HomeMy WebLinkAboutCity Council Resolution 20-009 on Arrowhead BondRESOLUTION NO.20-009
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
DECLARING THE COST OF ISSUANCE AND IMPROVEMENT FUNDS AS
SURPLUS, ORDERING THE DISPOSITION OF SURPLUS AMOUNTS,
APPROVING THE DISTRICT FUNDS CLOSEOUT ANALYSIS REPORT
PREPARED BY NBS FOR CITY OF SARATOGA COMMUNITY FACILITIES
DISTRICT NO. 2016-1 (ARROWHEAD PROJECT), AND ACCEPTING THE
NOTICE OF COMPLETION OF PUBLIC IMPROVEMENTS.
WHEREAS, the City Council of the City of Saratoga ("City") previously established the City of
Saratoga Community Facilities District No. 2016-1 (Arrowhead Project) pursuant to the terms and
provisions of the Mello -Roos Community Facilities Act of 1982, as amended, commencing with
Government Code Section 53311 (the "Act"); and
WHEREAS, the City Council of the City of Saratoga (the "City Council") on December 22, 2016,
duly adopted its Resolution No. 16-076 establishing the City of Saratoga Community Facilities District No.
2016-1 (Arrowhead Project) for the purpose of providing for the financing of certain public facilities in and
for such Community Facilities District; and,
WHEREAS, at an election held in such Community Facilities District on May 2, 2017, the
qualified electors therein duly authorized the propositions of the incurrence of the bonded debt and the levy
and collection of a special tax; and,
WHEREAS, the City Council of the City of Saratoga, by Resolution No. 18-062, authorized the
issuance of $3,000,000 principal amount of special tax bonds, through private placement, for the purpose
of financing such facilities; and,
WHEREAS, an Indenture between the City and The Bank of New York Mellon Trust Company,
dated December 1, 2018 established multiple funds; and,
WHEREAS, the public facilities financed by the special tax bonds for the Arrowhead Project have
been completed; and,
WHEREAS, on February 15, 2020, based
prepared by NBS, the City of Saratoga Community
surplus funds exist in the following amounts:
on the "District Funds Closeout Analysis Report"
Facilities District No. 2016-1 (Arrowhead Project)
Fund
Balance as of
February 15,2020
Cost of Issuance
$73,091.98
Improvement
624,634.59
NOW THEREFORE, the City Council of the City of Saratoga hereby resolves as follows:
1. The above recitals are all true and correct and this City Council so finds and determines.
2. A Notice of Completion of Public Improvements was completed and signed by the Director of
Public Works of the City of Saratoga.
3. The City Council declares the fund balances above to be surplus.
4. The City Council approves the "District Funds Closeout Analysis Report" prepared by NBS for the
City on file with the City Clerk.
5. The City Council orders the disposition of said surplus funds, less closeout fees and administrative
expenses, in the manner described in the "District Funds Closeout Analysis Report City of Saratoga
Community Facilities District No. 2016-1 (Arrowhead Project)" prepared by NBS.
The above and foregoing resolution was passed and adopted at a special meeting of the Saratoga City
Council held on the 18' day of March 2020 by the following vote:
AYES: Mayor Howard A. Miller, Vice Mayor Mary -Lynne Bernald, Council Members E. Manny
Cappello, Yan Zhao, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
oward A. Miller, Mayor
AT � ST: H
IJ
DATE:
Debbfe Bretschneider, City Clerk