HomeMy WebLinkAboutCity Council Resolution 16-077 Determining_the_Necessity_to_Incur_Bond_Indebtedness (1)RESOLUTION NO. 16--077
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SARATOGA, CALIFORNIA, DETERMINING THE NECESSITY TO
INCUR BONDED INDEBTEDNESS WITHIN THE CITY OF SARATOGA
COMMUNITY FACILITIES DISTRICT NO. 2016-1 (ARROWHEAD
PROJECT)
RESOLVED by the City Council (the "City Council") of the City of Saratoga (the
"City"), as follows:
WHEREAS, on November 2, 2016, the City Council adopted a resolution entitled "A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA, CALIFORNIA OF
INTENTION TO ESTABLISH A COMMUNITY FACILITIES DISTRICT AND TO
AUTHORIZE THE LEVY OF SPECIAL TAXES" (the "Resolution of Intention") stating its
intention to form the City of Saratoga Community Facilities District No. 2016-1 (Arrowhead
Project) (the "District"), pursuant to the Mello -Roos Community Facilities Act of 1982,
California Government Code Section 53311 et seq. (the "Law"), to fund costs of certain water
improvements (the "Facilities"), as described therein; and
WHEREAS, on November 2, 2016, the City Council also adopted a resolution entitled
"A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA,
CALIFORNIA, DETERMINING THE NECESSITY TO INCUR BONDED INDEBTEDNESS
WITHIN THE CITY OF SARATOGA COMMUNITY FACILITIES DISTRICT NO. 2016-1
(ARROWHEAD PROJECT)" (the "Resolution of Intention to Incur Indebtedness") stating its
intention to incur bonded indebtedness within the boundaries of the District for the purpose of
financing a portion of the costs of the Facilities; and
WHEREAS, on this date, the City Council held the public hearing as required by the
Law and the Resolution of Intention relative to the determination to proceed with the formation
of the District, the provision by the District of funds to pay the costs of the Facilities and the rate
and method of apportionment of the special tax (the "Rate and Method") to be levied within the
District to pay the principal and interest on the proposed indebtedness and the administrative
costs of the City relative to the District; and
WHEREAS, at the hearing all persons desiring to be heard on all matters pertaining to
the formation of the District, the provision of funds to pay the costs of the Facilities and the levy
of the special tax on property within the District, were heard and a full and fair hearing was held;
and
WHEREAS, subsequent to the hearing, the City Council adopted a resolution entitled "A
Resolution of Formation of City of Saratoga Community Facilities District No. 2016-1
(Arrowhead Project), Authorizing the Levy of A Special Tax Within the District, Preliminarily
and Establishing an Appropriations Limit for the District" (the "Resolution of Formation"); and
WHEREAS, on this date, the City Council held the public hearing as required by the
Law 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, the City Council resolves and declares, as follows:
1. The foregoing recitals are true and correct.
2. The City Council deems it necessary to incur bonded indebtedness in the
maximum aggregate principal amount of $6,000,000.00 within the boundaries of the District.
3. The indebtedness is incurred for the purpose of financing the costs of the
Facilities, as provided in the Resolution of Formation including, but not limited to, the costs of
issuing and selling bonds to finance costs of the Facilities and the costs of the City in
administering the District.
4. The whole of the District shall pay for the bonded indebtedness through the levy
of the special tax. The special tax is to be apportioned in accordance with the Rate and Method
set forth in Exhibit A to the Resolution of Formation.
5. The maximum amount of bonded indebtedness to be incurred is $6,000,000.00
and the maximum term of any series of the bonds to be issued shall in no event exceed thirty-one
(31) years.
6. The bonds may be issued in one or more series, and shall bear interest at a rate or
rates not to exceed the maximum interest rate permitted by applicable law at the time of sale of
the respective series of the bonds, payable weekly, semiannually or in such other manner as the
City Council or its designee shall determine, the actual rate or rates and times of payment of such
interest to be determined by the City Council or its designee at the time or times of sale of each
series of the bonds.
7. The proposition of incurring the bonded indebtedness herein authorized shall be
submitted to the qualified electors of the District and shall be consolidated with elections on the
proposition of levying special taxes within the District and the establishment of an appropriations
limit for the District pursuant to Section 53353.5(a) of the Law. The time, place and conditions
of said election shall be as specified by separate resolution of the City Council.
8. This Resolution shall take effect upon its adoption.
PASSED AND ADOPTED this 21' day of December 2016.
AYES: Mayor Emily Lo, Vice Mayor Mary -Lynne Bernald, Council Member E. Manny
Cappello, Howard A. Miller
NOES:
ABSENT: Council Member Rishi Kumar
ABSTAIN:
ATTEST:
Cry 1 Bothelio, City Clerk
Emi y Lo, Mayor
DATE:
I, the undersigned, the duly appointed and qualified City Clerk of The City of Saratoga,
do hereby certify that the foregoing Resolution was duly adopted by the City Council of said
City of Saratoga at a duly called meeting of the City Council of the City of Saratoga held in
accordance with law on December 21, 2016.
Nae: Crystal Bothelio
Title: City Clerk/Asst. to the City Manager