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HomeMy WebLinkAboutReso 55-15 Dublin Crossing CFD Incur Indebtedness RESOLUTION NO. 55-15 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN DECLARING INTENTION TO INCUR INDEBTEDNESS Community Facilities District No. 2015-1 (Dublin Crossing) WHEREAS, this City Council (this "City Council") of the City of Dublin (the "City") has, by resolution adopted this same date (the "Resolution of Intention"), declared its intention to take legal proceedings pursuant to the Mello-Roos Community Facilities Act of 1982 (Sections 53311 and following, California Government Code) (the "Act") to (a) establish a community facilities district to be known as "Community Facilities District No. 2015-1 (Dublin Crossing), City of Dublin, County of Alameda, State of California" ("CFD No. 2015-1"), (b) designate the territory initially included within CFD No. 2015-1 as Improvement Area No. 1, (c) designate additional territory as Future Annexation Area and (d) approve each of five instruments providing the rate and method of apportionment of special tax (each, an "RMA"), with each RMA applicable to one of the five anticipated improvement areas within CFD No. 2015-1, said five RMAs being attached to the Resolution of Intention as Exhibits B through F, inclusive; and WHEREAS, the purpose of establishing CFD No. 2015-1 (hereafter, all references to CFD No. 2015-1 shall be deemed to include the territory initially designated as Improvement Area No. 1 and additional territory later annexed to CFD No. 2015-1) is to provide financing, through the levy and collection of a special tax on taxable property within CFD No. 2015-1 (the "Special Tax") and the issuance and sale of special tax bonds or the establishment of other forms of debt obligations (the "Obligations") to be secured by and payable from proceeds of the Special Tax, for (a) a portion of the cost and expense of certain authorized public and private utility capital improvements and fees (the "Authorized CFD Public Improvements"), together with related incidental expenses of the authorized improvements and the legal proceedings for formation of CFD No. 2015-1, (b) establishment of a reserve fund for the Obligations, (c) funding of the costs of issuance of the Obligations and (d) funding of the on-going costs of administration of CFD No. 2015-1; and WHEREAS, pursuant to Section 53345 of the Act, whenever this City Council deems it necessary for a community facilities district to incur indebtedness, it shall declare its intention to do so by resolution, as set forth in this resolution. NOW, THEREFORE, BE IT RESOLVED THAT the City Council of the City of Dublin hereby finds, determines and resolves as follows: Section 1. In conformity with the requirements of Section 53345 of the Act, this City Council finds and declares that, in order to finance the acquisition, construction and installation of the Authorized CFD Public Improvements and related incidental expenses, as more fully stated in the Resolution of Intention, it is necessary to incur one or more Obligations to be secured by and to be payable, as to the principal of and the interest thereon, from proceeds of the Special Tax. Page 1 of 3 Section 2. The purpose for which the Obligations are to be established and incurred is to provide the funds necessary to pay the costs and expenses of acquiring, constructing and installing the Authorized CFD Public Improvements and related incidental expenses described in Exhibit A of the Resolution of Intention and the related incidental expenses of the legal proceedings and bond issuance costs described in Exhibit G of the Resolution of Intention. Section 3. As further provided by the Resolution of Intention, CFD No. 2015-1 is being established with the territory initially included within its boundary designated as Improvement Area No. 1 and with additional territory designated as Future Annexation Area. Territory in the Future Annexation Area, when annexed to CFD No.2015-1, may be either (a) designated as a separate improvement area (each, an "Improvement Area") or (b) annexed to a previously- established Improvement Area, and the Special Tax will be levied upon the nonexempt property within each Improvement Area in accordance with an RMA adopted for a specific Improvement Area. The five separate RMAs, which are set forth as Exhibits B through F, inclusive, of the Resolution of Intention, correspond with five separate Improvement Areas identified as Improvement Area No. 1, 2, 3, 4 and 5, respectively. The Obligations will be issued in sequential series, with each series to be secured solely by the proceeds of the Special Tax levied on the nonexempt property within a given Improvement Area, beginning with Improvement Area No. 1. The maximum principal amount of the proposed Obligations to be authorized for CFD No. 2015-1 is $150 million. The estimated allocation of this amount to the five respective Improvement Areas of CFD No. 2015-1 is as follows: a. For Improvement Area No. 1, $46 million; b. For Improvement Area No. 2, $34 million; c. For Improvement Area No. 3, $23 million; d. For Improvement Area No. 4, $12 million; and e. For Improvement Area No. 5, $35 million. This estimated allocation among the respective Improvement Areas is based upon present assumptions respecting (a) which portions of the territory comprising the Future Annexation Area will be annexed into the respective Improvement Areas and (b) how those portions of the territory will be developed, and the estimated allocation is subject to modification by the Administrator (as said term is defined in the Improvement Area No. 1 RMA) if the territory annexed to any given Improvement Area is different from the present assumptions or if those portions of the territory are developed differently than presently assumed; provided that the total maximum principal amount of the proposed Obligations shall remain at $150 million. Section 4. This City Council hereby sets Tuesday, June 2, 2015, at 7:00 p.m. or as soon thereafter as the matter may be heard, in the City Council Chamber at the Dublin Civic Center, 100 Civic Plaza, Dublin, California, as the time and place for a public hearing by this City Council on the proposed Obligations. At that time and place any persons interested, including but not limited to any persons owning property in the proposed CFD No. 2015-1, will be heard. Page 2 of 3 Section 5. It is the intention of this City Council that any such Obligations, when established, shall be made callable (if bonds) or prepayable (if loan agreements or like instruments) in accordance with the terms of the Act. Section 6, This City Council hereby directs the City Clerk.of the City to publish a notice of hearing, containing the matters specified by Section 55346 of the Act, once in a newspaper in general circulation in the area of CFD No. 2015-1, said publication to occur no later than seven days before the date of the public hearing. Section 7. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED this 21st day of April, 2015, by the following vote: AYES: Councilmembers Biddle, Gupta, Hart, Wehrenberg, and Mayor Haubert NOES: None ABSENT: None ABSTAIN: None Iry ,Ami Mayor ATTEST: avv City Clerk Reso No. 55-15, Adopted 4-21-15, Item 7.1 Page 3 of 3