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HomeMy WebLinkAbout21382 - RESOLUTIONS - 7/20/2005 RESOLUTION NO. 21382 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS, CALIFORNIA, DECLARING ITS INTENTION TO INCUR BONDED INDEBTEDNESS IN THE AMOUNT NOT TO EXCEED $21,000,000 WITHIN COMMUNITY FACILITIES DISTRICT NO. 2005-2 (ESCENA) OF THE CITY OF PALM SPRINGS WHEREAS, the City Council upon receipt of a petition (including consent and waiver) (the "Petition") as provided in Section 53318 of the Government Code of the State of California instituted proceedings to form Community Facilities District No. 2005-2 (1=scena) of the City of Palm Springs (the "Community Facilities District No. 2005-2" or the "District'), pursuant to the Mello-Roos Community Facilities Act of 1982, commencing with Section 53311 of the Government Code of the State of California (the "Act'), as amended, pursuant to a resolution adopted by the Council on the date hereof to finance (1) the purchase, construction, modification, expansion, improvement or rehabilitation of public facilities and the payment of development, impact and other fees required therefore, identified in Exhibit "A" attached hereto and incorporated herein by this reference, including all furnishings, equipment and supplies related thereto (collectively, the "Facilities"); (2) the incidental expenses to be incurred in financing the Facilities and forming and administering the District (the "Incidental Expenses"); and (3) payment and retirement of assessments in Assessment District No. 155 of the City of Palm Springs, (the "AD 155 Payment'); and WHEREAS, in order to finance the Facilities, Incidental Expenses and the AD 155 Payment, the Council intends to authorize the issuance of bonds for the proposed District in the maximum aggregate amount of not to exceed $21,000,000 within the District; and WHEREAS, the repayment of the bonds of the District is to be secured by special taxes levied in the proposed District in accordance with Section 53328 of the Act, other than those properties exempted from taxation in the rate and method of apportionment for the proposed District set forth in Exhibit "C", adopted by the City Council by previous Resolution. THE CITY COUNCIL OF THE CITY OF PALM SPRINGS DOES HEREBY RESOLVE AS FOLLOWS: Section 1. The above recitals are all true and correct. Section 2. It is necessary to incur bonded indebtedness within the boundaries of the proposed District in an amount not to exceed $21,000,000, to finance the costs of the Facilities, Incidental Expenses and the AD 155 Payment, as permitted by the Act. Resolution No. 21382 Page 2 Section 3. The bonds for the proposed District will be issued for the purpose of financing the costs of the Facilities and the Incidental Expenses, including, but not limited to, the funding of reserve funds for the bonds, the financing of costs associated with the issuance of the bonds and all other costs and expenses necessary to finance the Facilities which are permitted to be financed pursuant to the Act, and the payment of all outstanding and unpaid assessments in Assessment District No. 155 of the City of Palm Springs. Section 4. It is the intent of the Council to authorize the sale of bonds for the proposed District in one or more series, in the maximum aggregate principal amount not to exceed $21 ,000,000 within the proposed District and at a maximum interest rate not in excess of 12 percent per annum or such rate not in excess of the maximum rate permitted by law at the time the bonds are issued. The term of the bonds of each series shall be determined pursuant to a Resolution of the City Council acting in its capacity as the legislative body of the District authorizing the issuance of the bonds of such series, but such term shall in no event exceed 40 years or such longer term as is then permitted by law. Section 5. The City Council hereby declares its intention to conduct a Public Hearing concerning the proposed debt issue in accordance with the Act. Any interested persons, including all persons owning land or registered to vote within the proposed District, may appear and be heard at the Hearing. Section 6. Notice is hereby given that a Public Hearing on these matters will be held ' by the City Council on Wednesday September 7, 2005 at 6:00 p.m., or as soon thereafter as feasible in the City Council Chambers at City Hall, located at 3200 E. Tahquitz Canyon Way, Palm Springs, California. Section 7. The proposition to incur bonded indebtedness in the maximum aggregate principal amount