RES-10140 Community Facilities District No 06-1 Del Rio Public Improvements BondRESOLUTION NO. 10140
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF ORANGE DETERMINING THE
NECESSITY TO INCUR BONDED INDEBTEDNESS
WITHIN CITY OF ORANGE COMMUNITY
FACILITIES DISTRICT NO. 06-1 (DEL RIO
PUBLIC IMPROVEMENTS) AND
SUBMITTING PROPOSITION TO THE QUALIFIED
ELECTORS OF THE
DISTRICT.WHEREAS, on November 7,2006, this City Council adopted Resolution No.
10129 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
ThereinDel Rio" (the "Resolution of Intention") stating its intention to form the City of Orange
Community Facilities District No. 06-1 (Del Rio Public Improvements) (the District),
pursuant to the Mello-Roos Community Facilities Act of 1982, California Government
Code Section 53311 et seq. (the Law), to fund costs of certain public improvements (the
Facilities), and certain public services (the Services), as described
therein; and WHEREAS, on November 7, 2006, this City Council also adopted
Resolution No.10 130 entitled "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)" (the Resolution ofIntention
to Incur Indebtedness)stating its intention to incur bonded indebtedness within the boundaries of the
District for the purpose of financing costs of
the Facilities; and WHEREAS, on this date, this City Council held the public hearing as
required by the Law and the Resolution of Intention relative to the determination to proceed
with the formation of the District, the provision by the District of funds to pay costs of the
Facilities and the Services, 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 of Orange relative to
the District; and WHEREAS, at the hearing all persons desiring to be heard on all
matters pertaining to the formation of the District, the provision of funds to pay costs of the
Facilities and the Services 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 the hearing, this City Council
adopted Resolution No.10139 entitled "A Resolution of the City Council of the City of Orange of Formation
of City of Orange Community Facilities District No. 06-1 (Del
Rio 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
WHEREAS, on this date, this City Council held the public hearing as required by the
Law 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 ofIntention to Incur Indebtedness have been filed with the City Clerk.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ORANGE
DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The foregoing recitals are true and correct.
Section 2. This City Council deems it necessary to incur bonded indebtedness in the
maximum aggregate principal amount of $47,000,000 within the boundaries of the District.
Section 3. The indebtedness is incurred for the purpose of financing a portion of 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 costs of the Facilities, and the initial costs of
the City of Orange in administering the District.
Section 4. The whole of the District shall pay for the bonded indebtedness through the
levy of the special tax. The special tax is to be apportioned in accordance with the Rate and
Method set forth in Exhibit A to the Resolution of Formation.
Section 5. The maximum amount of bonded indebtedness to be incurred is
47,000,000 and the maximum term of the bonds to be issued shall in no event exceed thirty-
five (35) years.
Section 6. The bonds shall bear interest at a rate or rates not to exceed the maximum
interest rate permitted by applicable law at the time of sale of the bonds, payable weekly,
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 Council
or its designee at the time or times of sale of the bonds.
Section 7. 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 pursuant to Section 53353.5(a) of the Law. The time,
place and conditions of said election shall be as specified by separate resolution of this City
Council.
Section 8. This Resolution shall take effect upon its adoption.
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ADOPTED this 12th day of December, 2006.
ATTEST:
avec tie, Mayor, City 0 ange
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 a regular meeting thereof held on the 12th day of December, 2006, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCILMEMBERS: Murphy, Cavecche, Dumitru
COUNCILMEMBERS: None
COUNCILMEMBERS: Smith, Bilodeau
COUNCILMEMBERS: None
LA-
f Orange
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