RES-10130 Intent to Incur Bonded Indebtedness Community Facilities District No. 06-1 Del RioRESOLUTION NO. 10130
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE DECLARING ITS INTENTION
TO INCUR BONDED INDEBTEDNESS OF THE
PROPOSED CITY OF ORANGE COMMUNITY
FACILITIES DISTRICT NO. 06-1 (DEL RIO
PUBLIC
IMPROVEMENTS)WHEREAS, the City Council (the Council) of the City of Orange (the City) has this
date adopted its Resolution entitled "A Resolution of the City Council of the City of Orange Declaring
Its Intention to Establish a Community Facilities District and To Authorize the Levy of Special
Taxes Therein - Del Rio," stating its intention to form a community facilities district pursuant to the Mello-
Roos Community Facilities Act of 1982 (the Law), for the purpose of financing the costs of certain
public improvements (the Facilities"), the funding of costs of certain services, and the payment of
certain incidental expenses, as further provided in said Resolution; and
WHEREAS, this Council estimates the amount required for the financing of the portion of costs
of the Facilities to be funded by the District (as defined below) to be not in excess of $47,000,000;
and
WHEREAS, in order to finance costs of the Facilities, it IS necessary to Incur bonded
indebtedness for the District in the maximum amount listed below.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ORANGE DOES
HEREBY RESOLVE AS FOLLOWS:
Section 1. It is necessary to incur bonded indebtedness within the boundaries of the proposed
City of Orange Community Facilities District No. 06-1 (Del Rio Public Improvements) (
the District") in the amount of not to exceed $47,000,000 to finance a portion of the costs of
the
Facilities.Section 2. The bonded indebtedness for the District is proposed to be incurred for the purpose
of financing costs of a portion of the Facilities, including costs incidental to or connected with
the accomplishment of said purposes and of the financing
thereof.Section 3. This Council, acting as legislative body for the District, intends to authorize
the issuance and sale of bonds in the maximum aggregate principal amount of $47,000,000,
bearing interest payable semi-annually or in such other manner as this 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 thirty-five (35) years from the date of the
issuance
Section 4. Tuesday, December 12, 2006, at 4:30 p.m. or as soon thereafter as the matter
may be heard, in the regular meeting place of this Council, City Council Chambers, City Hall,
300 East Chapman Avenue, Orange, California, be, and the same are hereby appointed and fixed
as the time and place when and where this Council, as legislative body for the District, will
conduct a public hearing on the proposed debt issue for the District and consider and finally
determine whether the public interest, convenience and necessity require the issuance of bonds of
the City for the District.
Section 5. 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. The notice shall be substantially in the form of Exhibit A hereto.
Section 6. This Resolution shall take effect upon its adoption.
ADOPTED this 7'h
day of November, 2006.
tJfJt- J#
Mark A. Murphy, Mayor,
ATTEST:
Mary
E.City Clerk;f Orange I,
MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby certify that
the foregoing Resolution was duly and regularly adopted by the City Council of the City of Orange
at an adjourned regular meeting thereof held on the 7th day of November, 2006, by the following
vote:AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS:
Smith, Murphy, Cavecche, Dumitru COUNCILMEMBERS:
None COUNCILMEMBERS:
None COUNCILMEMBERS:
None 2-