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HomeMy WebLinkAboutReso 97-15 Dublin Crossing DFC Incur Indebtedness RESOLUTION NO. 97-15 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN DEEMING IT NECESSARY 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 Formation"), concluded its 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 Formation 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, by its Resolution Declaring Intention to Incur Indebtedness, Resolution No. 55-15, adopted by this City Council on April 21, 2015, pursuant to Section 53345 of the Act, this City Council declared its intention to incur indebtedness with respect to CFD No. 2015-1 in order to provide the financing described therein and scheduled a public hearing to be conducted this same date with respect to the proposed Obligations, said hearing to be combined with the public hearing on the proposed formation of CFD No. 2015-1 and proposed levy of the Special Tax; and WHEREAS, said public hearing has been conducted as scheduled, and upon the close thereof, the Resolution of Formation was adopted; and WHEREAS, in order to provide the financing of the Authorized CFD Public Improvements and authorized incidental expenses as contemplated, this City Council wishes by this resolution to deem it necessary to issue and sell the Obligations. Page 1 of 3 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 provisions of Section 53351 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 Formation, it is deemed 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. 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 Formation and the related incidental expenses of the legal proceedings and bond issuance costs described in Exhibit G of the Resolution of Formation. Section 3. As further provided by the Resolution of Formation, 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 Formation, 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 Page 2 of 3 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. Subject to the limit of $150 million on the aggregate principal amount of the Obligations and to the requirements of the Resolution of Formation and this resolution, determinations respecting (a) the amount of Obligations to be issued and (b) the amount and timing of each issuance or incurrence of Obligations shall be subject to the discretion of this City Council. The refunding of any of the Obligations shall not count against the limitation on the aggregate principal amount of such Obligations, as provided by Section 53362.7 of the Act. Section 5. It is the intention of this City Council that any such Obligations, when issued or incurred, shall be made callable (if bonds) or prepayable (if loan agreements or like instruments) in accordance with the terms to be specified in the resolution, indenture, trust agreement or fiscal agent agreement providing for the form, execution and issuance or incurrence of the Obligations, all in accordance with the terms of the Act. Section 6. The last maturity of any series of the Obligations shall not be greater than forty (40) years from the first maturity of any Obligations of such series, and the last maturity of any Obligations with respect to CFD No. 2015-1 shall be not later than calendar year 2051. Section 7. The maximum rate of interest shall be determined by competitive sale or by negotiation at the time of sale or incurrence of the Obligations, but in any case shall not exceed the maximum legal rate as specified, from time to time, by Government Code Section 53531 or any similar controlling provision of law. Section 8. The question of the authorization to issue or incur Obligations shall be submitted to the landowners owning land within CFD No. 2015-1, at the special mailed-ballot election expected to be called and held this same date as authorized by written waiver and consent from 100% of such landowners. Section 9. The ballot language of the ballot measure and the manner of conducting the election shall be established by the resolution to be adopted by this City Council calling the special election as required by the Act. Section 10. This resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED this 2nd day of June, 2015, by the following vote: AYES: Councilmembers Biddle, Gupta, Wehrenberg, and Mayor Haubert NOES: None ABSENT:. Councilmember Hart ABSTAIN: None Mayor ATTE T: ,c;it City Clerk Reso No. 97-15,Adopted 6-2-15, Item 6.2 Page 3 of 3 4011 6, 6 ,, 66■6 ^6 .6'6 66. '`r-6--6. ' ,6. CITY OF DUBLIN 100 Civic Plaza Dublin,California 94568 Phone: (925) 833-6650 Fax: (925) 833-6651 City Council (925)833-6650 City Manager (925)833-6650 Community Development (925)833-6610 ************************************************* Economic Development (925)833-6650 I hereby certify under penalty of perjury that Finance/Admin Services (925)833-6640 the attached Resolution No. 97-15, adopted Fire 25)833-660 by the Dublin City Council on June 2, 2015, (925)833-6606 Human Resources is a true and accurate copy of said (925)833-6605 Parks&Community Services document taken from the official files of the (925)556-4500 Police City of Dublin. (925)833-6670 Public Works/Engineering (925)833-6630 Date: June 18, 2015 By:Dublin By e�'V Z: bottri Caroline P. Soto 111 City City Clerk/Records Manager III® 2011 www.dublin.ca.gov