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HomeMy WebLinkAbout24823RESOLUTION NO. 24823 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, DETERMINING THE NECESSITY FOR COMMUNITY FACILITIES DISTRICT NO. 2020-1 (CANYON VIEW) OF THE CITY OF PALM SPRINGS TO INCUR A BONDED INDEBTEDNESS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $4,000,000 FOR PROVIDING PUBLIC FACILITIES AND CALLING A SPECIAL ELECTION OF THE COMMUNITY FACILITIES DISTRICT ON THE PROPOSITION FOR INCURRING SUCH BONDED INDEBTEDNESS WHEREAS, on September 24, 2020, the City Council (the "City Council") of the City of Palm Springs (the "City"), pursuant to the Mello -Roos Community Facilities Act of 1982, as amended, Chapter 2.5 (commencing with Section 53311) of Part 1 of Division 2 of Title 5 of the California Government Code (the "Act"), adopted Resolution No. 24804 declaring the necessity for Community Facilities District No. 2020-1 (Canyon View) of the City of Palm Springs, County of Riverside, State of California (the "District"), to incur a bonded indebtedness for the purpose of providing and financing public facilities that are necessary to meet increased demands placed upon the City (the "City Facilities") and as a result of development of the property therein; and WHEREAS, on November 12, 2020, at the time and place of the hearing, as set forth in Resolution No. 24804 and the notice thereof, the City Council conducted the hearing and afforded all persons interested, including persons owning property within the District, an opportunity to be heard on the proposed authorization to incur bonded indebtedness, and no protests were received; and WHEREAS, on November 12, 2020, at the conclusion of the hearing, the City Council adopted the resolution of formation pursuant to Section 53325.1 (a) of the California Government Code (the "Resolution of Formation"), establishing Community Facilities District No. 2020-1 (Canyon View) of the City of Palm Springs, County of Riverside, State of California; and WHEREAS, the City Council has determined that it is necessary for the District to incur a bonded indebtedness for the purpose of providing and financing the public facilities which are necessary to the development of the property therein; and WHEREAS, the City Clerk has received a statement from the Registrar of Voters of the County of Riverside that there are no persons registered to vote in the territory of the District; THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, HEREBY RESOLVES AS FOLLOWS: SECTION 1. Necessity. It is necessary for the District to incur a bonded indebtedness in an aggregate principal amount not to exceed $4,000,000 for the 5 55 75.70002\3335253 1.1 Resolution No. 24823 Page 2 purpose of financing the design, construction and acquisition of the City Facilities as described in the Resolution of Formation. 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 estimated costs of construction and acquisition of the public facilities which are proposed to be provided within and for the District, acquisition of land and rights -of -way, satisfaction of contractual obligations relating to expenses or the advancement of funds for expenses existing at the time the bonds are issued, architectural, engineering, inspection, legal, fiscal and financial consultant fees, bond and other reserve funds and interest on any bonds of the District estimated to be due and payable within two years from the date of the issuance of such bonds, election costs, and all costs of issuance of the bonds, including, but not limited to, underwriter's discount, fees for bond counsel, disclosure counsel, appraisers, municipal advisors, market absorption consultants and other consultants, costs of obtaining credit ratings, bond insurance premiums, fees for letters of credit, and other credit enhancement costs, and printing costs. SECTION 3. Amount of Debt; Terms of Bonds. The aggregate principal amount of the bonded indebtedness to be incurred by the District shall not exceed $4,000,000. The maximum term of the bonds shall not exceed 30 years. The maximum annual rate of interest to be paid semiannually on the bonds shall not exceed 12 percent per annum or such other rate as may be the maximum interest rate permitted by law. SECTION 4. Proposition to be Submitted to Voters. (a) The proposition to be submitted to the voters within the Community Facilities District with respect to the proposed bonded indebtedness shall be as follows: Shall a bonded indebtedness in an aggregate principal amount not to exceed $4,000,000 be incurred by and for Community Facilities District No. 2020-1 (Canyon View) of the City of Palm Springs, County of Riverside, State of California, for a maximum term of not more than 30 years and with interest at a rate or rates