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HomeMy WebLinkAboutRES 2006-62RESOLUTION NO. 2n06-62 RESOLUTION OF' INTENTION OF THE CITY COUNCIL OF THE CITY OF DIAMOND BAR TO INCUR BONDED INDEBTEDNESS WITHIN COMMUNITY FACILITIES DISTRICT NO. 2006-1 OF THE CITY OF DIAMOND BAR (DIAMOND BAR LIBRARY) SUBJECT TO A VOTE OF THE PEOPLE WHEREAS, the City Council of the City of Diamond Bar (the "City Council") as provided in Section 53318 of the Government Code of the State of California instituted proceedings to form Community Facilities District No. 2006-1 of the City of Diamond Bar (Diamond Bar Library) (the "Community Facilities District No. 2006-1" or the "District") pursuant to the Mello -Roos Community Facilities Act of 1982 (the "Act"), as amended, pursuant to Resolution No. __ adopted by the City Council on the date hereof to (1) finance the purchase, construction, modification, expansion, improvement or rehabilitation of public facilities identified in Attachment "A" hereto and incorporated herein by this reference, including all furnishings, equipment and supplies related thereto (collectively, the "Facilities"); (2) to finance library services described in Resolution No. (the "Services"); (3) to finance the incidental expenses to be incurred in connection financing the Facilities and forming and administering the District (the "Facilities Incidental Expenses"); and (4) to finance the incidental expenses to be incurred in connection with forming and administering the District and financing the Services (the "Services Incidental Expenses" and, together with the Facilities Incidental Expenses, the "Incidental Expenses"); and WHEREAS, the City Council estimates that the amount required to finance the Facilities and Facilities Incidental Expenses is approximately $15,000,000; and WHEREAS, in order to finance the Facilities and Facilities Incidental Expenses, the City Council intends to authorize the issuance of bonds for the proposed District in the maximum aggregate principal amount of $13,100,000, the repayment of which is to be secured by a special tax levied in accordance with Section 53328 of the Act on all property in the proposed District, other than those properties exempted from taxation in the rate and method of apportionment set forth in Attachment "C to Resolution No. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DIAMOND BAR HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: SECTION 1. The above recitals are true and correct. SECTION 2. It is necessary to incur bonded indebtedness within the proposed boundaries of proposed Community Facilities District No. 2006-1 in an amount not to exceed $13,100,000 to finance the costs of the Facilities and Facilities Incidental Expenses, as permitted by the Act. 2006-62 SECTION 3. The bonds for the District will be issued for the purpose of financing the costs of the Facilities and the Facilities 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. SECTION 4. It is the intent of the City of Diamond Bar to authorize the sale of bonds for the District in one or more series, in the maximum aggregate principal amount of $13,100,000 and at a maximum interest rate not in excess of the maximum rate permitted by law at the time that the bonds are issued. The term of the bonds shall be determined pursuant to a resolution of this City Council acting in its capacity as the legislative body of the District authorizing the issuance of the bonds, but such term shall in no event exceed 31 years from the date of issuance of the bonds of such series, or such longer term as is then permitted by law. SECTION 5. A public hearing (the "Hearing") on the proposed debt issue shall be held at 7:00 P.M. or as soon thereafter as practicable, on August 1, 2006, at AQMD Government Center Auditorium, 21865 Copley Drive, Diamond Bar, California. SECTION 6. At the time and place set forth in this Resolution for the Hearing, any interested persons, including all persons owning land or registered to vote within proposed Community Facilities District No. 2006-1, may appear and be heard. SECTION 7. The City Clerk is hereby directed to publish a notice (the "Notice") of the Hearing pursuant to Section 6061 of the Government Code in a newspaper of general circulation published in the area of the proposed Community Facilities District No. 2006-1. Such publication shall be completed at least seven days prior to the date of the Hearing. PASSED, APPROVED AND ADOPTED this day of 2006 -6uzgu� Mayor 2006-62 Linda C. LOWRY I, Ttmmye-Gf+bbiis; City Clerk of the City of Diamond Bar, California do hereby certify that the foregoing Resolution was duly and regularly passed and adopted by the City Council of the City of Diamond Bar, California, at its regular meeting held on the -off- "day of tis , 2008, by the following vote: AYES: COUNCIL MEMBERS: Chang, Tanaka, Tye, MPT/Zirbes, M/Herrera NOES: COUNCIL MEMBERS: None ABSENT: COUNCIL MEMBERS: None ABSTAINED: COUNCIL MEMBERS: None • C)MMYeGFibb ns, My Clerk LINDA C. LOWRY 1 Stradling Yocca Carlson & Rauth Draft of 6/23/06 ATTACHMENT A Types of Facilities to Be Financed by Community Facilities District No. 2006-1 City of Diamond Bar (Diamond Bar Library), Los Angeles County, California The proposed public facilities and expenses to be financed by the District include the purchase, construction, modification, expansion, improvement or rehabilitation of a municipal library, including all furnishings, equipment and supplies related thereto, and together with all appurtenant work in connection therewith, provided that such facilities have a useful life of five years or longer. Facilities Incidental Expenses: Incidental expenses proposed to be incurred include the following: (a) the cost of planning and designing the proposed public facilities to be financed, including the cost of environmental evaluations of those facilities; (b) any other expenses incidental to the construction, completion and inspection of the authorized work; and (c) the costs associated with the formation of the District, issuance of bonds, determination of the amount of taxes, collection of taxes, payment of taxes, or costs otherwise incurred in order to carry out the authorized purposes of the District. 2006-62