RES-7900 Intent to Incur Bonded Indebtedness of Proposed Community Facilities District No. 91-2RESOLUTION NO. 7900
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE OF INTENTION TO INCUR
BONDED INDEBTEDNESS OF THE PROPOSED
CITY OF ORANGE COMMUNITY FACILITIES
DISTRICT NO. 91-2 (SERRANO
HEIGHTS PUBLIC IMPROVEMENTS) PURSUANT TO
THE MELLO-ROOS COMMUNITY FACILITIES
ACT
OF
1982
Community Serrano Facili ties District No.
91- 2 Heights
Public Improvements)WHEREAS, this City Council has this date
adopted its Resolution entitled "A Resolution of the City Council of
the City of Orange of Intention to Establish a
Community Facilities District and To Authorize the Levy of Special Taxes
Pursuant to the Mello-Roos Community Facilities Act of
1982", stating its intention to form a community facilities district
pursuant to the Mello-Roos Community Facilities Act of
1982, as amended (the Act"), Chapter 2.5 of Part 1 of Division 2 of
Title 5 of the California Government Code, for the
purpose of financing certain public improvements (the "Facilities"),
as further provided
in said Resolution; and WHEREAS, this City Council estimates
the amount required for the financing of the the Facilities to be
the sum of approximately
30,000,
000; and WHEREAS,
in to incur
bonded 40,000,000.order to finance the
Facilities it is necessary indebtedness in the amount
of not to exceed NOW, THEREFORE, BE IT RESOLVED by the
City Council of the City
of Orange as follows:Section I. It is necessary
to incur bonded indebtedness within the boundaries of the proposed
City of Orange Community Facilities District No. 91-
2 (Serrano Heights Public Improvements)the "District") in the amount of not to
exceed $40,000,
000 to finance the Facilities.Section II. The bonded
indebtedness is proposed to be incurred for the purpose
of financing the Facilities, including acquisition and improvement costs and
all costs incidental to or connected with the accomplishment of
said purposes and of the financing thereof, as permitted by Section
53345.3 of the Act.Section III. This City
Council, acting as legislative body for the District, in~ends to authorize
the issuance and sale of bonds in the maximum aggregate principal
40,000,000, bearing interest payable semi -annually or in such
other manner as this City Council shall determine, at a rate not
to exceed the maximum rate of interest as may be authorized by
applicable law at the time of sale of such bonds, and maturing not
to exceed 40 years from the date of the issuance of said bonds.
Section IV. Tuesday, December 17, 1991, at 3:00 p.m., in the
regular meeting place of this City Council, in the City Council
chambers, at 300 East Chapman Avenue, Orange, California, be, and
the same are hereby appointed and fixed as the time and place when
and where this City Council, as legislative body for the District,
will conduct a public hearing on the proposed debt issue and
consider and finally determine whether the public interest,
convenience and necessity require the issuance of bonds of the
City for the District.
Section V. The City Clerk is hereby directed to cause notice
of said public hearing to be given by publication one time in a
newspaper of general circulation circulated within the District.
The publication of said notice shall be completed at least seven
7) days before the date herein set for said public hearing. Said
notice shall substantially in the form of Exhibit A hereto.
ADOPTED this 12th day of November, 1991.
ATTEST:
1JuA~~ -!J ~~CityClerofeC' y of Orange I
hereby certify that the foregoing regularly
adopted by the City Council of regular
meeting thereof held on the 12th by
the following vote:Resolution
was duly and the
City of Orange at a day
of November , 1991,AYES:
NOES:
ABSENT:
COUNCIL
MEMBERS:COUNCIL
MEMBERS:COUNCIL
MEMBERS:BARRERA,
MAYOR BEYER, COONTZ, SPURGEON NONE
STEINER
44/
r-oa~City Clerk f t~ctry of Orange
2-
Resolution No. 7900
EXHIBIT A
NOTICE OF PUBLIC HEARING
City of Orange
Community Facilities District No. 91-
2 Serrano Heights Public
Improvements)Notice is hereby given that on November 12, 1991, the
City Council of the City of Orange, California adopted a
Resolution entitled "A Resolution of the City Council of the City of
Orange of Intention To Incur Bonded Indebtedness of the Proposed City
of Orange Community Facilities District No. 91- 2 (Serrano
Heights Public Improvements) Pursuant To The Mello-
Roos Community Facili ties Act Of 1982". Pursuant to the
Mello-Roos Community Facilities Act of 1982 (the "Act") the City
Council hereby gives
notice as follows:A. The text of said Resolution
is as follows:WHEREAS, this City Council has this
date adopted its Resolution entitled "A Resolution of the City
Council of the City of Orange of Intention to
Establish a Community Facili ties District and To Authorize the
Levy of Special Taxes Pursuant to the Mello-Roos
Community Facilities Act of 1982", stating its intention to
form a community facilities district pursuant to the
Mello-Roos Community Facilities Act of 1982, as amended (the "Act"), Chapter 2.
5 of Part 1 of Division 2 of Title 5 of
the California Government Code, for the purpose of
financing certain public improvements (the Facilities"), as further
provided in said Resolution; and WHEREAS, this City
Council estimates the amount required for the financing of the the Facilities
to be the sum of
approximately $30,000,
000~ and WHEREAS, in
order necessary to incur bonded
to exceed $40,000,000.to
finance the Facilities it is indebtedness
in the amount of not NOW, THEREFORE, BE IT RESOLVED
by the City Council of the
City of Orange as follows:Section I. It is
necessary to incur bonded indebtedness within the boundaries of
the proposed City of Orange Communi ty Facilities Distr ict
No. 91- 2 (Serrano Heights Public Improvements) (the "District") in
the amount of not to exceed $40,000,
000
to finance the
Section II. The bonded indebtedness is proposed to be
incurred for the purpose of financing the Facilities,
including acquisition and improvement costs and all costs
incidental to or connected with the accomplishment of said
purposes and of the financing thereof, as permitted by
Section 53345.3 of the Act.
Section III. This City Council, acting as legislative
body for the District, intends to authorize the issuance and
sale of bonds in the maximum aggregate principal amount of
not to exceed $40,000,000, bearing interest payable semi-
annually or in such other manner as this City Council shall
determine, at a rate not to exceed the maximum rate of
interest as may be authorized by applicable law at the time
of sale of such bonds, and maturing not to exceed 40 years
from the date of the issuance of said bonds.
Section IV. Tuesday, December 17,1991, at 3:00 p.m.,
in the regular meeting place of this City Council, in the
City Council chambers, at 300 East Chapman Avenue, Orange,
California, be, and the same are hereby appointed and fixed
as the time and place when and where this City Council, as
legislati ve body for the District, will conduct a public
hearing on the proposed debt issue and consider and finally
determine whether the public interest, convenience and
necessity require the issuance of bonds of the City for the
District.
Section V. The City Clerk is hereby directed to cause
notice of said public hearing to be given by publication one
time in a newspaper of general circulation circulated within
the District. The publication of said notice shall be
completed at least seven (7) days before the date herein set
for said public hearing. Said notice shall substantially in
the form of Exhibit A hereto.
B. The hearing referred to in the aforesaid Resolution shall
be at the time and place specified in said Resolution.
C. At that time and place any person interested, including
persons owning property in the area of the proposed conununity
facilities district, will be heard upon the proposed debt issue.
Dated: November~, 1991
9n--rf?:
Qe--Isl Marilyn
Jense~City Clerk of the City of
Orange
J9126X
A-2 Resolution