not to exceed the maximum interest rate permitted by law, for the purposes of providing public facilities for the community facilities district, including the design, construction and acquisition of street and road facilities, traffic control devices, landscape medians and undergrounding of existing overhead utilities, of the City of Palm Springs, as provided in the Resolution of Formation adopted by the City Council of the City of Palm Springs on November 12, 2020? SECTION 5. Election. The date of the special election with respect to the incurring of the aforementioned bonded indebtedness by the District, at which time the Resolution No. 24823 Page 3 proposition set forth in Section 4 hereof shall be submitted to the voters of the District, is November 12, 2020, and that special election is hereby called for that date. Pursuant to Section 53326 of the California Government Code, since at the time of the close of the public hearing, and for at least the preceding 90 days, less than 12 persons have been registered to vote within the territory of the District, the vote in the special election will be by the landowners of the District whose property would be subject to the special taxes if they were levied at the time of the election, with each landowner of record at the close of the public hearing having one vote for each acre or portion of an acre of land that he or she owns within the District, and the special election shall be conducted by the City Clerk (the "City Clerk"). The special election shall be consolidated with the special election with respect to the proposition regarding the levy of special taxes for the payment of the principal of and interest on the bonds of the District and establishing an appropriations limit for the District which has also been called for November 12, 2020. The consolidated special elections shall be conducted by the City Clerk pursuant to applicable provisions of the California Elections Code with respect to mail -ballot elections of cities and specifically Division 4 (commencing with Section 4000) of that Code, insofar as they may be applicable. Pursuant to Section 53326 of the California Government Code, the official ballot shall be delivered by the City Clerk to the qualified electors by personal service. The voted official ballot shall be received by the City Clerk by 5:30 p.m. on the date of the election; provided that if all qualified electors have voted, the election shall be closed with the concurrence of the City Clerk. SECTION 6. Accountability Measures. Pursuant to Section 53410 of the California Government Code, if the voters approve the proposition contained in the official ballot for the consolidated special elections with respect to the District incurring bonded indebtedness for the purposes for which such indebtedness is to be incurred and bonds of the District are to be issued (the "Bond Proposition"), the incurring of such bonded indebtedness and the issuance of bonds of the District shall be subject to the following accountability measures: (a) The Bond Proposition shall identify the specific purposes for which the bonds are to be issued; (b) The proceeds of the bonds shall be applied only for the specific purposes identified in the Bond Proposition; (c) An account or accounts shall be created pursuant to the fiscal agent agreement for such bonds into which the proceeds of the sale of such bonds shall be deposited; and (d) The City Manager, or his designee(s), shall file a report with the City Council no later than January 2 of the calendar year beginning after the year in which the bonds are issued and annually thereafter, which shall contain the information required by Section 53411 of the California Government Code. The City Council finds that the Bond Proposition which will be set forth in the official ballot for the consolidated special elections, and which are set forth in Section 4 Resolution No. 24823 Page 4 hereof, identifies the specific purposes for which the District will incur bonded indebtedness and issue bonds. PASSED, APPROVED, AND ADOPTED BY THE PALM SPRINGS CITY COUNCIL THIS 12TH DAY OF NOVEMBER, 2020. DAVID H. READY, CITY GER ATTEST: A, w '-ANTHONY J. M ERK CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS) I, ANTHONY J. MEJIA, MMC, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 24823 is a full, true and correct copy as was duly adopted at a regular meeting of the City Council of the City of Palm Springs on November 12, 2020 AYES: Councilmembers and Mayor Kors NOES: None ABSENT: None ABSTAIN: None RECUSED: None Garner, Middleton, Woods, Mayor Pro Tern Holstege, IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Palm Springs, California, this 51 () day of :2ece„Ytib,I, , L knthony J. Me 'a, M , City of Palm rings, California