upon its adoption.
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Reso. No. 122-23, Item 6.1, Adopted 12/05/2023 Page 3 of 3
PASSED, APPROVED, AND ADOPTED this 5th day of December 2023, by the
following vote:
AYES: Councilmembers Hu, Josey, McCorriston and Mayor Hernandez
NOES: Councilmember Qaadri
ABSENT:
ABSTAIN:
__________________________
Mayor
ATTEST:
__________________________
City Clerk
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