not to exceed $21,000,000 shall be submitted to the qualified electors of the District. A special community facilities district election shall be conducted on September 7, 2005, which shall be conducted by a hand delivered or mailed ballot election. The ballots shall be returned to the office of the election officer no later than 11:00 a.m. on September 7, 2005. Section 8. The City Clerk shall cause notice to be given of the time and place of the Public Hearing by causing the publishing of this Resolution once in the local paper not less than seven (7) days before the date of the hearing and by posting a copy of this Resolution on the official bulletin board customarily used by the City Council for the posting of such notices, pursuant to the Act. ADOPTED this 20th day of July 2005. David H. Ready, Cit nager ' Resolution No. 21382 Page 3 ATTEST: i a es Thompson, City Clerk CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss. CITY OF PALM SPRINGS ) I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that Resolution No. 21382 is a full, true and correct copy, and was duly adopted at a regular meeting of the City Council of the City of Palm Springs on July 20, 2005, by the following vote: AYES: Councilmember Foat, Councilmember Pougnet, Councilmember Mills, Mayor Pro Tern McCulloch and Mayor Oden. NOES: None. ABSENT: None. ABSTAIN: None. Thompson, City Clerk )ees y of Palm Springs, California Resolution No. 21382 Page 4 EXHIBIT "A" , TYPES OF FACILITIES TO BE FINANCED BY COMMUNITY FACILITIES DISTRICT NO. 2005-2 (ESCENA) The General Description of the Improvements is as follows: 1. Street facilities, including, but not limited to, major arterials, highways, intersections, access ramps, roadways, sidewalk, curb, gutters, striping, lighting, traffic signalization, signage, landscaping of public streets and rights-of-way and appurtenant facilities; 2. Storm control facilities, including, but not limited to, storm drains, channels, detention, headwalls, riprap pads, retention and/or catch basins and appurtenant facilities; 3. Sewer improvements, sanitary sewers, including, but not limited to, lift stations, force mains, pump stations, transmission and main lines, valves, and appurtenant facilities (including, but not limited to, the West Spine Sewer Improvements which have already been completed); 4. Domestic and reclaimed water facilities, including, but not limited to, reservoirs, pump stations, transmission lines, distribution facilities, lift stations, main lines, ' valves, fire hydrants and appurtenant facilities (including, but not limited to, the West Spine Water Improvements which have already been completed); 5. Park and recreational facilities and appurtenant facilities; 6. Impact and other fees, including but not limited to, TUMF, Quimby Act fees, water fees, drainage fees, sewer treatment and connection fees, water supply fees, water meter fees, water connection fees and frontage fees, storm drain fees, and other city fees; 7. Mitigation costs and incidental expenses. Resolution No. 21382 Page 5 EXHIBIT "A" (CONTINUED) OTHER ITEMS TO BE FINANCED BY COMMUNITY FACILITIES DISTRICT NO. 2005-2 (ESCENA) The District may also finance any of the following: 1. Bond related expenses, including underwriters' discount, reserve fund, capitalized interest, financial advisor fees and expenses, bond and disclosure counsel, special tax consultant fees and expenses, dissemination agent fees and all other incidental expenses. 2. Administrative fees of the City and the Bond trustee or fiscal agent related to the District and the Bonds. 3. Reimbursement of costs related to the formation of the District advanced by the City or any related entity, or any landowner or developer within the District, as well as reimbursement of any costs advanced by the City or any related entity, or any landowner or developer within the District, for facilities, fees or other purposes or costs of the District. 4. Payment and retirement of all outstanding unpaid assessments in Assessment District No. 155 of the City of Palm Springs. This description of the public capital facilities is general in nature. The final nature and location of improvements and facilities will be determined upon the preparation of final plans and specifications. The final plans and specifications may show substitutions in lieu of, or modifications to, proposed work. Any such substitution shall not be a change or modification in the proceedings as long as the facilities provide a service substantially similar to that as set forth in the Report.