RES-7919 Determining Necessity to Incur Bonded Indebtedness within Community Facilities District No. 91-2RESOLUTION NO.7919
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE DETERMINING THE NECESSITY
TO INCUR BONDED INDEBTEDNESS WITHIN THE
CITY OF ORANGE COMMUNITY FACILITIES
DISTRICT NO. 91-2 (SERRANO
HEIGHTS PUBLIC IMPROVEMENTS) AND
SUBMITTING PROPOSITION TO THE QUALIFIED ELECTORS
OF THE
DISTRICT
Community
Serrano Facil.ities District No.
91-2 Heights Publ.
ic Improvements)WHEREAS, on November 12, 1991, this City Council
adopted a 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 Act of 1982" (the "
Resolution of Intention")stating its intention to form the City
of Orange Community Facilities District No. 91-2 (
Serrano Heights Public Improvements)the "District"), pursuant to
the Mello-Roos Conununity Facilities Act of 1982,
as amended (the "Act"); and WHEREAS, on November 12,
1991, this City Council also 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
Conununity Facilities District No. 91-2 Serrano Heights
Public Improvements) Pursuant to the Mello-Roos Community Facilities Act
of 1982" (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 the
costs of certain facilities
specified in the Resolution of Intention; and WHEREAS, on this
date, this City Council held a noticed public hearing as
required by the Act relative to the determination to proceed
with the formation of the District, the financing of facilities by the
District and the rate and method of apportionment of the special
tax 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 said hearing
all persons desiring to be heard on all matters pertaining
to the formation of the District, the provision of said
facilities (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 said hearing, this City Council adopted a resolution entitled "
A Resolution of the City Council of the City of Orange
Facilities District No. 91-2 (Serrano Heights
Public Improvements), Authorizing The Levy Of A Special Tax within
The District, preliminarily Establishing An Appropriations Limit
For The District And Submitting Levy Of The Special Tax And
The Establishment of The Appropriations Limit To The
Qualified Electors Of The District" (the "Resolution of Formation");
and WHEREAS, on this date, this City Council held a
noticed public hearing as required by the Act 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, BE IT RESOLVED by the City Council of
the City of Orange as
follows:Section I. The foregoing recitals are true and
correct.Section II. It is necessary to incur bonded indebtedness
in the maximum aggregate principal amount of $40,000,000 within
the boundaries of the
District.Section III. 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 the Facilities and
the costs of the City in administering the
District.Section IV. The whole of the District shall
pay bonded indebtedness through the levy of the special
tax.is to be apportioned in accordance with the formula
set Exhibit "B" to the Resolution of
Formation.for
the The
tax forth
in Section V. The maximum amount of bonded indebtedness to
be incurred is $40,000,000 and the maximum term of the bonds to
be issued shall in no event exceed forty (40)
years.Section VI. The bonds shall bear interest at rate or
rates not to exceed the maximum interest rate permitted by
applicable law at the time of sale of the bonds, payable semiannually or
in such other manner as this City Councilor its designee
shall determine, the actual rate or rates and times of payment of
such interest to be determined by this City Councilor its designee
at the time or times of sale of said bonds. The bonds may be
issued in one or more
series.Section VII. 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
2-Resolution No.
pursuant to Section 53353.5 of the Act.
conditions of said election shall be as
resolution of this City Council.
The time, place and
specified by separate
ADOPTED this 17th day of December 1991.
ATTEST:
4~--(~ !2 Oe#Af/~City
Cl ot/th6/City of Orange I
hereby certify that the foregoing regularly
adopted by the City Council of regular
meeting thereof held on the 17th by
the following vote:Resolution
was duly and the
City of Orange at a day
of December , 1991,AYES:
NOES:
ABSENT:
COUNCIL
MEMBERS: STEINER, BARRERA, MAYOR BEYER, COONTZ, SPURGEON COUNCIL
MEMBERS: NONE COUNCIL
MEMBERS: NONE A"
A/~ (]iPfl'P4City
Cle of jA'letJKty of Orange 3-
Resolution
No. 7919